Graduate Student Financial Assistance

• Students who are U.S. citizens or permanent residents can apply for a Federal Direct Unsubsidized Loan by filing a Free Application for Federal Student Aid (FAFSA). 
• Federal regulations require that students be enrolled on at least a half-time basis in a degree-granting program to receive federal loans. At WPI, this means you must be enrolled in a minimum of 4 academic credits per semester. 
• You must also complete a Graduate Loan Form and be registered for courses.
• Federal regulations require students who are receiving financial aid to make deliberate and measurable progress toward your degree in order to continue to receive financial aid. This requirement is referred to as Satisfactory Academic Progress or SAP. For more information, see WPI's financial aid policies. 

Graduate students can borrow up to $20,500 per year in a Federal Direct Unsubsidized Loan dependent on the number of credits they are taking, other financial aid, and their aggregate limit.

• The interest rates are fixed and set annually. For current interest rates and more information, please refer to Federal Student Aid.
• Summer is the end of an academic year. If you have already used the full $20,500 in fall and spring, then you will need to use another funding source for the subsequent summer.

The Federal Graduate PLUS Loan is a federal fixed interest rate loan available to graduate students from the Department of Education.

• The Graduate PLUS Loan has a higher interest rate than the Federal Direct Unsubsidized Loan, so it's recommended that students use their full Direct Loan eligibility before applying for a Graduate PLUS.
• Students must fill out a Graduate PLUS application in addition to their FAFSA.
• Interest rates are fixed and set annually. For current interest rates and more information, please refer to Federal Student Aid.

• If you are a new borrower or a previous borrower who is enrolling in graduate school at least half-time before the end of your six-month grace period, your current and/or previous loans will continue to be deferred until six months after you drop below half-time enrollment or graduate.
• More information about federal in-school deferment is available on Federal Student Aid.

WPI uses ELM SELECT as a tool to provide students and parents with information about private loans our students have used in the past. ELM SELECT allows you to compare several items such as loan rates, length of repayment, monthly payment amounts, and other criteria. The WPI Office of Financial Aid does not endorse or recommend a particular program.

Private student loans may be available to students ineligible for federal loans, including:

• Students who are less than half-time
• Students who are not meeting Satisfactory Academic Progress (SAP)
• Students who are not a U.S. citizen or U.S. permament resident

Check with your lender for more information.

PLEASE NOTE: The lenders list on WPI's Office of Financial Aid website and on printed materials are recommendations only. Students have the option of using these lenders or they may elect to use lenders of their own choosing. The list is a historical survey of lenders our students have borrowed from in the past 5 years. WPI is in no way induced to choose any of the lenders appearing on their lists. We abide by the code of conduct followed by NASFAA members. Students are encouraged to maximize their federal loan borrowing before using private loans.

After you have applied for a loan from any source, the following steps are required:

1. Register for courses.
2. Complete the school-year appropriate WPI Graduate Student Loan Form. 

You must be registered for courses before your loan can be certified and shown on your account in Workday.

After your loan is certified, the funds will show in your Workday account as "anticipated" until the end of the add/drop period or until funds are received from the lender, whichever is later. 

Any excess funds from your loan cannot be requested in a refund until after the end of the add/drop period for the semester. Refunds are processed by the Bursar's Office.