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  • Verification Process
  • Loans and Payment Plans
  • Aid Retention Policy
  • Frequently Asked Questions
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Just the Links

There are a variety of ways for families to pay a WPI education.This page gives you links to our Monthly Payment Plan provider as well as different Alternative Loan companies

Monthly Payment Plan Options

• Tuition Management Systems - An $85 application fee allows you to pay your bill over a 10 month period, typically running from May - February. There are no other charges or interest, you only pay the application fee.

DISCLAIMER FOR ALL PREFERRED LENDER LISTS

The lenders listed on WPI's Office of Financial Aid website and on printed materials are recommendations only and students have the option of using these lenders or they may elect to use lenders of their own choosing. Each year WPI invites any interested lenders to submit proposals to be placed on our recommended lender list. Decisions are based on customer service history, and attainable borrower repayment benefits. WPI is in no way induced to choose any of the lenders appearing on their lists.

Loan Options 

For Parents

• The MEFA loan - As of September 16, 2008 MEFA loans are now available.  MEFA has been able to secure funding to allow them to offer their traditional MEFA Loan with a fixed interest rate of 7.75%.  Please visit MEFA's website for additional loan details and application information.

• The Parent Plus Loan - A loan offered through the federal government with a fixed interest rate of 8.5%. WPI uses American Student Assistance (ASA) as our guarantor, and several lenders through ASA.
  Click here to find out more about our recommended lenders, and to apply for a PLUS loan
• The Key Achiever Loan - A variable rate loan offered by Key Bank.

For Students

There are several loans available for students. Below are links to the lenders we feel offer the best rates and customer support and service. You will find that most of these loans are very close in rates and terms so we don't necessarily recommend one over the other.

All of these loans are deferred while the student is enrolled at least half-time. Interest does accrue while loan is deferred. Repayment begins 6 months after graduation or enrollment drops below half time. There are no prepayment penalties on any of these loans.

A note about Direct to Consumer (DTC) loans:  Over the past few years many student loan providers have begun to offer DTC loans to parents and students to help pay for their educational expenses.  The important thing to know about DTC loans is that the loans are paid directly to the consumer, not to the school.  Since the school is not involved in a certification process for this type of loan you will not be allowed to take a credit for the loan on your bill (even though you may be approved for the loan) until the funds are received from the lender and your bill is paid in full.  This could delay your ability to enroll in classes depending on when you apply and get approved for the loan.  If you have questions about DTC loans or any of the other loans listed below please contact our office.

 

Please click here for a list of the loan products we suggest.

AVERAGE STUDENT LOAN DEBT POINTS

• WPI makes information available on a variety of financing programs for students and families to utilize. These range from tuition payment plans, parent loans and student loans. Based on a number of variables, including income, assets, siblings in college and job security, families choose the program that best fits their situation.
• Average total indebtedness of the graduating class of 2006 is $32,534.
  • $214,724,262 total borrowed/660 enrolled in class of 2006
  • Average federal debt: $18,592
  • Average institutional debt: $2,594.
  • Average private student loan debt: $11,036.
  • Over 90% of seniors graduate with some student loan debt.
• Current Official Cohort Default Rate from 2004 is 1.0%. Contributing factors are:
  • Average salary upon graduation is $45,000.
  • WPI requires that all students attend loan counseling sessions in their freshman year and again in their senior year.
  • WPI offers financial aid/debt management seminars. These will be open to all students in the fall.
  • Office of Financial Aid staff available for individual loan counseling.

Maintained by webmaster@wpi.edu
Last modified: September 16, 2008 18:17:12