• Students
  • First-year Undergraduates
    • Types of Aid
    • Financial Aid Forms
    • WPI Financial Aid Deadlines
    • Tuition and Fees
    • WPI Net Price Calculator
    • Awards Conditions and Notes
    • Verification Process
    • Loans and Payment Plans
    • Aid Retention Policy
    • Frequently Asked Questions
  • Returning Undergraduates
  • Graduate Students
  • International Students
  • Alumni
• Special Scholarship Programs
• Financial Aid Forms
• Web Resources
• Financial Aid Staff
• Community Service Work Study
• Direct Lending
• Financial Literacy

Just the Links

A PDF version of the presentation provided to families at the Financial Aid sessions during the April 13th and April 20th open houses, can be downloaded by clicking here [pdf]

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.

A WPI education can be funded through one of, or any combination of the resources listed below. Using a monthly payment plan in combination with a loan can reduce the overall amount of money you need to borrow. For example if you need to pay a $22,000 bill, and you can afford a $550 a month payment, you could borrow a PLUS loan for $18,000 ($217 per month) and use a 12 month payment plan to pay the other $4,000 ($333 per month for 12 months).

Monthly Payment Plan Options

• Tuition Management Systems - A $100 application fee allows you to pay your bill over a 12 month period, running from June  - June. There are no other charges or interest, you only pay the application fee.

Loan Options

There are a wide variety of loans available to families, some are loans that have parents as the borrower some have the student as the borrower, some have fixed interest rates some have variable interest rates.  It is up to each individual family to determine which loan is the best fit for their personal situation.

Federal Loans

Students may be awarded either Stafford Loan or Perkins Loan funds in their financial aid package.  There is not separate application for these loans however, the student must complete a Master Promissory Note (MPN) and entrance counseling for these loans.

For parents the federal government offers the following loan:

• The Parent Plus Loan - A loan offered through the federal government with a fixed interest rate of 7.9% and can be deferred while the student is enrolled at least half time.  All federal loans for the 2010 - 2011 academic year and beyond will be processed through the federal Direct Loan program.  To apply for a PLUS loan please Click Here for a list of detailed instructions

Private Loans

There are several loans available for families. 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.  

Many of these loans are deferred while the student is enrolled at least half-time, some will require interest only payments while enrolled. 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.

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 2009 is $44,340*

            *This figure represents all federal, state, private and institutional loans borrowed by students.

• • $20,130,750 total borrowed/454 borrowers who graduated in 2009
  • Over 73% of seniors graduate with some student loan debt.
• Current Official Cohort Default Rate from 2007 is 1.0%. Contributing factors are:
  • Average salary upon graduation (see the Career Development Center's salary report ).
  • WPI requires that all students attend loan counseling sessions in their freshman year and again in their senior year.

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.

Maintained by webmaster@wpi.edu
Last modified: August 12, 2011 09:17:44