Credit Based Loans

Financing Options from Government and Private Sources

 

Federal PLUS Loan. For parents the federal government offers the Parent PLUS Loan with a fixed rate of 7.9%. Payment may be deferred while the student is enrolled at least half time. All federal loans are processed through the Federal Direct Loan Program. How to apply for a PLUS loan

GradPLUS Loan. This federal fixed-rate loan is available to Graduate Students from the Department of Education.  Beginning with 2010-2011 WPI will be participating in the Federal Direct Loan Program. How to apply for a GradPLUS loan            

Private loans. This page details several private loans that, in the experience of the WPI Office of Financial Aid, have consistently offered the best rates and customer service. (The WPI Office of Financial Aid does not endorse or recommend a particular program).    

Many of these loans are deferred while the student is enrolled at least half-time; some require interest-only payments while enrolled. Interest does accrue while the loan is deferred. Repayment begins six months after graduation or whenever enrollment drops below half time. There are no prepayment penalties on any of these loans.