Need Based Loans

Helping Students Pay for College

After any possible federal or institutional grants and scholarships are awarded, the remaining need may be filled by the following loans.

Federal Direct Stafford Loan. Students must file a Free Application for Federal Student Aid (FAFSA), which enables WPI to determine eligibility for the loans. The federal government sets annual borrowing limits according to year in school or grade level:

First-year students: $3,500
Second-year students: $4,500
Third- and fourth-year students: $5,500
Graduate students: (only eligible for Unsubsidized Stafford Loan) $20,500

Note. As of July 1, 2008 undergraduate students are also eligible to borrow an additional unsubsidized Stafford Loan in the amount of $2,000 a year.

Federal Perkins Loan. Funds for this program are provided by a federal allocation, a university matching contribution, and repayments from previous borrowers. Federal regulations require the Perkins Loan to be awarded to students with exceptional financial need. WPI awards the Federal Perkins Loan to undergraduate students only.

All applicants must submit the FAFSA for determination of Federal Perkins Loan eligibility.

Massachusetts No Interest Loan. This program offers a zero-interest, long-term student loan to financially needy Massachusetts residents to help meet postsecondary educational costs. Learn more about borrowers’ responsibilities

WPI Loans. WPI offers its own institutional loans to undergraduate students who demonstrate financial need. WPI loans include the following:

  • Oliver Brewster Institute
  • Davis Fund Institute
  • Kinnicutt Fund Institute
  • Knowles Institute
  • Koppers Institute
  • Manning Institute
  • Stewart Fund Institute
  • Ward Institute

WPI Loans are typically awarded to students in their junior and senior year. Repayment of both principal and interest (currently fixed at 5%) begins nine months after the recipient ceases enrollment or falls below half time enrollment status.

 
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