Graduate Scholarships, Fellowships, and Assistantship programs
While WPI does not offer need-based funding for graduate students, funding through other resources is available to you:
- Scholarships, such as the Yellow Ribbon Program for veterans. WPI also offers a 10% armed services discount for active military students.
- Graduate Assistantships
- Graduate Fellowships
- The Business School Merit Based Scholarship
Graduate Student Loans
Graduate Loan Eligibility Requirements
Students must qualify for the Federal Direct 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. At WPI this means you must be enrolled in a minimum of 4 academic credits per semester. You must also complete a Graduate Application for Student Loans. 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. Learn more here.
Federal Direct Loan
This is a low-interest government unsubsidized loan. Graduate/professional students can borrow up to $20,500 per year in a Federal Direct Unsubsidized loan dependent on your tuition cost and financial need. The interest rates are fixed and set annually.
If you are a new borrower or a previous borrower who is enrolling in graduate school before the end of your six-month grace period, the interest and principal of your current and/or previous loans will continue to be deferred until six months after graduation. If, on the other hand, you have started repayment on your previous loans, you must be enrolled as a full-time student in order to be eligible for deferment. If you are enrolled on a part-time basis, you may be eligible for a forbearance while enrolled. Be sure to contact your lender or loan servicer for more information.
Federal Direct Unsubsidized Loan
The Unsubsidized Federal Direct Loan accrues interest while the student is in school. A student may choose to make payments on the loan while in school or the student may opt to allow the interest to accrue and be capitalized at the end of their deferment period.
Total borrowing under the Federal Direct Unsubsidized Loan program cannot exceed $20,500 per year. Summer is the end of an academic year so if you intend to borrow for the summer you must complete the FAFSA for the current academic year and then a FAFSA for the upcoming academic year. Example, if you are borrowing for summer 2024 and will also be enrolled in fall/spring 2024-2025 you would need to file both a 2023-2024 FAFSA for the 2024 summer period and the 2024-2025 FAFSA for the Fall/Spring/Summer 2024-2025 academic period.
Private Loan Borrowing
Need to borrow more than just your Direct Unsubsidized Loan? Not enrolled at least half-time so you aren't eligible for the Direct Unsubsidized Loan? You have options – below are links to the lenders we feel offer the best rates and customer support and service.
- Graduate PLUS Loan: a federal fixed interest rate loan available to graduate students from the Department of Education.
- Other Private Loan options: WPI uses ELM SELECT as a tool to provide students with information about alternative / 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, etc.