Skip to main content

After you are awarded all possible federal or institutional grants and scholarships after your admittance to WPI, any remaining need you experience may be filled by a number of public and private loans. 

These loans are a great way to make your dream of college a reality, and have monthly and long-term repayment options to lessen the impact of college debt during school and after graduation.

Student Loans

Student loans are financial aid that must be repaid. Most educational loans (with the exception of private/alternative credit based loans) are part of the William D. Ford Direct Federal Loan program (DL).

Need-Based Loans

  • The Federal Direct Subsidized Loan is a need-based loan. Because it is subsidized, the federal government pays the interest while you are enrolled in school at least half time.
  • As the name suggests, the Federal Direct Unsubsidized Loan is not subsidized by the federal government. You are responsible for paying the interest while enrolled in school or you may defer interest payments until repayment begins. 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 (undergraduate students are also eligible to borrow an additional unsubsidized Stafford Loan in the amount of $2,000 a year):
  • First-year students = $3,500
  • Second-year students = $4,500
  • Third- and fourth-year students = $5,500
  • Graduate students = $20,500

A student's grade level is determined by the number of credits earned prior to the start of the academic year in which the loan funds are being awarded:

  • Senior/4th year = 102 credits earned
  • Junior/3rd year = 66 credits earned
  • Sophomore/2nd year = 30 credits earned

WPI Average Student Debt

  •  WPI students graduating in 2018 have a federal average student debt level of $25,862.  For more detailed information on financial aid statistics and debt levels, please visit the National Center for Education Statistics College Navigator


  • 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 (PDF)
  • WPI offers its own institutional loans to undergraduate students who demonstrate financial need. 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. 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

Monthly Payment Plan 

Students and their families may choose to repay over two six month periods (June - November for fall balances, December - May for spring balances) through Tuition Management Services. There are no charges or interest beyond the $55 per term application fee. Visit our Bursar's Office website for more information.

Credit Based Loans

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.

Students from Minnesota, Montana, North Dakota, South Dakota, Wyoming, and Wisconsin are eligible to borrow a Bank of North Dakota (BND) DEAL student loan.  BND does not list their product on ELM SELECT for WPI because of the small number of students that may be eligible.  If you are a resident of one of these states and are interested in information about the BND DEAL student loan please visit BND's website directly.

Preferred Lender Disclaimer

PLEASE NOTE: The lenders list on WPI's Office of Student Aid & Financial Literacy 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. The list is a historical survey of lenders our students have borrowed from in the past 5 years.  WPI is in no way induced to choose any of the lenders appearing on their lists and we abide by the code of conduct followed by NASFAA members.  Students are encouraged to maximize their federal loan borrowing (subsidized and unsubsidized Federal Direct loans) before using alternative / private loans, and Parents are encouraged to compare the Federal PLUS Loans to the alternative / private loan options they may be considering.