Request Information
Get answers to your questions.
Students and families have the option to make use of federal and private loans in order to help finance their education.
The Financial Aid Office encourages families to plan ahead when it comes to borrowing loans. It’s essential to carefully choose the loan program that best aligns with the student’s educational goals and the family’s financial situation. By understanding the different types of loans available, including federal, state, and private options, families can make informed decisions that will minimize debt and ensure a smoother repayment process after graduation. We recommend exploring all available financial aid options, including grants and scholarships, before considering loans. Proper planning and research can significantly impact the overall cost of education and the long-term financial health of students and their families.
All student loans, both federal and private, require a new application for each period of enrollment. The Free Application for Federal Student Aid (FAFSA) serves as the application for Federal Direct Loans. To apply for a private student loan, the application must be processed directly with the lender.
Federal Direct Parent Plus Loans (Parent PLUS Loan) is a credit-based loan available to parents of dependent undergraduate students. Parents can apply for this loan via StudentAid.gov /PLUS app and may borrow up to the cost of attendance, minus all other financial aid.
Parent PLUS Loans accrue interest while the student is enrolled in school. Parents must start repaying PLUS loans as soon as the loan is fully disbursed. However, parents may be able to request to defer payments on a PLUS loan until six months after the student ceases to be enrolled at least half-time by contacting their loan servicer.
For more information regarding Federal Parent Plus loan fees, interest rates, and repayment options can be found on StudentAid.gov.
*Please note: if a parent is denied a Federal Parent Plus Loan the student may be eligible for additional Federal Direct Unsubsidized Loan.
When federal loans and other aid do not cover your cost of education, private or alternative educational loans are available. Private educational loan programs vary by lender. Please contact specific lenders to find out about terms and conditions that may apply.
Worcester State has carefully curated a lender list with Elm Select to provide the best possible options for our community. As a result of RFI Worcester State conducted, lenders are recommended based on their historical lending experience with Worcester State students and the quality of products offered to students and families. Additionally, Worcester State will continue to certify private student loans from lenders not included on this list, ensuring that students have access to a wide range of financing options.
For more information and to view a list of suggested lenders, please visit ELMSelectWSU.
For Undergraduate Private Loans visit ELMSelect/UndergradPrivateLoans.
For Private Parent Loans visit ELMSelect/PrivateParentLoans.
Worcester State University offers a payment plan through Official Payments/ACI. Monthly Payment Plans are low-cost and interest-free. Families can sign up for payment plans as early as June for the Fall semester and November for the Spring semester. For information or if you wish to enroll with Official Payments/ACI, please visit OfficialPayments/PlanEnrollment.
