Willamette Scholarships for LAW, MBA, MAT and M.Ed
Awards require full-time status and are applied toward your University tuition charges. Selection is based on your academic credentials. Contact the appropriate admission office for more information.
Most graduate financing comes from student loans. Typically students are able to apply for and receive sufficient funds to cover tuition. book and living expenses from various federal loan sources. You must evaluate whether or not you need to borrow. The amounts on your award letter reflect the maximum funds available, however we encourage students to minimize indebtedness when at all possible.
Federal Direct Loan Program
Direct Subsidized Loans will no longer be available to graduate students after July 1, 2012.
Direct Unsubsidized Loans are available for a maximum of $20,500 annually. A FAFSA and a Federal Direct Loan Master Promissory Note (MPN) are required. The MPN can be completed online at www.studenloans.gov. The current interest rate is 5.41% and begins accruing as soon as Willamette receives the funds. This interest rate will change to 6.21% on July 1, 2014. The loan is assessed a 1.072% origination fee prior to being disbursed to Willamette. Repayment begins six (6) months after ceasing enrollment at Willamette University. Borrowers are given 10 years to repay the loan.
Direct Graduate PLUS are available to cover additional expenses (including living expenses) after the Direct Unsubsidized Loan. The Direct Graduate PLUS loan is credit based and will not be final until a credit check has been successfully completed. The current interest rate is 6.41% and begins accruing as soon as Willamette receives the funds. This interest rate will change to 7.21% on July 1, 2014 The loan is assessed a 4.288% origination fee prior to being disbursed to Willamette. Repayment begins as soon as enrollment at Willamette University ceases. Borrowers are given 10 years to repay the loan. Direct Graduate PLUS Loans are more expensive than the Direct Unsubsidized Loan and should be utilized only as a last resort.
Private Student Loans
Private student loans enable students to borrow to pay educational expenses. These may be used in addition to or in place of the federal loans. Students can borrow up to their cost of attendance minus any other financial aid (including federal student loans). Interest rates and fees are variable and the loan usually requires a co-signer. Terms and conditions vary and are subject to change. Students are highly encouraged to compare lenders and limit private borrowing whenever possible.
Please review the information in this brochure when considering private student loans.
There are numerous scholarship search databases accessible through the Internet. The Smart Student Guide to Financial Aid, available through www.finaid.org, offers links to several scholarship search databases. You also will find excellent information on the aid process, descriptions of various loan programs, loan calculators for estimating repayment and budget worksheets.
Other websites of potential interest.
- www.edfund.org (debt management and budgeting)
- www.fool.com (budget information, credit card rates, etc.)
- www.myfico.com (obtain your credit score)
- www.osac.state.or.us (Oregon student scholarship links)
- www.annualcreditreport.com (to get a free no-strings attached copy of your credit report from each of three credit bureaus)
Check our private scholarships web site for additional scholarship links.