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Undergraduate Loans

Below is list of federal loan programs available to undergraduate students.  

The loan funds listed here all require that the student file the Free Application for Federal Student Aid (FAFSA) each year.

If you are attending two institutions of higher education simultaneously (even if attendance only overlaps 1 day), this will impact your federal student aid eligibility at both schools, and you must notify the Financial Aid Office immediately.

Loan eligibility is renewable provided that the student continues to meet Financial Aid SAP requirements, has not borrowed the aggregate maximum set by the federal government, and has not completed the graduation requirements for their degree program.

Loan Information

Loan Terms

  • Fixed interest rate of 6.39% (As of 07/01/25)
  • Origination fee of 1.057%
  • Interest begins accruing as soon as repayment begins
  • Repayment will begin 6 months after you graduate, withdraw, or are enrolled less than half-time
  • 10 year repayment period

Yearly Amounts

Up to $5,500, determined by year in program and need as determined by the FAFSA

Application Requirements

Sample Repayment Schedule

Total Debt at Repayment* Monthly Payment Amount Total Amount Paid Total Interest Paid
$5,000 $50 $6,005 $1,007
$10,000 $100 $12,013 $2,013
$15,000 $150 $18,020 $3,020
$20,000 $200 $24,026 $4,026
$25,000 $250 $30,033 $5,033
$30,000 $300 $36,039 $6,039
$35,000 $350 $42,046 $7,046
$40,000 $400 $48,052 $8,052
$45,000 $450 $54,059 $9,059
$50,000 $501 $60,065 $10,065
*Payment calculated using a fixed interest rate of 3.76% over a 10 year period.

Loan Terms

  • Undergraduate fixed interest rate of 6.39% (As of 07/01/25)
  • Origination fee of 1.057%
  • Interest begins accruing as soon as funds are disbursed
  • Repayment will begin 6 months after you graduate, withdraw, or are enrolled less than half-time
  • 10 year repayment period

Yearly Amounts

  • Up to $7,500, determined by year in program and amount of subsidized direct loan awarded, if any.

Application Requirements

Sample Repayment Schedule

Total Debt at Repayment* Monthly Payment Amount Total Amount Paid Total Interest Paid
$5,000 $50 $6,005 $1,007
$10,000 $100 $12,013 $2,013
$15,000 $150 $18,020 $3,020
$20,000 $200 $24,026 $4,026
$25,000 $250 $30,033 $5,033
$30,000 $300 $36,039 $6,039
$35,000 $350 $42,046 $7,046
$40,000 $400 $48,052 $8,052
$45,000 $450 $54,059 $9,059
$50,000 $501 $60,065 $10,065
*Payment calculated using a fixed interest rate of 3.76% over a 10 year period.

Loan Terms

  • Fixed interest rate of 8.94% (As of 07/01/25)
  • Origination fee of 4.228%
  • Interest begins accruing as soon as funds are disbursed
  • Repayment will be scheduled for 60 days after the loan is fully disbursed, but can be deferred until after the student graduates, withdraws, or is enrolled less than half-time
  • 10 year repayment period

PLUS loans enable parents with good credit histories to borrow to pay the educational expenses of their dependent children. Generally, repayment begins 60 days after the loan is fully disbursed, unless deferred.

Yearly and Aggregate Limits

All parents (combined) may borrow up to $20,000 per year per dependent student and a $65,000 aggregate limit per dependent student (without regard to amounts forgiven, repaid, canceled, or discharged).

Application Requirements

Sample Repayment Schedule

Total Debt at Repayment* Monthly Payment Amount Total Amount Paid Total Interest Paid
$5,000 $56 $6,755 $1,755
$10,000 $112 $13,510 $3,510
$15,000 $168 $20,265 $5,265
$20,000 $225 $27,020 $7,020
$25,000 $281 $33,775 $8,775
$30,000 $337 $40,530 $10,530
$35,000 $394 $47,285 $12,285
$40,000 $450 $54,040 $14,040
$45,000 $506 $60,795 $15,795
$50,000 $563 $67,550 $17,550
*Payment calculated using a fixed interest rate of 6.31% over a 10 year period.

Loans must be repaid under the terms and conditions described for each program.

When you graduate, withdraw, or are enrolled less than half-time you are required to complete exit counseling.  This counseling will review loan repayment terms and conditions among other loan repayment topics.  You can complete loan exit counseling for Federal Direct Loans at studentaid.gov and at ECSI for the Perkins Loan.

Cohort Default Rate

Willamette's most recently calculated cohort default rate for federal student loans is 0.0%.

A cohort default rate is a key metric used to assess the financial health of US colleges and universities, particularly those receiving federal student aid. It measures the percentage of a school's borrowers who enter repayment on federal student loans and subsequently default within a specific timeframe, typically three years.

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Willamette University

Office of Financial Aid