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Financial Aid

Direct Loan Program & Counseling

Federal Direct Loan Programs

Western University of Health Sciences is a Direct Lending school which participates in the William D. Ford Direct Loan (Direct Loan) Program. This means that students get their loans directly through the U.S. Department of Education.

Students must be a U.S. Citizen or Eligible Non-Citizen and complete the FAFSA to get a Federal Direct Loan, and for the Graduate PLUS Loan.

Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.

 Federal Direct loans are available to students regardless of income.

 

To apply for the Direct Unsubsidized Loan and Grad PLUS Loans through the Direct Lending program:

  1. Apply for financial aid via the FAFSA https://fafsa.ed.gov/
  2. Wait to receive your award notification from the financial aid office that will be sent directly to your WesternU e-mail address to give you instructions to complete the award process through BanWeb
  3. Follow the steps/instructions on your award letter

 

Western University of Health Sciences does not participate in any preferred lender arrangements or preferred lender lists.

There are no Grants available to graduate students (Pell, FSEOG, TEACH, Iraq and Afghanistan Service Grants).


Loan Origination Fees

The loan fee is charged to the borrower to originate the loan. The loan fee is an expense of borrowing one of these loans. The loan fee is a percentage of the amount of each loan the borrower receives, and is subtracted proportionately from each loan disbursement.

 

Previous and New Direct Loan Fees on Direct Unsubsidized Loans

 

If the award’s earliest
disbursement date is…
Origination fee taken from your loan
Up-front origination REBATE
Total origination
fee
First disbursed on or after October 1, 2014 and before October 1, 2015 1.073% 0% 1.073%
First disbursed on or after October 1, 2015 and before October 1, 2016 1.068% 0% 1.068%
First disbursed on or after October 1, 2016 and before October 1, 2017 1.069% 0% 1.069%
First disbursed on or after October 1, 2017 and before October 1, 2018 1.066% 0% 1.066%
First Disbursed on or after October 1, 2018 and before October 1, 2019 1.062% 0% 1.062%

 

Previous and New Direct Loan Fees on Direct Graduate PLUS Loans

 

If the award’s earliest
disbursement date is…
Origination fee taken from your loan
Up-front origination REBATE
Total origination
fee
First disbursed on or after October 1, 2014 and before October 1, 2015 4.292% 0% 4.292%
First disbursed on or after October 1, 2015 and before October 1, 2016 4.272% 0% 4.272%
First Disbursed on or after October 1, 2016 and before October 1, 2017 4.276% 0% 4.276%
First Disbursed on or after October 1, 2017 and before October 1, 2018 4.264% 0% 4.264%
First Disbursed on or after October 1, 2018 and before October 1, 2019 4.248%                                                0%                                              4.248%
 
 
 
 

Interest Rates

 

Federal Unsubsidized Loans – Effective July 1, 2013 interest rates have changed to a “variable-fixed” rate. The rate would be fixed until the loan is paid in full. Interest rates will be established on July 1, for the upcoming academic year. For the 2018/2019 academic year the interest rate is 6.6% (T-bill + 3.60%) which starts accruing interest as soon as the funds are disbursed to the university. Please remember, that the interest rate for the 2019/2020 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2019.

Previous and New Interest Rates on Direct Unsubsidized Loans

Interest Rates Federal Direct Stafford Loans
 Borrower Type
Fixed Interest Rate 
 
 
 
 

Federal Direct Unsubsidized Loans 2014/2015 interest rates effective for loans first disbursed on or after July 1, 2014 and prior to July1, 2015
 
Direct Unsubsidized Loans
 
 

Graduate/Professional Students
 
 6.21%

Federal Direct Unsubsidized Loans 2015/2016 interest rates effective for loans first disbursed on or after July I, 2015 and prior to July 1, 2016

Direct Unsubsidized Loans
 
 
Graduate/Professional Students
 

5.84%

 

 

Federal Direct Unsubsidized Loans 2016/2017 interest rates effective for loans first disbursed on or after July I, 2016 and prior to July 1, 2017

Direct Unsubsidized Loans
 
 Graduate/Professional Students

5.31% 

Federal Direct Unsubsidized Loans 2017/2018 interest rates effective for loans first disbursed on or after July I, 2017 and prior to July 1, 2018

Direct Unsubsidized Loans
 Graduate/Professional Students

 

6.0% 

Federal Direct Unsubsidized Loans 2018/2019 interest rates effective for loans first disbursed on or after July I, 2018 and prior to July 1, 2019

Direct Unsubsidized Loans
 Graduate/Professional Students

6.60%

 

Grad PLUS Loan – Effective July 1, 2013 interest rates have changed to a “variable-fixed” rate. The rate would be fixed until the loan is paid in full. Interest rates will be established on July 1, for the upcoming academic year. For the 2018/2019 academic year the interest rate is 7.6% (T-bill + 4.60%) which starts accruing interest as soon as the funds are disbursed to the university. Please remember, that the interest rate for the 2019/2020 academic year may differ based on what the 10-Year T-Bill will be by the end of May 2019.

Previous and New Interest Rates on Direct Graduate PLUS Loans

 Interest Rates Federal Direct Grad PLUS Loans
 Borrower Type
 Fixed Interest Rate
 
 
 
 

Federal Direct Grad PLUS Loans 2014/2015 interest rates effective for loans first disbursed on or after July 1, 2014 and prior to July1, 2015
 
Direct Grad PLUS Loans
 
Graduate/Professional Students

 

 
7.21%
 

Federal Direct Grad PLUS Loans 2015/2016 interest rates effective for loans first disbursed on or after July 1, 2015 and prior to July1, 2016
 
Direct Grad PLUS Loans

Graduate/Professional Students 

 

6.84% 

 

 
Federal Direct Grad PLUS Loans 2016/2017 interest rates effective for loans first disbursed on or after July 1, 2016 and prior to July1, 2017
 
Direct Grad PLUS Loans
 

 Graduate/Professional Students 

 6.31%

 

Federal Direct Grad PLUS Loans 2017/2018 interest rates effective for loans first disbursed on or after July 1, 2017 and prior to July1, 2018
 
Direct Grad PLUS Loans

 Graduate/Professional Students 

7.0% 

 

Federal Direct Grad PLUS Loans 2018/2019 interest rates effective for loans first disbursed on or after July 1, 2018 and prior to July1, 2019
 
Direct Grad PLUS Loans

Graduate/Professional Students 

7.60%

 


 

Direct Grad PLUS Loan Information

The Direct Grad PLUS loan program is credit based, borrowers must not have an adverse credit history.

Once the borrower completes the Master promissory note, which includes the applicants authorization for a credit check to be completed the borrower will receive written confirmation of the credit check result.

The school sends notification to the Direct Loan program within 5 days after the student accepts their award in Banner.

The credit check is good for 180 days (new as of March 29, 2015)

If the borrower’s credit has been denied the borrower will be notified directly from Direct Loans.

Borrowers may obtain a co-signer (endorser) for the Grad PLUS loan. The co-signer must be credit worthy and a U.S. Citizen.

The endorser may complete the endorser addendum on the Student Loans.gov secure web site. To complete the endorser addendum online, the endorser will need the Loan Reference Number, which the student may obtain from the financial aid office.

Please go to Grad PLUS Loan Denials for further information and options following a credit denial.


General Borrower Information

Canceling or Reducing Your Student Loan

Students may cancel or reduce the amount of your loan by writing to your school’s financial aid office or lender before your lender sends your loan money to your school. There are also two ways to cancel all or part of your loan after your loan money is sent to your school. You may contact the school within 14 days of the date the school informs you they have applied your loan to your account or you can pay back all or a part of your loan within 120 days of the date your lender sends your loan money to your school.

Please contact the Financial Aid Office for any questions regarding the return of funds back to your lender.

 

Direct and PLUS Loan Borrower Information

Graduate/professional students who have Direct Unsubsidized Loans,  and/or Grad PLUS Loans are placed in an In-school deferment status based on the information reported by the school. 

Students will be directly notified by the Direct Loan Program as to whom your servicer will be.

For information on the your Direct Grad PLUS Rights and Responsibilities please go to:

Direct PLUS Loan Borrower’s Rights And Responsibilities

For information on your Direct Unsubsidized Loan Rights and Responsibilities, please go to:

Direct Loan Borrower’s Rights and Responsibilities 

For information on repayment options and loan servicer information, please go to:

Borrower Repayment Options 

For information on financial literacy, financial planning and budgeting, please go to:

Financing a Healthy Future 

For any questions concerning your loans, budgeting, deferment or forbearance and repayment options, please contact the Financial Aid Office at 800-346-1610 or e-mail at finaid@westernu.edu .

 

Helpful Phone Numbers and Addresses for Students and Borrowers

For general questions:

In regards to your loans, Master Promissory Note or need assistance with the studentloans.gov website or appealing credit decisions and endorser questions

Direct Loan Applicant Services   1-800-557-7394

For Direct Loan servicing questions:
(for a listing on Direct Loan Servicers, see below)

Direct Loan Servicing Center for Borrowers  1-800-848-0979

If a borrower needs to know who is servicing the loan please contact the Applicant Service Number at 1-800-557-7394

For Endorser Information:

Endorsers on the Grad Plus Loan can complete the endorser application online at www.studentloans.gov endorsers will need to have their own pin number which can be obtained at www.pin.ed.gov once the pin has been activated the endorser can complete the endorser application at the www.studentloans.gov website

If a paper endorser form or Master Promissory Note needs to be mailed or sent overnight:

Regular Mailing
U.S. Department of Education
PO Box 9002
Niagara Falls, NY 14302

Overnight
U.S. Department of Education
2429 Military Road, Suite 200
Niagara Falls, NY 14304

For information on consolidation:
Consolidation 1-800-557-7392

For borrower assistance regarding exit counseling:
FSA/ID 1-800-433-3243
Direct Loan Servicer – Contact Information

If you have a question about Title IV federal student aid or one of the services the Department of Education provides, please contact one of the Customer Service Centers or Federal Student Aid Offices. If you are not sure which Service Center to call, contact the Research and Customer Care Center at 1-800-433-7327, or e-mail us at fsa.customer.support@ed.gov.

Loan Servicing Centers for Students:

Visit My Federal Student Aid to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans.

The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program.

Loan Servicer

Contact

Heartland ESA/Edfinancial

1-888-549-3274

FedLoan Servicing (PHEAA)

1-800-699-2908

Great Lakes Educational Loan Services, Inc.

1-800-236-4300

MOHELA

1-800-866-4352

Navient

1-800-722-1300

Nelnet

1-800-722-1300

 CornerStone

 1-800-663-1662

 Granite Slate – GMSR

 1-888-556-0022