Washington University Loan Information
Departmental need-based Physical Therapy loans, Federal Direct Stafford Unsubsidized loans, Federal Direct Graduate Plus loans and/or Private loans are available to students who qualify based on completion of the financial aid application and other required documents. Direct Unsub and PT Loans are awarded by the Financial Aid Office (other loans may require additional applications).
The PT loan is offered to a limited number of students who demonstrate the highest need level of each class. These funds are extremely limited and are awarded in conjunction with the PT program and Financial Aid.
PT Loan has a fixed 3% interest rate with a standard 10-year repayment term and a minimum monthly payment of $100. There are no fees for this loan and the loan will not accrue interest while you are enrolled at least 1/2-time in a degree-seeking program. There is an interest free-and payment-free period of 3 months once you graduate or cease to be enrolled at least 1/2-time.
Federal Perkins Loan
**The Federal Perkins Loan program has currently been discontinued and will not be available for this academic year.
While we are no longer able to award Perkins to graduate students you may qualify for Perkins loan cancellation if you are working full-time as a PT. Therefore, if you have an existing Perkins loan from a different university (graduate or undergraduate level) contact our office for more details.
Federal Direct Unsubsidized Stafford Loan
With a complete financial aid application, a graduate student can be eligible to receive up to $20,500 annually.
Direct Unsubsidized loans are currently 4.30% for the 2020-2021 aid year for loans disbursed between July 1, 2020 and June 30, 2021 and have an origination fee of 1.05% that is subtracted from the loan at the time of disbursement for loans disbursed before October 1, 2020. The loan rate is fixed for the life of each loan; however, the fixed rate is set on July 1 of each year.
The Direct loan has a 6-month payment free grace period once you graduate or cease to be enrolled at least 1/2 time status. There are numerous repayment options starting at 10 years up to 25* years. Income based repayment options are also available to those who qualify.
*based on total debt load.
Federal Direct Graduate PLUS Loan
If you borrow the maximum Direct Unsubsidized loan, you may apply for a Direct PLUS loan. This loan is currently 5.30% for the 2020-2021 aid year for loans disbursed between July 1, 2020 and June 30, 2021 and have an origination fee of 4.236% that is subtracted from the loan at the time of disbursement for loans disbursed before October 1, 2020. The loan rate is fixed for the life of each loan; however, the fixed rate is set on July 1 of each year.
The PLUS loan has a no annual maximum; the amount is based on the remaining cost of attendance eligibility within a student’s budget.
Federal PLUS loans are based on overall good credit standing; therefore, you must apply online at StudentAid.gov. The credit check is valid for 180 days; therefore, please be aware of your academic start time.
NON Federal Loan Options
Alternative / Private Student loans will require a credit check and possibly a co-borrower to maximize the best possible interest rate. The loan terms and conditions are based on you and your co-borrowers credit score and the specific loan product you select from that private lender. Our office has provided a historical list of lenders that provide healthcare specific loan programs. On the FASTChoice portal you can review, compare, and even apply online using any one of those lenders.
PLEASE NOTE: It is not the university’s position to recommend or endorse any particular lender. Select the terms and conditions that best suit your individual needs. For more information regarding alternative/private student loans, please visit FinAid.org and/or contact our office for more information.
All assistantships are awarded directly by the PT program. If you have any questions or concerns regarding your eligibility please speak with your department coordinator.
Physical Therapy Merit Scholarships
All scholarships are awarded as tuition remission and are determined by the PT program. Some scholarships have a specific application. The PT department will notify our office of your scholarship(s) and we will add the information to your award notification letter.
Federal Work Study
FWS is a program that is awarded jointly by the PT program and the Financial Aid Office. Your student eligibility is determined and based on your need level from your FAFSA form.