The Financial Aid Office is busy finishing up new freshman awards and has begun the process of awarding continuing students their financial aid awards for 2014-15. The majority of these returning student awards will be processed during the month on May. Don’t forget, the priority deadline to complete the FAFSA for these students is May 1st!
The Federal Department of Education has made available the online Federal Parent Loan Request Process for 2014-15*. A Federal Parent Loan is a federally insured loan that parents can apply for to help pay for costs related to higher education. In order to qualify for a Federal Parent Loan, a parent must be:
- the student’s biological or adoptive parent or the student’s step-parent, if the biological or adoptive parent has remarried at the time of application.
- borrowing for a student who is enrolled at least half time.
- credit worthy. Approval for this loan requires that the parent have a good payment history. Debt to income is not a factor.
Parents can borrow up to the student’s cost of attendance minus all financial aid. Parents might find our online Cost Estimator www.whitworth.edu/costest helpful when trying to determine how much they might want to borrow.
The amount the parent borrows is divided equally between fall and spring terms (minus applicable fees which are typically less than 5%), unless the parent requests something different. Interest charges begin at the time of disbursement. The parent can choose to pay the interest or defer it as long as the student remains in school at least half time. Repayment begins within 60 days from when the student is no longer enrolled at least half-time.
If you are interested in the Federal Parent Loan Program, please visit www.studentlloans.gov to complete an online request form. The parent must log in using his/her federal pin number to begin the request process. *Please note, if you borrowed a Parent PLUS Loan in 2013-14, this loan does not automatically renew for the next academic year, so you will need to reapply if you need a Parent Plus Loan foe 2014-15.
Please feel free to call the financial aid office at 509.777.3215 with questions related to Financial Aid including the Federal Parent Loan Program. We are open throughout the summer and are happy to help!