Please review the conditions and terms of any loan before you indicate your acceptance. See the Student Loan Program Chart, paying careful attention to whether you have been awarded a subsidized or unsubsidized loan. Remember that unsubsidized loans mean that you (or your parents, if it is a Parent Loan) pay the interest on the loan while you are in school and throughout the life of the loan. You may always borrow less than we are suggesting on the award letter. Just indicate the reduced amount you want to borrow in Section V. of the paper award letter or notify our office.
All loan programs require that you sign a promissory note, promising to repay the loan, before funds can be disbursed to you.
The Federal Perkins Student Loan and Federal Health Profession/Nursing Loans require your electronic signature on a master promissory note available on MyUW. You will need to sign only once for all Perkins Loans or Health Profession/Nursing Loans you borrow at the UW. These loans will be repaid to the University's loan servicer after you leave school.
If you wish to accept a Federal Direct Subsidized Stafford/Ford Loan or the Federal Direct Unsubsidized Stafford/Ford Loan, simply check your acceptance on your award notice on MyUW. If it is your first Direct Student Loan at the UW, you also need to electronically sign a master promissory note at https://studentloans.gov (you will need to sign only once for all Stafford/Ford Loans you borrow at the UW). If you have not been awarded a Federal Direct Unsubsidized Stafford/Ford Loan and would like to use these funds to replace your family contribution, please write the amount you want to borrow in Section V. of your paper award letter or please notify our office. These funds are repaid to the Federal Direct Loan program's servicing agency after you leave school.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) enables parents to borrow for their dependent undergraduate children. The maximum amount borrowed may not exceed the difference between the school's determination of the cost of attendance and assistance received including scholarships and other benefits. The PLUS Loan has no interest subsidy and should be regarded as a last resort for most students. If a parent wants to borrow this loan, the student accepts the loan on the award notice on MyUW. The parent borrower will complete an electronic application indicating the amount they want to borrow and sign a master promissory note electronically at https://studentloans.gov. If the amount the parent wants to borrow is different than we have currently listed on the student's award notice, then indicate the total amount you want to borrow on the electronic application. A credit check is done at the time of completion of the electronic application and master promissory note. If the credit check is denied, the parent borrower will be given options for completion of the Parent Loan process.
If the parent borrower wants to make changes to the amount originally applied for at https://studentloans.gov, then notify our office if you want to borrow less and we will reduce the amount in the system. If you want to borrow more than your original application, then the parent borrower goes back to the website and completes a second appplication for the additional amount. We will download the parent application data from this website and update the UW student record.
Repayment of the PLUS loan begins 60 days after the loan is fully disbursed. Deferment of the payment of the principal while the student is enrolled at least half time is available. However, interest continues to accrue and your parents may want to make the interest payment quarterly or monthly to keep the overall cost down. They can request the deferment of principal payment from the Direct Loan Servicer.