How to Apply

The application process differs slightly for each type of loan program.  First-time borrowers at Washington Adventist University must submit a Master Promissory Note for the Federal Stafford and Federal Graduate PLUS loans. Private alternative loans require applications with the loan company.  All loan types require that a Entrance Interview be submitted to our processing center.  Federal Stafford and Graduate PLUS loan applicants are required to file the FAFSA each academic year.

The Office of Student Financial Assistance offers financial aid in the form of Federal Stafford Loans, Graduate PLUS loan and private alternative loans to students who have been admitted to one of our graduate degree or approved graduate certificate programs.  Following are brief descriptions of the loan programs, as well as an overview of the process involved in applying for these types of loans.

Stafford Loans

Graduate students at Washington Adventist University may borrow up to $20,500 in Subsidized and Unsubsidized Federal Stafford Loan funds per academic year; the loan amount is based on the number of credit hours the students plan to take.  Those who feel they need more than the $20,500 maximum may seek a Graduate PLUS loan or private alternative loans to further cover their educational costs. 

The difference between a Subsidized Stafford Loan and an Unsubsidized Stafford Loan is that the federal government pays the interest that accrues on the subsidized loan provided a student is enrolled in a degree-seeking program at least half time.  Conversely, while in school, the student is responsible for the interest that accrues on the unsubsidized loan.  Stafford Loans have a fixed interest rate of 6.8 percent as set by the federal government.  Subsidized and Unsubsidized Stafford Loan eligibility is, in part, determined by information submitted on the Free Application for Federal Student Aid (FAFSA).

Graduate PLUS Loans

The Graduate PLUS loan is a federally sponsored education loan for graduate students.     You are eligible to borrow up to the full cost of education, including tuition, fees, living, book and transportation expenses, less any financial assistance received.  We will not be able to certify your Graduate PLUS application until you apply for the Stafford Loan.  Graduate PLUS Loans have a fixed interest rate of 8.5 percent as set by the federal government, so you can borrow for your education without worrying about increases in interest rates or changes in monthly payments.  A minimum credit check is required for all Graduate PLUS borrowers.  If you are not eligible based on your own credit rating, you may become eligible if you obtain an endorser for the loan.

Private Alternative Loans

Private alternative loans are available to graduate students who feel they will need more than the $20,500 maximum available from the Federal Stafford Loan program or students enrolled in certificate programs that are not Stafford eligible. Most private alternative loans allow a student to borrow up to the cost of attendance minus any other aid.