You must complete the Free Application for Federal Student Aid (FAFSA) to be considered for all of the following student loans:
Federal Direct Loan (subsidized and unsubsidized) - Federal Direct Parent Loan
Note: If we confirm your eligibility for the Federal Direct Loan Program we will send you an Award Notification with details of the offer and instructions about how to begin the loan process.
Special Notice: If you have an undergradaute student student loan, you have the right to cancel all or a portion of the loan within 14 days of disbursement by contacting the Office of Financial Aid.
It is the borrower’s responsibility to repay any federal undergraduate student loans disbursed, in full, regardless of completion of their educational program (graduation) or employment opportunities.
The terms and conditions under which students receive Federal Direct Loans and Perkins Loans can be viewed on the Federal Student Aid website.
Students who completed the FAFSA are automatically considered for direct loans. There are two distinct Direct loan programs. The subsidized program is based on financial need and the borrower does not pay interest while enrolled at least half-time. The unsubsidized program does not have this in-school subsidy and is not need-based; therefore all eligible students may apply for and receive these funds. Under the unsubsidized program, interest may accumulate or capitalize until the borrower is out of school. Capitalizing increases the amount of the principal. The borrower may make interest-only payments to avoid capitalization. Up to date information on interest rates and loan origination fees, can be viewed on the interest rate page on the Federal Student Aid site. These loans are disbursed through the College. The amounts that undergraduate students may borrow per academic year depends on the amount of credits earned. See the chart below.
PLUS (parent) Loan: Limited to Cost of Attendance minus other financial aid such as grants, scholarships, work-study, student loans, etc.
A dependent undergraduate borrower may accumulate a maximum of $31,000 in outstanding federal loan debt. The undergraduate independent borrower may accumulate outstanding federal student loan debt of up to $57,500. The Office of Financial Aid sends you an award letter when we confirm your financial aid eligibility. You need to accept loans through the student WebOpus account on the Fort Lewis College website. It may take up to four weeks, during peak volume periods, to transmit data to the US Department of Education.
First time Fort Lewis College borrowers must complete loan entrance counseling online before we can disburse their loan funds. First time borrowers at Fort Lewis College must also complete a Master Promissory Note (MPN) online. Available computers on campus may be used for this purpose. After the initial MPN, a promissory note will not be required for subsequent loans.
The US Department of Education will transmit the loan proceeds to the school after you sign your MPN. Loans are disbursed in two equal installments. Disbursement will occur by the first day of classes each term, when enrollment is confirmed. The College automatically credits the money to your bill and refunds the balance, if any, to you. Please note, that any loan origination fees will be deducted from the loan upon disbursement. Origination fees are subject to change and can be viewed on the Federal Student Aid interest rate page.
As of July 1st, 2013, any first-time borrower, (which is defined as someone who has no outstanding balance on a FFELP or Direct loan when receiving a Direct loan on or after July 1, 2013), will only be able to obtain Federal Direct Subsidized loans for a maximum of 150% of the published program length in which they are enrolled. Additionally, the subsidized loans that had been borrowed up to the 150% point will lose further government subsidy and interest will begin to become the student's responsibility if they do not graduate by the 150% point (and continue to be enrolled in the same or a shorter undergraduate program). From that point forward, these subsidized loans will become unsubsidized loans.
Here are a few facts that you need to know:
For more information go to the U.S. Department of Education.
The US Department of Education funds Federal Direct Parent Loans. Accepting the Federal Direct Parent Loan will be done through the student's WebOpus account on the Fort Lewis College website. The parent will need to apply for the loan at studentloans.gov. If a parent is denied a Federal Direct Parent Loan, a dependent student may be considered for an additional portion of the unsubsidized Direct loan. Origination fees will be deducted from the loan upon disbursement. Origination fees are subject to change.
Private loans have no government subsidy. These college loans require a more stringent qualification of credit worthiness, and may have higher interest rates than federal student loans. The Office of Financial Aid advises all students to use the Direct loan programs first, which requires the completion of the FAFSA application is strongly encouraged.
Student and parents can find comprehensive information about undergraduate student loan repayment options on the Federal Student Aid website.
There is also a repayment estimator you can use if you are:
We also recommend contacting your loan servicer to explore the best repayment option for you.