Alternative financing for a Western New England University education includes external scholarships, payment plans, parent loans, and student private loans. If you have additional questions, contact Enrollment Services at 413-782-3111 or finaid@wne.edu.
Many scholarship and financial assistance programs are available to deserving students through local and state civic groups, clubs, and organizations. Students are urged to seek out such programs in their local areas. You can also access a variety of external scholarship search sites listed below.
External Scholarship Links
Please forward copies of all letters or notices detailing external scholarships to Enrollment Services as this is required financial aid information.
Outside aid and Western New England University scholarships and grants may not exceed tuition and mandatory fees. Outside aid includes external scholarships and grants, VA, ROTC, or Voc Rehab benefits, or tuition benefits based on parent employment. Notify us about benefits you will or expect to receive or call us with any related questions.
Visit Finaid to access The Go-to Guide for College Financial Aid. This guide was developed to help students and their families understand financial aid and search for additional financial assistance.
Families should consider what they can afford to pay out of pocket prior to borrowing the remaining educational costs. This helps minimize the debt burden on students and parents. The University offers a payment plan that consists of 5 monthly payments per semester.
There are several high quality parent loan products from which to choose, including the federal Direct PLUS Loan for parents. Private parent and student loans, discussed below, using a cosigner with good to excellent credit can result in fixed and variable rates lower than the federal Direct PLUS Loan. Families are encouraged to compare attributes of any loans to pick the one that is right for them.
Plan ahead; apply early for any parent or student loans to give yourself time to resolve any issues.
Federal Direct PLUS Loan for Parents
The website for completing the Direct PLUS Loan application and simultaneously signing the Master Promissory Note is studentaid.gov.
With this loan option, parents of dependent undergraduate students may borrow up to the cost of attendance, minus any other financial aid resources. The current interest rate for the PLUS Loan is a fixed 8.94%, and eligibility depends on a modest credit check. It is important to account for a 4.228% origination fee that the government withholds upon loan disbursement. Increase the requested amount by at least 4.3% in order to cover any anticipated balance. Repayment begins 60 days after the loan is disbursed, but parents can choose to defer repayment until 6 months after the student departs school. Be aware that deferring payments increases the total cost of the loan.
If the parent's application is denied, they can add an endorser who does not have an adverse credit history. If a PLUS application stays denied, the student is eligible to borrow an additional $4,000-$5,000 through the Direct Unsubsidized Loan by completing a form at the Financial Aid Office.
Note: The University requires a completed FAFSA in order to secure a PLUS loan.
The website for completing the Direct Grad PLUS Loan application and simultaneously signing the Master Promissory Note is studentaid.gov.
With this loan option, graduate and professional students may borrow up to the cost of attendance, minus any other financial aid resources. The current interest rate for the PLUS Loan is a fixed 8.94%, and eligibility depends on a modest credit check. It is important to account for a 4.228% origination fee that the government withholds upon loan disbursement. Increase the requested amount by at least 4.3% in order to cover any anticipated balance. You’ll receive an automatic deferment while you’re enrolled in school at least half time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment. You don’t have to start making payments until after this deferment period ends.
If you have an adverse credit history, you may still receive a Grad PLUS loan by either obtaining an endorser who does not have an adverse credit history or documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history.
Note: The University requires a completed FAFSA in order to secure a PLUS loan.
There are many high quality student and parent loan products from which to choose. The University does not endorse any preferred lender. Student loans using a cosigner with good to excellent credit can result in fixed and variable rates lower than the federal Direct PLUS Loan for Parents or the federal Direct PLUS Loan for Graduate or Professional Students. Payments are deferrable until after graduation, but deferring payments does raise the cost as interest accrues. Many loans give an option for immediate repayment of principal and interest, or just interest. Freshmen are almost always required to use a cosigner, while all others may be eligible without one. However, the cost of the loan is always lower with a cosigner.
The private loan application process requires several e-signed disclosure confirmations, and the interval from application to disbursement takes several weeks. For the "self-certification" step, you will need to utilize the "Cost of Attendance" and "Total Financial Aid" figures found on the Offer Letter enclosure. The "Cost of Attendance" is also found on our website.
While we do not make private educational loan recommendations, we do guide families toward a website provided by ELM Select, a non-profit organization that provides a lender-neutral comparison tool for students and parents, offering unbiased information on private educational loans, lenders, rates, and fees. We also suggest that borrowers pay special attention to your state’s loan programs which can often provide better terms, conditions, fees, and interest rates. Many loan sites provide repayment calculators with various options from which to choose. These can be very helpful when deciding what type of loan and repayment is best for your family.
It is the policy of Western New England University to administer its student loan program in a manner which provides the maximum benefit to its student borrowers. In order to avoid even the appearance of impropriety, neither Western New England University nor any employee of Western New England University, will solicit or accept any benefit from a student lending institution as consideration for any advantage provided to the lending institution in relation to its educational loan activities.
The following principles and prohibitions apply to the student loan program at Western New England University:
Western New England University shall not provide a lender list that:
No lender list shall be provided unless it contains the following:
Inclusion on the lender list shall be determined solely by considering the best interests of the borrower. Any student lending institution placed on the list shall provide assurance to Western New England University and to borrowers that the advertised benefits upon repayment will continue to inure to the benefit of the borrower regardless of whether the lending institution’s loans are sold.
The list shall not include any student lending institution that to Western New England University’s knowledge after reasonable inquiry has an agreement to sell its loans to another lending institution unless the existence of the agreement is clearly disclosed. Favorable placement on the list shall not be provided to any student lending institution for a particular type of loan in exchange for benefits provided to Western New England University or its students in connection with a different type of loan. The contents of any lender list shall be reviewed and updated at least annually.
Western New England University shall inform student borrowers and prospective borrowers of all financing options available under Title IV of the Higher Education Act of 1965 including information on terms and conditions of available loans under that Title IV or under State law that are more favorable to the borrower.
Western New England University shall not direct in any manner, potential borrowers to electronic promissory notes or other loan agreements that do not provide a reasonable and convenient alternative for the borrower to complete such documents with any federal approved student lending institution offering the relevant loan in this State.
If you qualify for the Federal Direct Stafford Loans (Subsidized & Unsubsidized), please be aware that the federal government charges a loan fee. The Federal Direct Stafford Loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment (IBR) and income-contingent repayment (ICR) plans, and loan forgiveness benefits, which other student loans are not required to provide; and Federal Direct Stafford Loans are available to students regardless of income.
Private student loans are not federal student loans. Private loans are credit based and may have, either a variable or fixed interest rate. Private student loans can offer variable interest rates that can increase or decrease over time, depending on market conditions. Private student loans have a range of interest rates and fees; students should determine the interest rate of, and any fees associated with the private student loan before accepting the private loan. The student should contact the lender of the private student loan if they have any questions about the private student loan. The private student loan interest rate may depend on the borrower’s credit rating. The student has the ability to choose any lender.
Enrollment Services
1215 Wilbraham Road
Springfield, MA 01119
413-782-3111 Phone
413-796-2081 Fax
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