Preferred Lenders

Beginning with the 2010-2011 academic year Woodbury will participate in the William D. Ford Federal Direct Loan programs.

As with all federal student aid, you apply for Direct Loans by filling out the Free Application for Federal Student Aid (FAFSA). Most students use FAFSA on the Web to complete their applications. The information on your FAFSA is transmitted to the schools that you list on the application, and those schools use the information to assess your financial need for student aid. Your Financial Aid Letter of Offer will tell you how much you may borrow and the types of loans you are eligible to receive.

Your financial aid package may identify eligibility for the William D. Ford Federal Direct Education Loan Programs (FDELP).  These loan programs are made available by the U.S. Department of Education.   Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.

With Direct Loans, you:
• Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.dl.ed.gov.
• Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

To get an idea of your monthly loan payments after you graduate, take a look at the Department of Education’s repayment calculator.

The Direct Loan Program offers the following types of loans:
• Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
• Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
• PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
• Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan.

Student borrowers are not required to begin making payments until after they drop below half-time attendance.

Note: PLUS loan borrowers cannot have an adverse credit history (credit checks will be done). Credit check & endorser alternative

When you apply for a Direct PLUS Loan, the Department will check your credit history. To be eligible to receive a PLUS loan, you must not have an adverse credit history. If you are determined to have an adverse credit history, you may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if you do not repay the loan. If you are a parent borrowing on behalf of your dependent student, the endorser may not be the student on whose behalf a parent obtains a Direct PLUS Loan. In some cases, you may also be able to obtain a Direct PLUS Loan if you document to the Department of ED.’s satisfaction that there are/were extenuating circumstances related to your adverse credit history.

Loan Counseling Options
First time borrowers in the William D. Ford Federal Direct Stafford Loan programs must also complete an Entrance Counseling Interview.  The easiest way to fulfill this requirement is to select the “Entrance” link below to begin the session.

Entrance counseling
Except for parent Direct PLUS Loan borrowers, if you haven't previously received a loan, you must complete entrance counseling before we can make the first disbursement of your loan. Entrance counseling helps you to understand your responsibilities regarding your loan. You can complete this requirement online at: 
https://www.dl.ed.gov/borrower/CounselingSessions.do?cmd=initializeContext

The Master Promissory Note
To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). Even if you have completed an MPN under the FFELP program you will need to complete a new MPN.  You have the option of completing the MPN electronically, you can complete the MPN online at the link listed below.

Electronic Master Promissory Note (MPN)
This web site is for completing a Direct Loan Program electronic Master Promissory Note (MPN) for student Subsidized, Unsubsidized and/or Graduate PLUS loans that you take out to pay for your own education, or for parent PLUS loans that your parents take out to pay for your education. If you do not want to complete the MPN electronically, you may complete it using the paper process. If you would like to complete a paper MPN, please contact the school's financial aid office.
https://dlenote.ed.gov/empn/index.jsp

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).

You will be required to use your Department of Education-issued PIN to complete an MPN online. If you do not have a PIN, you may request one from the official PIN site. A parent borrower must also request a PIN number from the PIN site to use when completing a PLUS MPN.

If you are applying for a Direct PLUS for the first time as a graduate/professional student, you'll need to complete and sign a PLUS MPN that is separate from the one that you use for your Direct Subsidized and Unsubsidized Loans.

You'll receive a disclosure statement that gives you specific information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts
Private Loans

If you are interested in Private (or Alternative) loans, you can select the Fast Choice Electronic List and/or the California Private Loan Marketplace links to review possible lenders their benefits and application processes.  Woodbury University does not endorse any particular private loan lender. We can only suggest you look for characteristics in a lender that demonstrate sound consumer practices. Here are a few characteristics you may want to consider:
• Highest quality of customer service to our borrowers;
• Advantageous repayment options that allow for interest rate reductions for on-time monthly payments or other timely repayment rewards;
• Processing capabilities which expedite the application process and receipt of funds;
• Immediate resolution of any processing problems at any time

Take your time and review the details of each lender. We also suggest you research lenders not listed as well, to ensure that you are picking a lender that meets your needs. Should you have questions please contact the Financial Aid Office for assistance.

 Additional Information:

How and When to Apply

What It Costs to Attend Woodbury University

Types of Aid Available

More Info

Education Tax Benefits