Information about federal loan opportunities for students and parents is included with our aid award letters to applicants and to returning students.
Federal Loan Programs for Students
FEDERAL DIRECT STUDENT Loans
Federal Direct Student Loans for students are available to every student who has completed the Free Application for Federal Student Aid (FAFSA).
In addition to submitting the Direct Student Loan request form, first-time Direct Student Loan borrowers at Wooster are required to complete two federal obligations online before we can credit their loan proceeds:
*On this federal website, the "Financial Awareness Counseling" option DOES NOT satisfy the legal requirements for loan counseling. Be sure to choose the "Entrance Counseling" option.
FEDERAL Perkins Loans
Federal Perkins Loans for students are awarded by the College. A student must submit the FAFSA to be considered for a Perkins Loan. The Financial Aid Office will determine eligibility based on a student's financial need and the availability of funds.
Federal Loan Programs for Parents
FEDERAL DIRECT PLUS LoanS
FEDERAL DIRECT PLUS Loans are available for every creditworthy parent who is a U.S. citizen or eligible non-citizen, who has completed the FAFSA. Wooster urges every eligible family that is considering borrowing money to help meet the costs of higher education to request these loans first.
Parents should apply for a PLUS Loan no later than July 1. A delay can prevent the loan from being credited to your student's account prior to first semester tuition due date of August 10. First-time PLUS Loan borrowers at Wooster are also required to complete an online master promissory note.
Repayment Plans and Estimator
Information about Title IV, HEA loans (Direct Student Loans and PLUS loans) will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Private Student Educational Loans
Students may take out private educational loans to cover the remaining unmet cost of attendance. The Financial Aid Office is required to certify the amount of eligibility with the lender. Wooster does not suggest a list of preferred lenders. Students can apply to any lender they choose. We urge families to take advantage of the federal loan programs instead.
Code of Conduct
In an effort to avoid any conflict of interest between The College of Wooster and educational lending institutions, Financial Aid employees and all other employees involved in the loan process will abide by the following policies:
- No employee will participate in revenue-sharing arrangements with any lender
- No employee will accept gifts, other than those of nominal value, from a lender, guarantor, or a loan servicer
- No employee will participate in any contracting arrangement providing financial benefit or affiliate of a lender
- No employee will direct borrowers to particular lenders, or refuse or delay loan certifications
- No employee will accept offers of funds for private loans
- The Financial Aid Office staff will not accept call center or office staffing assistance from any lender
- No employee will accept compensation for serving on an advisory board