Information about federal loan opportunities for students and parents is included with our aid offer letters to applicants and to returning 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). For more information (including interest rates) you can visit the Federal Student Aid webpage. In addition to accepting the Direct Student Loan(s) via Self Service Financial Aid on ScotWeb, first-time Direct Student Loan borrowers at Wooster are required to complete two federal obligations online before we can credit their loan proceeds:
*Be sure to choose the “Entrance Counseling” option. On this federal website, the “Financial Awareness Counseling” option DOES NOT satisfy the legal requirements for loan counseling. We do, however, encourage students to complete the Financial Awareness Counseling to have a better understanding of the loans you are borrowing.
Federal Direct Parent PLUS Loans
Federal Direct Parent PLUS Loans are available for every creditworthy parent who is a U.S. citizen or eligible non-citizen, who has completed the FAFSA. We urge families to compare all available funding options.
Parents should apply for a PLUS Loan online no later than July 1. A delay can prevent the loan from being credited to your student’s account prior to the first semester tuition due date of August 10. First-time PLUS Loan borrowers at Wooster are all required to complete a Master Promissory Note (MPN) for a PLUS Loan online.
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.
Students can log in to the student NSLDS portal to review their full federal loan history.
Private student educational loans are available to credit-worthy student borrowers to cover the remaining unmet cost of attendance. Most students will be required to apply with a credit-worthy cosigner. Some lenders also offer private parent educational loans.
The Financial Aid Office is required to certify the amount of all private educational loans, as the total amount of the student’s financial aid cannot exceed their cost of attendance.
Finding the best lender for you and your family is important. So the Financial Aid Office has put together two options for you to review and compare lenders and select the best fit for your family.
One option is through ElmSelect and is a list of those used most frequently by Wooster students and their families. To view and compare the lenders, please visit our ElmSelect page.
Another option that you can use to review and compare private lenders is available at Sparrow. On Sparrow, you can search and compare real, personalized private student loan offers from over 15+ lenders through a simple, three-minute application. Sparrow provides a suite of analytical tools that make loan comparison easy, digestible, and visual. Using Sparrow is free and does not impact your credit score.
This is just a starting point, you are not limited to the lenders listed. We work with all private loan lenders and do not promote, endorse, or recommend a specific lender.
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 certificates
- 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