As the cost of college education continues to increase year after year, more individuals turn to student loans to help them obtain a higher education. Unfortunately, federal funding has not kept pace with these increasing costs. Since Wright-Patt is committed to helping our members reach for a better life for themselves and their families, we are happy to provide information and access to the loan programs that support higher education, including our new Credit Union Student Choice loan program, which has no origination fees and can help fill the funding gap for undergraduate students that federal aid can leave behind. *A co-borrower may be necessary if the student cannot meet credit requirements alone. The primary borrower and co-borrower (if applicable) must be Wright-Patt Credit Union members on a Student Choice loan.
Federal PLUS and Stafford Loans
Wright-Patt participates in the Federal Family Education Loan Program (FFELP), which offers students Federal PLUS loans and Federal Stafford loans. Each loan type has a different set of benefits and eligibility requirements. Either can help provide financial support for a quality education and better future.
As a benefit of membership at Wright-Patt, we will pay the 1% loan origination fee when you apply for a Federal Stafford Loan through Wright-Patt. This benefit allows more of your loan proceeds to be applied where it will benefit you the most. We will also give you a .25% interest rate reduction on Federal Stafford and PLUS loans if you establish automatic payment from your Wright-Patt Checking or Savings account.
Eligibility Requirements
The Federal PLUS loan is a student loan designed for the parents or legal guardians of a dependent undergraduate student. The student must plan to attend at least "half time" at an approved school.
The Federal Stafford loan is designed for students who plans to attend school at least "half time" at a school that participates in FFELP and is approved by the designated guaranty agency. The student must maintain satisfactory academic progress, as defined by the school. Depending upon your financial need, you may qualify for a Federal Stafford subsidized and/or unsubsidized loans.
Differences Between Federal Stafford Subsidized Loans and Unsubsidized Loans
On a Federal Stafford subsidized loan, the federal government pays the interest that accumulates while you are in school. On the Federal Stafford unsubsidized loan, you are responsible for paying the interest while you are in school. There is, however, a "deferment of interest payment" option available while you are in school on the unsubsidized loan.
| Financial Need Eligibility |
The amount that a student receives under this program is based on family income. |
The amount that a student receives under this program is not based on family income. |
| Fees* Paid by WPCU |
Origination*: 1% of loan balance. Default fee paid to the Department of Education: 1% of loan balance. |
Origination*: 1% of loan balance. Default fee paid to the Department of Education: 1% of loan balance. |
| Grace Period |
Six months |
Six months |
| Interest Rate |
The interest rate is a variable rate that is subject to change every July 1st. |
The interest rate is a variable rate that is subject to change every July 1st. |
| Interest Payment Deferment |
The Federal Government pays the interest while the student is in school. |
The student is responsible for paying the interest while he or she is in school.** |
** The student has the option of having the accrued interest capitalized each quarter instead of paying it while he or she is in school.
Application Process for PLUS and Stafford Loans
The actual loan application process generally takes 7 to 10 business days. Depending upon the school you plan to attend, it could take up to 4 to 6 weeks for the entire financial aid process.
Loan Repayment
Repayment begins 6 months after you graduate, leave school, or drop below "half time" status on Stafford subsidized and unsubsidized loans. For the PLUS loan, repayment begins 60 days after the final disbursement is issued.
Learn More About Student Loans!
Visit your local Wright-Patt Member Center
Find a location near you.
Call our Member Help Center
Phone: (937) 912-7000, Toll-Free: (800) 762-0047
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