Last year, the average cost of attending a four-year public school for in-state residents – including tuition and room and board – rose 5.7% to $14,333, according to the College Board. The cost was up 5.6% to $34,132 for a private university.

Don’t let the numbers scare you. There is extensive financial aid available to help fund higher education. In most cases, the best places to start are high school guidance offices and college financial aid offices. Forms available at these offices will guide you through the financial aid process. The most important form is the Free Application for Federal Student Aid (FAFSA) which has very strict deadlines.

Begin by seeking out scholarships and grants which cost you nothing and do not have to be repaid. After exhausting all options for scholarships and grants, apply for federal student loans provided by the government to college students such as the Perkins or Stafford loans. If these options do not provide adequate funding, you may need to fill the gap with private funding options, such as Wright-Patt’s Student Choice Loan, which offers zero origination fees, lower interest rates and flexible repayment options*.

You will likely need more than one type of financial aid to fund a college education, but understanding the basics and filling out the FAFSA are great first steps. You should also take care in choosing a loan that offers the lowest rates and most flexible repayment terms.

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.

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.

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*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.