Student Loans
Loans require repayment. Detailed information about repayment of federal loans, including borrower rights and responsibilities, is available in The Guide to Federal Student Aid.
The most important first step in applying for a loan is annually filing the Free Application for Federal Student Aid (FAFSA). The FAFSA is available online on January 1. Filing early allows you to take advantage of all available funding options. The FAFSA is a requirement, in order for us to consider you for need-based and non-need-based federal student loans.
You have the right to cancel all or a portion of your federal loans. Instructions are stated on your promissory note. Instructions are also provided on your WSU Pipeline account when you receive your award offer.
Loan Types
- Federal Perkins Loan
- Federal Direct Loan
- Direct PLUS Loan - Parents of Undergraduates
- Direct PLUS Loan - Graduate Students
- Alternative/Private Loan Programs
- Federal Consolidation Loan
Required Loan Counseling
- Direct Loan Entrance Counseling
- Direct Loan Exit Counseling
- Perkins Loan Entrance Counseling
- Campus-Based (Perkins, Health Professions & Nursing) and Institutional Loans Exit Counseling
Loan Repayment
Student loan repayment is important to consider when making decisions on loan borrowing.
Loan Revisions
Loan amounts may be adjusted for a number of reasons. See our Loan Revisions Web page for more information.
Loan Promissory Notes
The Master Promissory Note (MPN) lists the terms under which you are borrowing and agree to pay back the loan. You must sign an MPN before your loan can be disbursed.
- If you borrow a Federal Perkins Loan, you must sign a new Master Promissory Note every year.
- The Federal Direct Loan MPN is valid for 10 years and you have to sign only once while enrolled at Wayne State University. Sign your Federal Direct Master Promissory Note (MPN) online at www.dlenote.ed.gov.
Signing Your Master Promissory Note From Within Pipeline at WSU.