Loans

Students can find information below regarding loans, including federal loans from the U.S. Department of Education and private loans.

Whitman's Office of Financial Aid works with students to make sure they graduate with as little debt as possible—far below the national average. 

Federal Loans

At Whitman, need-based financial aid offers often include federal student loans. These loans are money that students borrow from the U.S. Department of Education (ED) to help pay for college expenses, and repay with interest.

The ED is the lender for these loans, and the student is the borrower. No credit check or cosigner is required for federal student loans. 

The ED offers multiple types of loans under the William D. Ford Federal Direct Loan (Direct Loan) Program. There are two primary types of Direct Loans available to undergraduate students at Whitman:

• Direct Subsidized Loans are offered to students with financial need based on their FAFSA. These loans do not accrue interest while students are enrolled in college at least half-time. 
• Direct Unsubsidized Loans are offered to students who do not have unmet financial need after other aid is awarded. These loans accrue interest from the time that they are received. 

Both Direct Subsidized and Direct Unsubsidized Loans have a fixed interest rate for the life of the loan. Students do not need to begin repaying these loans until six months after they graduate, leave school or drop below half-time enrollment. The standard repayment period for Direct Subsidized and Direct Unsubsidized loans is 10 years.

To learn more about federal student loan repayment options, visit the Repayment Plans page on StudentAid.gov.

Students who wish to borrow a Direct Loan must complete the FAFSA each year. Your eligibility for Direct Subsidized and Unsubsidized Loans is determined annually based on the information on your FAFSA, as well as your year in school and your dependency status.

The U.S. Department of Education also offers the Direct PLUS Loan, which is available for parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility for a Direct PLUS Loan is not based on financial need. However, a credit check is required and parent borrowers who have an adverse credit history must meet additional requirements to qualify. Direct PLUS Loans are not included in Whitman’s financial aid offers to students. However, if you have any questions about borrowing a Direct PLUS Loan, the Financial Aid Office is available to assist you as you’re exploring this loan option.

Whitman’s Cohort Default Rate (CDR) is a calculation of federal student loan borrowers who defaulted on their federal student loans within a specified period of time after entering repayment. The most current Cohort Default Rates for Whitman College are:

2020: 0.0% (Federal Loans on COVID payment pause)
2019 : 0.0% (Federal Loans on COVID payment pause)
2018: 1.4%
2017: 1.0%

Private Loans

If you need to take out a loan to pay for your education, Whitman’s Office of Financial Aid recommends that you explore the federal government’s loan programs first, as the interest rates and other terms are typically more favorable than those that you can get with a private loan.

However, private loans (also known as alternative loans) are available to borrowers who may need additional funding for unmet college expenses. Private lenders may offer private student loans as well as private parent loans. Private lenders are typically banks or other financial institutions. Private loans typically require a credit check and/or credit worthy co-signer. The annual amount of any private loan cannot exceed the cost of attendance minus other financial aid for the loan period requested.

Whitman College does not endorse any lender or lending institution. We will process a private education loan from any lending institution requested. However, to assist you in your search for a lender, we provide a tool called ELMSelect. ELMSelect is a private loan selection tool that helps students and parents find a lender that best meets their needs and goals. To utilize ELMSelect, please visit the Whitman ELMSelect webpage.

Information about Student Loan Debt at Whitman

We know that the decision to borrow a loan requires thoughtful consideration. Whitman's Office of Financial Aid works with students to make sure they graduate with as little debt as possible. Nearly 50% of our students graduate from Whitman with no loan debt, and among students who graduate with loan debt at Whitman, most graduate with less than $20,000 in debt, far less than the national average. This is in part because Whitman students on average borrow less in their third and fourth years than they do in their first and second years, which is the opposite of what happens at most colleges.

Whitman students and their families are able to keep their debt rates low and their costs affordable in part because we are committed to helping them create a realistic view of their college expenses so they don’t take out larger loans than they need. We also assist students in finding and applying for outside scholarships to help pay for their expenses.