Financing Your Education

Congratulations on Your Decision to Attend Wilkes University

We know that higher education is a significant investment, but it’s also one that offers a significant return on your investment. 

With careful planning, you can explore a variety of financial options to find the resources you need to turn your educational dreams into a reality. As part of our commitment to make your Wilkes education as accessible as possible, we outline some options here to help you cover your costs and reach your goals.

Federal Direct Subsidized/Unsubsidized Student Loan

We list Federal Direct Subsidized and Unsubsidized Loans as an aid source on your financial aid award letter, and they are calculated on your 2021-22 Financial Aid Notification.  To determine your eligibility, you must submit the Free Application for Federal Student Aid (FAFSA) each academic year. 

With a subsidized loan, the U.S. Department of Education determines eligibility based on financial need. Interest does not accumulate while you’re in school at least half time and for the first six months after you leave school. 

With an unsubsidized loan, you do not have to demonstrate financial need. You are responsible for paying interest or letting interest accrue even while you’re in school.

Interest Rate

3.73% through June 30, 2022

The federal government determines the rate each year on July 1.

Origination Fee

1.057% through Sept. 30, 2022 

This is the amount charged to process a new loan application.

 

Accept Your Loan

If you qualify for a Federal Direct Loan or loans and wish to accept, you must complete your Direct Loan entrance counseling and sign a Master Promissory Note (MPN) online at https://studentaid.gov between July 1 and Aug. 1 to ensure adequate processing time before your fall tuition balance is due. 

Wilkes University’s Office of Student Financial Services will receive electronic notification that you have completed the requirements. 

Parents should NOT complete the requirements on your behalf. This federal requirement is designed to help YOU understand your rights and repayment responsibilities.

NOTE: Although the maximum borrowing potential for the academic year for a first-year student is $5,500, the 1.057% origination fee referenced elsewhere will result in a net loan amount of $5,442.

Federal Direct Parent PLUS Loan

This program allows a creditworthy parent to pursue loan assistance on your behalf. A credit check is required to determine eligibility.

Your parent will be responsible for repaying this loan. The repayment of principal can be deferred until you complete your program of study or drop to less than half-time status.

Interest Rate

6.28% through June 30, 2022

The federal government determines the rate each year on July 1.

Origination Fee

4.228% through Sept. 30, 2022

This is the amount charged to process a new loan application.

 

How to Apply

  • Your parent must log in to https://studentloans.gov using the parent FSA ID (not your student FSA ID). 
  • Your parent should apply between July 1 and Aug. 1 to ensure adequate processing time before your fall tuition balance is due. We recommend that you apply for the entire academic year to eliminate the need to submit a second application for spring semester balances.
  • If you need to cover indirect costs such as books, supplies and transportation, you can add funds to the amount requested through a Parent PLUS loan.
  • Calculate the origination fee of 4.228% in your total gross loan amount to know what your net loan will be.
  • If the application is approved, your parent must complete a Master Promissory Note (MPN).

NOTE: If your parent is denied a PLUS Loan due to lack of creditworthiness and does not pursue an endorser or appeal the decision, you are automatically eligible to borrow up to an additional $4,000 via the Federal Direct Unsubsidized Loan.

Private/Alternative Loans

These loans allow you, as a student with a creditworthy cosigner, or your parent to borrow funds for educational expenses. Please note that private loans require a credit check by each lender through which you or your parent pursue a loan.

In most cases, repayment of principal and/or interest is deferred until after you graduate or are no longer enrolled. Terms, conditions and interest rates vary from lender to lender. 

Contact your credit union or bank for details on their offerings or review some options and apply at www.elmselect.com

We recommend that you apply between June 1 and Aug. 1 to ensure adequate processing time before your fall tuition balance is due. We strongly recommend that you apply for the entire academic year to eliminate the need to submit a second application for spring semester balances. 

If you need to cover indirect costs such as books, supplies and transportation, you can add funds to the amount requested through a private loan. 

 

Wilkes University Payment Plan

Wilkes University offers a payment plan to help simplify budgeting. The payment plan allows your family to divide full or partial semester balances into five equal monthly payments for the fall semester from August through December, and, if you enroll for the spring semester, five equal monthly payments from January through May.

There is no interest fee attached to the payment plan, but there is a $25 fee for each semester you participate in the plan. 

You may use the payment plan on its own or in addition to any loan programs listed above.

Enrollment for the payment plan begins Aug. 1, 2021, via the Wilkes student portal:  portal.wilkes.edu.

Outside Scholarship Opportunities

We encourage you to search for additional outside scholarships, though we don’t recommend engaging with scholarship search organizations that charge a fee  
to participate.

Some popular, free scholarship websites include: 

You may also contact local civic groups, parents’ employers, etc., to inquire about additional scholarship opportunities. 

Billing and Payment Information

The Bursar’s Office generates bills each semester. Your bill will be available via the online student portal about eight weeks before each semester begins.

Tuition payments are due about two weeks before the start of each semester:

  • Fall 2021 - Monday, Aug. 16
  • Spring 2022 - Monday, Jan. 10

For billing and payment questions, contact our Bursar’s Office at 570-408-4960 or billing@wilkes.edu.

TUITION PAYMENT RESOURCES

The Office of Student Financial Services is here to help you though the next steps of financing your educational expenses.

As a student who has paid a tuition deposit, you should have already received a financial aid award package. The package included options to finance the portion of your educational expenses not covered by other financial aid. The resources inside may be useful in helping you pay those remaining educational expenses.

IMPORTANT DATES 

June 1: Apply for private loan(s)

June 24: Fall bills generated and available on the Wilkes portal

July 1: Apply for federal Direct PLUS Loan

No later than Aug. 13: Enroll in the Wilkes monthly payment plan for  the fall 2021 semester

Aug. 16: Fall 2021 semester tuition payment due

First week in December: Spring bills generated and available on the Wilkes portal

No later than Jan. 13: Enroll in the Wilkes monthly payment plan for  the spring 2022 semester

CONTACT

Have questions? Need help? That’s why we’re here. Please contact us.

Office of Student Financial Services, Capin Hall
570-408-4512 | financialaid@wilkes.edu | wilkes.edu/financialaid