Lake Washington Institute of Technology processes student loans through the Federal Direct Loan Program. This program allows students to access the same federal student loans as the previous Federal Family Educational Loan Program, but does not require that students select a specific bank or lender to process their student loan. Instead, funds are received directly from the federal government. Repayment terms, interest rates and annual and aggregate loan limits are unchanged. The college will not be able to process loans through the previous FFELP process starting with the 2009-2010 award year.
Students applying for a student loan at Lake Washington Institute of Technology must complete the following steps:
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First-time applicants are required to complete a loan-counseling seminar before their loan is awarded. Entrance Counseling can be completed online. If you have any questions concerning the counseling requirements, contact the Financial Aid Office at (425) 739-8106 or click on the "Email a Question" button on the Counseling page.
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The student must then download and complete a Direct Loan Request Form. We must also receive all other required documentation from the Financial Aid Checklist needed in order to complete the student's file.
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After your loan has been certified you will receive an award letter. You will then need to sign your Master Promissory Note online. Students may sign a Direct Loan Master Promissory Note (MPN) by using their FAFSA Pin number or may request a paper promissory note from the Financial Aid Office.
Student Loans for Pre-requisites
The federal government limits financial aid for students completing pre-requisites to student loans only for a period of one calendar year from the date a student first begins taking out the loan (students may not be considered for undergraduate grants or work study assistance while completing pre-requisites). After the calendar year has elapsed, students may not receive additional student loan funds unless they are fully accepted into an eligible program.
