Use Your State Resources for Financial Aid Assistance

Paying for College in the State of Washington

Federal loans, private loans, cheap student loans, and state loans—it’s confusing out there. If you’re a Washington State student or parent and planning a financial strategy for college OR a current college student eager to mine new financial sources, begin with your state’s higher education agency.

The Washington Higher Education Coordinating Board (WHECB) is a clearinghouse for all resources related to college student loans and financial aid available for state residents. While the agency is not a direct provider, you will find trustworthy information, online applications for the federal student loan program, plus comprehensive and up to date details on all the possible aid programs.

Apply for Federal Student Loans

Every American student’s first step in the financial aid game is to apply for the Federal Family Education Loan Program, which includes:

  • Stafford Loans, by far the most widely disbursed and most popular student loan in the country. Best feature is the lack of credit check. Most students qualify for aid under this program, which makes this a no-brainer.
  • Parent PLUS Loans give cash-strapped parents of undergrads the extra financial muscle to meet the outstanding balance of their child’s education costs once all federal loans are paid out.
  • Grad PLUS Loans allows grad students at risk for dangerous levels of debt, to finance another level of federal aid. Kick in once you’ve met your Stafford Loan borrowing limits.

You qualify for federal aid when you complete the FAFSA, available via the WHECB website along with tips for filling it out. Here’s an extra incentive: most other types of financial aid and education loan programs require you to have filed for your federal loans first.

Loan Repayment Programs for WA Students

A few special loan programs available from the State of Washington include those sometimes known as “incentive” loans:

  • Health Professional Loan Repayment program aims to keep new medical professionals working in the state and perhaps practicing in high-need facilities where they might qualify for Stafford Loan repayment in return.
  • Teachers Loan Repayment Program is designed to put WA teachers into subject shortage areas with incentives for Stafford Loan repayment.

Washington Private Loans

Remember, private student loans should be a final financial resort. A few tips:

  • Shop for a reputable and well-known lender.
  • Avoid loans with hidden fees and penalties for early repayment.
  • Know up-front what the final total cost of your loan will be.
  • What will your monthly payments be?
  • Avoid loans with a high borrowing minimum.

For more information on student loans in the State of Washington, visit the WHECB website.