WSAS Private Education Loans
- What are WSAS Private Education Loans?
- WSAS Private Education Loans are not given out directly to students, but through the Student Financial Services office as part of your Financial Aid package.
- What do I do if I have a WSAS Private Education Loan as part of my Financial Aid package?
- During the first few weeks of the semester, we will send you an email letting you know that you have received a Private Education Loan from WSAS. Loan documents will then be emailed to students thorough DocuSign for review. The student may accept or decline the offer of a WSAS Private Education Loan using DocuSign.
- When do I start paying back my WSAS Private Education Loan?
- After you graduate from Wellesley, WSAS gives a 9-month grace period in which no interest accrues on your Private Education Loan. If any payments are made before or within that 9-month grace period, the principle balance on your loan is decreased which in turn decreases the amount of interest you pay over the course of the payback period (5 years).
Following the 9-month grace period, interest will begin incurring, and your first tuition loan bill will be issued on July 1st, and due by July 31st. (For example, if you graduate in May 2023, interest on your tuition loan will begin to accrue March 30, 2024, with your first tuition loan bill issued on July 1, 2024, and payment due by July 31, 2024.) - How do I make payments on my WSAS Private Education Loan?
- Payments on your WSAS tuition loan must be made directly to WSAS. WSAS does not use third-party loan servicing companies (such as Heartland ECSI, Delta, ECMC, NCS, Great Lakes). There are a few different options for paying your Private Education Loan bill directly to WSAS. Visit the Pay Your WSAS Loan page for more information.
- May I defer my Private Education Loan if I’m entering a graduate program?
- If you are entering a graduate program, you may defer the principle payments on your tuition loan, but you must continue to make interest payments. To request a deferral, please email Kat Longee at klongee@wellesley.edu with your request, and include information about your graduate program including institution of study, date of enrollment, and expected graduation date.
- What if I’m not able to make my loan payment due to a hardship?
- Please contact Kat Longee at klongee@wellesley.edu or 781-283-2992 to discuss your situation.
- What if I have additional questions regarding my WSAS Private Education Loan?
- Please contact Kat Longee at klongee@wellesley.edu or 781-283-2992.