How to Apply for Federal Loans

We recommend completing the federal loan application process by August 1. To be eligible for institute scholarships, incoming students must fill out their FAFSA prior to April 1.

Student requests for financial assistance are processed after a student has been accepted for admission.  If a conditional acceptance has been made pending completion of prerequisite coursework, loans will be processed after the classes have been completed and acceptance is finalized.  

To receive Federal Loans, graduate students are required to meet the following criteria:

  • Must be enrolled or accepted for admission as a student in an eligible degree or certificate program
  • Be enrolled on at least a half-time basis
  • U.S. Citizen or eligible non-citizen
  • Not be in default on a previous federal student loan

View the Department of Education’s complete list of eligibility criteria for federal student aid.

  1. Complete the Free Application for Federal Student Aid (FAFSA) at The Won Institute School Code is G39493
  2. Complete the Won Loan Request Form to let us know how much you wish to borrow.

First time students at Won need to also complete the following at

  1. Loan Counseling
  2. Federal Direct Loan Master Promissory Note (MPN)
  1. Go to to complete the Direct Graduate PLUS Loan application.
  2. Complete and electronically sign the Grad PLUS MPN at
  3. Indicate the amount you wish to borrow on the Won Loan Request Form

*NOTE: Your loan is not complete and will not be certified until ALL of the above steps have been completed.

Federal Loan Information

  • Maximum is $20,500 per academic year
  • Interest rate is fixed and is set each year as of July 1. For all loans disbursed between 7/1/24 through 6/30/25, the interest rate is 8.08%.
  • Funds are borrowed directly from the US Department of Education
  • Total borrowed amount is disbursed equally to your billing account about the beginning of each semester
  • The interest accrues once loan funds are disbursed, however, principal and interest are deferred while enrolled on at least a half-time basis in a degree-seeking program.   
  • An origination fee will be deducted from the gross amount of the loan. The current fee is 1.057%
  • Aggregate loan limit is $138,500, which includes amounts borrowed as both an undergraduate and a graduate student
  • Repayment begins after the end of the 6 month grace period which begins  6 months after you graduate, leave school, or drop below half-time status.
  • Repayment period is 10 to 25 years depending on one of the many repayment plans you can select from your loan servicer

Direct Graduate PLUS Loans provide graduate students with funds for additional tuition as well as living expenses.  Some basic facts about the Graduate Direct PLUS Loan are:

  • Students can borrow up to total cost of attendance, which includes an allowance for living expenses, less aid.
  • Student is the borrower – no cosigner required
  • Fixed-interest rate, subject to change July 1 each year: For all loans disbursed between 7/1/24 through 6/30/25 the interest rate is 9.08%.
  • An origination fee will be deducted from the gross amount of loan borrowed from each disbursement. The current fee is 4.228%.
  • Deferred payment while enrolled at least half time in a degree seeking program
  • No aggregate or annual loan limits
  • Based on simplified credit criteria regardless of income or employment status
  • Able to consolidate through the Direct Consolidation Loan site.

Private Alternative Loan

PA Forward presents a loan option to use in place of Grad PLUS. You must reside in an approved state – PA, DE, MD, NJ, NY, OH, VA or WV. If you use a cosigner, they must also reside in one of those states.

  • Borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, etc.) up to the aggregate limit of $300,000
  • Minimum loan amount: $1,500
  • No origination or application fees
  • Rates range from 4.49% – 10.06% APR depending on creditworthiness
  • Minimum credit score of 670 to qualify.  Debt to income ratio is considered as well.  Students may use a co-signer to qualify or receive a better interest rate.
  • May be enrolled full-time, half-time or less than half-time
  • Repayment may be made while in school or deferred until after graduation at the student’s request.
  • Contact PA Forward directly for more information or to apply.
a group of people are sitting in a classroom and one woman is smiling

Financial Resources

Learn more about financial resources, veteran benefits and scholarship information. 

Battlefield Acupuncture 2-Day Continuing Education Course - 6/29 & 6/30