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New! Direct Loans must be prorated (reduced) for graduating seniors and post baccalaureates attending less than the full academic year.

Federal regulations require that undergraduate and post baccalaureate students who graduate in less than a full academic year must have their federal direct student loans prorated according to the number of credits required for graduation.
 

While loan proration has been a long-standing federal aid requirement, Western students were exempt from this requirement under a federal experimental waiver. The experimental waiver has ended. Beginning with fall quarter, 2012, Western is required to prorate loans for graduating seniors and post baccalaureate students attending only one or two quarters of the academic year. For example, a senior planning to graduate after attending only ONE of the three quarters of the academic year, will have his or her Federal Direct Loans prorated down to reflect the actual number of credits required for graduation as reported on the Degree Evaluation. If a student is not required to attend fulltime, the loan is reduced further. The formula used for the dependent senior loan amount is (# of required credits/36 x $7,500). For independent seniors the amount is determined by (# of required credits/36 x $12,500).

Proration examples

A student applies for graduation and the degree evaluation shows that the student requires 12 credits fall quarter and 6 credits winter quarter for a total of 18 credits to complete the program requirements. Federal direct subsidized and unsubsidized loan eligibility must be prorated as follows:

  • 18/36 = 0.5. $5,500 subsidized loan * 0.5 = $2,750 prorated maximum for Dependent and Independent students.
  • 18/36 = 0.5. $2,000 unsubsidized loan * 0.5 = $1,000 prorated maximum for Dependent students.
  • 18/36 = 0.5. $7,000 unsubsidized loan * 0.5 = $3,500 prorated maximum for Independent students only.

A student requires 10 credits fall quarter and 6 credits spring quarter to complete the program requirements. The student is not attending winter quarter.

  • 16/36 = 0.444. $5,500 subsidized loan * 0.444 = $2,442 prorated maximum for Dependent and Independent students.
  • 16/36 = 0.444. $2,000 unsubsidized loan * 0.444 = $888 prorated maximum for Dependent students.
  • 16/36 = 0.444. $7,000 unsubsidized loan * 0.444 = $3,108 prorated maximum for Independent students only.

Exceptions: Loan proration requirements do not apply to loans made to students taking preparatory coursework or to postbaccalaureate students enrolled in courses solely for teacher certification.

 

You are strongly encouraged to meet with a financial aid counselor if you are contemplating graduating fall, winter, or spring quarters of this academic year and have not yet applied to graduate.

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