Loans

Puget Sound participates in the Federal Direct Student Loan program. Under this program the federal government serves as the lender. The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan.

Learn About Direct Loans

Parents may apply for a Direct PLUS Loan for any year that their student is enrolled at least half-time as an undergraduate student. Under the Federal Direct Student Loan program, the federal government serves as the lender and the interest rate varies based on disbursement date but then is fixed for the life of the loan. 

Learn About Parent PLUS Loans

Graduate students who have filed a Free Application for Federal Student Aid (FAFSA) can be eligible to borrow up to the amount of their total cost of attendance.

Learn About Graduate PLUS Loans

Puget Sound creates a student loan statement for all borrowers each time a financial aid package includes a new or revised student loan.

Students can access their student loan statement by logging into my.pugetsound.edu, selecting the Student Finances tile, Financial Aid Tile then Student Loan Statement (PDF).

If you have questions about what loans you have, repayment or about your loan servicer, visit the Federal Student Aid website. Under Manage Loans, you can click on View My Account to log in.

You will need your Federal Student Aid ID to login. If you can’t remember your FSA ID, click the link to Forgot My Username.

Federal Student Aid Website

To help you and your family navigate through the complex information provided by private lenders, Puget Sound has identified a list of lenders and has partnered with FASTChoice, an online loan comparison tool designed to help you select the lender best suited to your particular needs.

Learn About Private Education Loans

The Cohort Default Rate (CDR), as defined by the U.S. Department of Education, is the “percentage of a school’s borrowers who enter repayment on certain federal loans… during a particular federal fiscal year, October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year”. The Cohort Default rate serves as a measure of the ability of Puget Sound students to successfully pay back their federal direct loans after graduating or separating from the University.

Puget Sound’s Cohort Default Rate has historically remained very low; generally between 1% and 2.6%.

Due to the extended pause on loan repayments between March 2020 and October 2023, national cohort default rates dropped to zero, as no loans entered repayment during this pause. Schools can anticipate that there will be an upward trend in default rates over the next few years as borrowers again enter repayment and navigate a challenging employment environment.

To mitigate this anticipated upward trend, the Student Financial Services (SFS) office at University of Puget Sound continues to focus on outreach to educate our student borrowers about student loan repayment and financial literacy. Borrowers are required to complete “exit counseling” when they graduate, withdraw or drop below half-time status. The following are a few examples of work we have engaged in to support our student borrowers:

• Each year staff from SFS attend the graduating student fair to advise graduating students on exit counseling procedures and the various repayment options available to them, including providing contact information on how to access their loan usage data on the Federal Student Aid website so that they can be proactive in researching their loan balance, connecting with their loan servicer to review repayment options, and accessing the Federal Loan Simulator tool.
• In compliance with SSB 5022, the Washington Student Loan Transparency Act, Puget Sound provides a personalized student loan statement to each borrower who has a loan originating during enrollment at Puget Sound, at each point of loan disbursement or change in amount borrowed. These statements are also available to students on demand, in real time, through MyPugetSound portal account.
• SFS offers access to financial literacy resources that includes guidance for Puget Sound students on how to repay student loans, avoid debt after graduation, seek financial aid, and to help pay for the cost of attending college.
• The Financial Aid team in the office of SFS, counsels students to minimize borrowing wherever possible.
• SFS offers a one stop Direct Loan Repayment web page detailing next steps for students who are graduating or who have left school.
• SFS has updated information on our website with information about the sunsetting of Covid-19 loan repayment forbearance with links to Federal Student Aid.

The University of Puget Sound participates in the Common Data Set. In the most recent reporting cycle Puget Sound reported the following for loan indebtedness levels of those graduating during the 2023-24 award year:

CDS H5