Student Loans

Williams has one of the most generous financial aid programs in the country, and our graduates’ loan burdens are among the lowest, even lower than at many schools with “no-loan” policies. Among the class of 2012, 31 percent of students borrowed, and their average cumulative debt was $12,749.

See also parent loans »

Federal Student Loans

Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.

With subsidized loans, which are need-based, the loan principal is deferred, and the government pays the interest on the loan while you’re a student.

With unsubsidized loans, which are not need-based, the loan principal is deferred while you’re in school, but you must pay the interest on the loan quarterly or have it added to the principal amount.

Federal Direct Loan

General:

Previously known as the Stafford loan. More »

Types:
  • Subsidized (need based): Loan principal is deferred and the government pays the interest on the loan while you are a student
  • Unsubsidized (non-need-based): Loan principal is deferred but interest must be paid quarterly or will be added to the principal of the loan
Interest Rate & Repayment:
  • 4.66% FIXED interest for undergraduate subsidized and unsubsidized loans disbursed after July 1, 2014 and prior to July 1, 2015
  • 6.21% FIXED interest for graduate unsubsidized loans disbursed after July 1, 2014 and prior to July 1, 2015
  • Ten-year repayment beginning six months after graduation
  • Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education
Maximum Base Loan Amounts:
  • First Year: $3,500
  • Sophomore: $4,500
  • Junior: $5,500
  • Senior: $5,500
  • Graduate Students: $20,500
  • As of July 1, 2008, undergraduate dependent students are eligible for the Additional Unsubsidized Federal Direct Stafford Loan up to $2,000
Loan Fees:

For loans with a first disbursement after December 1, 2013 and before October 31, 2014, a 1.072% origination fee is deducted from each disbursement; loans with a first disbursement on or after October 1, 2014, a 1.073% origination fee is deducted from each disbursement.

Federal Perkins Loan

General:

The Department of Education allocates Williams College a limited amount of Federal Perkins Loan money. More »

Interest Rate & Repayment:
  • 5% fixed interest
  • Ten-year repayment beginning nine months after graduation
  • Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education
  • Cancellation provisions for designated areas of primary and secondary school teaching, Peace Corps, and domestic service volunteers, as well as careers in law enforcement
Maximum Base Loan Amounts:
  • First Year: $5,500
  • Sophomore: $5,500
  • Junior: $5,500
  • Senior: $5,500
  • Graduate Students: $8,000
Loan Fees:

none

Other Loans

Williams Student Loans

Awarded in standard aid packages to non-U.S. students. Also available to non-U.S. financial aid recipients for the purchase of a computer (maximum of $2,000) and/or to replace the campus job opportunity for students who are studying abroad.

Interest Rate & Repayment:
  • 5% fixed interest
  • Ten-year repayment beginning nine months after graduation
  • Deferments are granted while you are in college and for graduate or professional study or for any reason that will cause the borrower economic hardship

Computer Loan

You may obtain a student loan once for the purchase of a computer (excluding non-computer items/accessories, such as iPods, carriers, etc.). The loan may not exceed your loan eligibility and cannot exceed $2,000. The loan is subject to the same terms and conditions that apply to student loans borrowed for any other purpose. You are encouraged to apply for a computer loan after you arrive on campus in August or September and have assessed your computing needs. Visit our office to pick up a Computer Loan Request Form.