Financial Aid

Higher education is an important investment in your future career. Be sure to review your options and determine what the best choice is for you. Federal student loans are intended to help students pay for the cost of their education, including living expenses.

Financial Aid Frequently Asked Questions

What types of Financial Aid does the Wright Institute offer?

Most financial aid for graduate programs is provided through federal loans. The Wright Institute Scholarship can provide some financial assistance, as can federal work-study programs.

What types of loans can I apply for?

You can apply for both Direct Unsubsidized Loans and Direct GradPLUS Loans.

Direct Unsubsidized Loans:

  1. Interest rate - 4.30%. Interest begins accruing after disbursement.
  2. Origination fee - 1.057%.
  3. Annual borrowing limits - $20,500/year for the Counseling (MA) Program and $33,000/year for the Clinical (PsyD) Program.
  4. Repayment begins six months after graduation or withdrawal.
  5. Please note that interest rates and origination fees are subject to change.

Direct GradPLUS Loans:

  1. Interest rate - 5.30%. Interest begins accruing after disbursement.
  2. Origination fee - 4.228%.
  3. Credit approval is required.
  4. Annual borrowing limit is up to the cost of education.
  5. Repayment begins six months after graduation, withdrawal, or a fall below half-time enrollment.
  6. Please note that interest rates and origination fees are subject to change.

How do I apply for financial aid?

  1. Complete the 2021-2022 FAFSA on the Federal Student Aid website.
  2. Complete the Wright Institute Student Loan Checklist, which is available on the Student Portal.
  3. Fill out a Master Promissory Note (MPN) for each loan type you intend to receive.
  4. Complete Your Student Loan Entrance Counseling Requirement.
  5. Complete an Annual Student Loan Acknowledgment.Due to the COVID-19 pandemic, the United States Department of Education has suspended this requirement for the 2021-22 school year.

How do I apply for FAFSA?

You can apply for FAFSA by completing the 2021-2022 FAFSA on the Federal Student Aid website. The deadline to complete the FAFSA for the 2021-22 academic year is June 30, 2021. Corrections and updates can be made until September 11, 2021.

The Wright Institute’s FAFSA Code is G08846.

If you are applying for financial aid for a second year in a row, you may renew your FAFSA application rather than complete a new application.

When and how will I receive my student loan funds?

Awards are disbursed over three terms, beginning in the fall semester. After all the steps under “How do I apply for financial aid?” have been completed, an award letter will be emailed to you by the Financial Aid Office through the Wright Institute student portal, where you can accept your award letter. Financial aid refunds are disbursed into your bank account electronically over three terms within the first few weeks of the beginning of each term.

Does the Wright Institute offer a scholarship?

The Wright Institute Scholarship is designed to provide assistance to Wright Institute students with financial need. All students are encouraged to apply. To be considered, students must complete a Free Application for Federal Student Aid (FAFSA), as well as the Wright Institute Scholarship application. Awards are dispersed over two terms.

When can I apply for the Wright Institute scholarship?

Applications are accepted in the fall. The due date for the 2021-22 academic year is in December 2021.

How do I apply for the scholarship?

The Wright Institute Scholarship application will be available during the fall semester. All students will be notified when the application is open, and the application can be completed on the student portal.

Scholarships are distributed in two terms starting in January. For the Clinical Psychology (PsyD) Program, funds will be distributed in the winter and spring trimesters. For the Counseling Psychology (MA) Program, funds will be distributed in the spring and summer semesters.

What is the average award from the Wright Institute scholarship?

Depending on availability of funding, awards can range from $250 to $4000 per academic year.

Can I adjust my financial aid throughout the year?

You may make any changes, such as reducing your loans or requesting additional funds, by contacting the Financial Aid Office at financialaid@wi.edu.

How do I repay my student loans once I am no longer in school?

Once you graduate, leave school, or fall below half-time enrollment you must begin repayment on your student loans. There are many repayment options available, so always contact your student loan servicer to determine what option meets your needs. In addition to typical repayment plans, part of your loan amounts can be forgiven through the Public Service Loan Forgiveness Program.

How do I know who my student loan servicer is?

You can find out who holds all your student loans by going to the Federal Student Aid website. and logging in with your FSA user ID. You can also find the contact information for your servicer on the Who’s My Student Loan Servicer? page.

What types of repayment plans are available?

The most common repayment plans are the Standard Repayment Plan and the Graduated Repayment Plan. Income-Driven Repayment Plans such as REPAYE, PAYE, IBR, and ICR are also available. An expanded list of repayment plans can be seen at Repayment Plans | Federal Student Aid.

What is the Public Service Loan Forgiveness Plan?

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 on-time qualifying monthly payments (10 years) under a qualifying repayment plan while working full-time for a qualifying employer.

What is Loan Consolidation?

If you have multiple student loans, you may be able to combine them into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated. A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan. Once the consolidation is complete, you will have a single monthly payment on the new Direct Consolidation Loan instead of multiple monthly payments on the loans you consolidated. More information about loan consolidation is available on the Federal Student Aid website.

How can I estimate what my monthly student loan payments will be once I leave school?

You can estimate monthly payments at the Federal Student Aid Loan Simulator.

What other loan repayment resources are available?

What is Federal Work-Study?

The Federal Work-Study Program provides eligible students with funds to earn money from a part-time job and gain valuable work experience. Most jobs are on campus and may offer more flexibility than a traditional part-time job. However, jobs can be scarce and positions are typically filled quickly.

Students must complete the Free Application for Federal Student Aid (FAFSA) and be offered federal work-study as part of their Financial Aid award. Federal work-study is awarded to students with unmet financial need. Unmet need is calculated by subtracting your FAFSA’s Expected Family Contribution from the Budget on your award letter minus all loans you borrow:

Unmet need = cost of attendance - expected family contribution - all aid

Are Veterans Eligible to Receive Vet benefits at the Wright Institute?

Yes, we do accept Veterans benefits. To determine eligibility for Veterans benefits, students must apply online on the Veteran’s Affairs website at www.gibill.va.gov. The Department of Veteran Affairs will send you a Certificate of Eligibility letter. Upon receipt of this letter, please send a copy of the Certificate of Eligibility to the Financial Aid Office.

What are some external scholarships I can apply for?

Here are some resources for external scholarships:

Please note: Never pay a fee to an agency that offers to search for scholarships for you. Please check with us at financialaid@wi.edu for additional questions about external scholarships.

Where can I find additional loan information for international students?

Additional loan information for international students can be found at internationalstudentloan.com.

How do I contact the Wright Institute Financial Aid Office?

Contact us at financialaid@wi.edu.