Washington State Graduate Student Loan Program

Key Program Features

State law (Chapter 28B.93 RCW) outlines several key requirements for GSL, including which graduate programs may be eligible, which students may be eligible, and what the key terms of the loan program should be.  

Eligible graduate programs

Eligible graduate programs

WSAC must decide which graduate programs are eligible to participate in the GSL program. Programs can include, but are not limited to professions in health care, behavioral and mental health, early education, K-12, higher education, law enforcement, public safety, and others.

Eligible students

Eligible students

To be potentially eligible for the GSL program, a student must be a resident of Washington state enrolled at least half-time in an eligible graduate program, have a median family income of 100% or less of the state median family income, and have completed a financial aid application (FAFSA or WASFA).

Limited funding 

Limited funding 

To-date, the Legislature has provided $80 million to fund the GSL program for a minimum of 7 years. State law currently limits total loans made by the program to an average of $10 million per year.

Due to this limited funding, WSAC cannot offer loans to all potentially eligible students in all potentially eligible graduate programs. Accordingly, state law requires WSAC to prioritize borrowers with the greatest financial need. Additionally, WSAC is working closely with schools and communities to determine which graduate programs are most critical to include in the first year of the program.

Key loan terms and limitations

Key loan terms and limitations

In creating the program, WSAC must consider the following requirements:

• The program must offer a low annual interest rate of 2.5% or less.
• Total loan amounts cannot exceed $20,000 per year, per borrower.
• In most cases, loan repayment terms can be no longer than 25 years.
• The program must offer flexibility for certain borrowers and situations by setting grace periods, income-based repayment plans, and loan forgiveness terms. 
• WSAC must create an appeals process for borrowers.

Work completed 

Since HB 1823 went into effect in the spring of 2023, WSAC has completed the following work in designing the GSL program:

To date

To date

Next steps

Next steps