Loans
Making college More Affordable with Loans
You may find that you need to borrow money to pay for your college education. The lender and the terms of the student loan have an impact on you after graduation. Taking time to do up-front research, to compare student loan options, and to make smart borrowing decisions can save money and prevent future frustrations.
Below is useful information to help determine which loan is right for you.
Federal Subsidized Direct Loan
- Who is eligible? Qualified undergraduate students may receive low-interest Federal loans.
- Repayment terms: Repayment is deferred until six months after graduation, withdrawal, or dropping below half-time status. Must be repaid within 10 years at payments of no less than $50 per month.
- Interest rate: Fixed interest rate of 4.53% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? Up to $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.
Federal Parent Loan for Undergraduate Students (PLUS) Loan
- Who is eligible? Parents of dependent students may borrow through this program.
- Repayment terms: Repayment usually begins within 60 days of second disbursement or payments may be deferred.
- Interest rate: Fixed interest rate of 7.08% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? Amounts vary and cannot exceed the cost of attendance minus other financial aid received.
- Apply Now!
Federal Graduate PLUS Loan
- Who is eligible? Graduate or Professional students enrolled at least half-time at an eligible school in a program leading to a graduate or professional degree or certificate may apply. The applicant must not have an adverse credit history.
- Repayment terms: Repayment is deferred until six months after graduation, withdrawal, or dropping below half-time status.
- Interest rate: Fixed interest rate of 6.08% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? Amounts vary and cannot exceed the cost of attendance minus other financial aid received.
- Apply Now!
Federal Unsubsidized Direct Loan
- Who is eligible? Qualified undergraduate students may receive Federal loans with the same terms and conditions as the Subsidized Direct Loans, except that interest accrues during school years. Available if you do not qualify for the Subsidized Direct Loan or if you are not eligible for the full Subsidized Direct Loan amount.
- Repayment terms: Repayment is deferred until six months after graduation, withdrawal, or dropping below half-time status. Must be repaid within 10 years at payments of no less than $50 per month.
- Interest rate: Fixed interest rate of 4.53% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? An amount of $2,000 awarded to all students per year and up to $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors. Independent* freshmen or sophomores may borrow an additional $4,000 above regular Direct limits, and independent* juniors and seniors may borrow an additional $5,000 above regular Direct limits. If your parents have been denied a PLUS loan you will be eligible to receive a supplemental Unsubsidized Direct Loan of $4,000 in your freshman and sophomore years and $5,000 in your junior and senior years.
*See FAFSA guidelines for what qualifies as “independent” status.
Private Loans
Private student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. These are alternative supplemental loans that are NOT guaranteed by the federal government. Terms and conditions can vary according to specific lender guidelines.
- Who is eligible? Undergraduate or graduate students (or a parent, relative, or other creditworthy individual helping a student pay for college) may apply. These require a credit check. Therefore, the student or borrower must have a good credit history, low debt-to-income ratio, and a co-signer may be required.
- Repayment terms: Repayment terms vary by lender and program. Some lenders may defer payments while the student is enrolled in school, and others may require that payments begin after the funds are disbursed. Be sure to review the repayment terms for the loan you are considering.
- Interest rate: Interest rates on private student loans are set by individual lenders based on each applicant’s credit rating. Lenders can offer fixed or variable interest rates. A fixed interest rate means the rate never changes and your monthly payments will always be the same amount. Fixed rates are usually the best option since there are never any surprises when it comes to your payments. With variable-rate, the interest rate is tied to the market and can fluctuate up or down. These have the potential to increase later – meaning your monthly payment can change and you might end up paying more in interest over the life of the loan.
- How much? Amounts vary and cannot exceed the cost of attendance minus other financial aid received.
- How do I apply? We have compiled a list of lenders based upon their historical lending with our students and the quality of products and services they have provided to students and families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. However, if you wish to use another lender that is not on this list, you have the right to do so. To view, compare, and apply for a private student loan, please click HERE, and you will be directed to ELM Select, which is our private lender and product comparison tool for students that is powered by ELM Resources.
Payment Plan
To set up a payment plan, contact your financial services counselor or click here to set up a payment plan.
Other Resources
UVF partners with Smart Borrowing and Financial Avenue to ensure the smoothest process of navigating the process.
Smart Borrowing
- Who is eligible? Qualified undergraduate students may receive low-interest Federal loans.
- Repayment terms: Repayment is deferred until six months after graduation, withdrawal, or dropping below half-time status. Must be repaid within 10 years at payments of no less than $50 per month.
- Interest rate: Fixed interest rate of 4.53% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? Amounts are up to $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.
Financial Avenue
- Who is eligible? Parents of dependent students may borrow through this program.
- Repayment terms: Repayment usually begins within 60 days of second disbursement or payments may be deferred.
- Interest rate: Fixed interest rate of 7.08% for loans disbursed on or after 7/1/2019, and before 7/1/2020.
- How much? Amounts vary and cannot exceed the cost of attendance minus other financial aid received.
- Apply Now!
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