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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.

  • 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.
  • 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!
  • 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!
  • 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 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.

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. 

  • 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.
  • 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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Admissions FAQs

Yes, most colleges and universities accept homeschool transcripts. You’ll need to create a transcript that lists all courses taken, grades earned, and a brief description of each subject. Many colleges may ask for additional documentation to verify the curriculum or learning outcomes. 

A homeschool transcript should include the following:   

  • Student’s name and contact information   
  • A list of courses by grade level (9th-12th)   
  • The grades and credits earned for each course   
  • GPA  

You can use online tools or templates to help structure your transcript.

Transcript Template (Right-click and “Save Link As” to download)

No, colleges understand that homeschool students may follow a non-traditional curriculum. You are not required to use a specific homeschooling program, but the courses should be rigorous and meet the academic standards of the college. 

UVF is test-optional, . It’s best to check each college’s specific testing policy. If you submit them, we will use those test scores for placement into math and English courses.  If you don’t submit test scores, we have placement tests that we designed that you will take instead. 

Homeschool students are encouraged to get involved in extracurricular activities (sports, clubs, volunteering, internships, etc.). For letters of recommendation, you can ask mentors, tutors, employers, or community leaders who are familiar with your work and character. We understand that your experiences may look different from those of traditional students. 

Homeschool students typically don’t have a GPA or class rank based on a standardized grading system. You may be asked to provide your grading scale (e.g., A = 90-100, B = 80-89, etc.) and explain how you evaluate coursework. . 

If your grading was pass/fail, a work sample does help us evaluate the rigor of your coursework. 

Yes, homeschooled students are eligible for the same federal and state financial aid (e.g., FAFSA) as other students. You are also eligible for institutional scholarships. 

You may be asked to provide documentation showing that your homeschooling complies with the laws of your state (e.g., notice of intent to homeschool, records of testing or assessments). We are familiar with most states’ homeschool laws. 

Yes, you can still apply as a homeschooled student if you were homeschooled for any portion of high school. You’ll need to explain the structure of your education and provide transcripts for both your public/private school and homeschool years, if applicable. 

A GED is not required if you have completed your high school education through homeschooling, provided you can submit a detailed transcript and meet the other application requirements. However, if you took the GED, you may submit those scores as part of your application if they are beneficial. 

We value the self-motivation and discipline that often come with homeschooling.  Our homeschooled students typically excel in academic curiosity, resilience, and ability to work independently. 

We always encourage students to come for an on-campus visit.  It can be a great opportunity to showcase your personality and explain your homeschooling background in person. It’s also a chance to ask questions about the college and demonstrate your interest in the school. 

Homeschooling allows you to tailor your education to your interests and strengths. We appreciate the diversity of perspectives that homeschool students bring, so don’t be afraid to highlight how your education has been non-traditional but still rigorous and meaningful. 

If you’ve taken college-level courses during high school (dual enrollment), make sure to include those credits on your application. You’ll need to request official transcripts from the college(s) where you took courses and submit them to your prospective schools. 

Some scholarships are specifically for homeschool graduates. These may be offered by homeschool associations, local foundations, or certain colleges. It’s a good idea to research scholarships in your area or inquire about opportunities at the colleges you’re applying to.