Loans | University of Valley Forge

Loans

LOANS & PAYMENT PLAN

Students studying in Bongirno

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. The loan 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? Loan amounts are 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 loan 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? Loan amounts vary and cannot exceed the cost of attendance minus other financial aid received.

 

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? Loan amounts vary and cannot exceed the cost of attendance minus other financial aid received.

 

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. Loan 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? Loan 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.  Private student loans 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 loan program.  Some lenders may defer payments while the student is enrolled in school, and others may require that payments begin after loan 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. Private loan 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 a variable-rate loan, the interest rate is tied to the market and can fluctuate up or down. Variable rate loans 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? Loan 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 loan 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.

Smart Borrowing

At University of Valley Forge, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a division of the National Student Loan Program, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.

 

Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way. While you are in your grace period, they might reach out to you to answer questions you may have on your repayment options. If you become delinquent on your loans, they may also contact you to help find a solution that works within your means.

 

The Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Loan Knowledge HQ website at HeroKnowl.org.

 

On behalf of the UVF – Financial Services Office, CONGRATULATIONS to the Class of 2018.  Please download Inceptia’s Great Advice for Grads.  There are some excellent tips for student loan repayment, personal finance, and career.

Financial Avenue

University of Valley Forge has teamed up with Inceptia to give you a leg up on financial education via their online program, Financial Avenue. With Financial Avenue, the idea is to provide you with smart resources to help demystify the world of personal finance. Trust us – getting a handle on your money doesn’t have to feel overwhelming or restrictive. It’s all about empowering yourself with smart basics, and planning from there.

 

With Inceptia’s money mascot, the Knowl, as your trusty guide, you will have access to ten online courses that take on big financial topics, including:

 

  • Psychology of Money
  • Foundations of Money
  • College and Money
  • FAFSA
  • Loan Guidance
  • Earning Money
  • Credit and Protecting Your Money
  • Spending and Borrowing
  • Debt and Repayment
  • Future of Your Money

We get it, sometimes financial education can be pretty boring and it doesn’t always make a lot of sense if you don’t know how to put your knowledge into action. But, Financial Avenue keeps you on your toes with quizzes, videos, interactive tools, and customized action plans at the end of each course. With all these tools, we’ve made it pretty easy to know exactly what you can begin doing RIGHT NOW to put your financial knowledge to good use. After all, the Knowl says there’s no time like the present.

 

The Knowl is here to help you get Knowl-edgeable about money

 

Getting Started

Get started by setting up your private account at Financial Avenue. Once there, just click the “Login” link at the top of the page, click to sign up as a student and then provide your access code shown below. To create your account, you’ll need your school specific email address and a password of your choosing.

 

ACCESS CODE: patriots

 

Instructions for creating your student account are available in the Financial Avenue Student Guide.

 

Returning Users

Using your email address and password, you can return to your Financial Avenue account any time to review or finish courses, access tools and tips, and track your progress.

 

Follow the #Knowl

Also, the Knowl would appreciate it if you followed him @MoneyKnowl and #Knowl. He’ll be sure to make it worth your while by sharing tips, resources and strategies to help you become a Money Mastery Ninja.

 

Questions or Support Issues
Inceptia Customer Service
888.454.4668
customerservice@financialavenue.org