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Must be repaid.
Federal Stafford Loan - Click this link for more detailed information.
Federal program. First-year eligibility up to $3500; more for second and third years. Interest rate set annually by Congress (2008-2009 = 6.0%). There are two types of federal Stafford loans:
- Subsidized loan – no interest accumulates until repayment starts; repayment is deferred for six months after graduation or dropping below half-time status.
- Unsubsidized loan – interest is charged immediately; student can pay interest while in school or let it accumulate until repayment starts; repayment deferred as in subsidized loan.
Federal Perkins Loan
Federal program. Up to $2,500 per year with a 5% interest rate. Repayment begins nine months after graduation or leaving school.
Federal Parent PLUS Loan - Click this link for more detailed information.
For dependent students: Parents will be offered a PLUS loan. To apply for this loan, you must fill out the Parent PLUS Loan Application with only one parent’s information. A Master Promissory Note will then be sent by the lender and must be returned to the lender when complete. Interest rate set annually by Congress (2008-2009 = 8.5%). Repayment starts sixty days after the second disbursement. Credit check is conducted by the lender. If a parent’s application is denied by the lender, the student is eligible for an additional unsubsidized Stafford loan of up to $4,000 per year.
Alternative Loans - Click this link for more detailed information.
Also sometimes called private education loans. Terms and interest rates vary according to lender. Eligibility is based on credit worthiness as determined by the lender. If taken in the name of a student who has no credit history or poor credit history, a credit-worthy co-signer is needed.
Entrance counseling - Click this link for more detailed information.
Entrance counseling is required the first time a student applies for a federal loan. Information about the rights and responsibilities of borrowers is provided. You can fulfill this requirement on-line at mapping-your-future.org or with a paper form available in the financial aid office.
Exit counseling - Click this link for more detailed information.
Exit counseling is required of students who have borrowed federal loans and have graduated or dropped below half-time status. Students update their contact information and receive reminders of their rights and responsibilities. This requirement can be fulfilled on-line at www.mapping-your-future.org or with a paper form available in the financial aid office.
For your specific financial aid information, login to MyVU and go to the Student tab, then Academic Services, then Administrative Services, and then Student & Financial Aid.
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