Pay Off Your Loans
Southern Virginia University encourages its students to
be proactive in managing and repaying their loans.
Students should regularly log in to The National Student Loan Data System to view the current balance of their federal loans and see their servicer. Listed below is general information regarding repayment of these student loans.
Students that do not have federal loans should contact their private lender.
Grace Period
After leaving, graduating, or registering below half-time status at Southern Virginia University, students are allowed one grace period of six months. During this time the student is not required to make payments on student loans but may
do so. It is wise to at least pay the interest on the loans whenever possible.
Any time absent from the regular school year (mission, withdrawing from a semester, etc.)
reduces time from the allotted grace period. Missionaries will have used their entire grace period
while on their mission. Summers do not use your grace period if you are enrolled to return to
school.
Repayment Process
Exit Counseling
Students who have borrowed under the Federal Direct Stafford Loan Program must complete Loan Exit Counseling on line prior to leaving Southern Virginia University. They are also
required to meet with a representative of Financial Aid to have questions answered, their loans
reviewed, and to receive counsel on loan repayment. Group sessions may be provided in the
Fall and Spring for students to attend if they don’t need a private appointment.
To set up an exit counseling appointment, contact Student Financial Services.
Delaying Repayment
If a student is unable to make the payments they owe they may be eligible to have their monthly
payments delayed by contacting their servicer. Note that while payments can be postponed, the loan will continue to gain interest and still must be paid in full by the end of the payment term.
Learn More 
Deferment
A deferment allows a student to temporarily delay repayment of student loans. Students can be eligible for deferment for a variety of reasons, including: unemployment, enrollment in school, or economic hardship.
Forbearance
Forbearance is an option available to those who do not qualify for a deferment. If unable to make the monthly loan payments, a student may be eligible for a temporary suspension or reduction of payments. There is no additional grace period following forbearance.
Choosing a Payment Plan
Pick a plan that works best for you. Any student who does not pick a payment option will automatically be placed in the Standard Repayment Plan.
Learn More
Standard Plan
Standard Repayment allows a student to make equal monthly payments during the entire term of the loan (typically 10 years). This results in the least amount of interest paid, but the highest monthly payments.
Graduated Plan
Graduated Repayment lowers the monthly payment amount as the student seeks employment after graduation. Payments increase every two years as the student is more independent and financially stable. The repayment term is 10 years.
Extended Plan
Extended Repayment is available for students with loan debt greater than $30,000. The repayment term for these loans may be extended up to 25 years.
Income-Based Plan
Income-Based Repayment (IBR) is a new payment option for federal student loans. With this option, monthly payments are capped based on the student's income and family size. IBR will also forgive remaining debt after 25 years of making payments.
View More Information Regarding IBR 
Public Service Loan Forgiveness
Public Service Loan Forgiveness (PSLF) also is a new program for federal student loan borrowers. Students seeking public service jobs 
will have their remaining debt forgiven after 10 years of eligible employment and making loan payments.
Leaving for a Mission?
There are several repayment options for prospective missionaries.
View the Steps for Leaving Southern Virginia
Questions?
Contact Student Financial Services at 540-261-8405 or student.finances@svu.edu.