Loans

A loan is a financial aid award that must be repaid with interest. Be sure to plan your finances carefully and borrow only what you can afford to repay.

As with all federal aid, students must maintain Satisfactory Academic Progress to qualify for a federal grant or loan. (Please note that all loans are subject to origination fees.)

Direct Stafford Loans

Fixed-rate federal student loans offered by the U.S. Department of Education to students who are enrolled at least half time and pursing a degree.

Learn More down-arrow
Subsidized Loans:
Need-based loans for which the federal government pays the accrued interest while the student is enrolled at least half time (6 credits) and is pursing a degree.
Unsubsidized Loans:
Loans for which the student must pay the interest accrued while enrolled in school. Since these are not need-based loans, any student who completes a FAFSA for the current academic year may apply for an unsubsidized loan. Students have the option to pay the interest while they are in school or defer payment until after graduation.
Amount:

The maximum amount students can borrow depends on their status and the number of credits they have earned.

Class Credits Subsidized Dependent* Unsubsidized Independent* Unsubsidized
Freshman 0-26 $3500 $2000 $6000
Sophomore 27-56 $4500 $2000 $6000
Junior 57-87 $5500 $2000 $7000
Senior 88+ $5500 $2000 $7000

*Independent students are defined as meeting at least one of the following requirements:

  • At least 24-years old
  • Married
  • Have a dependent for which you provide more than fifty percent of their support
  • Have a parent that was denied application for a parent PLUS loan
Interest:
  • 6.8 percent for Subsidized and Unsubsidized Direct Stafford Loans with a first disbursement on or after July 1, 2012
Eligibility:
  • Enrolled in a minimum of 6 credits
  • Demonstrate financial need (subsidized loans only)
Application:
  1. Complete the Free Application for Federal Student Aid (FAFSA)
  2. Receive the Financial Aid Award Letter detailing eligibility to apply for a Direct Subsidized or Unsubsidized Loan
  3. Complete online loan entrance counseling and Master Promissory note (MPN)* (Online)
*Federal Student Aid PIN used on the FAFSA is required to log in and sign the MPN
Deadline:
Priority is given to students who have their loans processed by these dates:
  • July 1 for full-year and Fall Semester
  • December 1 for Spring Semester
  • May 1 for Summer Semester
Renewal:
The Direct Loan Entrance Counseling is valid for the duration of the student's enrollment at Southern Virginia.
Graduating/Leaving Southern Virginia:
Complete Loan Exit Counseling (Online)

Direct Parent PLUS Loan

Fixed-interest federal loan disbursed by the U.S. Department of Education for parents of dependent students.

Learn More down-arrow
Amount:
Up to the total cost of attendance at Southern Virginia University minus any other aid
Interest:
7.9 percent fixed
Eligibility:
  • Borrower must be the biological or adoptive parent of the student
  • Borrower and student must be U.S. Citizens or eligible noncitizens
  • Borrower must pass credit check for approval
  • Dependent student must be enrolled in at least 6 credits and pursuing a degree
Note: The PLUS Loan is not a need-based loan, so any parent with a dependent student may apply.
Application:
To be completed by the parent:
*If the borrower selects "maximum amount," Student Financial Services will contact the borrower to verify the loan amount. Once confirmation is received the loan will be processed.
Deadline:
Priority is given to students who have their loans processed by these dates:
  • July 1 for full-year and Fall Semester
  • December 1 for Spring Semester
  • May 1 for Summer Semester
Renewal:
Parents must re-apply each academic year

Private Loans

Available through lenders whose loans are unassociated with any federal student loan program. Students are strongly encouraged to exhaust all other alternatives before applying for an private loan.

Learn More down-arrow
Amount:
  • Minimum loan amounts range from $500 to $1,000 depending on the lender
  • Maximum loan amounts cannot exceed the cost of attendance after subtracting all other financial aid.
Interest:
  • Varies by lender (several options are available for fixed and variable rates)
  • Determined by credit score
  • Each lender has a different cap on their interest rate
  • Interest usually accrues while the student is in school
Eligibility:
  • Enrolled in school
  • Borrower must be a U.S. Citizen, eligible non-citizen, or international student with a U.S. Citizen Cosigner
  • Both eligible non-citizens and international students must have a current address in the United States
Application:
Before applying for a private loan be sure to:
  • File the FAFSA for possible federal aid
  • Consider applying for Stafford Subsidized and Unsubsidized loans and Parent PLUS loans
  • Apply for the VTAG if a Virginia resident
  • Apply for outside scholarships
  • Research and compare benefits of each loan
Application Process:
  1. Determine loan amount (the maximum amount you can borrow is the cost of attendance after subtracting all other financial aid)
  2. Go to FASTChoice to compare lenders and loan benefits and terms
  3. Select a lender and complete the lender's online application and promissory note
  4. Provide all necessary information to lender
    • All lenders require a self-certification form, which they provide (to complete the form you will need the average cost of attendance, which is $28,600)
    • May include proof of identity or income
Note: Southern Virginia will process any private loan application, including loans from lenders not included on FASTChoice. If you choose not to borrow from one of these lenders, please provide Student Financial Services with the name and phone number of the lender, the amount you requested, and whether the loan is for a particular semester.
Deadline:
Due to recent federal regulations regarding application processing, students will need to respond to all of their requests immediately and allow at least four weeks for the processing to occur.
Renewal:
Students must re-apply each academic year.
Repayment:
As each lender has various options for repayment, ensure that your information is up-to-date by frequently viewing their websites.

Questions?

Contact Student Financial Services at 540-261-8405 or student.finances@svu.edu.