Federal Loans

Subsidized Direct Loan

This loan is awarded based on financial aid need. Interest is paid by the federal government (subsidized) while the student is enrolled at least half time. Payment of both interest and principal begins six months after the student graduates, withdraws, or drops below half time. The FAFSA is required to apply for this loan. All students awarded an Subsidized Direct Loan will need to complete a Master Promissory Note (MPN) and Entrance Counseling at studentloans.gov prior to the receipt of loan funds.

Unsubsidized Direct Loan

This loan is awarded based on completion of a FAFSA. No financial need is required. Interest accrues during the time the student is enrolled. Repayment of principal loan and any accrued interest begins six months after the student graduates, withdraws, or drops below half-time enrollment. The FAFSA must be completed to receive this loan. All students awarded an Unsubsidized Direct Loan will need to complete a Master Promissory Note (MPN) and Entrance Counseling via studentloans.gov prior to receipt of loan funds.

Perkins Loan

The Perkins Loan is a loan available to full-time students demonstrating exceptional financial aid need. Perkins Loans have a fixed interest rate of 5%. A FAFSA must be submitted by March 2nd, the priority deadline, each year in order to be considered for this loan. Interest is deferred while the student is enrolled at least half time and repayment begins nine months after the student graduates, withdraws, or drops below half-time enrollment. After a Perkins loan is awarded and the student accepts the loan via the MyVU Portal, ECSI (Vanguard University’s Perkins servicer) will contact the student directly  with instructions for completing the Perkins Entrance Counseling and a Perkins Master Promissory Note.

Parent PLUS Loan

This loan is available to parents of undergraduate students to assist in covering educational expenses. Parents may borrow up to the cost of attendance minus financial aid. Interest and repayment begin while student is enrolled, but In-School Deferment may be requested. The FAFSA is required to apply for the loan and eligibility is based upon the credit of the parent. All parents approved for a Parent PLUS Loan will need to complete a Parent PLUS Loan Master Promissory Note (MPN) via studentloans.gov prior to receipt of loan funds.

Graduate PLUS Loan

This loan is available to graduate students who are enrolled at least half-time (5 units or more). Students may borrow up to cost of attendance minus any financial aid already awarded. The FAFSA is required to apply for the loan and eligibility is based upon the credit of the graduate student. All students approved for a Graduate PLUS Loan will need to complete a PLUS Loan Master Promissory Note (MPN) and Graduate PLUS Entrance Counseling via studentloans.gov prior to receipt of loan funds.