DIRECT SUBSIDIZED LOAN

This loan is awarded based on financial need as determined by the FAFSA. Interest is paid by the federal government (subsidized) while the student is enrolled at least half time. 

DIRECT UNSUBSIDIZED LOAN

This loan is awarded based on completion of a FAFSA. No financial need is required. Interest begins to accrue after the first disbursement. 

LOAN REQUIREMENTS

After accepting offered aid through Financial Aid Self-Service, log into Federal Student Aid and complete the Master Promissory Note and Loan Entrance Counseling.  

INTEREST RATES, LOAN FEES, AND REPAYMENT OPTIONS

The 2024-25 Undergraduate Direct Subsidized and Unsubsidized Loan interest rate is 6.53%. The Direct Loan origination fee is 1.057%. Repayment begins following a six-month grace period after the student graduates, withdraws, or drops below half time. For additional, temporary relief options, visit Federal Student Aid.

ACCEPTING LOANS AND LOAN DISBURSEMENT

• Log into Financial Aid Self-Service and accept the amount of offered loan(s) you wish to borrow.
• Review your Financial Aid Checklist for all incomplete loan requirements.
• Please allow approximately 1-2 days for the Department of Education to process your accepted loan(s) and requirements. 
• If all requirements have been completed, approximately one week before each term/semester begins, the net loan amount (principal minus origination fees) will disburse (pay) to your student account equally over the terms of enrollment in accordance with federal regulations [for traditional undergraduate students this means 50% fall and 50% in the spring].
  • If you are enrolled less than full-time for your program of study, you can anticipate disbursement delays. Please notify our office of any enrollment adjustments as soon as possible by emailing financialaid@vanguard.edu. 
  • If you are an undergraduate student and plan to graduate in December, email the Financial Aid Office. Your loans must be pro-rated based on the number of units you are enrolled for the fall term. 
  • You have 120 days from the date your loan is first disbursed to your student account to request that Vanguard University cancel or reduce your loan amount. If you would like to cancel or reduce your loan amount, email the Financial Aid Office with your request. If more than 120 days have passed, you must return the loan funds directly to your servicer.
• After your loans disburse, visit Federal Student Aid to review your lifetime federal student loan borrowing history -- including loan amounts and contact information for your loan servicer(s).
• If the total amount of your financial aid exceeds your direct costs at Vanguard University, you may request the credit be refunded by selecting Refund on your Authorization of Allowable Charges waive. For further credit/refund questions, contact the Office of Accounting Operations.

The Federal Government requires all Direct Loan borrowers to complete Loan Exit Counseling requirement when a student graduates, withdraws from school or drops below half-time status.

Gather the following information before you come Loan Exit Counseling:

• Social security number
• Expected permanent address
• Expected employer
• Next of kin
• Two references (these persons will be contacted if your loan holder cannot reach you)
• Loan types and balances
• Interest rate

To find your loan servicer and federal student loan lifetime borrowing history, log into Federal Student Aid and review the Dashboard.

PARENT PLUS LOAN

The FAFSA is required to apply for the loan and eligibility is based upon the credit of the parent. This loan is available to biological and adoptive parents or stepparents of dependent undergraduate students to assist with educational expenses. The loan is borrowed in the parent's name on behalf of the student. Parents must re-apply each academic year that they wish to borrow a Parent PLUS Loan.

1. Parents can complete a Parent PLUS Loan application by logging into Federal Student Aid using their FSA ID. 

• It is recommended that the parent apply for the full academic year and indicate a specific amount or select the maximum amount (awarded up to the Cost of Attendance minus any other financial assistance received). The Financial Aid Office cannot process your loan if you select Don't Know. 

2. If you are credit approved: The Financial Aid Office will be notified that you were approved to borrow a Parent PLUS Loan and within 3-5 business days, it will be added to your financial aid award. The credit decision is only valid for 180 days.

• The net amount (principal minus origination fees) of the Parent PLUS Loan will disburse to your student's account equally over the terms of enrollment beginning the first day of class [e.g., 50% fall, 50% spring].
• You may request to return all or a portion of your Parent PLUS Loan within 120 days of disbursement by emailing the Financial Aid Office.

What if my parent's credit is not approved?

1. Obtain an endorser to co-sign the loan

• If the endorser is approved, the endorser must complete the Addendum, and the parent must complete the PLUS Credit Counseling.

2. The student may request additional Unsubsidized loan funds by emailing the Financial Aid Office.
3. File an appeal with the Department of Education.

• If your student's Unsubsidized loan is increased, and you later appeal your credit decision or acquire an endorser, the Unsubsidized Loan increase will be cancelled and returned to the lender because your student cannot receive both a Parent PLUS Loan and an increased Unsubsidized Loan.

LOAN REQUIREMENTS

After receiving confirmation of your PLUS Loan approval, follow the next steps by completing the PLUS Master Promissory Note.

INTEREST RATES, LOAN FEES, AND REPAYMENT OPTIONS

The 2024-25 Parent PLUS Loan interest rate is 9.08%. The Direct Loan origination fee is 4.228%. Repayment begins following a six-month grace period after the student graduates, withdraws, or drops below half time. Various deferment (including In-School Deferment), forbearance and repayment options are available.

LOAN PROCESSING AND DISBURSEMENT

• Please allow 5-7 days for the Department of Education to process your approved loan and requirements, and the Financial Aid Office to award the approved amount to your student's account.
• Log in to the student's Financial Aid Self-Service to review the approved awarded amount. 
• If the borrower has completed all requirements, approximately one week before each term/semester begins, the net loan amount (principal minus origination fees) will disburse (pay) to your student's account equally over the terms of enrollment in accordance with federal regulations [for traditional undergraduate students this means 50% fall and 50% spring].
  • You have 120 days from the date your loan is first disbursed to your student account to request that Vanguard University cancel or reduce your loan amount. If you would like to cancel or reduce your loan amount, email the Financial Aid Office with your request. If more than 120 days have passed, you must return the loan funds directly to your servicer.
  • If you would like to increase your loan amount, log in to Federal Student Aid and request an increase on your existing PLUS Loan.
  • If your student is enrolled less than full-time for their program of study, you can anticipate disbursement delays. Your student can notify our office of any enrollment adjustments by emailing financialaid@vanguard.edu. 
• If the total amount of your financial aid exceeds the student's direct costs at Vanguard University, the borrower or student will receive a refund. For further credit/refund questions, contact the Office of Accounting Operations.
• After your loan disburses, visit Federal Student Aid to review your lifetime federal student loan borrowing history -- including loan amounts and contact information for your loan servicer(s).

DIRECT UNSUBSIDIZED LOAN

This loan is awarded based on completion of a FAFSA. No financial need is required. This loan is available to Graduate students who are enrolled at least half-time (5 units or more) in a Master's degree program. 

GRADUATE PLUS LOAN

The Graduate PLUS Loan may be an attractive financial aid option for credit worthy graduate students enrolled in a Master's degree program who want to spread the cost of their education over a longer repayment period. This loan is available to Graduate students who are enrolled at least half-time (5 units or more) in a Master's degree program. The FAFSA is required to apply for the loan and eligibility is based upon the credit of the graduate student. Students must re-apply each academic year that they wish to borrow a Graduate PLUS Loan.

1. Graduate students can complete a Graduate PLUS Loan application by logging into Federal Student Aid using their FSA ID. 

• It is recommended that the student apply for the full academic year and indicate a specific amount or select the maximum amount (awarded up to the Cost of Attendance minus any other financial assistance received). The Financial Aid Office cannot process your loan if you select Don't Know. 

2. If you are credit approved: The Financial Aid Office will be notified that you were approved to borrow a Graduate PLUS Loan and within 3-5 business days, it will be added to your financial aid award. The credit decision is only valid for 180 days.

• The net amount (principal minus origination fees) of the Graduate PLUS Loan will disburse to your student account equally over the terms of enrollment beginning the first day of class (e.g., 33% fall, 33% spring and 33% summer).
• You may request to return all or a portion of your Graduate PLUS Loan within 120 days of disbursement by emailing the Financial Aid Office.

What if my credit is not approved?

1. Obtain an endorser to co-sign the loan

• If the endorser is approved, the endorser must complete the Addendum, and the parent must complete the PLUS Credit Counseling.

2. File an appeal with the Department of Education.

LOAN REQUIREMENTS

After accepting your Direct Unsubsidized Loan and/or receiving confirmation of your Graduate PLUS Loan approval, follow the next steps by completing the Graduate [PLUS] Master Promissory Note and Loan Entrance Counseling.

INTEREST RATES, LOAN FEES, AND REPAYMENT OPTIONS

The 2024-25 Graduate Unsubsidized Loan interest rate is 8.08%, and loan origination fee is 1.057%. The Graduate PLUS Loan interest rate is 9.08%, and the loan origination fee is 4.228%. Interest begins to accrue after the first disbursement. Repayment of the loan principal and capitalized interest begins following a six-month grace period after a student graduates, withdraws, or drops below half-time enrollment. Various deferment, forbearance, and repayment options are available.

ACCEPTING LOANS AND LOAN DISBURSEMENT

• Log into Financial Aid Self-Service and accept the amount of offered Unsubsidized Loan you wish to borrow. If you are credit approved to borrow a Graduate PLUS Loan, please allow approximately 3-5 days for Vanguard to receive notice of your approval.
• Review your Financial Aid Checklist for all incomplete loan requirements.
• Please allow approximately 1-2 days for the Department of Education to process your accepted and approved loan(s) and requirements. 
• If all requirements have been completed, approximately one week before each term/semester begins, the net loan amount (principal minus origination fees) will disburse (pay) to your student account equally over the terms of enrollment in accordance with federal regulations [depending on your program, this either means 50% fall and 50% in the spring or 33% fall, 33$ spring, and 33% summer].
  • If you are enrolled less than full-time for your program of study, you can expect disbursement delays. Please notify our office of any enrollment adjustments as soon as possible by emailing financialaid@vanguard.edu. 
  • If you are a Graduate student and plan to graduate in December, email the Financial Aid Office. Your loans must be pro-rated based on the number of units you are enrolled for the fall term. 
  • You have 120 days from the date your loan is first disbursed to your student account to request that Vanguard University cancel or reduce your loan amount. If you would like to cancel or reduce your loan amount, email the Financial Aid Office with your request. If more than 120 days have passed, you must return the loan funds directly to your servicer.
  • If you would like to increase your loan amount, log in to Federal Student Aid and request an increase on your existing Graduate PLUS Loan.
• After your loans disburse, visit Federal Student Aid to review your lifetime federal student loan borrowing history -- including loan amounts and contact information for your loan servicer(s).
• If the total amount of your financial aid exceeds your direct costs at Vanguard University, you may request the credit be refunded by selecting Refund on your Authorization of Allowable Charges waive. For further credit/refund questions, please contact the Office of Accounting Operations.

The Federal Government requires all Direct Loan borrowers to complete Loan Exit Counseling requirement when a student graduates, withdraws from school or drops below half-time status.

Gather the following information before you come Loan Exit Counseling:

• Social security number
• Expected permanent address
• Expected employer
• Next of kin
• Two references (these persons will be contacted if your loan holder cannot reach you)
• Loan types and balances
• Interest rate

To find your loan servicer and federal student loan lifetime borrowing history, log into Federal Student Aid and review the Dashboard.

PRIVATE LOANS 

A private loan is an alternative, credit-based loan in the student's name. When researching and applying for a private loan, we recommend considering the following terms and conditions in determining which loan lender might be the best option:

• Eligibility requirements
• Co-signer(s) requirements
• Interest rates
• Loan levels
• Repayment options

PRIVATE LOAN LENDERS

ELM Select is a private student loan lender comparison tool to assist borrowers in finding a lender with the most favorable terms and conditions that meets their needs. Vanguard University will certify a private loan with any lender that offers private student loans. If your lender or credit union does not appear in ELM Select, please contact the Financial Aid Office.

LOAN PROCESSING AND DISBURSEMENT

• Please allow 14-21 days for application approval, certification, and loan processing/awarding by your loan lender and the Financial Aid Office.
• Log in to the student's Financial Aid Self-Service to review the approved awarded amount. 
• Approximately one week before each term/semester begins, the approved loan amount will disburse (pay) to your account equally over the terms of enrollment [for traditional undergraduate students this means 50% fall and 50% spring].
  • If you would like to cancel or reduce your loan amount, email the Financial Aid Office with your request. If more than 120 days have passed, you must return the loan funds directly to your servicer.
  • If you would like to increase your loan amount, contact your loan servicer for further information.
• If the total amount of your financial aid exceeds your direct costs at Vanguard University, you may request the credit be refunded by selecting Refund on your Authorization of Allowable Charges waive. For further credit/refund questions, contact the Office of Accounting Operations.