3: Financial Aid

General Information | Loans | Student Employment | General Requirements for Financial Aid
Student Rights and Responsibilities Regarding Financial Aid

Loan Disbursement Procedures

Loans

Long-term loans are available to graduate students with financial need and are an important resource in meeting educational costs. Loans are used to supplement department and non-University awards as well as to provide assistance when employment is neither feasible nor sufficient to meet demonstrated need.

General Assembly Nursing Program   Virginia residents enrolled in the Graduate School of Nursing may apply for this state-funded, need-based program. Any funds awarded must be repaid either by working as a nurse in Virginia, or by payment with interest. Application deadlines are April 30 for currently enrolled nursing students and June 30 for students who have completed only one semester. Students must allow a minimum of two months for application processing in order to meet the designated deadlines. Award amount: $2,000 maximum.

Ford Federal Direct Subsidized Loan   The Ford Federal Direct Subsidized Loan Program enables graduate students to borrow up to $8,500 each year. For students who demonstrate financial need, the federal government pays the interest while the student is enrolled in college. Students who do not demonstrate financial need may still borrow these funds, however, they will be required to pay the interest which is variable, but will not exceed eight and one-quarter percent. In some cases, only a portion of the loan may be eligible for the federal interest subsidy. The borrower would be responsible for paying the interest on the remainder. Including previous subsidized Stafford loans, graduate students may borrow up to $65,500 total for all academic years. Ordinarily, repayment begins six months after discontinuing formal education. These loans are payable in two disbursements one-half of the total loan amount in each, less the four percent loan fee charged to the borrower.

Ford Federal Direct Unsubsidized Loan   The Ford Federal Direct Unsubsidized Loan Program enables graduate students enrolled at least half-time to borrow up to $10,000 each year. Including previous unsubsidized Stafford and SLS loans, graduate students may borrow up to $73,000 total for all academic years. The interest rate is variable, but will not exceed eight and one-quarter percent; repayment ordinarily begins 60 days after disbursement of the loan unless the borrower requests capitalization of interest. Loans are payable in two disbursements, one-half of the total loan amount in each, less the four percent loan fee charged to the borrower.

Short Term Loans   Under the terms of the Lee Emergency Loan, a graduate student enrolled in any of the University schools may borrow from $30 to $750 once each semester. Lee Loans are interest free and are available during the academic year through early March. Lee Loans are not available during the summer session. Students must apply in person at the Office of Financial Aid.


Continue to: Loan Disbursement Procedures
Return to: Chapter 3 Index