Graduate Financing Options

In the process of paying for college, your objective should be to satisfy the balance of tuition costs without spending too much on interest from loans. Listed below are some options that you may want to consider to achieve this objective.  Also, please view the Graduate Student Financial Aid Booklet which explains, in-depth, the financing options available for our graduate students.

The Federal Direct Unsubsidized Stafford Loan is a federal loan borrowed directly from the US Department of Education that you can use for your educational expenses.

  • Award: $20,500 per academic year**
  • Disbursements: loan funds are disbursed equally among the semesters you attend to your student account at the beginning of each semester
  • Lender: U.S. Department of Education
  • Interest rate:  Will be set prior to July 1
    • The interest rate, once established, will be a fixed rate for the life of the loan.
    • For All loans 1st disbursed between 7/1/17 through 6/30/18 the fixed interest rate is 6%.
    • The interest accrues once loan funds are disbursed, however principal and interest can be deferred while ernolled on at least a half-time basis in a degree-seeking program.   
  • Fees: An origination fee will be deducted from the gross amount of loan borrowed from each disbursement. For the 2016-2017 academic year there was an origination fee of 1.069%, subject to change.
  • Aggregate Loan Limit: $138,500, which includes amounts borrowed as an undergraduate
  • Grace period: 6 months after you graduate, leave school, or drop below half-time status
  • Repayment period: 10 to 25 years depending on one of the many repayment plans you can select
  • Estimated Repayment Calculator
       

  **Borrower Based Loan

If you choose to take courses during the summer session and enroll in at least a half-time status, you may be eligible to borrow the Direct Unsubsidized Loan during the summer, which is referred to as a Borrower Based Direct Loan.

**Please note that if the full Borrower Based Direct Unsubsidized Loan is borrowed in the Spring semester, eligibility for the Summer semester would be exhausted.  Students receive an e-mail from the Office of Financial Assistance's Loan Department to confirm their Spring request.

While the maximum amount you can borrow is $20,500, we encourage you to borrow only the amount that you will need to finance your program. You will need to indicate the amount of Direct Unsubsidized Loan that you wish to borrow for each semester on the Villanova University Graduate Institutional Financial Aid Application, again noting that the Direct Loan must be certified in equal amounts for each semester. 

Borrower Based Loan Maximum
Summer 2017/Fall 2017
(2017-2018 Academic Year)
$20,500 
Spring 2018
(2018-2019 Academic Year)

$10,250*

*if the full amount fits within your cost of attendance

**Please note that if the full Borrower Based Direct Unsubsidized Loan is borrowed in the Spring semester, eligibility for the Summer semester would be exhausted.  Students receive an e-mail from the Office of Financial Assistance's Loan Department to confirm their Spring request.

While the maximum amount you can borrow is $20,500, we encourage you to borrow only the amount that you will need to finance your program. You will need to indicate the amount of Direct Unsubsidized Loan that you wish to borrow for each semester on the Villanova University Graduate Institutional Financial Aid Application, again noting that the Direct Loan must be certified in equal amounts for each semester. 

 

     

 

 

Tuition Management Systems (TMS)

For graduate students, the Villanova Tuition Payment Plan, offered through Tuition Management Systems (TMS), allows you to spread your balance out over 3 months for a small fee. With this option, you have the freedom to use your money to earn your own interest or investment income while you pay in small installments.

Benefits to the Villanova Tuition Payment Plan

  • Access to account information 24 hours a day at
    https://www.afford.com/index.htm
  • Access to account information 24 hours a day on touchtone InfoLine at (888) 216-4269
  • A variety of payment methods accepted including personal checks, money orders, online payments, Credit Cards, Western Union by wire or check and ACH for automated payments from your checking or statement savings account
  • BorrowSmart counseling with friendly and professional Education Payment Counselors
  • Toll-free top-rated telephone service during extended personal service hours
  • For additional information or registration go to
    https://www.afford.com/index.htm

Direct Graduate PLUS Loans provide graduate students with a viable alternative to private loans in situations where a student's Direct Unsubsidized Loan has not covered all costs. Some basic facts about the Graduate Direct PLUS Loan are:

  • Students can borrow up to "cost less aid"
  • Student is the borrower - no cosigner required
  • Unlimited in-school deferment
  • Fixed-interest rate, currently at 7%, subject to change July 1 each year.
    • For All loans 1st disbursed between 7/1/17 through 6/30/18 the fixed interest rate is 7%.
  • Origination fee of 4.276% from each disbursement, subject to change
  • Deferred payment while enrolled at least half time in a degree seeking program
  • No aggregate or annual loan limits
  • Based on simplified credit criteria regardless of income or employment status
  • Endorser option available
  • May reduce high-cost alternative borrowing
  • Able to consolidate through the Direct Consolidation Loan site.

To apply for the Direct Graduate PLUS loan, please follow these 2 Easy Steps:

  1. Go to www.studentloans.gov to complete the Direct Graduate PLUS Loan application.
  2. Complete and electronically sign the MPN at www.studentloans.gov. Upon approval of the Direct Graduate PLUS application and credit check, our office will be notified and will certify your loan.

*NOTE: Your loan is not complete and will not be certified by the Office of Financial Assistance until ALL of the above steps have been completed.

Private Educational Loans are administered by private lenders and there are a variety of lending institutions that offer these.

The Office of Financial Assistance has selected a group of Preferred Lenders based on quality customer service, borrower benefits, and financing options.  ELM Select is an external webpage where you will be able to review and compare Villanova University’s Preferred Lender information, and apply for private loans.  However, if you wish to use another lender that is not on this list, you may.  As a borrower, you have the right to select any lender you choose.  You may want to contact the bank, savings and loan, or credit union with whom you do business.

  1. Students will need to conduct research to find the best private educational loan that suits their needs.  Students apply directly through the lenders.
    • It is suggested that you start the application process at least four weeks prior to the start of the semester to ensure the funds are disbursed in a timely manner due to numerous disclosures now required by lending institutions.
  2. Once approved for an alternative loan, the Office of Financial Assistance will review the loan for school certification.  This process includes confirming enrollment, verifying the eligibility for the type of loan requested and the borrowing amount requested.
  3. Each aid applicant will receive a notice of eligibility from the Office of Financial Assistance.
  4. Loan funds will be disbursed in accordance with the disbursement schedule once all necessary paperwork has been completed.

The Office of Financial Assistance will continue to meet with lenders on a regular basis to examine new products, services, and benefits for our students to make sure we are providing the best options.

Notes: Due to the numerous disclosures required by the Department of Education, students need to remain in contact with their lender to ensure timely disbursement of funds. Applying for the loan late, or failure to complete required disclosures may delay your funds and possibly cause you to incur University late fees, if your bills are not paid on time.

Click here for more information on the Office of Financial Assistance Code of Conduct