FEDERAL LOAN OPTIONS

Federal Loans

Please review your rights and responsibilities in borrowing federal student loans in the U.S. Department of Education's Student Aid website.

 

In order to receive Federal student aid, you must meet the following requirements:

  • Be a United States citizen or eligible noncitizen
  • Have a valid Social Security Number
  • Have a high school diploma or a General Education Development (GED) certificate, complete homeschooling, or pass an approved “ability to benefit” test
  • Be enrolled in an eligible program as a regular student seeking a degree or certificate
  • Be making satisfactory academic progress (see the Student Handbook for requirements)
  • Be registered with Selective Service if required
  • Not have had a drug conviction for an offense that occurred while you were receiving federal student aid
  • Not be in default on a federal student loan and do not owe money on a federal student grant
  • Demonstrate financial need (except for certain loans)

 

Eligibility Formulas

Eligibility for need-based financial aid (i.e. scholarships and Federal Work-Study) is determined by the first formula; non need-based aid (i.e. Federal Unsubsidized Stafford Loans, Federal Graduate PLUS Loans, private loans) by the second formula.

Formula 1 Formula 2
Cost of Education
Minus
Student Contribution
Equals
Eligibility for Need-Based Aid

Cost of Education
Minus
Need-Based Aid
Equals
Eligibility for Non-Need Based Aid

Notice of Eligibility

Once all of the necessary forms have been received by the Office of Financial Aid and your information reviewed, we will notify you of your eligibility for funds by an award letter, listing the aid for which you are eligible.  Aid is only processed for returning students and accepted incoming students.  Financial aid information received from students who have not been admitted will be held until such time as they are admitted.  Notification of any scholarships may come separately.

 

Federal Direct Loan Options

 

Federal Direct Unsubsidized Loan for Graduate Students

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

  • Award: $20,500 per academic year **
  • Lender: U.S. Department of Education
  • Interest rate:  Based on the 10-year Treasury note index rate plus an “add-on” to be determined each year prior to July 1. For Graduate/Professional students, the Index Rate plus “add-on” cannot exceed 9.50%. 
    • The interest rate once established, will be a fixed rate for the life of the loan. For the 2020-2021 academic year the interest rate for loans first disbursed on or after 7/1/2020 and before 7/1/2021 will be 6.6%.    
    • The interest accrues once disbursed and principal and interest can be deferred while in school.   
  • Fees: A 1.066% origination fee will be deducted from the gross amount of the loan borrowed on or after 10/1/17 and before 10/1/18. A 1.062% origination fee will be deducted from the gross amount of the loan borrowed on or after 10/1/18 and before 10/1/19.
  • 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
  • Awarded to: All eligible students
  • Estimated Repayment Calculator is located here: Estimated Loan Repayment Calculator

*The Villanova University Charles Widger School of Law scheduled academic year usually consists of the fall and spring semesters but may also include the previous summer semester.  The scheduled academic year is a total of at least 30 weeks in length.  However, under certain circumstances, students may follow a borrower-based academic year consisting of two semesters that may not start with the traditional fall/spring term.  The decision to run loans on this schedule is made on an individual basis depending on the first term of the program you are attending.

Please review the Borrower’s Rights and Responsibilities when borrowing the Federal Direct Stafford loan.

Federal Direct Graduate PLUS Loan for Graduate Students

If you have applied for the full $20,500 in the Federal Direct Unsubsidized Stafford Loan, then you can apply for the Federal Direct Graduate PLUS Loan, which is a federal loan borrowed directly from the U.S. Department of Education that you can use for your educational expenses, including living expenses.

  • Award: Cost of attendance minus other financial aid equals maximum loan amount
  • Lender: U.S. Department of Education
  • Interest rate: Based on the 10-year Treasury note index rate plus an “add-on” to be determined each year prior to July 1. For Graduate/Professional students, the Index Rate plus “add-on” cannot exceed 10.50%.   
    • The interest rate once established, will be a fixed rate for the life of the loan. For the 2020-2021 academic year the interest rate for loans first disbursed on or after 7/1/2020 and before 7/1/2021 will be 7.6%.  
    • The interest accrues once disbursed and principal and interest can be deferred while in school. 
  • Fees:  4.264% origination fee will be deducted from the gross amount of loan borrowed on or after 10/1/2017 and before 10/1/2018. A 4.248% origination fee will be deducted from the gross amount of loan borrowed on or after 10/1/2018 and before 10/1/2019.
  • Aggregate Loan Limit: None
  • 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
  • Awarded to:  Students who pass a credit check who do not have negative credit history.  If adverse credit exists, borrowers may still be eligible by obtaining a qualified endorser.
  • Estimated Repayment Calculator is located here: Estimated Loan Repayment Calculator

Please review the Borrower’s Rights and Responsibilities when borrowing the Federal Direct Graduate PLUS loan.