Graduate Unsubsidized Loans

Eligibility:

This loan is awarded regardless of financial need and begins accruing interest upon disbursement.  The interest rate is fixed each year.  Students must be enrolled at least half-time (5 credits) in order to receive federal loans and keep any previously received federal loans in deferment. Several different repayment options are available and should be discussed with your loan servicer. Graduate students can receive up to $20,500 annually ($40,500 for students in the veterinary medicine program) through this loan program with a maximum lifetime borrowing (Aggregate) limit of $138,500 ($224,000 for Veterinary Medicine students). Lifetime limits include all loans received as an undergraduate and graduate student.  

Requirements:

Students must file the Free Application for Federal Student Aid (FAFSA) and meet all federal loan requirements to be considered for this loan.  Once the loan is offered, you may accept the full amount, accept a partial amount, or decline the loan through your Hokie SPA.  If you accept any amount of the loan, first-time borrowers must complete an online Entrance Counseling session and Master Promissory Note (MPN).  Students must also maintain at least half-time enrollment (5 credits), meet Satisfactory Academic Progress (SAP) requirements, and stay within the aggregate loan limits.

Repayment:

When you graduate you will complete on-line Exit Counseling and begin repayment of these loans after a 6 month grace period. Interest will continue to accrue during the grace period.  There are several repayment plans available and more information on these plan will be available in the exit counseling session and through your loan servicer.