Loan Funds provided to the student by the U.S. Department of Education through the school.  Repayment of principal begins six months after the borrower ceases to be a student on at least a half-time basis (6 credits). The Free Application for Federal Student Aid (FAFSA) is the annual application.   There are two types of Federal Student Direct Loans:  subsidized and unsubsidized.  Students with financial need can qualify for a subsidized loan, and the government pays the interest on the loan while the student remains enrolled at least half-time (6 credits).  Students who don't demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school.  Students must complete Entrance Counseling and the Master Promissory Note to receive the disbursements.

A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid.  Plus loans must be repaid with interest.  Parent Plus Loan Application

A loan from a commercial lender used to pay for up to the annual Cost of Attendance, less any financial aid received.  Private loans usually require the applicant to be creditworthy or have a co-signer, have various interest rates, fee and repayment options.  Repayment of interest (and often principal) generally begins immediately, with some lenders offering deferment options for in-school periods. VCSU offers an online private student loan comparison tool for you to use called FASTChoice.  FASTChoice is designed to assist you in making the private student loan choice that is best for you. FASTChoice Private Loan Comparison Tool

The Master Promissory Note (MPN) is a legal and binding document in which you agree to repay your loan(s) and any accrued interest and fees to the Department of Education.  It also explains the terms and conditions of your loan(s).  Under this note, you may receive multiple subsidized and unsubsidized Federal Direct Loans over a maximum of 10 years.  The advantage of using the MPN is that a new promissory note will not need to be signed for each new loan.  The Master Promissory Note must be completed with the Department of Education for all students who have never received a Federal Direct Loan before. Master Promissory Note (MPN)

Students who are first-time borrowers of Direct Loans must complete Entrance Loan Counseling before their loan funds will be disbursed.  Entrance Loan Counseling will help students understand how a loan works, and what their rights and responsibilities are. Entrance Loan Counseling

Federal law requires students who borrow a Direct Loan to complete Exit Loan Counseling when the student graduates, withdraws or drops below half-time enrollment.  Exit Loan Counseling is required even if the student plans to transfer to another college or university.  Exit Loan Counseling helps student loan borrowers understand how to repay their loans, and reviews deferment and repayment plan options.   Exit Loan Counseling