State Student Loan

The State Student Loan is a loan offfered to undergraduate students, who are Virginia residents, and demonstrate exceptional need via their Free Applicaiton for Federal Student Aid (FAFSA®). 

This student loan has a 3% intereste rate.  Which will begin accruing after the repayment period of 4 months.  The loan will not enter repayment until a student graduates or experiences a break in at least part-time enrollment (6 credit hours, undergraduate students).

This loan is awarded (automatically) by the Financial Aid Office, to students who meet the above eligiblity requirements.  Typcially this occurs close the approach of the academic year.  There is no application for this loan.

Frequently Asked Questions

Here are some commonly asked questions about State Student Loans

  1. How do I apply for the loan?
    Complete the FAFSA.  The results of your FAFSA will provide us with the information to determine if you might be eligible for State Student Loan funds.
  2. How will I know I was awarded a State Student Loan?
    It will be included in your Financial Aid Award Notification that you receive via e-mail.  You will need to accept the loan and complete all requirements to receive the funds.
  3. How many hours must I be enrolled to receive the loan?
    You must be enrolled at least half time to receive any state student loan funds, there are no exceptions.
  4. Do I need to be making Satisfactory Academic Progress to receive a State Student Loan?
    Yes.  If you are not making Satisfactory Academic Progress you are not eligible to be awarded a State Student Loan.
  5. When will my loan funds credit my account?
    The financial aid office will credit your student account at the beginning of each semester.  If you have completed all the loan requirements your loan funds will credit your account for the start of each semester.
  6. When will repayment begin on the loan?
    As long as you are enrolled and attending at least half time, you have four months after you graduate, withdraw from school, or drop below half-time status before you must begin repayment.  The promissory note has a 3% interest rate, beginning atthe time the note is signed.  The minimum monthly payment is $30 per month.