You will make no payments on your loan until after you graduate.2
Private student loans are available for most Virginia colleges and universities.
The funds are sent directly to the student in as little as 5 business days.
Private student loans are credit-based loans, meaning the student will need to meet certain credit criteria in order to qualify. Many students will ask their parent or another to co-sign for the loan with co-signer benefits.
Federal student loans include the Stafford student loan administered and guaranteed by the federal government.
Stafford student loans are available for both undergraduate and graduate level programs.
Stafford student loans are fixed-rate loans. You must file and process the FASFA form through your Virginia college or university to become eligible for Stafford student loans.
Total Stafford student loan amounts will vary depending on your grade level and dependency status. Loan amounts generally do not cover the full cost of education. Many students will turn to private student loans to make up the difference.
Scholarships are awarded by colleges and private institutions.
Scholarships are free money awards that do not need to paid back.
Scholarship awards can vary in award amounts. College scholarships for athletic, academic, artistic and other talent can pay up to the full cost of education.
Private scholarships are usually awarded at lower amounts that can add to your total financial aid package.
Full college scholarships are rare.
So many students need to search for other financial aid options to cover the full cost of college.
Students need to search early and thoroughly to find all the scholarship money available to pay expenses at their Virginia college or university. We offer a complete directory of college search databases.
1 Undergraduate and graduate borrowers may borrow annually up to the lesser of the estimated annual cost of attendance or $30,000 ($40,000 for certain schools where the cost of attendance has been determined to exceed $30,000). Borrowers in Continuing Education programs may borrow up to $30,000. Subject to credit approval.
2 Undergraduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans.
The lender for the SayStudent Private Student Loan program is RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender.