Federal Loans

Federal loans are only available for U.S. citizens and eligible non-citizens.

Federal Direct Unsubsidized Loan

  • Maximum amount of the Cost of Attendance minus any other aid up to 20,500 per year
  • Fixed interest rate of 5.41% (as of 7/1/13 and may change 7/1/14)
  • Origination fee of 1.072% (as of 12/1/13)
  • No credit criteria: the maximum amount of this loan is available regardless of credit score or credit history
  • Standard repayment term of 10 years; alternative  repayment plans are available
  • Repayment begins 6 months after no longer being enrolled in at least 6 credits in a degree seeking program
  • Additional information about the Federal Direct Loan can be found on the  Department of Education's website

Federal Graduate PLUS Loan

While the Federal Direct Unsubsidized Loan provides up to $20,500 per year, any additional funds needed to cover tuition and living expenses may be borrowed as a Federal Graduate PLUS Loan.

  • Fixed interest rate of 6.41% (as of 7/1/13 and may change 7/1/14)
  • Origination fee of 4.288% (as of 12/1/13)
  • Loan approval is based on credit history: potential borrowers must not have an adverse credit history
  • Standard repayment term of 10 years; alternative  repayment plans are available
  • Repayment begins 6 months after no longer being enrolled in at least 6 credits in a degree seeking program
  • Additional information about the Federal Direct Loan can be found on the  Department of Education's website

Applying for Federal Loans

Federal loans are only available for U.S. citizens and eligible non-citizens (click here for additional eligibility criteria). Steps 1 through 3 can be completed in any order as early as January 1, 2014.

Step 1: File the Free Application for Federal Student Aid (FAFSA)

  • The FAFSA is your application for both the Direct Unsubsidized and Graduate PLUS Loans. It is preferred that have finished your 2013 taxes before completing the FAFSA.
  • If you are filing the FAFSA for the very first time, you will need to create a Federal PIN to electronically sign your FAFSA which can be done when starting an application.
  • If you have previously applied for federal financial aid, you should use your original Federal PIN, and update your personal information before proceeding.
  • On the "School Selection" tab of the FAFSA, select the University of Virginia (school code: 003745), as the Darden School of Business is not listed separately.
  • For additional information about the FAFSA, please refer to the Department of Education's Guide to Completing the FAFSA or contact the Darden Financial Aid Office.

Step 2: Submit the UVA Financial Aid Application (UFAA)

  • After you receive an email confirmation from the Department of Education that your FAFSA data has been processed, wait approximately 3 business days and then log into the Student Information System (SIS) and click on the "Apply for Financial Aid 2014-2015" link in the Finances section of your student Center. If the link is not available at that time, contact the Darden Financial Aid Office immediately.
  • Once you submit the UFAA, you cannot change your response to the checkbox asking you to indicate your intent to borrow a Graduate PLUS Loan.
  • If you did not check the PLUS Loan intent box but would like to do so, you should send an email to the Darden Financial Aid Office indicating your intent to borrow a PLUS Loan.
  • If you did check the PLUS Loan intent box but do not intend to borrow a PLUS Loan, simply wait until your financial aid package has been generated and decline the PLUS Loan offer.

Step 3: Sign Master Promissory Notes and take Entrance Counseling

  • Go to studentloans.gov to sign the Master Promissory Notes and take the online Entrance Counseling.
  • There are separate Master Promissory Notes for the Direct Unsubsidized Loan and Graduate PLUS Loan. Make sure to complete a Master Promissory Note for each type of loan you intend to borrow.

Step 4: Accept Your Financial Aid Package

  • You will receive an email at your UVA email address when your financial aid package is available in the SIS. Scholarships and private loans are coded as accepted, so action is only required to accept the Direct Unsubsidized and Graduate PLUS Loans.
  • Log into the SIS, and click on the "View Financial Aid" link located in the Finances section of the student service center.
  • You can accept the full or partial amounts, or decline each loan offered to you by checking the appropriate check-box for each loan. To accept a partial amount of a loan, check the "accept" box, which will make the offered amount able to be edited.
  • Federal loans have origination fees deducted off the top of the amount you accept. Make sure to factor these fees into the amounts you accept. You can use our Federal Loan Acceptance Calculator if you need assistance calculating the fees.
  • If you are borrowing private loans alongside federal loans, you must make your accept/decline decisions on the federal loans offered before the University can certify your private loan(s) with your lender.

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