Description of Loan Programs
Please review your rights and responsibilities in borrowing federal student loans in the U.S. Department of Education's Student Aid on the Web website at www.studentaid.ed.gov .
Federal Perkins Loan
The Federal Perkins Loan is offered through Villanova University with government funds. Funds are limited and need based. You will automatically be considered for this loan if you complete the financial aid application process. These need-based loans will be awarded to eligible students on a first-come, first-served basis until all funds are expended.
- Award: $5000 per academic year
- Lender: Villanova University
- Interest rate: 5% fixed – but the loan is interest-free during in-school and the grace period
- Fees: None
- Aggregate Loan Limit: $60,000 which includes amounts borrowed as an undergraduate
- Grace period: 9 months after you graduate, leave school, or drop below half-time status
- Repayment period: up to 10 years
- Awarded to: Students with exceptional need on a first-come, first-served basis
-
Perkins Loan Entrance Counseling
- Estimated Repayment Chart for Federal Perkins Loan for borrowers with $40 minimum monthly payments:
Amount Borrowed Approximate Quarterly Repayment
$2,000 $120
$4,000 $127
$6,000 $191
Back to top
Federal Direct Unsubsidized Stafford Loan
The Federal Direct Unsubsidized Stafford Loan is a federal loan borrowed directly from the U.S. Department of Education that you can use for your educational expenses.
- Award: $20,500 per academic year **
- Lender: U.S. Department of Education
- Interest rate: 6.8% fixed - accrues interest that you can pay while in-school or have it deferred and capitalized onto your principal amount
- Fees: 1.051 % origination fee will be deducted from the gross amount of loan borrowed
- Aggregate Loan Limit: $138,500, which includes amounts borrowed as an undergraduate
- Grace period: 6 months after you graduate, leave school, or drop below half-time status
- Repayment period: 10 to 25 years depending on one of the many repayment plans you can select
- Awarded to: All eligible students
- Estimated Repayment Chart for Federal Direct Unsubsidized Stafford Loans based on a 10-year repayment period with a 6.8% interest rate and no interest paid on the loan while in-school:
Amount Borrowed Approximate Monthly Repayment
$61,500 ($20,500 per year for 3 years) $707.74
*The Villanova University School of Law scheduled academic year usually consists of the fall and spring semesters but may also include the previous summer semester. The scheduled academic year is a total of at least 30 weeks in length. However, under certain circumstances, students may follow a borrower-based academic year consisting of two semesters that may not start with the traditional fall/spring term. The decision to run loans on this schedule is made on an individual basis depending on the first term of the program you are attending.
Please review the Borrower’s Rights and Responsibilities when borrowing the Federal Direct Stafford loan.
Back to top
Federal Direct Graduate PLUS Loan
If you have applied for the full $20,500 in the Federal Direct Unsubsidized Stafford Loan, then you can apply for the Federal Direct Graduate PLUS Loan, which is a federal loan borrowed directly from the U.S. Department of Education that you can use for your educational expenses, including living expenses.
- Award: Cost of attendance minus other financial aid equals maximum loan amount
- Lender: U.S. Department of Education
- Interest rate: 7.9% fixed - accrues interest that you can pay while in-school or have it deferred and capitalized onto your principal amount
- Fees: 4.204% origination fee will be deducted from the gross amount of loan borrowed.
- Aggregate Loan Limit: None
- Grace period: 6 months after you graduate, leave school, or drop below half-time status
- Repayment period: 10 to 25 years depending on one of the many repayment plans you can select
- Awarded to: Students who pass a credit check who do not have negative credit history. If adverse credit exists, borrowers may still be eligible by obtaining a qualified endorser.
- Estimated Repayment Chart for Federal Direct Graduate PLUS Loan based on a 10-year repayment period with a 7.9% interest rate and no interest paid on the loan while in-school:
Amount Borrowed Approximate Monthly Repayment
$129,000 ($43,000 per year for 3 years) $1558.32
Please review the Borrower’s Rights and Responsibilities when borrowing the Federal Direct Graduate PLUS loan.
Back to top
