Federal Perkins Loan
A low-interest (5%) loan available to full-time students demonstrating exceptional financial aid need. A FAFSA must be submitted by the Priority Deadline of March 2nd to be considered for this program. Interest is deferred while the student is enrolled at least half time and repayment begins nine months after graduation or the point at which the student drops below half-time enrollment. The maximum annual loan award will be $2,000. ECSI, Vanguard University’s Perkins vendor, will contact you directly after you have accepted your loan to complete Perkins Entrance Counseling and a Perkins Master Promissory Note.
Federal Subsidized Stafford Loan
A loan awarded based on financial aid need. Interest is paid by the federal government (subsidized) while the student is enrolled at least half time. Payment of both interest and principal begins 6 months after the student graduates, or drops below half time. The interest is based on a fixed rate (3.4% in school; 3.4% during repayment in 2012-2013). The FAFSA is required to apply for this loan. All students awarded an Estimated Subsidized Stafford Loan will need to complete a Stafford Loan Application. All students applying for a loan at VUSC will also be required to complete an Entrance Counseling for Stafford Loans prior to the receipt of loan funds. Additional information and instruction will be sent with the Award Letter. An estimated Stafford Loan Repayment Chart is available.
Federal Unsubsidized Stafford Loan
A loan available to students who do not qualify, in whole or in part, for a Subsidized Stafford Loan. The student is responsible for the interest while enrolled. Repayment may be deferred until 6 months after the student graduates or drops below half-time enrollment. Interest accrues during the time the student is enrolled. The interest rate is based on a fixed rate (6.8% in school; 6.8% during repayment in 2012-2013). The FAFSA must be completed to apply for this loan. All students awarded an Estimated Unsubsidized Stafford Loan will need to complete a Stafford Loan Application. An estimated Stafford Loan Repayment Chart is available.
Stafford Loan Limits
| Grade Level | Dependent Students (excluding students whose parents cannot borrow PLUS) |
Independent Students (including dependent students whose parents cannot borrow PLUS) |
| Freshman (0-26 units) | $3,500 + $2,000 additional Unsubsidized loan amount | $9,500 ($3,500 may be Subsidized) |
| Sophomore (27-56 units) | $4,500 + $2,000 additional Unsubsidized loan amount | $10,500 ($4,500 may be Subsidized) |
| Junior/Senior (57+ units) | $5,500 + $2,000 additional Unsubsidized loan amount | $12,500 ($5,500 may be Subsidized) |
| Credential | $5,500 | $12,500 ($5,500 may be Subsidized) |
| Graduate | $20,500 Unsubsidized |
Maximum Aggregate Borrowing Limits
| Dependent Undergraduate Student | $31,000 (Maximum $23,000 Subsidized) |
| Independent Undergraduate Student | $57,500 (Maximum $23,000 Subsidized) |
| Graduate Student (including undergraduate loans) | $138,500 |
Federal PLUS Loan (PLUS)
Available to parents of undergraduate students and graduate students to cover educational expenses. May borrow up to the cost of attendance minus financial aid. Interest rate is fixed at 7.9% for the 2012-2013 school year. Interest and repayment begin while student is enrolled. You are encouraged to check to see if deferment options may be available. The FAFSA is required to apply for the loan and eligibility is based upon the credit of the parent, or graduate student. An estimated PLUS Loan Repayment Chart is available.
Online PLUS Loan Application
You may apply for the PLUS Loan online after July 1, 2012 for the 2012/2013 academic year. Not sure if the PLUS Loan is right for you? Compare the benefits of the Parent PLUS Loan with Private Educational Loans.
Private Educational Loans
For Private Loan options, our links for Private Loans listed below may be helpful. Not sure if a Private Loan is right for you? Compare the Parent PLUS Loan with the Alternative Loans.
Please note: The application process for this loan does not begin until after July 1, 2012 for the 2012/2013 academic year.
| Charter One TruFit Student Loan | Apply Here |
| Credit Union Student Choice |
Apply Here |
| cuStudentLoans cuScholar Private Student Loan | Apply Here |
| Discover Private Loan | Apply Here |
| Kinecta Federal Credit Union Student Loans | Apply Here |
| Sallie Mae Smart Option Loan | Apply Here |
| SunTrust Custom Choice Private loan | Apply Here |
| Union Federal Private Student Loan | Apply Here |
| Wells Fargo Private Loan | Apply Here |
| The above list is in alphabetical order. |
How Much Have You Borrowed?
If you are interested in finding the total amount of loans you’ve taken at VU and other institutions, please check out Nellie Mae’s NSLDS brochure for more information.
Code of Conduct
Vanguard University’s Financial Aid professionals are expected to always maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, specifically including all dealings with any entities involved in any manner in student Financial Aid, regardless of whether such entities are involved in a government sponsored, subsidized, or regulated activity.
Vanguard will not recommend a lender in exchange for the lender providing material benefits to the institution or Vanguard employees.
Vanguard will not accept gifts from lenders or servicers including gratuity, favor, discount, entertainment, hospitality, loan, or other item valued at more than a nominal amount. (Examples are gifts of services, transportation, lodging, or meals.) The term “gift” would not apply to informational material related to loans or financial literacy. Similarly, food, refreshments, training, or informational material that is an integral part of a training session designed to contribute to the professional development of Vanguard’s employees would be permitted.
Entrance and exit counseling provided by lenders or servicers would be permitted, provided that a Vanguard staff member controls the counseling and that the counseling does not favor a single lender.
Vanguard employees will not accept a gift for themselves or a member of their family or friend from any business entity involved in any aspect of student Financial Aid.
Vanguard will not accept any private loan funds from a lender in exchange for our providing any concessions or promises to the lender.
Vanguard staff will not participate in any lender advisory councils. We may offer advice to lenders in order to improve their products and services for borrowers, as long as no compensation is provided.
