Loan Instructions and Forms

Federal Direct Student Loans Application Instructions

Direct Subsidized Loans are for students with financial need.  The amount you can borrow is based on your dependency status, the number of credit hours you have completed and the amount of financial need you have as based on the Free Application for Federal Student Aid (FAFSA).  You are not charged interest, on this loan, while you’re in school at least half-time.

Direct Unsubsidized Loans are for students who do not have demonstrated financial However; the federal government does require students to complete the Free Application for Federal Student Aid (FAFSA). Like subsidized loans, the University of Mary Washington determines the amount you can borrow based on your dependency status and the number of credit hours you have completed.  Interest accrues on the unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

Learn more about federal direct loan limits.

Federal Direct Plus Application Instructions

Parents of dependent UMW student may apply for a Direct PLUS Loan to help cover the costs of their child’s educational expenses.   These loans are credit based and parents may borrow up to the cost of attendance minus any other aid and resources received.  The cost of attendance may be found on the upper corner of the student’s award letter, on the student EagleNet portal, or on the Financial Aid General Information for the current year.

Graduate and professional students may apply for PLUS Loans for their own educational expenses.  Students must complete the Free Application for Federal Student Aid (FAFSA) to apply.  Students must have received maximum Direct Subsidized and Unsubsidized Student Loans before they may receive a Federal Direct Graduate PLUS loan.

Private Loans

Students who need additional help meeting college expenses may be able to obtain a private or alternative educational loan.  These types of loans are offered through many organizations, banks, and credit unions.  Application for an alternative loan is made directly through the lending institution. The University of Mary Washington recommends that students complete the Free Application for Federal Student Aid (FAFSA)  to determine eligibility for federal loans before applying with private lenders. The terms and conditions for federal Title IV loans may be more favorable than those of private lenders. Students may receive private loans up to the cost of attendance minus all other financial aid and resources. Potential borrowers should make a decision on a lender after first comparing interest rates, repayment terms, loan limits, eligibility, and loan fees and other benefits.

Private educational loans are not federally guaranteed or subsidized and are based on the borrower’s credit score.   The interest rates and fees on private student loans are based on the borrower’s credit worthiness and ability to repay the loan. We recommend that students apply for a private loan with a co-signer even if they may be eligible on their own.    A co-signer assumes responsibility for a loan should the borrower fail to repay. A co-signer with steady employment and a good credit rating often reduces the loan application time while lowering interest rates and fees. Please note that most credit unions require students to be members of the institution to be eligible for a loan.

The University of Mary Washington does not endorse any particular private lender.  We will certify loans (based on eligibility) for any lender that a student may choose. The credit check performed by most lenders expires after 90 to 120 days (please contact your lender to verify the credit expiration date). Students should take this into consideration before making any application to avoid potential delays due to credit expiration.  Students who wish to have funds available to cover educational costs should submit their application to the lender by:

Fall Terms June 1
Spring Terms November 1
Summer Terms March 1

You will need to respond to all of the lender requests promptly and allow at least four weeks for processing.
The University of Mary Washington cannot defer student account balances until a loan approval from the lender is received.
Recent regulatory changes require students to complete a Private Loan Self Certification Form before they may disburse a private education loan.  If you need an additional copy of the form, you may find it here.

Lender Information

The following is a list of lenders used by students at the University of Mary Washington in the past three years.  This list appears in alphabetical order and is in no way ranked.Lenders may chose not to participate in private loans at any time.  To get current and accurate information, please contact the lender directly.