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Federal Direct Student Loans
Valpo participates in the Direct Lending program,
and processes all federal loans directly, apart from private lenders.
First time student borrowers are required to complete
entrance counseling before disbursement can be made. Valpo determines
loan amounts, mails promissory notes to borrowers. Federal loans
are credited to the student's Finance Office account. All loans
are subject to a total aid cap equalling the cost of attendance
less other aid received.
Federal
Subsidized Direct Loan
•Need-based, must file FAFSA
•Annual limits: fresh.=$2,625, soph.=$3,500, jrs/srs=$5,500,
graduates=$8,500.
•A 1.5% federal origination fee is deducted from loan proceeds.
Interest deferred while 1/2 time in school.
Interest Rate: Loans processed before July 1, 2006 are at a variable interest,
capped at 8.25%; Loans processed starting July 1, 2006 are at a fixed interest rate of 6.8%
Federal
Unsubsidized Direct Loan
•Not need-based, but must file FAFSA
•Annual limits, interest, and origination fee same as Subsidized.
•Grad/Law students may borrow up to $18,500 annually in Subsidized/Unsubsidized.
•Interest accrues while in school, borrower may pay interest
or defer.
Loan repayment information
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Office of Financial Aid | 1700 Chapel Drive | Valparaiso, IN 46383 |
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