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Virginia Student Loans

Virginia based students always have the option of funding their college tuition and other related expenses via a federal student loan. By filling out a Free Application for Federal Student Aid (FAFSA), borrowers can qualify for funding that ranges from $3,500 to $20,500 annually. Undergraduates and graduates alike can borrow through various federally-backed programs to help pay for college. Depending on financial need, students can qualify for both subsidized and unsubsidized funding.

All a student need do to qualify is complete the FAFSA, be a U.S. citizen, enroll in an accredited school and seek a degree at minimum on a part-time basis. Once a FAFSA is filed, the U.S. Department of Education will provide the student, and the Virginia schools designated by the borrower, a Student Aid Report (SAR). The school then uses the SAR to determine what loans the student qualifies for.

Sometimes, students will also qualify for a Federal Pell Grant or a Virginia state grant. These grants are awarded on a yearly basis and are extended to individuals who apply immediately after the beginning of each calendar year.

The list of participating Virginia schools and universities who accept federal student loans is long. Providing the school is accredited, and the student is enrolled in a qualified program the loan can be used to cover educational expenses. Some of the participating Virginia schools include Atlantic University, the Aviation Institute of Maintenance, and the Army Quartermaster Center and School.

There is also the option of seeking private loans. Based on credit history, lenders can extend students additional funding to their federal loans, grants and scholarships. Borrowing limits in the private sector tend to be more relaxed and the application process is certainly faster. Before taking out a private loan, students are encouraged to seek their federal options and then shop and compare before they sign on with a lender.