Loans

MVNU students have several types of loans available to them and they will qualify for one or more of the loans discussed below unless:

1. The student is in default on a previous student loan
2. The student has borrowed the maximum allowed as an undergraduate or graduate student
3. The student has already received financial aid to cover all their costs.

Students must have a minimum of six credit hours per semester to be eligible for all loans. Students must complete the FAFSA to borrow from any of the federal loan programs.

William D. Ford Federal Direct Loan Programs (DL)

All first-time DL Stafford loan borrowers must complete Entrance Loan Counseling and a Master Promissory Note at Studentloans.gov.

Federal Direct Subsidized Stafford Loans

• Need based loan
• No interest while a student is registered for at least six credit hours
• Fixed interest rate, may vary
• Origination 1% fee and 0.5% up-front interest rebate
• Repayment on the principal begins six months after completing program of study or dropping below six credit hours

Federal Direct Unsubsidized Stafford Loans

• Non-need based loan
• Interest begins as soon as the loan is disbursed
• The student may choose to make payments on the interest only while they are in school or choose to have the interest capitalized
• Fixed interest rate of 6.8%
• Origination 1% fee and 0.5% up-front interest rebate
• Repayment on the principal begins six months after completing program of study or dropping below six credit hours

Federal Direct Parent PLUS Loan

• Parents of dependent students may apply for this loan.
• If a Parent Plus loan or Parent PLUS loan eligibility is included on the award letter, you will need to take additional steps to secure that loan. If you do not wish to borrow the loan, contact the financial aid office and we will revise the student award.
• Complete the PLUS Loan Application 2011/2012 form.
• Parents must also complete a Master Promissory Note and Entrance Loan Counseling at www.Studentloans.gov.
• Repayment on the principal and interest begins as soon as the loan is disbursed.
• Fixed interest rate of 7.9%
• Origination 4% fee with 1.5% up-front interest rebate
• The parent must pass a credit check to qualify for a PLUS Loan.
• Maximum amount that may be borrowed is the student's cost of attendance less other estimated financial aid.

Federal Perkins Loans

Perkins Loans are awarded to students that have exceptional need as determined by the FAFSA and MVNU. Students who are awarded a Federal Perkins Loan will be required to Complete Entrance Counseling and Master Promissory Note. The interest rate is a fixed 5%, but no interest will accrue during the in-school period and during the 9-month grace period. There is no origination fee for this loan.

Private education loans

Important information for students planning to borrow a private education loan: Due to new Federal regulations, all private education loans will require additional time to process. New forms are now required and must be collected by lenders. You must begin the application process sooner than in the past in order for your private loan to be processed on time

For information on private education loans (alternative loans), please see FASTChoice.

The lenders and loan options presented have been selected for the excellent terms and benefits they provide to borrowers. MVNU has worked with these lenders in the past and previous MVNU borrowers have had positive experiences working with them.

To determine which lenders and loan options to present, MVNU uses strict criteria based on your interests and not those of our institution, to determine which lenders and loan options to present. We have identified only those lenders who will provide you with exceptional customer service, excellent incentives (e.g., low interest rates, no origination fees, and loan principal reductions), timely processing, and electronic funds transfer capabilities when possible.

We annually review all the information provided to ensure that the benefits lenders offer continue to adhere to our criteria. Loan options that no longer adhere to our criteria are removed and new loan options that meet our criteria are added. At least three lenders will be presented to you at all times.

You are free to select any lender and loan option, including those not presented. If you choose a loan option that is not presented, please follow the provided instructions to complete the application process. Application processing will not be delayed unnecessarily if you choose a loan option not presented.

We maintain professional relationships with all lenders. Our officials are prohibited from accepting financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. These include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of their products; and owning lenders' stock (for those college officials who make loan decisions for our institution).

Financial Aid Office Code of Conduct

Please go to Title IV Code of Conduct to view the MVNU Financial Aid Office Code of Conduct.