All graduate students seeking financial assistance for the 2008-2009 academic year must file the 2008-2009 Free Application for Federal Aid (FAFSA). Students who completed the 2007-2008 FAFSA on the web will receive email notification instead of the paper renewal FAFSA. The Department of Education encourages students to use their web-based application to complete the 2008-2009 FAFSA.

Loan Options

Federal Stafford Student Loan

Maximum Stafford Loan eligibility for a matriculated graduate student is $8,500 subsidized and $12,000 unsubsidized loan. The amount of the loan is awarded to you based on a number of factors such as enrollment status, employer reimbursement and cost of attendance.

If you choose to take courses during the summer session, you are eligible to borrow the Federal Stafford Loan, which is referred to as a Borrower Based Stafford Loan. You need to indicate on the Villanova University Financial Aid Application the amount you wish to borrow for each semester.

While the maximum amount you can borrow is $20,500, we encourage you to borrow only that amount that you will need to finance your program. You will need to indicate the amount of Federal Stafford Loan that you wish to borrow on the Villanova University Graduate Institutional Financial Aid Application.

Graduate PLUS

Graduate students can borrow through a Federal loan program - Graduate PLUS. PLUS gives a graduate student a viable alternative to private loans. Some basic facts about the Graduate PLUS:

• Borrow up to "cost less aid"
• Student is the borrower - no cosigner required.
• May reduce high-cost alternative borrowing
• Fixed interest rates - 8.5%, fixed interest rate capped at 8.5%
• Deferred payment while enrolled in school
• No aggregate or annual loan limits
• Based on simplified credit criteria regardless of income or employment status
• Endorser option available
• Unlimited in-school deferment
• Able to consolidate through the Federal Consolidation Loan Program

Alternate Financing

Alternative Loans or Private Educational Loans are administered by private lenders. There are a variety of lending institutions that offer these loans. Typically one would first take advantage of the Federal Stafford Loan and then if additional funding is needed, apply to one of these loans. Applications for these loans are made directly through the lending institution. As part of this process the Villanova University Office of Financial Assistance needs to certify that you are a student and provide certain other information. Please view the Alternative Loan Programs.

For further questions about the status of your applications, go to the NOVASIS site where you can access your financial assistance records online.