Yes. Financial aid is available in the form of federal loans—the Federal Direct Unsubsidized loan or the Federal Direct Graduate PLUS loan. A student may also borrow through a private educational loan program of his or her choosing. More information about private educational loans and Villanova University’s Preferred Lender Information through ELMSelect is available at http://www1.villanova.edu/villanova/enroll/finaid/financing/options/privateedloans.html
In order to be eligible, students must meet the following criteria:
Once a student is admitted into the program, the student will receive access to MyNova. Students will receive an award notification in their Villanova email account with specific instructions for viewing their financial aid award in MyNova. Students will need to print and sign the Financial Aid Reply Page and accept/decline their offer of financial aid. The Reply Page needs to be submitted back to the Office of Financial Assistance via email at email@example.com or via fax at 610-519-7599.
A student’s withdrawal from the program may necessitate a return of federal aid. The return of funds will be based on the percentage of the semester completed using the last day a student participated in an online academically-related activity. For more information on the impact of withdrawal on tuition charges and federal aid, a student should contact the Office of Financial Assistance. The full Return of Title IV Funds policy is also available on the Office of Financial Assistance website.
The MPN is a promissory note that can be used to disburse one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Federal Direct Loan Program: one for Federal Direct Unsubsidized Loans and one for Federal Direct Graduate PLUS Loans.
Payment for tuition and any fees is due before the first day of classes. If you will be receiving loan funds to cover the cost of tuition, the Bursar’s Office will be notified of your pending disbursement, which will be after the add/drop period has ended for the first session. In order for a student to receive a Direct Loan to pay for the initial session by the payment date deadline, a FAFSA must be submitted to the Department of Education for processing at least one month prior to enrolling. To ensure that students have a smooth transition to future financial aid years it is recommended that the student submit their renewal FAFSA as soon as possible after October 1st.
A graduate student can borrow up to $20,500 per academic year in Federal Direct Unsubsidized Loan if the student’s cost of attendance equals at least $20,500. Disbursements must be in equal amounts for each semester. Students who attend in the summer semester are eligible for a Federal Direct Loan so long as a student enrolls in at least half-time status in the summer term.
Graduate students may be eligible to borrow through the Federal Direct Graduate PLUS Loan Program which is a viable alternative solution to private educational loans. The Federal Direct Graduate PLUS Loan has a fixed interest rate and various repayment terms. The receipt of a Federal Direct Graduate PLUS Loan is based on the creditworthiness of the borrower. To apply, please follow the information under Graduate PLUS Loan.
No. Students can only receive financial aid at one college or university at a time.
There are a select number of institutional merit-based scholarships available for the Online Graduate Business Programs. Students do not need to complete any additional forms; applicants will be considered on the basis on their admissions materials. Any questions should be discussed with your enrollment advisor. In addition, students can explore free scholarship searches online and also look into local civic organizations, their current employers’ human resources department and any support through other memberships or associations.
Educational loan deferment is based on at least half-time enrollment (half time for a graduate student is 3 credit hours, full-time is 6 credit hours) in a degree-seeking program. Villanova University Registrar’s Office sends a monthly report called the Clearinghouse Report to the National Student Clearinghouse. Federal Loan Servicers and Private Lenders access this information in order to update your deferment status based on your enrollment.
The Federal Direct Unsubsidized Loan has an interest rate of 6%. The Federal Direct Graduate PLUS Loan interest rate is 7%. Rates are subject to change each July 1st. Interest begins to accrue upon disbursement.
Loan origination fees are deducted from the loan funds at the time of disbursement and are included in the amount you will repay. For Federal Direct Unsubsidized Loans first disbursed on or after October 1, 2016 and before October 1, 2017 there is a loan fee of 1.069%. For Federal Direct Graduate PLUS Loans disbursed October 1, 2016 through October 1, 2017 the fee will be 4.276%. Students need to keep these fees in mind when borrowing for the academic year.
Students are reviewed for financial aid on an ongoing basis throughout the academic year. In order to be reviewed students must have the following in place:
The Office of Financial Assistance will notify students of their award eligibility by sending an email to their Villanova University email account. The email will include instructions on how to view awards in the MyNova student portal. If there is additional documentation needed to complete the review of financial aid, then the award notification may be delayed. Students are able to view outstanding financial aid requirements in the MyNova portal.
Federal Direct Loan funds disburse once each semester for students in the Online Graduate Business Degrees. The disbursement date will be at the beginning of the second week of the first session within the semester, after the add/drop period had ended. For specific dates please visit the Disbursements and Refunds page.
A student must complete four steps for a Federal Direct Loan disbursement.
For a Federal Direct Graduate PLUS loan to disburse, a student must:
Students can only be awarded Federal Direct Loans up to the cost of attendance for the program. The Federal Direct Unsubsidized Loan has an annual loan limit of $20,500. The Federal Direct Graduate PLUS Loan can be borrowed up to a student’s cost of attendance, minus other financial aid. If a student has a question about their loan amount, please direct them to the Office of Financial Assistance.
Loan repayment begins six months after a student completes the program of study or withdraws from the program. Students will coordinate loan repayment with their Federal Direct Loan Servicer. More information on a student’s Federal Direct Loans can be found at the National Student Loan Data System. Students are able to make payments on student loans while enrolled, however it is not required.
Yes. Undergraduate financial aid eligibility assesses the parents’ ability to contribute to educational expenses. Graduate students are considered independent and parents’ income and assets are not assessed. However, there is no need-based Federal Direct Loan assistance for graduate students. The only federal financial aid options are the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan.
Scholarships, tuition discounts and/or tuition reimbursements are to be included as a financial aid resource. A student must report a scholarship, discount, or tuition reimbursement, as early as possible in order to create a more accurate financial aid package. If a scholarship, discount and/or tuition reimbursement is reported after the initial financial aid package is sent, the original financial aid award will be reduced to include the outside resource within the students cost of attendance.
A student who is a veteran, an active duty service member or is the dependent of a veteran or active duty service member may qualify for governmental aid from the Armed Forces towards graduate program costs. Students will need to visit http://gibill.va.gov/benefits/index.html.
Yes, students can apply for a Federal Direct Unsubsidized Loan as long as the total amount of the financial aid resources doesn’t exceed the annual cost of attendance.
If at any time a student decides to cancel or reduce his/her approved loan eligibility they will need to communicate this request to the Office of Financial Assistance via email at firstname.lastname@example.org.
Yes a student can borrow Federal Direct Loans or private education loans to assist with living expenses. The Office of Financial Assistance includes an “Independent Student Living Allowance” within the cost of attendance so that a student can borrow additional loan funds to cover these expenses. To view the “Independent Student Living Allowance” allotment for the academic year, please visit the MyNova student portal. The maximum Federal Direct Unsubsidized Loan is $20,500, and so a student may need to pursue a second loan option such as a Federal Direct Graduate PLUS Loan or private education loan to borrow for living expenses.
The total cost of attendance includes both direct and indirect costs that may be included with attending an Online Business Graduate program. The following components are included in a cost of attendance: tuition, fees, books and supplies, loan fees, and an Independent Student Living Allowance. To view the total cost of attendance, please visit the MyNova student portal.