UMW administers a variety of student loan options, including Federal Direct Loans, private educational loans, and Direct Parent Plus Loans. Before accepting a student loan, students are encouraged to research the terms and conditions of those loans. Students and families may also meet with a UMW Financial Aid representative to discuss the responsibilities of accepting student loans.
Federal Direct Loans
Direct Subsidized Loans are for students with financial need. The amount you can borrow is based on your dependency status, the number of credit hours you have completed, and the amount of financial need you have based on the Free Application for Federal Student Aid (FAFSA). You are not charged interest on this loan while you’re in school at least half-time.
Students must be enrolled at least half-time (6 credits) or more to be eligible per semester.
Direct Unsubsidized Loans are for students who do not have demonstrated financial need. However, the federal government does require students to complete the FAFSA. Like subsidized loans, the University of Mary Washington determines the amount you can borrow based on your dependency status and the number of credit hours you have completed. Interest accrues on the unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace, deferment, and forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
Students must be enrolled at least half-time (6 credits) or more to be eligible per semester.
Direct Graduate Loans are for students enrolled in an approved degree-seeking graduate or professional program. A student enrolled in these programs is automatically considered “independent” for financial aid purposes. This means that they only include their personal information (not parent information) on the FAFSA. Students may receive up to the institutional cost of attendance with a maximum of $20,500 per year.
Students must be enrolled at least half-time (6 credits) or more to be eligible per semester.
Federal Direct PLUS Loans
Parents of dependent students may apply for a Direct PLUS Loan to help cover the costs of their child’s educational expenses. These loans are credit based and parents may borrow up to the cost of attendance minus any other aid and resources received.
Students must be enrolled at least half-time (6 credits) or more to be eligible per semester.
Parent PLUS Loan Instructions:
Graduate and professional students may apply for PLUS Loans for their own educational expenses. Students must complete the Free Application for Federal Student Aid (FAFSA) to apply. Students must have received maximum Direct Unsubsidized Student Loans before they may receive a Federal Direct Graduate PLUS loan.
Apply for a Graduate PLUS loan
Students must be enrolled at least half-time (6 credits) or more to be eligible per semester.
Direct Loan Information
UMW Students who have borrowed Direct Loans in previous years only need to complete Step 1 and Step 5
If you would like to apply for a Federal Direct Loan the steps are as follows:
Step 1 – Complete the Free Application for Federal Student Aid.
Step 2 – Log on to the Studentaid.gov website using the FSA User ID and password. This is the same ID and password used to complete your FAFSA.
Step 3 – Click on the link “Complete Entrance Counseling” and follow the instructions. You will need approximately 30 minutes to complete the counseling.
Step 4 – After completing Loan Entrance Counseling, continue by clicking on Master Promissory Note (MPN) and then select Undergraduate or Graduate depending on your status. The MPN record will be sent electronically to the University and the financial portal will be updated within a few business days. New aid year students will not be updated until after June.
Step 5 – To access the UMW Banner SSB Portal and review/accept your loan(s) please go to umw.edu/banner and follow the instructions below:
1. Login to your Banner SSB Portal with your NetID and password
2. Click on Financial Aid
3. Click on Award Offer
4. Scroll down to Work & Loans and Accept/Decline or Modify the award
5. Then hit “Submit” at the bottom of the page
The Direct Loan cannot be disbursed to the student account until all the steps have been completed and recorded by the Office of Financial Aid.
Students can now log into the UMW Banner Portal to web accept or web decline student loans. Please follow the directions below:
- Login to your Banner SSB Portal with your NetID and password
- Click ‘Student and Financial Aid’
- Click on Award Offer
- Scroll down to Work & Loans and Accept/Decline or Modify the award
- Then hit “Submit” at the bottom of the page
- For Federal Student Loans only: complete the Federal Direct Loan Master Promissory Note (e-MPN) and Entrance Counseling at http://studentaid.gov
***Please note that if you are a first time borrower, you will also need to complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note.
This is the only way to accept or decline all or a portion of offered student loans. Please contact the Office of Financial Aid at finaid@umw.edu or (540) 654-2468, if you have any questions.
When a student withdraws, graduates, or drops below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session for your Federal Direct subsidized or unsubsidized loans. The counseling session provides information about how to manage and pay your student loans after college.
Loan Exit Counseling is located on the https://studentaid.gov/.
Private Alternative Educational Loans
Students who need additional help meeting college expenses may be able to obtain a private or alternative educational loan. These types of loans are offered through many organizations, banks, and credit unions. Application for an alternative loan is made directly through the lending institution.
UMW recommends that students complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for federal loans before applying with private lenders. The terms and conditions for federal Title IV loans may be more favorable than those of private lenders.
Students may receive private loans up to the cost of attendance minus all other financial aid and resources. Potential borrowers should make a decision on a lender after first comparing interest rates, repayment terms, loan limits, eligibility, and loan fees and other benefits.
The University of Mary Washington does not endorse any particular private lender. We will certify loans (based on eligibility) for any lender that a student may choose. The credit check performed by most lenders expires after 90 to 120 days (please contact your lender to verify the credit expiration date). Students should take this into consideration before making any application to avoid potential delays due to credit expiration.
You will need to respond to all of the lender requests promptly and allow at least four weeks for processing. The University of Mary Washington cannot defer student account balances until a loan approval from the lender is received.
Lender Information
We invite all students to review lender options through our ELM Partner.
Please visit elmselect.com in order to view lenders, compare borrower benefits and other options.