Student Loans for VCU Students
About Virginia Commonwealth University
Located in Richmond, Virginia, VCU, or Virginia Commonwealth University, is the fastest-growing university in the state of Virginia. VCU was founded in 1838, placing it among the country’s oldest institutions. A public university that is home to about 23,500 undergraduate students, VCU is classified by the Carnegie Institute in the bracket of schools having ‘very high research activity,’ which is pretty important when it comes to research budgets and all that good stuff. Despite these impressive credentials, what most people most likely know VCU for is the intrepid Rams basketball team that made their way to the Final Four of the Men’s NCAA Basketball tournament in 2011, a feat never before accomplished by that VCU team. Awesome.
It doesn’t make much sense at all to be spending money unnecessarily when you’re already borrowing money to cover big-time expenses, such as tuition and room and board, does it? Nope. So here’s the lesson we want you to learn: be smart about your spending when you’re on VCU financial aid. Yes, buying tickets to sporting events and going out to eat in Richmond are okay every now and then, as long as the costs don’t eat into your grant money, or worse, funds from your student loan. It’s not difficult to budget intelligently, so do it, okay? Cool.
Applying for VCU Student Loans
VCU is public, meaning the only (only! Just one!) financial aid form you’ll have to wrestle with (and it isn’t even that bad) is the FAFSA, or the Free Application for Federal Student Aid. Filling out the FAFSA does require a good deal of preparation and gathering of information such as tax records, bank statements, and other fun stuff in that vein, but it doesn’t have to be that difficult if you prepare properly. Outside of filing the FAFSA, though, you don’t have to fill out anything else to apply for VCU financial aid. Isn’t that easier than you expected?
VCU Financial Aid Packages
Most financial aid offices create financial aid packages with the same four ingredients: student loans, grants, work-study programs, and scholarships. VCU is no different and that’s just fine for most students at VCU. Over half of VCU’s student body receives federal student loans. A very small number (~6%) of students at VCU wind up with a financial gap after receiving their aid package, meaning there’s still an outstanding balance they owe to VCU, but they don’t have the money nor did they receive the aid to cover it. In these cases, students commonly turn to private student loans. While that may sound rather foreboding, it’s a very good source of final funding when managed responsibly, and we can help you with that. To find the private student loan that has the lowest impact on your finances and fits you best, just use our private student loan comparison tool on this page.
The Virginia Commonwealth financial aid office offers its students a number of options when applying for loans, including both subsidized and unsubsidized Stafford loans. These two loan types have a number of differences. Subsidized Stafford loans are given out on the basis of financial need, and while the student is in school the interest on the loan is paid by the government. In the case of unsubsidized Stafford loans, students are responsible for paying the interest and these are not based on financial need. Both of these options are available for graduate and undergraduate students. Students interested in these loans are required to fill out the FAFSA.
What loan repayment plans are available through the Virginia Commonwealth University financial aid office?
To help its students with the student loan repayment process, the Virginia Commonwealth University financial aid office offers a number of loan repayment options. The standard repayment option allows students up to 10 years to repay their loan, with required monthly payments of at least $50. An extended repayment option exists specifically for students with more than $30,000 in loans; this plan allows for a repayment period of up to 25 years. Students have 10 years to pay their dues with the graduated repayment option and the installments increase after every two years. The income contingent repayment plan calculates the gross income and adjusts the monthly installments accordingly. Lastly, the income based repayment option allows students up to 10 years and monthly installments are based on income during any period of financial destitution.
Pay for Virginia Commonwealth University*
|Total Avg. Cost||$23,731|
|Room & Board||$9,950|
|Financial Aid Information|
|Students Receiving Fin Aid||71%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$10,592|
|%Receiving Other Loans||6%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics