About VA student loans
With college tuition on the rise, many students and families rely on financial aid and student loans to cover the cost of a college education. For students studying in Virginia, there are a variety of VA student loans available that are designed and available solely for in-state students. VA Student loans can be used to cover the cost of college, including tuition and personal expenses, and they come in different shapes and sizes. Some VA student loans are disbursed through the Department of Education and are federal student loans, while private lenders such as Citi or Sallie Mae offer other VA student loans.
Federal VA Student Loans
Stafford loans and Perkins loans are the two most common VA student loans offered by the federal government to students in Virginia. Stafford loans can be subsidized or unsubsidized, and are awarded on the basis of financial need. The federal government pays the interest that accrues on subsidized Stafford loans while the student is in school, which makes that form of the loan very desirable. Conversely, for unsubsidized Stafford loans, interest begins to accrue as soon as the school receives the loan amount, and the borrower must cover the interest. Perkins Loans are another type of federal VA student loans, and are awarded on the basis of extreme financial need. Perkins loans are also subsidized, and repayment does not begin until 9 months after the student graduates. In order to be eligible for these loans, the student must be a US citizen and enrolled on a full-time basis, and for the subsidized loans, must demonstrate financial need by filing the FAFSA.
Private VA Student Loans
Private VA student loans are also available for students in Virginia, and are offered by private lenders such as Sallie Mae. Private VA student loans are a good option to cover any remaining costs after grants, scholarships, and federal VA student loans have been exhausted. Students can often borrow more through private VA student loans than they can through federal VA student loans, but interest rates are generally higher for private VA student loans. Students will also need a credit-worthy co-signer in order to minimize the loan's APR, and the borrower can choose to start repaying while in school, or wait until six months after graduating. To search, compare, and apply for private VA student loans, just use our Student Loan comparison tool above.
Q:How can I apply for VA student loans?
A:In order to apply for loans, students need to fill out the FAFSA application, which provides access to Perkins and Stafford loans. Students may also apply for private loans; however they should exhaust their federal options first. Students should also ask their university for a preferred lenders list when applying for private loans.
Q:Why do I need to estimate the cost of attendance before applying for VA school loans?
A:The cost of attendance estimate provides students with a figure which helps them avoid over-borrowing. Moreover, it allows students to plan their aid applications accordingly. The cost of attendance estimate usually includes tuition fees, room & board expenses, books, miscellaneous fees, and transportation costs. Students should also include personal costs.
Q:Do I need to estimate the cost of my attendance when applying for VA loans for school?
A:It is extremely important for students to estimate the cost of their attendance when applying for VA loans for school. The cost of attendance estimate helps students with their financial aid application. With an estimate, students get an idea as to how much is required to cover the cost of their attendance. Furthermore, it helps students avoid over borrowing. The cost of attendance estimate usually includes tuition fees, room & board expenses, books & supplies, miscellaneous expenses, transportation costs, and personal expenses.