Education Loans
The University of Mary Washington processes loans under the Federal Family Education Loan Program (FFELP), where students and parents select a lender for their loan. An education loan is a legally binding contract that must be repaid with interest. Be aware that if a lender sells the borrower’s educational loans, the borrower may not be eligible for the repayment benefits of their lender.
Loans are listed on the students’ Financial Aid Award Notification and will be processed unless the Office of Financial Aid is notified otherwise. Students and parents are not obligated to accept loan funds if they do not need them, but the option is available if funds are needed to assist with paying for the students’ education.
The education loan process is complex and we recognize that our students and parents trust us to recommend lenders who not only offer competitive terms but also share our commitment of providing a high level of service. The lenders on these lists are also capable of delivering loan proceeds quickly using our electronic delivery procedures and meet with our financial aid staff on campus at least twice a year to provide updates. In addition, new lenders may be added to the list while others will be removed for failure to meet the expectations of our students, parents and administrative procedures. Regular monitoring of the lists allows the Financial Aid Office the opportunity to be an advocate for our students and parents. While we offer a list of lenders who we know meet our high standards, we have always permitted a student or parent to use the lender of their choice.
Below are links to the various loan types. The Stafford loan is a federal loan for students. The PLUS is a federal loan where the parent of the dependent student is the borrower. The Graduate PLUS is a federal loan available to students enrolled in graduate school. Alternative loans are credit based private loans for students. Each link below provides the steps for processing the individual type of loan and also includes an electronic lender list for each loan type.
UMW Policy Regarding Lender List Selection
NEW Form: Request for Additional $2,000 Unsubsidized Stafford Loan
Federal Parent Loan - PLUS (for parents of dependent undergraduate students)
Federal Graduate PLUS Loan (for Graduate and Professional Students)