Financial Aid

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Federal Loan Application Instructions

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-The student must complete the Free Application for Federal Student Aid.

Step 2-The student must log on to the Studentaid.gov website using their 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 on to complete the eMPN (electronic Master Promissory Note) by clicking the “Complete Master Promissory Note” link and then select Subsidized/Unsubsidized. The MPN record will be sent electronically to the University and the student account updated within two weeks of competing it.

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.

Important Information

1.  All Federal Direct loans currently have an origination fee that changes each July. Current rates for 07/01/2021 – 6/30/2022.

  • 1.057% for Direct Subsidized Loans and Direct Unsubsidized Loans
  • 4.228% for Direct PLUS Loans for parents and graduate and professional students

Loan Interest Rates change each year starting on July 1 and currently are:

  • Direct Subsidized Loans (Undergraduate Students) Fixed at 3.73%
  • Direct Unsubsidized Loans (Undergraduate Students) Fixed at 3.73%
  • Direct Unsubsidized Loans (Graduate or Professional Students) Fixed at 5.28%
  • Direct PLUS Loans (Parents and Graduate or Professional Students) Fixed at 6.28%

    • More information on loans can be found here https://studentaid.gov/understand-aid/types/loans/interest-rates.