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Loans

It is extremely important to exhaust all other financing options--such as grants, scholarships, etc.-- before considering any loans. While loans may be available to you, we advise that you borrow only what you need to cover your expenses. You will be responsible for repaying what you borrow.

Federal Subsidized Stafford Loan
Low interest rate student loan. The federal government pays the interest on the loan while the student is enrolled at least half-time.

Federal Unsubsidized Stafford Loan
Low interest rate student loan. The student is responsible to pay the interest while in school but can opt for the interest to accrue. At repayment, the accrued interest is added to the principal balance.

Federal Perkins Loan
Low interest rate student loan offered by the federal government. Award is based on calculated need and availability of funds. Interest does not accrue while the student is enrolled at least half-time. No separate application is required. You will be contacted by the Perkins Loans Coordinator at VWC concerning completion of the necessary forms.

Other Loans

It is extremely important to consider exhausting all other federal financing options—such as the Direct Subsidized and Unsubsidized Loans—before taking out one of these loans.
In addition to the student loans listed above, the following loans may also be available to you:

Direct Parent PLUS Loan
A federal loan available to the credit-worthy parents of a VWC student. The loan has a fixed interest rate and payment can be deferred until after the student graduates. For more information and to apply for the Direct PLUS Loan, visit studentloans.gov

Alternative Loan
A loan that students can apply for through a private lender to supplement their financial aid. Our preferred lenders can be found at elmselect.com. Unlike the government loans, not all lenders offer fixed interest rates. Be sure to compare lenders and their loan options before applying.

Christian Service Loan
Available to members of the Virginia United Methodist Conference Church who intend to pursue employment in full-time Christian service upon graduation. Applicants must submit a letter of intent and letter of recommendation from their UMC Minister. The loan covers up to one-half of tuition.  Any money that the student is receiving from VWC (merit-based scholarships, institutional grants, etc.) is considered when determining the amount of the loan. For more information, visit their website.

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