Student Loan Information

General Federal Student Aid Information

Financial aid is designed to bridge the gap between the cost of attending Utah Valley University and what the students and their families are expected to pay. Visit our Cost of Attendance page for more information. 

After Utah Valley University has received your Free Application for Federal Student Aid (FAFSA) information with a valid Expected Family Contribution, and you have completed all other necessary steps in the application process, the Expected Family Contribution, Cost of Attendance, and other outside resources, known as other Estimated Financial Assistance (EFA), are evaluated to determine your federal student aid award. The total federal student aid and other estimated financial assistance cannot exceed your Cost of Attendance. When the award is offered, an email notification will be sent to your UVLink email account. To view your awards, log in to UVLink, click on the Student tab, Financial Aid folder (under Banner Services), Award folder, Award link, Select the appropriate Aid Year, Award Overview.

Need-based Aid

Financial need = your Cost of Attendance minus your Expected Family Contribution. For example, if your Cost of Attendance is $6,000 and your Expected Family Contribution is 2000, your financial need is $4,000. In this example, you are not eligible for more than $4,000 in need-based aid.

The following are the need-based federal student aid programs that Utah Valley University participates in:

  • Federal Pell Grant
  • Federal Supplemental Educational Opportunity Grant
  • Direct Subsidized Loan
  • Federal Perkins Loan
  • Federal Work-Study

Non-need-based Aid

Non-need = your Cost of Attendance and other Estimated Financial Assistance. For example, if your Cost of Attendance is $6,000 and you have been awarded a total of $4,000 in need-based aid and private scholarships, you can receive up to $2,000 in non-need-based aid.

The following are the non-need-based federal student aid programs that Utah Valley University participates in:

  • Direct Unsubsidized Loan
  • Federal PLUS Loan

Private education loans are not federal student aid loans, but are considered non-need-based aid.


Federal Perkins Loans

Perkins Loans are available to undergraduate and graduate students who have a demonstrated financial need. Perkins Loans provide low interest loans to help students finance the costs of their education and is need-based.

General Terms, Conditions, and Eligibility Requirements for Federal Perkins Loans

How to Apply

  • To receive a Perkins Loan, you must first complete the FAFSA.
  • Additionally, you must complete any other required items, which could include verification. These required items can be viewed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Basic Eligibility

  • Perkins Loans are awarded to undergraduate and graduate students with exceptional financial need, which is based on the Expected Family Contribution (EFC) and Cost of Attendance (COA).
  • Your EFC must be 10,000 or less.
  • Perkins funds are limited. Priority is given to prior Perkins recipients.
  • If you are not awarded a Federal Perkins Loan, but meet the qualifications, you may request the Perkins Request form from a Financial Aid and Scholarships Office Counselor to complete and upload to the Financial Aid and Scholarships Office.

Awarding

If eligible, undergraduate students will be awarded a Federal Perkins Loan of $3,000 for the aid year to be split in two equal amounts between Fall and Spring semesters. If eligible, graduate students will be awarded $6,000 a Federal Perkins Loan of $6,000 for the aid year to be split in two equal amounts between Fall and Spring semesters.

Once Awarded, You Must Meet or Complete the Following Before Your Loan Can Disburse:

  • Accept your loans in your UVLink account confirming that you want the loan. To view and accept your award, click on the Student tab, Financial Aid Folder (under Banner Services), Award folder, Award link, Select the appropriate Aid Year, Terms and Conditions, Accept Award Offer.
  • Complete Perkins Loan Counseling: After you have accepted your Perkins Loan, you must complete in-person Perkins Loan Counseling by scheduling an appointment with the Utah Valley University Collections Office at (801) 863-8611. For information about your Perkins Loan Counseling, view the Federal Perkins Loan, or the Federal Perkins Loan Entrance and Exit Loan Counseling website.
  • Sign Disclosures and Promissory Note: At your Perkins Loan Counseling, you will sign disclosure documents and a promissory note. These items must be complete prior to your loan disbursing onto your student account.
  • You must be enrolled in at least 6 credit hours if an undergraduate, 4.5 hours if a graduate (waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours).
  • You must complete all Financial Aid Requirements listed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Disbursement

After you are awarded, and if you have met and completed all eligibility requirements, and have completed Perkins Loan Counseling, and signed the required disclosures and promissory note, your Perkins Loan will be sent electronically to the Cashiers Office no sooner than ten days prior to the first day of your enrolled classes.

Your Perkins Loan will first pay your outstanding tuition and fees and, if authorized by you, any other institutional charges. After this balance is paid, and if there is any excess federal student aid, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default refund method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

The Utah Valley University Financial Aid and Scholarships Office and Cashiers Office process federal student aid disbursements and refunds every business day. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.

Continued Eligibility

How to Cancel or Decrease the Amount of a Federal Perkins Loan

If you accept a loan, but subsequently would like to cancel the loan or decrease the amount, you will need to complete the Loan Cancellation Request Form and upload it to the Financial Aid and Scholarships Office.

If the loan has already paid onto your student account, you must repay to the Utah Valley University Cashiers Office the loan amount you are requesting to be cancelled.

Perkins Exit Loan Counseling

If you leave school (graduate or withdraw), drop below half-time enrollment (6 credit hours for undergraduate and 4.5 credits for graduate - waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours), you must complete Perkins Loan Exit Loan Counseling. This is done in person with the Utah Valley University Collections Office. You may schedule an appointment with them at (801) 863-8611 to complete this Exit Loan Counseling.

Perkins Repayment

Payments do not start and no interest is charged until nine months after the borrower ceases to be enrolled at least half time. When interest begins to accrue, it is at the rate of 5% per year (subject to change). You must complete Perkins exit counseling with the Collections Office when you cease to be enrolled at least half time.

Once repayment on your Perkins Loan has begun, payments are made to the Utah Valley University Cashiers Office.

For repayment questions or information, please contact the Utah Valley University Collections Office at (801) 863-8611, email collect@uvu.edu, or visit http://www.uvu.edu/collections/federalperkinsloans/index.html.

Future Perkins Loan Awarding

The U.S. Department of Education will give further guidance about the future awarding of Federal Perkins Loans.

Federal Direct Loans

Federal Direct Loans are low interest loans for students and parents to help pay for the cost of a student's education. The lender is the U.S. Department of Education, though the servicer the student will work with can be a private business. There are three types of Direct Loans: Subsidized, Unsubsidized, and PLUS.

Direct Subsidized Loans

A Direct Subsidized Loan is a need-based loan and is available to undergraduate students who have demonstrated financial need. The U.S. Department of Education pays the interest on your Direct Subsidized Loan:

  • while you are in school at least half-time (6 credits)
  • for the first six months after you leave school (referred to as a grace period*), and
  • during a period of deferment (a postponement of loan payments).

If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Current Interest Rate

The current interest rate for loans first disbursed on or after July 1, 2015 and before July 1, 2016 is 4.29%.

To view interest rates on your previous subsidized loans, go to https://www.nslds.ed.gov/nslds_SA/.

Origination Fee

An origination fee will be deducted from a subsidized loan before it is disbursed. The origination fee on a subsidized loan for the 2015-2016 award year first disbursed on or before September 30, 2015 is 1.073%, and loans first disbursed on or after October 1, 2015 have an origination fee of 1.068%.

How to Apply

  • To receive a Direct Subsidized Loan, you must first complete the FAFSA.
  • Additionally, you must complete any other required items, which could include verification. These required items can be viewed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Basic Eligibility

  • Must be an undergraduate students with financial need, which is based on the Expected Family Contribution (EFC) and Cost of Attendance (COA).
  • Must meet all federal student aid eligibility requirements. For more information about federal student aid eligibility requirements, visit the Eligibility page of our website.
  • You may not exceed the 150 Percent Direct Subsidized Loan Limit (see 150 Percent Direct Subsidized Loan Limit section below).

Awarding

If eligible, undergraduate students will be awarded a Direct Subsidized Loan according to the annual and aggregate loan amounts that are set by the U.S. Department of Education. You will be awarded the maximum amount that you are eligible for based upon your Expected Family Contribution (EFC) and Cost of Attendance (COA). See the Direct Loan Amount Chart below.

Once Awarded, You Must Meet or Complete the Following Before Your Loan Can Disburse:

  • Accept your loans in your UVLink account confirming that you want the loan. To view and accept your award, click on the Student tab, Financial Aid Folder (under Banner Services), Award folder, Award link, Select the appropriate Aid Year, Terms and Conditions, Accept Award Offer. You must accept your loan for each semester in which you would like to receive a loan. You do not have to accept the full amount of your loans, you may choose how much of each loan you receive for each semester.
  • If necessary, you will need to complete entrance counseling. This can be completed approximately three business days after you accept your loans and are registered for classes. You complete entrance counseling at www.studentloans.gov.
  • If necessary, you must e-sign a Master Promissory Note at www.studentloans.gov. This can be completed approximately three business days after you accept your loans and are registered for classes.
  • You must be enrolled in at least 6 credit hours (waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours).
  • You must complete all Financial Aid Requirements listed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Disbursement

After you are awarded, and if you have met and completed all eligibility requirements, including entrance loan counseling and signing a Master Promissory note, your Direct Subsidized Loan will be sent electronically to the Cashiers Office no sooner than ten days prior to the first day of your enrolled classes.

Your loan will first pay your outstanding tuition and fees and, if authorized by you, any other institutional charges. After this balance is paid, and if there is any excess federal student aid, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default refund method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

The Utah Valley University Financial Aid and Scholarships Office and Cashiers Office process federal student aid disbursements and refunds every business day. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.

Continued Eligibility

How to Cancel or Decrease the Amount of a Direct Subsidized Loan

If you choose to cancel all or part of your loan before your loan pays onto your student account: you must complete a Loan Cancellation Request Form and upload it to the Financial Aid and Scholarships Office.

If you choose to cancel all or part of your loan after the your loan have paid onto your student account: you must upload a completed Loan Cancellation Request Form to the Financial Aid and Scholarships Office and return the funds to the Cashiers Office.

If 120 days have elapsed since your loan was disbursed, the funds cannot be returned to the school and must be returned directly to your loan servicer.

Exit Loan Counseling

You must complete exit counseling before you withdraw, graduate, or drop below half-time enrollment (6 credit hours for undergraduate and 4.5 credits for graduate - waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours) even if you plan to transfer to another school. Exit counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans. Exit counseling may be completed at www.studentloans.gov.

To view a PDF version of the Exit Counseling Guide for Federal Student Loan Borrowers visit http://www.direct.ed.gov/pubs/exitcounselguide.pdf.

Repayment

For general loan repayment information, see the General Loan Repayment Information section below.

For more information about Repayment, view the Loan Repayment webpage, the Be Financially Aware webpage, or https://studentaid.ed.gov/sa/repay-loans.

To Whom Your Federal Student Aid Information is Sent

The Financial Aid and Scholarships Office will send your Federal Pell Grant and Federal Loan information to the U.S. Department of Education. This information is then included in the National Student Loan Data System (NSLDS) and is accessible to you and authorized agencies, lenders, servicers, and institutions. You can view your complete Federal Loan and Pell Grant history in the National Student Loan Data System at www.nslds.ed.gov.

150 Percent Subsidized Loan Limit

Effective July 1, 2013, the Moving Ahead for Progress in the 21st Century Act established a new provision to Direct Loan statutory requirements that limits a first-time borrower's eligibility for Direct Subsidized Student loans to a period not to exceed 150% of the length of the borrower's education program (the 150% limit). A first-time borrower, for this provision, is a student who does not have an outstanding balance of principal or interest on a Direct or FFEL student loan as of July 1, 2013.

Congress wants to encourage students to obtain undergraduate degrees within a reasonable time frame. Students who change majors multiple times or drop/retake classes excessively are most likely to be affected by Public Law 121-141. The Government will no longer provide interest rate deferments for students taking an exceptional amount of time to obtain an undergraduate degree. In such cases, the interest rate expense will now be passed along to the student.

Student borrowers who exceed 150% limit will no longer be eligible for a Direct Subsidized Loan or loan interest subsidy. Once the student has exceeded the 150% of the published length of the student's current educational program, the student will only be eligible to receive Unsubsidized Student Loans. Below are examples of the 150% maximum eligibility periods for Utah Valley University degree and certificate programs:

Program Length   Maximum Eligibility Period
4-year bachelor degrees X 1.5 6.0 Years
2-year associate degrees X 1.5 3.0 years
1-year certificate programs X 1.5 1.5 years

In addition, a borrower who has lost eligibility for additional subsidized loans as a result of reaching the maximum (150%) eligibility period will also lose the interest subsidy on all previous subsidized loans received on or after July 1, 2013. This is because the student did not complete the program in the 150% time frame and continues enrollment in the same program or enrolls in another program of the same or shorter length. The loss of the interest subsidy would be effective on the date of the continued or new enrollment. For more information, please visit our Student Loans Information page and the Federal Student Aid site.

 student will work with can be a private business. There are three types of Direct Loans: Subsidized, Unsubsidized, and PLUS.

Direct Unsubsidized Loans

A Direct Unsubsidized Loan is a non-need-based loan and is available to undergraduate and graduate students. Students are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. You may choose to pay the interest on your Unsubsidized Loans while you are in school and during grace periods and deferment or forbearance periods. If you do not pay the interest while in school, during grace periods, and deferment or forbearance periods, then your loan interest will accrue and be capitalized.

Current Interest Rate

The current interest rate for loans first disbursed on or after July 1, 2015 and before July 1, 2016 is 4.29%.

To view interest rates on your previous subsidized loans, go to https://www.nslds.ed.gov/nslds_SA/.

Origination Fee

An origination fee will be deducted from a subsidized loan before it is disbursed. The origination fee on a subsidized loan for the 2015-2016 award year first disbursed on or before September 30, 2015 is 1.073%, and loans first disbursed on or after October 1, 2015 have an origination fee of 1.068%.

How to Apply

  • To receive a Direct Unsubsidized Loan, you must first complete the FAFSA.
  • Additionally, you must complete any other required items, which could include verification. These required items can be viewed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Basic Eligibility

  • Must meet all federal student aid eligibility requirements. For more information about federal student aid eligibility requirements, visit the Eligibility page of our website.

Awarding

If eligible, undergraduate and graduate students will be awarded a Direct Unsubsidized Loan according to the annual and aggregate loan amounts that are set by the U.S. Department of Education. You will be awarded the maximum amount that you are eligible not to exceed your Cost of Attendance (COA). See the Direct Loan Amount Chart below.

Once Awarded, You Must Meet or Complete the Following Before Your Loan Can Disburse:

  • Accept your loans in your UVLink account confirming that you want the loan. To view and accept your award, click on the Student tab, Financial Aid Folder (under Banner Services), Award folder, Award link, Select the appropriate Aid Year, Terms and Conditions, Accept Award Offer. You must accept your loan for each semester in which you would like to receive a loan. You do not have to accept the full amount of your loans, you may choose how much of each loan you receive for each semester.
  • If necessary, you will need to complete entrance counseling. This can be completed approximately three business days after you accept your loans and are registered for classes. You complete entrance counseling at www.studentloans.gov.
  • If necessary, you must e-sign a Master Promissory Note at www.studentloans.gov. This can be completed approximately three business days after you accept your loans and are registered for classes.
  • You must be enrolled in at least 6 credit hours for undergraduate or 4.5 hours for graduate (waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours).
  • You must complete all Financial Aid Requirements listed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Disbursement

After you are awarded, and if you have met and completed all eligibility requirements, including entrance loan counseling and signing a Master Promissory note, your Direct Subsidized Loan will be sent electronically to the Cashiers Office no sooner than ten days prior to the first day of your enrolled classes.

Your loan will first pay your outstanding tuition and fees and, if authorized by you, any other institutional charges. After this balance is paid, and if there is any excess federal student aid, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default refund method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

The Utah Valley University Financial Aid and Scholarships Office and Cashiers Office process federal student aid disbursements and refunds every business day. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.

Continued Eligibility

How to Cancel or Decrease the Amount of a Direct Unsubsidized Loan

If you choose to cancel all or part of your loan before your loan pays onto your student account: you must complete a Loan Cancellation Request Form and upload it to the Financial Aid and Scholarships Office.

If you choose to cancel all or part of your loan after the your loan have paid onto your student account: you must upload a completed Loan Cancellation Request Form to the Financial Aid and Scholarships Office and return the funds to the Cashiers Office.

If 120 days have elapsed since your loan was disbursed, the funds cannot be returned to the school and must be returned directly to your loan servicer.

Exit Loan Counseling

You must complete exit counseling before you withdraw, graduate, or drop below half-time enrollment (6 credit hours for undergraduate and 4.5 credits for graduate - waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours) even if you plan to transfer to another school. Exit counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans. Exit counseling may be completed at www.studentloans.gov.

To view a PDF version of the Exit Counseling Guide for Federal Student Loan Borrowers visit http://www.direct.ed.gov/pubs/exitcounselguide.pdf.

Repayment

For general loan repayment information, see the General Loan Repayment Information section below.

For more information about Repayment, view the Loan Repayment webpage, the Be Financially Aware webpage, or https://studentaid.ed.gov/sa/repay-loans.

To Whom Your Federal Student Aid Information is Sent

The Financial Aid and Scholarships Office will send your Federal Pell Grant and Federal Loan information to the U.S. Department of Education. This information is then included in the National Student Loan Data System (NSLDS) and is accessible to you and authorized agencies, lenders, servicers, and institutions. You can view your complete Federal Loan and Pell Grant history in the National Student Loan Data System at www.nslds.ed.gov.

Direct Loan Award Amounts

Annual Loan Award Amount

Base Loan Dependent Student Independent Student
             
  Semester Semester Total Semester Semester Total
Freshman 0-29 credit hours $1,750 $1,750 $3,500 $1,750 $1,750 $3,500
Sophomore 30-59 credit hours $2,250 $2,250 $4,500 $2,250 $2,250 $4,500
Junior/Senior 60-180 (Must be matriculated into a BS degree) $2,750 $2,750 $5,500 $2,750 $2,750 $5,500
Graduate Student       $4,250 $4,250 $8,500
Additional Loan Dependent Student Independent Student
             
  Semester Semester Total Semester Semester Total
Freshman 0-29 credit hours $1,000 $1,000 $2,000 $3,000 $3,000 $6,000
Sophomore 30-59 credit hours $1,000 $1,000 $2,000 $3,000 $3,000 $6,000
Junior/Senior 60-180 (Must be matriculated into a BS degree) $1,000 $1,000 $2,000 $3,500 $3,500 $7,000
Graduate Student       $6,000 $6,000 $12,000

 

Aggregate Loan Limits

 

  • Dependent students: $31,000; no more than $23,000 can be subsidized
  • Independent students: $57,500; no more than $23,000 can be subsidized
  • Graduate students: $138,500; no more than $65,500 can be subsidized


General Loan Repayment Information

When deciding if borrowing student loans is the right choice for you, be mindful that loans are funds you have to pay back. The following chart displays figures based on the standard repayment plan with 7% interest. When considering how much to borrow, we recommend that you refer to www.nslds.ed.gov for your loan balances and interest rate(s), and to www.studentaid.ed.gov for repayment information and calculators. This information will help you determine what your loan repayment will be. 

Loan Repayment Chart

Please be mindful that this chart is based on a ten year repayment plan and these amounts are only estimates of what your payments will be. There are different repayment options available. Interest rates vary each year; therefore, your loans will have different interest rates up to 6.8% which will change your loan repayment amount. Perkins loans have an interest rate of 5%. We encourage you to contact your loan servicers to help you determine your exact repayment amount and to gain information on your repayment options.

Direct PLUS Loans

A Direct PLUS Loan is a non-need-based loan and is available to Parents of undergraduate students, or graduate students to aid in paying for educational expenses.

Current Interest Rate

Federal PLUS Loans first disbursed on or after July 1, 2015 and before July 1, 2016 have an interest rate of 6.84%.

To view interest rates on your previous subsidized loans, go to https://www.nslds.ed.gov/nslds_SA/.

Origination Fee

An origination fee will be deducted from a Federal PLUS Loan before it is disbursed. The origination fee on a Federal PLUS Loan for 2015-2016 first disbursed on or before September 30, 2015 will have an origination fee of 4.292%, and Federal PLUS Loans first disbursed on or after October 1, 2015 will have an origination fee of 4.272%. Federal PLUS Loans are not subject to the Direct Loan annual or aggregate limits; however, the maximum amount that can be borrowed is up to your Cost of Attendance.

How to Apply

  • To receive a PLUS Loan, you must first complete the FAFSA.
  • Additionally, you (or your student for a parent PLUS loan) must complete any other required items, which could include verification. These required items can be viewed in your UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.
  • For Direct Parent PLUS Loans, the parent must complete the Parent PLUS Loan Request and upload the completed form to the Financial Aid and Scholarships Office. The parent must be the student’s biological or adoptive mother or father. A stepparent is also eligible to borrow a PLUS loan if their income and assets would be taken into account on the student’s FAFSA application. A legal guardian is not considered a parent for this purpose. A borrower is not eligible for a PLUS loan if the federal government holds a judgment lien on his or her property or if he or she is incarcerated. The parent borrower is responsible for repaying the loan. 
  • For Direct Graduate PLUS Loans, you must complete the Graduate PLUS Loan Application and upload the completed application to the Financial Aid and Scholarships Office.

Direct PLUS Loans are subject to a credit check to determine the borrowers credit worthiness. The U.S. Department of Education will run a soft credit check. If the credit check is denied, the borrower has the following options:

  • The borrower may contact the U.S. Department of Education and provide information on extenuating circumstances relating to the adverse credit history and complete PLUS Loan Counseling with the U.S. Department of Education. You can find further information on this at https://studentloans.gov/myDirectLoan/whatYouNeed.action?page=credit. If the U.S. Department of Education approves the PLUS loan borrower, the Financial Aid and Scholarships Office may continue this request. The borrower will need to contact the Financial Aid and Scholarships Office.
  • The borrower may obtain an endorser and complete PLUS Loan Counseling with the U.S. Department of Education. An endorser is someone who does not have an adverse credit history and agrees to repay the loan if the borrower does not repay it. You can find further information on this at https://studentloans.gov/myDirectLoan/whatYouNeed.action?page=credit

Basic Eligibility

  • Must meet all federal student aid eligibility requirements. For more information about federal student aid eligibility requirements, visit the Eligibility page of our website.

Awarding

Federal PLUS Loans are not subject to the Direct Loan annual or aggregate limits; however, the maximum amount that can be borrowed is up to your (or your student in the case of a PLUS loan) Cost of Attendance (COA). If eligible, you will be awarded the amount requested on the PLUS Loan Application. PLUS loans have two equal disbursements, usually at the beginning of each semester.

Once Awarded, You Must Meet or Complete the Following Before Your Loan Can Disburse:

  • For graduate students, if necessary, you will need to complete entrance counseling. This can be completed approximately three business days after you accept your loans and are registered for classes. You complete entrance counseling at www.studentloans.gov.
  • For parent PLUS loans, if necessary, you will need to complete PLUS Counseling if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or have successfully appealed the credit decision with the U.S. Department of Education.
  • If necessary, you (the graduate student or the parent in the case of a parent PLUS loan) must e-sign a Master Promissory Note at www.studentloans.gov. This can be completed approximately three business days after your loan application is complete.
  • The student must be enrolled in at least 6 credit hours for undergraduate or 4.5 hours for graduate (waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours).
  • The student must complete all Financial Aid Requirements listed in their UVLink account. Log in to UVLink, go to the Student tab, click on the Financial Aid folder (under Banner Services), Requirements, select the appropriate Aid Year.

Disbursement

For graduate PLUS loans: after you are awarded, and if you are eligible, your loan will be sent electronically to the Cashiers Office no sooner than ten days prior to the first day of your enrolled classes. Your loan will first pay your outstanding tuition and fees and, if authorized by you, any other institutional charges. After this balance is paid, and if there is any excess federal student aid, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

For parent PLUS loans: after you are awarded, and if you and your student are eligible, your loan will be sent electronically to the Cashiers Office no sooner than ten days prior to the first day of your students enrolled classes. Your loan will first pay your students outstanding tuition and fees and, if authorized by you (the parent), any other institutional charges. After the student's balance is paid, and if there is any excess federal student aid, the Utah Valley University Cashiers Office will refund the monies to you (the parent, unless otherwise notated on the  Parent PLUS Loan Application) by check through the U.S. Postal Service to the address listed on the Parent PLUS Loan Application. If you indicate on the Parent PLUS Loan Application that you would like any excess funds to be sent to your student, the Utah Valley University Cashiers Office will refund the monies to your student either by check through the U.S. Postal Service to the address listed in UVLink (this is the default method), or through direct deposit (which your student may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

The Utah Valley University Financial Aid and Scholarships Office and Cashiers Office process federal student aid disbursements and refunds every business day. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.

Continued Eligibility

  • You (for graduate PLUS) or the student (for parent PLUS) must complete a new FAFSA and other application requirements each award year. For more information on the application process, visit our How to Apply page.
  • You (for graduate PLUS) or the student (for parent PLUS) must meet Satisfactory Academic Progress each semester. For information about Satisfactory Academic Progress, please view the Satisfactory Academic Progress webpage.
  • You (for graduate PLUS) or the student (for parent PLUS) must meet all other eligibility requirements. Please see our Eligibility page for more information.
  • You must complete the Graduate PLUS Loan or the Parent PLUS Loan Application each award year in which you would like to request a PLUS loan.

How to Cancel or Decrease the Amount of a Direct PLUS Loan

If you choose to cancel all or part of your loan before your loan pays onto your student account: the parent (for parent PLUS) or the student (for graduate PLUS) must complete a Loan Cancellation Request Form and upload it to the Financial Aid and Scholarships Office.

If you choose to cancel all or part of your loan after the your loan have paid onto your student account:the parent (for parent PLUS) or the student (for graduate PLUS) must upload a completed Loan Cancellation Request Form to the Financial Aid and Scholarships Office and return the funds to the Cashiers Office.

If 120 days have elapsed since your loan was disbursed, the funds cannot be returned to the school and must be returned directly to your loan servicer.

Exit Loan Counseling

You must complete exit counseling before you or your student, withdraw, graduate, or drop below half-time enrollment (6 credit hours for undergraduate and 4.5 credits for graduate - waitlist hours, audited courses, courses that are not needed to complete your academic program, and some repeated courses are not considered eligible credit hours) even if you plan to transfer to another school. Exit counseling helps you understand your rights and responsibilities as a student loan borrower and provides useful tips and information to help you manage your loans. Exit counseling may be completed at www.studentloans.gov.

To view a PDF version of the Exit Counseling Guide for Federal Student Loan Borrowers visit http://www.direct.ed.gov/pubs/exitcounselguide.pdf.

Repayment

For Parent PLUS Loans: Your Direct PLUS Loan enters repayment once your loan is fully disbursed onto your student's account.

For Graduate PLUS Loans: Your loan will be placed into deferment while you are enrolled at least half-time (4.5 credits) and for an additional six months after you cease to be enrolled at least half-time. If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due.

For more information about PLUS loan repayment, contact your loan servicer, or view https://studentaid.ed.gov/sa/types/loans/plus#when-repay

To Whom Your Federal Student Aid Information is Sent

The Financial Aid and Scholarships Office will send your Federal Pell Grant and Federal Loan information to the U.S. Department of Education. This information is then included in the National Student Loan Data System (NSLDS) and is accessible to you and authorized agencies, lenders, servicers, and institutions. You can view your complete Federal Loan and Pell Grant history in the National Student Loan Data System at www.nslds.ed.gov.

Private Education Loans

 Utah Valley University does not promote any private student loan lenders or guarantors or their loan products. Utah Valley University does not have a preferred lender list, nor do we have a preferred lender arrangement. Students at Utah Valley University have the right to choose their lender from among those that participate in private education loans.

If a private education loan is necessary, you are strongly encouraged to research and compare several lenders. Each lender may have different interest rates and requirements for repayment. These loans are not awarded on the basis of financial need. Students may qualify for federal student loans or other assistance from the Federal Student Aid programs. The terms and conditions of a federal student loan may be more favorable than the provisions of a private education loan. You can determine their eligibility for these loans by completing the Free Application for Federal Student Aid (FAFSA). Please see our How to Apply page.

Private education loans are considered non-need-based aid.

New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process for applying for and receiving private education loans. Lenders who provide these loans must comply with the following requirements:

Lenders must provide three separate loan disclosures to borrowers--one at the point of application, one when the loan is approved, and one before the loan is disbursed. A waiting period of three to seven business days is required between the time the borrower receives the final loan disclosure and the time that the loan is disbursed. Students must also sign a self-certification form and submit it to the lender before the loan can be disbursed. The lender should provide the student with all of the information needed to know about these requirements.

How to Apply

  • To receive a private education loan, you must first complete the FAFSA, or if you do not wish to receive federal student aid, you must upload to the Financial Aid and Scholarships Office a signed personal statement declaring that you do not wish to receive federal student aid awards. One of these options must be complete prior to Utah Valley University certifying your loan.
  • Once you know which lender you want to receive a loan from, complete an application with them and any other required documents that they require.

Basic Eligibility

  • You must be admitted to, enrolled in, and be a degree-seeking student at Utah Valley University for your loan to be certified.
  • All lenders have their own eligibility criteria. You may review the eligibility criteria on the lenders website or by contacting them directly.
  • The enrollment status required for a private education loan is determined by the lender except in the case of Global Aviation students.
  • Global Aviation students:Students in the Global Aviation degree program must be enrolled half-time (6 credits) in order to receive their private education loan.

Award Information

The maximum amount you may have certified per award year in private education loans is your Cost of Attendance minus federal student aid and other estimated financial assistance.

Loan Certification

Once your loan is approved by the lender, the lender will request that the Financial Aid and Scholarships Office certify the loan. Certification confirms for the lender that the loan applicant meets all eligibility requirements.

Disbursement

Private education loan funds will be disbursed from your lender to Utah Valley University in the form of a check. Private education loan checks will typically not be sent to Utah Valley University from your lender earlier than ten days prior to the first day of the semester in which your loan is certified. If your lender makes your private education loan check payable to Utah Valley University, your private education loan check will be applied to your student account, will first pay your outstanding tuition and fees and any other institutional charges. After this balance is paid, and if there is any excess private education loan monies, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed. Private education loan refunds are processed daily by the Cashiers Office.

If your lender makes your private education loan check payable to you, you will be notified in your UVLink email by the Bursar's Office when the check is received. You will then go to the Cashiers Office to endorse the check to be applied to any outstanding student account balance. After any balance is paid, and if there is any excess private education loan monies, the Utah Valley University Cashiers Office will refund the monies to you either by check through the U.S. Postal Service to the local address listed in UVLink (this is the default method), or through direct deposit (which you may set up in UVLink). If mailed, please allow 3-5 business days for the refund to be processed.

Private education loan refunds are processed daily by the Cashiers Office.

Continued Eligibility

  • All lenders have their own eligibility criteria. You may review the eligibility criteria on the lenders website or by contacting them directly.
  • You must complete the FAFSA, or if you do not wish to receive federal student aid, you must upload to the Financial Aid and Scholarships Office a signed personal statement declaring that you do not wish to receive federal student aid awards ever award year that you wish to receive a private education loan. One of these options must be complete prior to Utah Valley University certifying your loan.

Repayment

Interest percentages and repayment information is different by lender. You are strongly encouraged to research and compare several lenders to find the best option for you.