The State Student Loan Program is a low interest (3% interest rate) need-based loan fund available to Virginia students enrolled in at least a half-time basis. An SSL recipient must be a legal resident of Virginia and demonstrate financial need. A student may be awarded up to the cost of tuition and required fees per academic session. All notes covering loans must be endorsed by parents or other responsible Virginia adults. Repayment is deferred until four months after you graduate, withdraw from classes, or drop below half time.
Here are some commonly asked questions about State Student Loans -
- How do I apply for the loan?
Complete the FAFSA. The results of your FAFSA will provide us with the information to determine if you might be eligible for State Student Loan funds.
- How will I know I was awarded a State Student Loan?
It will be included in your Financial Aid Award Notification that you receive via e-mail. You will need to accept the loan and complete all requirements to receive the funds.
- How many hours must I be enrolled to receive the loan?
You must be enrolled at least half time to receive any state student loan funds, there are no exceptions.
- Do I need to be making Satisfactory Academic Progress to receive a State Student Loan?
Yes. If you are not making Satisfactory Academic Progress you are not eligible to be awarded a State Student Loan.
- When will my loan funds credit my account?
The financial aid office will credit your student account at the beginning of each semester. If you have completed all the loan requirements your loan funds will credit your account for the start of each semester.
- When will repayment begin on the loan?
As long as you are enrolled and attending at least half time, you have four months after you graduate, withdraw from school, or drop below half-time status before you must begin repayment. The promissory note has a 3% interest rate, beginning atthe time the note is signed. The minimum monthly payment is $30 per month.