New at EVMS for 2010-11 Academic Year: Federal Direct Loan Program

On March 25, 2010, the U.S. House of Representatives and the U.S. Senate passed the The Health Care and Education Affordability Reconciliation Act of 2010 ("HCEARA"-H.R. 4872). This bill makes major changes in several federal student aid programs AND mandates that, effective July 1, 2010, all federal student loans (Stafford, PLUS, and Grad PLUS) will be originated through the Federal Direct Loan Program. The Family Federal Education Loan Program, which permitted private lenders to originate these loans, is eliminated effective June 30, 2010. President Obama signed the bill into law on March 30, 2010.

Any questions or concerns regarding student financial aid will be answered promptly by the Student Financial Aid Office or the Office of Vice Provost.

Evaluate financial need

Each student should carefully evaluate his or her projected financial needs for the academic year and borrow accordingly, without exceeding the limits established by the student budget and the student's own financial need. Once the student receives an award notice, the student can then apply for funds.

Direct Stafford Loans

Stafford Subsidized:  Loans for graduate/professional students are made for up to $8,500 per academic year.  The determination of subsidized eligibility is calculated using the following formula:  Projected Budget - Expected Financial Aid (EFC) - Other financial assistance = remaining need.  Subsidized cannot exceed $8,500 per year.

Stafford Unsubsidized:  Loans for graduate/professional students are made for up to $20,500 (School of Health Professions Students) and $40,500 (School of Medicine Students) less any subsidized eligibility.  The determination of unsubsidized elgibility is calculated using the following formula:  Projected Budget-Subsidized eligibility-Other financial assistance= Unsubsidized eligibility. 

Direct Graduate PLUS

Graduate PLUS:  Loans for graduate/professional students who have remaining unmet costs after the Stafford loan determination.  The determination of graduate PLUS eligibility is calculated using the following formula:  Projected Budget - Stafford Subsidized - Stafford Unsubsidized - Other financial assistance = unmet costs: Graduate PLUS eligibility.

Students who need additional funds to meet the gap between aid awarded and the cost of attendance may apply for a Direct PLUS loan. This loan is based on credit readiness and there is a credit approval process prior to completing the Master Promissory Note.

EVMS-administered Loans

Students awarded EVMS-administered loans must complete a separate EVMS Promissory Note (MPN).  Students will be notified when to come to the OFA to complete the required MPN for the institutional loan.

Alternative/Private Loans

Students who are not eligible for a Direct Graduate PLUS loan may apply for a private loan to meet the gap between aid awarded and the cost of attendance.

Students must submit the application online. The servicer will contact EVMS when all materials have been received from the student. EVMS will then certify the student's eligibility for the private loan so that funds can be disbursed. Aid received cannot exceed the Projected Cost of Attendance.