Consumer Information

As a student at EVMS, you have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.

  • Satisfactory academic progress: The status required for all students to maintain eligibility for financial aid. All students are required to be familiar with this process and their status.
  • Your right to cancel: This covers your right to cancel your federal William D. Ford Direct Loans, federal Perkins Loan or institutional loans in whole or in part.
  • Scheduled disbursement dates: When will your financial aid be released to Financial Services for disbursement? Check the schedule for your program/cohort. 

Loan fees

Under sequestration, loan origination fees will be adjusted at the beginning of the federal fiscal year (October 1) of each year unless the act is repealed or replaced.

Currently, for loans first disbursed between October 1, 2015, and before October 1, 2016, the origination fee is 1.068% for the Direct Unsubsidized Loan and 4.272% for the Direct Grad PLUS Loan.

For loans first disbursed on or after October 1, 2016, and before October 1, 2017, the origination fee will be 1.069% for Direct Unsubsidized Loan and 4.276% for Direct Grad PLUS Loan.

For cohorts with start dates prior to October 1, 2016, if your first loan funds for the year were disbursed prior to October 1, 2016, all disbursements for the year will be at the prior fiscal year fee amounts.

Note: Interest rates for each academic year are available online from the federal government. Historical rates are available.

Interest rates for direct loans
first disbursed on or after July 1, 2016*

Loan type

Borrower type

Loans first disbursed on or after July 1, 2016 and before July 1, 2017

Direct Subsidized Loans

Undergraduate

3.76%

Direct Unsubsidized Loans

Undergraduate

3.76%

Direct Unsubsidized Loans

Graduate or professional

5.31%

Direct PLUS Loans

Parents and graduate or professional students

6.31%

All interest rates shown in the chart above are fixed rates for the life of the loan.

*Excerpted from the U.S. Department of Education's Federal Student Aid office.

EVMS institutional loans continue at 5% interest and are subsidized during enrollment and grace periods.