Phone: 616-331-3234
800-748-0246
Fax: 616-331-3180
Financial Aid Office
finaid@gvsu.edu

100 Student Services Building
Allendale, MI 49401

  Office Hours

Financial Aid » Current Students » Loans

Federal Loan Information

**Note: In order to receive federal loans, undergraduates must be registered at least half time (6 credits) and graudate students (4.5 credits).

Federal Direct Subsidized Loans: With a subsidized loan, the government will pay the loan interest during in-school enrollment periods. With an unsubsidized loan, you pay all of the interest from the time the loan is disbursed. Effective July 1, 2008 through June 30, 2009, the interest rate is at 6% with a 0.5% processing fee.  Effective July 1, 2009 through June 30, 2010, the interest rate will be 5.6% with a 0.5% processing fee.  Other academic years will have different rates. Qualifying for the subsidized loan is determined from the FAFSA. You are notified of loan eligibility by our Financial Aid Office and do not have to go to a bank or other lending institution.

Federal Direct Unsubsidized Loans:  With an unsubsidized loan, you pay all of the interest from the time the loan is disbursed. Effective July 1, 2008 through June 30, 2010, the interest rate is at 6.8% with a 0.5% processing fee.  Other academic years will have  different rates. You will be notified of loan eligibility of an unsubsidized loan by our office.  Again, you do not have to go to a bank or other lending institution.

Federal Direct Parent Loan (PLUS): Through this program, your parent(s) (if you are a dependent student) may borrow the cost of the student's education minus any other aid. The interest rate is fixed at 7.9% with a 2.5% processing fee. Additional information and applications for PLUS loans will be included with your financial aid award notification information. These loans are originated by GVSU and not through local banks.

Graduate PLUS loan for graduate students:  This loan program is a credit-based loan for student's working on a master's or doctorate program.  Students must have applied and utilized their federal loan eligibility first before applying for additional funds.  More information on this loan can be found here.

Additional unsubsidized loans for independent students: If you are an independent student you will be offered additional amounts under the Direct Loan Program. If you have questions contact the Financial Aid Office.

Direct Loan Limits:

Direct Loan Program Loan Maximums
  Annual Limits
Dependent Undergraduates Subsidized Additional Unsubsidized Loan Amount (Effective July 1, 2008) Total
(Subsidized & Unsubsidized)
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior/Senior $5,500 $2,000 $7,500
Independent Undergraduates*  
Freshman $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500
Junior/Senior $5,500 $7,000 $12,500
 
Graduate Students $8,500 $12,000 $20,500
  Aggregate Limits
Dependent Undergraduates $23,000 $8,000 $31,000
Independent Undergraduates* $23,000 $34,500 $57,500
Graduate Students $65,500 $73,000 $138,500**


* These limits also apply to dependent students whose parents are unable to borrow under the PLUS program.
** The graduate aggregate loan limit includes loans borrowed as an undergraduate.


If a student chooses to accept a Direct Loan there are 2 processes that have to be completed.  One is Entrance Loan Counseling and the other is the Master Promissory Note.  Both of these processes only need to be completed once during a student's time at Grand Valley. 

 
  Last Modified Date: November 6, 2009
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