Equipping students with an education of a lifetime. Established since 1886, 133 years of academic experience. Academic offerings with 100% online courses, a variety of majors and minors to choose from.
Equipping students with an education of a lifetime. Established since 1886, 133 years of academic experience. Academic offerings with 100% online courses, a variety of majors and minors to choose from.
Equipping students with an education of a lifetime. Established since 1886, 133 years of academic experience. Academic offerings with 100% online courses, a variety of majors and minors to choose from.
You are investing in your career. A high quality education from the Virginia University of Lynchburg is affordable and a wise investment. As you consider the cost of higher education, there are many financial aid options including loans that must be repaid and gift aid in the form of grants or scholarships. Consider these different types of financial assistance for college carefully as they could affect your future financial stability.
Long-term debt can hinder your ability to pursue your calling once you finish your education. For this reason, we encourage you to borrow wisely and live within a reasonable budget while you are in school. Loans can help you finance your education, but they are not intended to subsidize an extravagant lifestyle while you are a student. If possible, seek out as many scholarships and grants as you can find before considering other forms of student financial aid such as loans.
To help you reach your educational and career goals, the Virginia University of Lynchburg financial aid team will work closely with you to design an aid package that is best for your situation. Explore the options below to learn more about the types of financial aid for college available to you.
The U.S. Department of Education awards about $150 billion a year in financial aid through grants, student loans, and other programs.* Some federal aid is gift aid, or grants, that do not need to be paid back, while other aid consists of student loans that must be repaid.
Am I Eligible for Federal Aid?
To be considered for federal aid, including the Pell Grant, you must complete the FAFSA. Learn more about this process on our How to Apply page.
Types of Federal Financial Aid
Pell Grant (undergraduate students Only); The Federal Pell Grant is awarded to undergraduate students who have not previously earned a bachelor’s or professional degree. The size of the award is based on the student’s Expected Family Contribution (EFC) and his/her enrollment status. Undergraduate students who are enrolled full-time (12 or more hours per semester) can expect to receive 100 percent of their total Pell award. Students enrolled less than full-time will receive a prorated award based on their enrollment status.
Stafford Loans; The Federal Stafford Loans Program provides loans at a low cost to students. There are two Stafford Loans that students are eligible for: Stafford Subsidized Loans and Stafford Unsubsidized Loans. Both loans provide access to funds that students may not otherwise have.
FSEOG: Federal SEOG is awarded to students that are U.S. Citizens, full-time students with a FAFSA and with the most financial need. The amount is awarded by the school based on the total award allotted for the university.
FWS (Federal Work Study): Students work for campus-enrolled jobs. In order to be eligible, Financial Aid must consider the student’s financial need (EFC). Work-Study is on a “first come, first serve basis.” At least 7% of FWS funds must be Community Service.
PLUS Loans
Graduate PLUS Loan: The Federal Graduate PLUS Program is a low-interest loan for graduate students enrolled in school at least half-time (minimum of five credit hours per semester). Graduate students must be U.S. citizens or registered permanent residents to apply for the PLUS. Eligibility for the PLUS is not based on demonstrated financial need.
Parent PLUS Loan: The Federal Parent PLUS Program is a low-interest loan for parents of dependent, undergraduate students enrolled in school at least half-time (minimum of six credit hours per semester). Parents must be U.S. citizens or registered permanent residents to apply for the PLUS. Eligibility for the PLUS is not based on demonstrated financial need.
Sallie Mae Loans: Applications are available on the Sallie Mae website. The Sallie Mae loan is an independent student loan available for undergraduate or graduate studies. Applicants may need a co-signer as it is a credit-based program.
Important Loan Information It is common for loan programs to require the submission of a promissory note. For detailed information and directions on completing this process, please review our resource on Master Promissory Notes.
*Source: https://studentaid.ed.gov/
State aid is funded by your state of residence. VUL accepts all state aid, but options for out-of-state students can be limited. Typically, states provide aid to encourage residents to pursue education within their home state.
Learn more about Virginia’s in-state aid at www.schev.edu.
Private aid is aid funded by an external organization. This aid can be in the form of scholarships, loans or grants to help pay for college.
Private Grants & Scholarships
Grants and scholarships are typically considered as gift aid that you will not be required to repay. Many grants and scholarships can be combined, so you should seek out and apply for as many as you can. There are thousands of options available, but some will have very specific eligibility criteria.
Private scholarship search engines >
VUL also offers school-specific scholarships opportunities for Virginia University of Lynchburg students. Learn more about these under the Institutional Aid tab on this page.
Private Loans
Private loans are based on your credit history and must be repaid. Students are encouraged to avoid taking out private loans if possible because these loans usually have higher interest rates and are not eligible for federal repayment plan options. Students should also carefully consider the interest rates, loan fees and terms of the program before making a selection.
Most institutions have an online application followed by a credit check. Once the school is notified, the school will certify the loan amount. The student most likely will then be required to complete either an online or paper promissory note. Private loans may be used in place of PLUS loans.