Federal Loans
All first time borrowers must complete Entrance Counseling, and a Master Promissory Note prior to disbursement of funds at studentloans.gov. You will need your FSA ID to complete both requirements. Entrance counseling ensures that you are aware of your rights and responsibilities as a borrower. After a brief tutorial, you are required to pass a quiz which will be forwarded to Shepherd University. You can also meet with a financial aid counselor to satisfy this requirement.
When a student gets ready to graduate, drops below half time, or leaves school, the Department of Education requires you to complete Exit Counseling to ensure, once again, that you are aware of your rights and responsibilities as a borrower. By using your FSA ID, you can determine which repayment plan is best for you. You can also meet with a financial aid counselor to satisfy this requirement.
Federal Direct Unsubsidized Loan
- $20,500 borrowing limit per year
- 5.284% annual interest rate
- Lifetime borrowing limit of $138,500 (including both Unsubsidized and Subsidized Ford Federal Direct Loans for both undergraduate and graduate education)
- The borrower is responsible for interest that accrues while they are in school
For more information see StudentAid.gov
Direct Graduate Plus Loan
- The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received
- 6.284% annual interest rate
- This loan is unsubsidized. The borrower is responsible for interest that accrues while they are in school
- There is no grace period for this loan
- The loan goes into repayment (and begins accumulating interest) 60 days after the second disbursement, but is deferrable throughout attendance of at least half-time study at a post-secondary institution
- Loan is contingent on a credit check
For more information see StudentAid.gov
Private Loans
Maximize all federal, state, and local financial aid opportunities before looking to private student loans. For more information see Private Loans.
Scholarships
State Scholarships
College Foundation of West Virginia
Note: Graduate students are not eligible for HEAPS or West Virginia Promise.
Private Scholarships
Private scholarships are awarded by other agencies, such as businesses, churches, foundations, etc. Students are encouraged to look into private scholarships. The following websites are useful for applying online. Notify the Office of Financial Aid of any scholarship that you receive from a private source.
- FastWeb
- SallieMae
- Peterson’s
- Scholarships.com
- Fin Aid on the Web
- GoCollege: The Collegiate Websource
- Student scholarships.org
- College scholarships.org
If you detect Scholarship Fraud, contact the Consumer Protection and Antitrust Divisions of the West Virginia Attorney General’s Office at 304-558-8986 or 1-800-368-8808.