Students and their families may borrow money to bridge the gap between financial aid awards and total cost of attendance. The main difference between loans and other forms of financial aid is that loans must be repaid, with interest or fees. We recommend that students view loans as part of their investment for the future by comparing different loan options and choosing the one(s) that best meets their needs and goals.
This federal loan program provides loans to students who demonstrate financial need. The FAFSA determines eligibility for this loan. Students may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 per year thereafter. The student begins repayment of principal and interest six months after graduation or once they cease to be enrolled less than half time at an interest rate currently at 5.5% beginning July 1, 2023.
This lending option is available to students who do not qualify for the need-based Federal Subsidized Loan. It has the same terms as the Subsidized loan except that interest accrues on the principal loan amount while the student is in school. The student has the option of paying the accumulating interest or deferring it until the loan enters repayment. The student begins repayment of principal and interest six months after graduation or once they cease to be enrolled less than half time at an interest rate currently at 5.5% beginning July 1, 2023. Students may borrow $2,000 more per year in addition to the annual amounts listed.
Parents who complete a FAFSA may borrow up to the annual total cost of attendance less any financial aid. There’s a fixed interest rate of 8.05% for loans first disbursed on or after July 1, 2023 and before June 30, 2023 with a 4.228% origination fee. Repayment begins 60 days after the full loan has been disbursed. Arrangements for deferred or other repayment options must be made directly with the Direct Loan Program and is at their discretion.
Private loan applications are completed directly with the lender of your choice. RMC has partnered with ELMSelect to help you view and compare some of the most popular private loan options. This free service can assist you in finding loan rates and terms that best meet your needs, as well as provide loan counseling services, financial literacy tips, and more.
Graduate and professional students have an additional, affordable option for funding their education with the Graduate PLUS Loan which is guaranteed by the federal government and has a fixed interest rate. Eligibility for this loan is not based on household income, assets, or financial need but is determined, in part, by a complete FAFSA and your personal credit history. Many students with limited or no credit history can qualify, however, students with an adverse credit history may not qualify. An eligible student can borrow up to the cost of attendance minus any other aid received.
There’s a fixed interest rate of 8.05% for loans first disbursed on or after July 1, 2023 and before June 30, 2023 with a 4.228% origination fee. Subject to credit approval, choice of repayment terms. Must complete Grad PLUS application, master promissory note, and entrance counseling at studentaid.gov.
Direct Unsubsidized Loans are available to graduate students; there is no requirement to demonstrate financial need. It has the same terms as the Subsidized loan except that interest accrues on the principal loan amount while the student is in school. The student has the option of paying the accumulating interest or deferring it until the loan enters repayment. The student begins repayment of principal and interest six months after graduation or once they cease to be enrolled less than half time at an interest rate currently at 8.05% beginning July 1, 2023. Students may borrow up to $20,500 per year based on eligibility.
The following is a list of programs and payment plans that might be available to you. It is important that you investigate each of the following options thoroughly.
The Randolph-Macon College Monthly Payment Plan allows parents and students the option of meeting expenses in convenient monthly payments.You may obtain more information by visiting the Business Office site on payment options
Student veterans and students who are the dependents of veterans may be eligible for tuition assistance and/or monthly aid from the federal Veterans Administration. If you are a new student and would like to start receiving benefits, the first step is to start the application process with the Department of Veteran Affairs (VA). The VA can also be reached by calling 888.442.4551. The VA is the best point of contact for questions concerning benefit payment amounts and questions regarding specific eligibility. The Virginia State Approving Agency(SAA), is the approving authority of education and training programs for Virginia. The SAA investigates complaints of GI Bill beneficiaries. While most complaints should initially follow the school grievance policy, if the situation cannot be resolved at the school, the beneficiary should contact the SAA via email at saa@dvs.virginia.gov
Once the VA application process is complete please submit your Certificate of Eligibility from the Veteran’s Administration to the Office of Financial Aid. The VA Certifying Official at Randolph-Macon College is located in the Registrar’s Office. Enrollment certifications are generally submitted by the VA Certifying Official to the VA a month prior to the start of classes. Students eligible for Chapter 31 or 33 benefits will not incur late fees or other penalties if the VA is late with disbursing payments. If at any time your enrollment changes, it is important to contact the Certifying Official to avoid payment problems.
Virginia residents who qualify may be eligible for financial assistance from the Department of Rehabilitative Services. Information may be obtained from field offices or from the DRS Regional Office, 3113 West Marshall Street, Richmond, VA 23220.
Other states have grants and loans for which students attending RMC may be eligible. Students should contact their high school guidance counselors and/or the appropriate higher education agency in their states to determine the availability of financial assistance.
Students may be interested in searching for scholarships and grants from private organizations.
There’s great news for parents and students: the federal government provides a number of tax incentives that can help defray some of the cost of higher education. These incentives come in a couple of forms: Tax Credits, which directly reduce the amount of tax you are liable for; and Tax Deductions, which reduce the amount of income on which you pay taxes. Talk with your tax preparer for more details.
