Summer Borrowed Aid (Loans)
Financial aid that must be repaid - usually with interest - is considered borrowed aid (loans).
- Important Information for Federal Loans
- Federal Direct Loans (Subsidized and Unsubsidized)
- Federal Direct PLUS Loan (Application Required)
- Private Loan (Application Required)
Important Information for Federal Loans
This information applies to Federal Direct Loans (Subsidized and Unsubsidized) and Federal Direct PLUS Loans.
- Students must be making satisfactory academic progress for financial aid eligibility for federal aid - including federal loans.
- Students must be enrolled at least half-time in federal aid-eligible courses for summer for federal loan consideration and enrolled at least half-time in federal aid-eligible courses for loan disbursement.
- An origination fee is retained by the federal government, so the offered amount and disbursed amount will differ. Please visit our Origination Fee webpage for more information and an origination fee calculator.
- A borrower has 120 days to return any portion of a federal loan to the institution without being assessed any interest or fees by the federal government on the amount returned.
Please note that half-time attendance for disbursement occurs when a student begins attendance in the credits that put them to half-time. Example: Jane is an undergraduate enrolled in three credits that start in May and three credits that start in June. Half-time enrollment is six credits, so her loans cannot disburse until she begins attending her June course.
Federal Direct Loans (Subsidized and Unsubsidized)
- Please read the Important Information for Federal Loans section above as that pertains to these loans.
- Subsidized loans are only a potential option for undergraduate students.
- Unsubsidized loans are a potential option for both undergraduate and graduate levels.
- Loan amounts vary by grade level and dependency.
- Loan amounts also vary based on how much students used of their annual eligibility during the fall and spring semesters (and how much students have used of the maximum amount they can borrow throughout their education).
- First-time borrowers must complete a Loan Agreement (Master Promissory Note) and Entrance Counseling on the Federal Student Aid website before funds can disburse.
Federal Direct PLUS Loan (Application Required)
- Please read the Important Information for Federal Loans section above as that pertains to these loans.
- The Parent PLUS Loan is a credit-based loan option for parents of undergraduate dependent students.
- Graduate-level students may consider applying for the Graduate PLUS Loan. For the Graduate PLUS Loan, the student is the borrower, not the parent.
- A new application can be completed on the Federal Student Aid website. For summer 2024, the borrower must complete the application for the 2023-2024 financial aid year (for May 2024 through August 2024).
- Approved borrowers may borrow up to the cost of attendance (budget) for summer, minus other financial aid.
- If approved, the borrower will be notified to complete a PLUS Loan Agreement (Master Promissory Note) on the Federal Student Aid website. They may also need to complete PLUS counseling. Funds cannot disburse until the Loan Agreement has been received.
- If the parent of a dependent undergraduate student applies and is denied, the student may be eligible for additional unsubsidized loan funding if they did not utilize their full eligibility during fall and spring.
Private Loan (Application Required)
- Private loans are non-federal, credit-based educational loans offered by private lenders.
- It is highly recommended that students use all federal financial aid options before borrowing from private lenders.
- Apply for a private loan with a credit-worthy endorser/cosigner to ensure the best interest rate and terms.
- Pay close attention to when the credit check will expire. Your summer courses must begin before the credit check expires to remain eligible for the loan.
- Most private loans require at least half-time enrollment.
- Depending on the lender, satisfactory academic progress for financial aid eligibility may also be required for the loan.
- You have the right to select the private lender of your choice. Each lender has different eligibility requirements, interest rates, fees, and repayment terms. You can use the ELM Select private loan search tool to compare loan products from lenders students have used in the past.
- There are also loans available from some state agencies that you may consider.
- Neither WVU nor the WVU Hub intends any specific endorsement of private lenders. Students are not limited to the loans listed on ELMSelect and may pursue private educational loans from lenders of their choosing.
- Visit our Private Loans webpage for more information.