Tuition & Financial Aid

Student and Parent Loans

Loans can cover what scholarships, grants, and work don’t. You’ll repay them with interest, so it pays to understand your options before you borrow.

See Loan Steps

Compare Loan Types

Borrow wisely

Before you accept a loan

Use scholarships, grants, and work first. They don’t need to be repaid.
Choose federal loans before private loans. They usually have lower rates and more flexible repayment.
Know who will service your loan and what its terms are.
Questions? Financial Aid will walk you through your offer.

Types of loans

Compare your options.

Your aid offer may list one or more of these loans. Federal Direct Loans come from the U.S. Department of Education; private loans come from banks and other lenders.

Federal · Students

Direct Subsidized Loan

For undergraduates with financial need. Your amount is based on your financial need and FAFSA results.

The government pays the interest while you’re enrolled at least half time (6 credit hours), for six months after you leave school, and during deferment.

Federal · Students

Direct Unsubsidized Loan

For undergraduate and graduate students, whether or not you have financial need. Your amount is based on your FAFSA results, cost of attendance, and other aid.

You’re responsible for all the interest. Interest you don’t pay while in school is added to your loan.

Federal · Parents

Direct Parent PLUS Loan

Lets parents of dependent undergraduates borrow up to the cost of attendance minus other aid. Interest builds from the start, and parents must pass a credit check.

If the parent is denied for credit, they may still qualify with an endorser (not the student) or by documenting extenuating circumstances. If a parent applies and is denied, the student may be able to borrow more in Unsubsidized Loans.

Parent PLUS at StudentAid.gov →

Private · Students or parents

Private (alternative) loans

Credit-based loans from private lenders. Most students need a creditworthy cosigner. You apply with the lender, and MVU certifies the loan.

They aren’t federal loans, so use all your federal loan eligibility first.

See private loan options →

Loan limits

How much you can borrow.

Federal Direct Loans have yearly and total limits. You can’t borrow more than your cost of attendance minus other aid.

Year in school	Dependent students	Independent students
First year	$5,500 (up to $3,500 subsidized)	$9,500 (up to $3,500 subsidized)
Second year	$6,500 (up to $4,500 subsidized)	$10,500 (up to $4,500 subsidized)
Third year and beyond	$7,500 (up to $5,500 subsidized)	$12,500 (up to $5,500 subsidized)
Total undergraduate limit	$31,000 (up to $23,000 subsidized)	$57,500 (up to $23,000 subsidized)

Yearly Direct Loan limits for undergraduates (subsidized and unsubsidized combined).

Graduate students can borrow up to $20,500 a year in Direct Unsubsidized Loans.

New federal loan limits starting July 1, 2026

A federal law passed in 2025 changed loan limits for new borrowers starting July 1, 2026:

Graduate students: up to $20,500 a year and $100,000 in total. Graduate PLUS Loans end for new borrowers.
Professional degrees (such as law or medicine): up to $50,000 a year and $200,000 in total.
Parent PLUS: up to $20,000 a year and $65,000 in total for each student.
Lifetime limit: $257,500 across all Direct Loans, undergraduate and graduate combined.

If you borrowed before July 1, 2026, you may be able to keep your current limits for a time. Ask Financial Aid which limits apply to you, or read the latest at StudentAid.gov.

Time limit on subsidized loans

If you first borrowed on or after July 1, 2013, you may receive Subsidized Loans for no more than 150% of your program’s published length.

When MVU may reduce a loan

MVU may decline to certify a loan, or certify a smaller amount, when part of your costs could be met directly by you. Loan requests are also reviewed to make sure they’re for educational purposes. See Loan Limits in the catalog.

Loan steps

How to get your federal loan.

Finish these steps at StudentAid.gov so your loan can be paid on time. Each one is done online.

Accept your loan

Review your aid offer and accept the loan amount you need, as instructed by the Office of Financial Aid.

See how aid offers work →

Entrance Counseling

About 30 minutes. Required for first-time Direct Loan borrowers and for every student new to MVU, including transfers, even if you did it at another school.

Start Entrance Counseling →

Master Promissory Note

Your legal promise to repay. One MPN can cover your Direct Loans for up to 10 years.

Sign your MPN →

Exit Counseling

Required when you graduate, withdraw, transfer, or drop below half time. Financial Aid will let you know when it’s time.

Exit Counseling →

Parents borrowing a PLUS Loan: sign in to StudentAid.gov as the parent (not the student) to complete the PLUS application and the PLUS Master Promissory Note. If the loan is approved with an endorser or after an appeal, PLUS counseling is also required.

After you leave school, you’ll repay your loan servicer. Federal loans offer several repayment plans, and you can change plans later.

Private loans

If you still need help after federal aid.

Private loans can fill a gap, but they’re credit-based and their terms vary. Compare interest rates, fees, and repayment schedules before you choose.

What to know

Private loans aren’t guaranteed by the government and must be repaid.
Use your full federal Direct Loan eligibility first. Direct Loans usually have lower rates and fees.
Most lenders require a credit check or a creditworthy cosigner.
Your total aid can’t be more than your cost of attendance, and you’ll need to meet Satisfactory Academic Progress.
Parents, family members, or other creditworthy U.S. citizens or permanent residents can borrow an alternative parent loan. The student can’t be the borrower or cosigner.

MVU’s preferred lender list

MVU keeps a list of at least three private lenders that aren’t affiliated with one another, based on where students borrow. It’s reviewed each year and may change. Lenders are reviewed for: