Affordability

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Paying for College

Most college students rely on loans to help subsidize the cost of their education.

The loan application process can be tedious but Villa’s expert staff is available to help students and their parents navigate the process. Plus, at Villa, the full cost of books and supplies is included in the cost tuition so students don’t have to consider those costs as they calculate their loan amount. Learn how to begin the process of taking out loans as well as what’s expected of borrowers below.

The Master Promissory Note (MPN)

The Master Promissory Note, or MPN, is a legal document in which you promise to repay all of your student loans plus any accrued interest and/or fees to the U.S. Department of Education. It also explains the terms and conditions of your loans. Federal regulations require students borrowing for the first time at Villa Maria College to complete entrance counseling before you can receive your loans. Exit counseling will help prepare you to begin repaying your loans. The completion of both sessions is mandatory. Click here to learn more.

Entrance Counseling

Entrance Counseling will help you understand what it means to take out a federal student loan. All students taking out direct subsidized loans or direct unsubsidized loans under the Direct Loan Program are required to complete Entrance Counseling. For more information on Entrance Counseling, click here. Your MPN and Entrance Counseling can be completed at StudentLoans.Gov. Please note, if awarded, you will only receive direct subsidized and direct unsubsidized loans after your FAFSA, MPN and Entrance Counseling have been completed.

Exit Counseling

Exit Counseling will help you prepare to repay your federal student loans. If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you:

  • Drop below half-time enrollment
  • Graduate
  • Leave school
  • Exit Counseling can be completed at StudentLoans.Gov.

Loan Repayment Options

The information below will help you set up the loan repayment plan that works best for you.

Federal Direct Subsidized/Unsubsidized Loans

  • 6 months after graduation or when you drop below half time as a student
  • Immediately, if you drop below half time and have already used your 6 month grace period

Federal Direct PLUS Loans

  • 60 days after the final loan disbursement
  • Deferment option while the student for which the loans were obtained is enrolled at at least half time
  • 6 month deferment option after the student for which the loan was obtained graduate or drops below half time

Standard Repayment Plan

Fixed payment for up to 10 years

Graduated Repayment Plan

Payments start low, and are increased every 2 years

Extended Repayment Plan

Fixed or graduated amounts for up to 25 years

Pay As You Earn (PAYE)

  • 20 years to repay undergraduate loans
  • Payments max at 10% of discretionary income
  • Minimum payment amount changes as income changes
  • If balance is unpaid after 20 years of qualifying monthly payments, the loan is forgiven

Income Based Repayment

  • 25 years to repay undergraduate loans
  • Minimum payment is 15% of discretionary income
  • Minimum payments increase as income increases
  • If balance is unpaid after 20 years of qualifying monthly payments, the loan is forgiven

Income Contingent Repayment Plan

  • 25 years to repay undergraduate loans
  • Payments calculated annually based on adjusted gross income, family size and total Direct Loan balance
  • If balance is unpaid after 20 years of qualifying monthly payments, the loan is forgiven

NYS Get on Your Feet Loan Forgiveness Program

  • The NYS Get on Your Feet Loan Forgiveness Program provides up to 24 months of federal student loan debt relief to recent NYS college graduates who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income.
  • For more information, click here.

Public Service Forgiveness Program

  • If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program.
  • For more information, click here.