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Office of Student Financial AidLoans

Student loans are an investment in your future.

You must repay your loan, so be sure you understand your options and responsibilities.

If you apply for financial aid, you may be offered loans as part of ODU's financial aid offer. A loan is money you borrow and must pay back with interest.

If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.

Federal Student Loans

Will you need a loan? If so, think Federal aid first! Federal loans usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.

What types of federal student loans are available?

What types of federal student loans are available?

The U.S. Department of Education's federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:

  • Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
  • Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
  • Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
  • Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

Types of Federal Student Loans

Federal Student Loans for Undergraduates

Responsible Borrowing

How does the process work?

How does the process work?

You will not need to sign a loan check. Any credit remaining on your account after institutional charges have been paid, will be mailed directly to your address of record.

One-half of your approved loan proceeds will be credited per semester. Please allow at least ten (10) working days from the date you submit your completed promissory note(s) to the financial aid office for your student account to be credited. Also, please note that federal regulations prohibit crediting aid prior to ten (10) days before classes begin. Remember responsibility for providing the financial aid office with required documentation lies with you. Your prompt attention to all requests from the financial aid office will greatly speed up the process of crediting loan proceeds to your account.

Steps for Direct Lending

Steps for Direct Lending

  1. File the FAFSA early. Application available October 1.
  2. Await your initial financial aid email notification, then accept the aid you desire.
  3. Respond to all requests for documents immediately.
  4. Must be enrolled at least half-time in a degree or certificate program.
  5. Once your financial aid records have been cleared, your account will be ready for "loan certification." Please note that your loan(s) cannot be certified until all required documentation has been received in our office and your account has been updated and reviewed.
  6. You will be notified by postcard when your promissory notes are ready for you to complete and sign. You may complete your Electronic Master Promissory Notes online as follows:
    • Access the Direct Loan website to complete the Master Promissory Note. The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). You must have a Department of Education FSA ID to complete the Electronic Master Promissory Note.
    • If you do not have a FSA ID you may request one by visiting the Federal Student Aid FSA ID Website.
  7. First-time borrowers must complete Entrance Counseling. This session is designed to ensure that you understand all the terms and conditions of your loan, and your rights and responsibilities as a borrower. For information regarding a Federal Direct PLUS or the G-PLUS Loan, please contact your financial aid counselor if you have any further questions.

Loan Fees & Interest Rates

Interest Rates (Effective July 1, 2021-June 30, 2022)

  • Undergraduate Direct Loans
    • Subsidized 3.73%
    • Unsubsidized 3.73%
  • Graduate Unsubsidized Direct Loan: 5.28%
  • Graduate PLUS Direct Loan: 6.28%
  • PLUS Direct Loan: 6.28%

Up Front Origination Fees (Effective October 1, 2021-September 30, 2022)

  • Undergraduate Direct Loans: 1.057%
  • Graduate Unsubsidized Direct Loan: 1.057%
  • Graduate PLUS Direct Loan: 4.228%
  • PLUS Direct Loan: 4.228%

    Private Student Loans

    Private loans are non-federal loans made by a lender such as a bank, credit union, state agency. etc. that must be repaid with interest many while student is still in school.

    The private lenders provided are set up to facilitate efficient, electronic processing and disbursement of funds directly to your student account. We provide this list as a guide to you; however, you are free to choose another lender without penalty. (ODU does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender's eligibility requirements.)

    Old Dominion University's historical list consists of private loan lenders that have been used during the past 3 years.

    Before you apply for a Private Loan, you should exhaust your eligibility for Federal loans (Stafford, PLUS, and Grad PLUS) as they are typically less expensive and offer flexible repayment options.

    The lenders on the attached list are setup to facilitate efficient, electronic processing and disbursement of funds directly to your student account. We provide this list as a guide to you; however, you are free to choose another lender without penalty.

    Private Loan certification will be completed if all the following criteria are met.

    1. The student is degree seeking
    2. The student is enrolled at least half-time
    3. The loan is for the current semester/loan period or to satisfy past due balances for the previous semester only
    4. The loan disbursements are split for fall and spring semesters
    5. The student is meeting Satisfactory Academic Progress (SAP) as determined by the Financial Aid Office

    Private Loan processing time is 4 - 6 weeks

    Webb University Center

    Managing your Loan

    Navigate the student loan repayment process with confidence: make payments, change repayment plans, explore options, and get help.

    Learn More


    Student Loan Payment Suspension Extended Through December 31, 2022

    The Department of Education extended the Student Loan Payment Pause through December 31st, 2022. This relief suspended payments and changed the interest rate to 0% for all eligible loans. Students may still make payments if you choose. Read the borrower Q&As to learn more.

    For additional information and to prepare for repayment access the following website: https://studentaid.gov/announcements-events/covid-19

    Covid-19 Resources