Loans
NOVA participates in the U.S. Department of Education's Federal Direct Loan Program which offers low interest rates with long repayment terms. NOVA’s loan policies and procedures can be reviewed here.
Information About Federal Direct Loans
All borrowers must be enrolled in and attending at least 6 eligible credits at the time the loan is accepted in SIS and disbursed.
Students must complete both the Master Promissory Note and Entrance Counseling prior to ceasing enrollment in at least 6 eligible credits for the term they wish to borrow if those requirements were not previously completed for NOVA or if they have expired. NOVA does not process paper Master Promissory Notes for Federal Direct Loans.
Borrowers are encouraged to complete an Annual Student Loan Acknowledgment (ASLA) each academic year they borrow a Federal Direct Subsidized Loan or a Federal Direct Unsubsidized Loan. The ASLA provides information on a borrower’s current federal student loan debt.
Additional information about how to accept loans and complete the Entrance Counseling and Master Promissory Note is provided in the loan tutorial.
Student loans are an obligation that borrowers must repay. Only borrow what you need and what you can afford to repay based on your career! There are serious consequences for failing to repay student loans, such as wage garnishment, withholding of tax refunds, collection fees, denial of financial aid and damage to your credit history.