Overview
Welcome University of Virginia
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Invest in yourself
Education is the best investment you can make in yourself. Bank of America can help you make that investment. Take a look at the federal and private loans we offer that may enable you to complete your educational goals. 1
Please note: Student loans may be sold for a number of reasons, including to raise funds to make additional student loans. If your loan is sold, your borrower benefits will remain the same. In addition, unless you are notified otherwise, the contact information for servicing will remain the same.
Types of loans
We have several loan types available for you.
Federal Stafford loans
Two types:
- The subsidized Stafford loan -- if UVA determines that you are eligible, based on financial need, the federal government will pay the interest payments while you are enrolled at least half time.
- The unsubsidized Stafford loan -- you are responsible for the interest payments. Payments can be deferred while you are enrolled at least half time.
Low interest rates:
- Subsidized Stafford Loans for undergraduates originated after 7/1/08 have a fixed interest rate of 6.0% for the term of the loan. All other Stafford loans have a fixed interest rate of 6.8% for the term of the loan.
Repayment Benefits
- 1% principal reduction after first payment is made on time
- 2.5% interest rate reduction with auto debit2
These benefits will be in place for loans first disbursed from June 1, 2008 through October 28, 2008. Any loan that does not have a first disbursement by October 28, 2008 will not qualify for these repayment benefits. Please visit bankofamerica.com/studentloans to learn about benefits for federal loans first disbursed after October. 28, 2008. Should you have any questions please contact your Financial Aid office.
Please note that a 1.5% origination fee is paid to the government from proceeds of loans first disbursed before 7/1/08. Starting on 7/1/08, this fee will be reduced to 1.0%. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan.
Apply for a Stafford loan
Download UVA Unsubsidized Only (USO) Application.
Note: Borrowers applying only for unsubsidized loans must complete both the Master Promissory Note and UVA’s application.
Federal PLUS Loans
- Creditworthy parents may borrow up to the full cost of their undergraduate student's education, minus any financial aid the student receives.
- A fixed interest rate of 8.5% on PLUS loans disbursed after July 1, 2006 is set by the federal government.
- Various repayment plans available. Borrowers may also be eligible to apply for forbearance for up to 48 months, or for an in-school deferment while enrolled at least half time, which enable borrowers to delay making payments until after enrollment ends. Contact your loan servicer to apply.
Repayment Benefits
- 1% principal reduction after first payment is made on time
- 2.5% interest rate reduction with auto debit2
These benefits will be in place for loans first disbursed from June 1, 2008 through October 28, 2008. Any loan that does not have a first disbursement by October 28, 2008 will not qualify for these repayment benefits. Please visit bankofamerica.com/studentloans to learn about benefits for federal loans first disbursed after October. 28, 2008. Should you have any questions please contact your Financial Aid office.
Please note that the federal government deducts a 3% origination fee from your loan proceeds. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan.
Apply for a PLUS loan
Download UVA PLUS application.
Please note: Both Master Promissory Note and UVA Application must be completed before certification and disbursement of PLUS loans.
Federal Graduate PLUS loans
Creditworthy graduate and professional students may borrow up to the full cost of their education, as determined by the school, minus expected financial aid.
- Low fixed-interest rate of 8.50% effective July 1, 2006.
- Various repayment plans available. Borrowers may also be eligible to apply for forbearance for up to 48 months, or for an in-school deferment while enrolled at least half time, which enable borrowers to delay making payments until after enrollment ends. Contact your loan servicer to apply.
Borrower eligibility includes:
- Student must be enrolled at least half time in a degree program.
- Graduate or professional student and endorser, if applicable, must have a valid Social Security number, be a U.S. citizen or eligible permanent resident, and be creditworthy.
- Students may apply for a Graduate PLUS loan after the school has determined their eligibility for the maximum amount in federal subsidized and unsubsidized Stafford loans. Students don't have to accept Stafford loan funds as a condition of receiving a Graduate PLUS loan, and the school may not require it.
Repayment Benefits
- 1% principal reduction after first payment is made on time
- 2.5% interest rate reduction with auto debit2
These benefits will be in place for loans first disbursed from June 1, 2008 through October 28, 2008. Any loan that does not have a first disbursement by October 28, 2008 will not qualify for these repayment benefits. Please visit bankofamerica.com/studentloans to learn about benefits for federal loans first disbursed after October. 28, 2008. Should you have any questions please contact your Financial Aid office.
Please note that the federal government deducts a 3% origination fee from your loan proceeds. In addition, unless the guarantor waives your default fee, a 1% default fee will be deducted from your loan.
Apply for a Graduate PLUS loan.
Download UVA Graduate PLUS application.
GATE® (Guaranteed Access to Education) loans offer
The GATE Loan Program is available to UVA borrowers until September 15, 2008. Should you have any questions please contact your Financial Aid office.
- No loan origination or guarantee fees1
- A variable interest rate that is adjusted quarterly. The rate changes on the first day of Jan, April, July, and October. The LIBOR rate for July 1, 2008 through September 30, 2008 is 2.65%.3
- The interest rate is based on the three-month average of the one-month LIBOR rate published in the Wall Street Journal plus a margin. LIBOR (London InterBank Offered Rate) is one of the most widely utilized money market indices in the world.
- No payments during enrollment.
- A twenty year repayment term that consists of level monthly payments of principal and interest (please see repayment example at start of online application).
Please contact your financial aid counselor for information on the GATE® loan. Apply for the GATE® loan.
- Undergraduate loans
- Graduate loans
Tools, resources, special offers and online access
Previous borrowers
Check out your loan history and balances on ELMNet
Loan repayment calculator
Use our calculator to estimate what your monthly loan payments may be at today's interest rate and at projected rates.
Repayment calculator
Online counseling
If you are a first-time Stafford loan borrower, your loan counseling must be completed before you can receive your loan funds. Learn about your borrower rights and responsibilities and complete your counseling before you apply online for your Stafford loan. Exit counseling also available online.
Online counseling at Mapping Your Future.
- Lender ID:
 824421
- Guarantor Code:731
Footnote1Programs, rates, terms and conditions are subject to change without notice. Credit subject to approval. Certain restrictions may apply. Interest rate will never be lower than 0%. Footnote2Get a 2.50% reduction off of your interest rate if you have your payments automatically debited from your checking or savings account. Footnote3LIBOR is subject to change each January, April, July and October. The updated LIBOR rate should be reflected on our website by the 7th day in January, April, July and October. The LIBOR has provided exceptional stability and consistency over the past 20 years.
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