- Is Financial Aid available for the Online Graduate BusinessDegrees?
Yes. Financial aid is available in the form of federal loans—the Federal Direct Unsubsidized loan or the Federal Direct Graduate PLUS loan. A student may also borrow through a private educational loan program of his or her choosing. More information about private educational loans and Villanova University’s Preferred Lender Information through ELMSelect is available at
- What applications are required for me to be considered for financial aid?
- To be considered for federal loan eligibility, a student must complete the 2016-2017FAFSA at using 2015 tax information. The Villanova University school code is 003388.
- Students will need to create a Federal Student Aid ID and use it to sign the FAFSA electronically. To create an FSA ID, go to
- Students will also need to complete a Graduate Student Supplemental Loan Application found on the financial aid website at
- On this application, students need to provide the number of credit hoursthey plan to attempt in the academic year (including summer, fall, and spring) as well as the amount of Direct Loan funds they wish to borrow for each term. Students will also need to sign the application before submitting to Villanova University.
- How do I know if I am eligible for federal financial assistance?
In order to be eligible, students must meet the following criteria:
- Admitted as a matriculated student in an Online Graduate Business Degree
- Be a U.S. Citizen or Permanent Resident
- Meet half-time enrollment status requirement (3 credits per semester)
- Maintain Satisfactory Academic Progress each academic year
- Must not have a previous Federal Loan in a default status
- How do I accept my financial aid award?
Once a student is admitted into the program, the student will receive access to MyNova. Students will receive an award notification in their Villanova email account with specific instructions for viewing their financial aid award in MyNova. Students will need to print and sign the Financial Aid Reply Page and accept/decline their offer of financial aid. The Reply Page needs to be submitted back to the Office of Financial Assistance via email at or via fax at 610-519-7599.
- Will I have to pay back my financial aid if I withdraw from my program?
A student’s withdrawal from the program may necessitate a return of federal aid. The return of funds will be based on the percentage of the semester completed using the last day a student participated in an onlineacademically-related activity. For more information on the impact of withdrawal on tuition charges and federal aid, a student should contact the Office of Financial Assistance. The full policy is also available on the Office of Financial Assistance website.
- What is a Master Promissory Note (MPN)?
The MPN is a promissory note that can be used to disburse one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Federal Direct Loan Program: one for Federal Direct Unsubsidized Loans and one for Federal Direct GraduatePLUS Loans.
- When is payment due?
Payment for tuition and any fees is due before the first day of classes. If you will be receiving loan funds to cover the cost of tuition, the Bursar’s Office will be notified of your pending disbursement, which will be after the add/drop period has ended for the first session.In order for a student to receive a Direct Loan to pay for the initial session by the payment date deadline, a FAFSAmust be submitted to the Department of Education for processing at least one month prior to enrolling. To ensure that students have a smooth transition to future financial aid years it is recommended that the student submit their renewal FAFSA as soon as possible after January 1st.
- How much can I borrow through the Federal Direct Unsubsidized Loan?
A graduate student can borrow up to $20,500 per academic year in Federal Direct Unsubsidized Loan if the student’s cost of attendance equals at least $20,500. Disbursements must be in equal amounts for each semester. Students who attend in the summer semester are eligible for a Federal Direct Loan so long as a student enrolls in at least half-time status in the summer term.
- What if the Federal Direct Unsubsidized Loan has not covered all of my educational costs?
Graduate students may be eligible to borrow through the Federal Direct Graduate PLUS Loan Program which is a viable alternative solution to private educational loans. The Federal Direct Graduate PLUS Loan has a fixed interest rate and various repayment terms. The receipt of a Federal Direct Graduate PLUS Loan isbased on the creditworthiness of the borrower. To apply, please follow the information at
- I am attending a second graduate program at another university. Can I receive financial aid at both institutions?
No. Students can only receive financial aid at one college or university at a time.
- Where can I find information on scholarships?
There are aselect number of institutional merit-based scholarships available for the Online Graduate Business Programs. Students do not need to complete any additional forms; applicants will be considered on the basis on their admissions materials. Any questions should be discussed with your enrollment advisor. In addition, students can explorefree scholarship searches online and also look into local civic organizations, their current employers’ human resources department and any support through other memberships or associations.
- What happens to my previous educational loans?
Educational loan deferment is based on at least half-time enrollment (half time for a graduate student is 3 credit hours, full-time is 6 credit hours) in a degree-seeking program. Villanova University Registrar’s Office sends a monthly report called the Clearinghouse Report to the National Student Clearinghouse. Federal Loan Servicers and Private Lenders access this information in order to update yourdeferment status based on your enrollment.
- What is the interest rate on the Federal DirectUnsubsidized Loan for graduate students? What about the Federal Direct Graduate PLUS Loan?
The FederalDirect Unsubsidized Loan has an interest rate of 5.84%. The Federal Direct Graduate PLUS Loan interest rate is 6.84%. Rates are subject to change each July 1st. Interest begins to accrue upon disbursement.
- What are loan origination fees?
Loan origination fees are deducted from the loan funds at the time of disbursement and are included in the amount you will repay. For Federal Direct Unsubsidized Loans first disbursed on or after October 1, 2015and before October 1, 2016there is a loan fee of 1.068%. For Federal Direct Graduate PLUS Loans disbursed October 1, 2015through October 1, 2016the fee will be 4.272%. Students need to keep these fees in mind when borrowing for the academic year.
- How soon will I receive my financial aid award after the submission of my FAFSA and my Graduate Student Supplemental Application?
Students are reviewed for financial aid on an ongoing basis throughout the academic year. In order to be reviewed students must have the following in place:
- Acceptance and matriculation in an Online Graduate Business Degree
- Registration for the first session and/or semester of at least 3 credit hours
- Free Application for Federal Student Aid (FAFSA)sent to Villanova University
- Signed Graduate Student Supplemental Application on file with Villanova University
The Office of Financial Assistance will notify students of their award eligibility by sending an email to their Villanova University email account. The email will include instructions on how to view awards in the MyNova student portal. If there is additional documentation needed to complete the review of financial aid, then the award notification may be delayed. Students are able to view outstanding financial aid requirements in the MyNova portal.
- How often do Federal Direct Loan Funds disburse?
Federal Direct Loan fundsdisburseonce each semester for students in the Online GraduateBusinessDegrees. The disbursement date will be at the beginning of the second week of the first session within the semester, after the add/drop period had ended. For Summer2016, the disbursement date is May 16th. For Fall2016, the disbursement date is August 29th. For Spring2017, the disbursement date is January 23rd.
- Why hasn’t my loan arrived yet?
A student must complete four steps for a Federal Direct Loan disbursement.
1)A studentmust be matriculatedin a graduate degree in the Villanova School of Business.
2)Complete Direct Loan entrance counseling at
3)Complete & E-Sign Master Promissory Note for the Direct Subsidized/Unsubsidized Loan at
4)Once the FAFSAis completed, an award eligibility notification will be sent to the Villanova University email account. The email will include instructions on how to view the awards through the MyNova student portal which includes access to a “Reply Page.” Students must print the reply page and check the appropriate box to accept or decline the loan amount. The “Reply Page” should be sent to .
For a Federal Direct Graduate PLUS loan to disburse, a student must:
1)Complete a FederalDirect Graduate PLUS electronic application and credit request at
2)CompleteE-Sign Master Promissory Note at
- Can I get more Federal Direct Loans than what Iwas awarded?
Students can only be awarded FederalDirect Loans up to the cost of attendance for the program. The Federal Direct Unsubsidized Loan has an annual loan limit of $20,500. The Federal Direct Graduate PLUS Loan can be borrowed up to a student’s cost of attendance, minus other financial aid. If a student has a question about their loan amount, please direct them to the Office of Financial Assistance.
- When do I pay back my loan?
Loan repayment begins six months after a student completes the program of study or withdraws from the program. Students will coordinate loan repayment with their Federal Direct Loan Servicer. More information on a student’s Federal Direct Loans can be found at the National Student Loan Data Service, Students are able to make payments on student loans while enrolled, however it is not required.
- I wasn’t eligible for financial aid as an undergraduate student, should I apply as a graduate student?
Yes. Undergraduate financial aid eligibility assesses the parents’ ability to contribute to educational expenses. Graduate students are considered independent and parents’ income and assets are not assessed. However, there is no need-based Federal Direct Loan assistance for graduate students. The only federal financial aid options are the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan.
- Should I report any scholarships, tuition discounts, or tuition reimbursements, to the financial aid office?
Scholarships, tuition discounts and/or tuition reimbursements are to be included as a financial aid resource. A student must report a scholarship, discount, or tuition reimbursement, as early as possible in order to create a more accurate financial aid package. If a scholarship, discount and/or tuition reimbursementis reported after the initial financial aid package is sent, the original financial aid award will be reduced to include the outside resource within the students cost of attendance.
- What benefits am I eligible for as an active duty service member or veteran?
A student who is a veteran, an active duty service member or is the dependent of a veteran or active duty service member may qualify for governmental aid from the Armed Forces towards graduate program costs. Students will need to visit
- I get tuition benefits from my employer, but it doesn’t cover all of my tuition charges. Can I apply for financial aid to cover the rest?
Yes, students can apply for a Federal Direct Unsubsidized Loan as long as the total amount of the financial aid resources doesn’t exceed the annual cost of attendance.
- What if I decide to stop using financial aid during my program?
If at any time a student decides to cancel or reduce his/her approved loan eligibility they will need to communicate this request to the Office of Financial Assistance via email at .
- Can I use financial aid to cover living expenses?
Yes a student can borrow Federal Direct Loans or private education loans to assist with living expenses. The Office of Financial Assistance includes an “Independent Student Living Allowance” within the cost of attendance so that a student can borrow additional loan funds to cover these expenses. To view the “Independent Student Living Allowance” allotment for the academic year, please visit the MyNova student portal. The maximum Federal Direct Unsubsidized Loan is $20,500, and so a student may need to pursue a second loan option such as a Federal Direct Graduate PLUS Loan or private education loan to borrow for living expenses.
- What is the total cost of attendance?
The total cost of attendance includes both direct and indirect costs that may be included with attending an Online Business Graduate program. The following components are included in a cost of attendance: tuition, fees, books and supplies, loan fees, and an Independent Student Living Allowance. To view the total cost of attendance, please visit the MyNova student portal.