Interest Rate Update

For more information about Interest Rates update click here


A loan is a type of self-help aid that lets you borrow money from banks or other lending institutions.  Since it’s self-help aid, it must be paid back with added interest.  Loans can be awarded based on financial need (subsidized loans) or not on financial need (unsubsidized loans, PLUS loans and alternative loans).  Your loan eligibility will be determined after your grants and scholarships have been considered.

Direct Subsidized Loan

Loan must be repaid with interest.

Annual amount:

$3,500 - $5,500 depending on grade level.

For undergraduate students; U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods; student must be attending at least half-time and have financial need.

Direct Unsubsidized Loan

Loan must be repaid with interest

Annual amount:

$5,500 - $31,000 (less any subsidized amounts received for same period), depending on grade level and dependency status.

For undergraduate and graduate students; borrower is responsible for all interest; student must be enrolled at least half-time; financial need is not required.

Direct PLUS Loan

Loan must be repaid with interest

Annual Amount:

Maximum amount is cost of attendance minus any other financial aid student receives; no minimum amount.

For parents of dependent undergraduate students and for graduate and professional students; student must be enrolled at least half-time; financial need is not required.  Unsubsidized: Borrower is responsible for all interest.

Alternative Loan

Click here for the Private Education Loan Applicant Self-Certification Form

 –Non-federal loans available to credit-worthy student borrowers and/or cosigners to cover additional educational expenses

The maximum loan amount a student may borrow is determined by subtracting the total financial assistance received from the total cost of attendance.

Interest rate and repayment options vary, based upon the lender and loan program you select. Because these loans vary greatly in their terms and do not carry the same safeguard benefits as the Federal loans, it is strongly recommended that students maximize their Federal funding before pursuing private loan options.

Exit Counseling

Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session for your Federal Stafford Loan (subsidized or unsubsidized) and Direct Subsidized and Unsubsidized Loans. The counseling session provides information about how to manage your student loans after college.

  • Read any information from your school and the session instructions.
  • Read the content and answer the questions.
  • Fill out the student information form. Use the comment box for any comments or questions you have for your school.
  • Print the confirmation page that appears after you fill out the student information form or note your confirmation number for your records.

Complete your LOAN EXIT COUNSELING now.

TEACH Exit Counseling

As with the EXIT Counseling, if you were awarded a TEACH grant, you will also need to complete EXIT Counseling for TEACH as well.

Complete your TEACH EXIT COUNSELING now.



VanderCook College of Music

3140 South Federal Street
Chicago, IL 60616-3731
(312) 225-6288

Stay Connected


Continuing Education  




Powered by Website design and development by, Inc