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VanderCook College of Music

Loans

Complete Your Student Loan Entrance Counseling Requirement for your Federal Student Loans. Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.

When you’re finished, a record of your completion will be sent to the schools you selected, and you can then receive your loan money. Keep in mind that you cannot save and leave an incomplete session; you must complete entrance counseling in one sitting.

Complete your Loan Entrance Counseling now.

What is a Loan?

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.

Loan Types

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

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.

Counseling 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.

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.

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Every Gift Matters…

Gifts to VanderCook come in many forms and sizes and each one truly makes a difference. You may wonder how a small contribution can matter to the college – how it can “make a dent.” Combined with other donor gifts, even a relatively minor contribution can make a major impact.

Thank you for your generosity and support!

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The mission of VanderCook College of Music is to enrich the lives of present and future generations by developing uniquely skilled music teachers who exhibit strong character, professionalism, and a commitment to excellence.

© 2022 VanderCook College of Music. All Rights Reserved.
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