Janice Lozano
Students at Grand Valley State University (GVSU) can apply for federal student loans, federal parent PLUS loans, and alternative loans. The Office of Financial Aid & Scholarships provides information on borrowing, repayment, and alternatives. Students can receive answers to common questions about student loans, including repayment steps, consolidation, and forgiveness programs. If a student is having trouble making payments, they can contact their loan lender to discuss their options. GVSU offers various payment methods, including electronic checks, money orders, and third-party billing options. International students can use PayMyTuition to pay in any currency at better-than-bank exchange rates.
| Characteristics | Values |
|---|---|
| Interest rates for undergraduate loans disbursed between July 1, 2024, and June 30, 2025 | 6.53% (fixed) |
| Interest rates for graduate loans disbursed between July 1, 2023, and June 30, 2024 | 7.05% (fixed) |
| Interest rates for graduate loans disbursed between July 1, 2024, and June 30, 2025 | 8.08% (fixed) |
| Processing fee assessed by the federal government for loans disbursed between October 1, 2020, and October 1, 2025 | 1.057% of the amount borrowed |
| Requirements for first-time loan borrowers | Complete Entrance Loan Counseling and a Master Promissory Note |
| Contact for Office of Financial Aid & Scholarships | (616) 331-3234, (616) 331-3180 (Fax), (800) 748-0246 (Toll-free Phone), [email protected] |
| Address for Office of Financial Aid & Scholarships | 1 Campus Drive 100 Arend & Nancy Lubbers Student Services Center Allendale, Michigan 49401 |
| What to do if you're having trouble making payments | Contact your loan lender to discuss options, including Co-Signer Forgiveness/Release programs |
| Requirements for loan repayment | Complete online exit counseling; repayment begins six months after the date of last half-time enrollment |
| Federal Parent PLUS Loans | Cover educational expenses not funded by aid; disbursed in two halves at the start of each semester |
| Deferment on PLUS loans | Not automatic; the parent must complete requirements with the loan servicer |
| Federal Direct Parent PLUS Loan Application | Available online at studentaid.gov; immediate notification of approval/denial |
| Payment methods | Electronic checks, check, money order, PayMyTuition for international students |
| GVSU Student Accounts Office address | 1049 James H. Zumberge Hall (1049 JHZ) Allendale, MI 49401-9403 |
| Payment deadlines | Approximately 30 days after the end of the semester; fall billing in July, winter billing in November, spring/summer billing in March |
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What You'll Learn
Payment options and deadlines
Grand Valley State University offers a range of payment options and deadlines for students to pay their loans. Students receive bills for each semester they are enrolled in, with billing for the fall semester done in July, the winter semester in November, and spring/summer in March. The bill outlines Grand Valley-related expenses and any financial aid accepted.
Students are responsible for timely loan payments, which are due approximately 30 days after the end of the semester. If a student is having trouble making payments, they can contact their loan lender to discuss options, including the Co-Signer Forgiveness/Release program.
For international students, GVSU has partnered with PayMyTuition, allowing students to pay from any bank, in any country, and in any currency, with better-than-bank exchange rates.
GVSU accepts electronic checks, checks, or money orders. Electronic checks are not assessed a processing fee, but a $20 returned check fee is charged for all returned payments.
For Federal Parent PLUS Loans, parents can request that the check be sent directly to Grand Valley or to themselves. It can take up to 12 business days for Grand Valley to receive the check payment.
Additionally, first-time loan borrowers at GVSU are required to complete Entrance Loan Counseling and a Master Promissory Note.
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Federal Parent PLUS Loans
To apply for a Federal Parent PLUS Loan, the parent borrower must complete the entire application process. This includes considering the amount you need to pay your student's GVSU bill and other educational expenses not covered by other resources. You must then complete the Federal Direct Parent PLUS Loan Application online at studentaid.gov. Here, you must sign in with your FSA ID. If you do not have an FSA ID, you can create one at https://fsaid.ed.gov. Once you have signed in, click "Apply for a Direct PLUS Loan". After completing the application, you will be immediately notified of your approval or denial.
If a parent applies for the PLUS loan and is not accepted due to adverse credit, the student may be awarded an additional unsubsidized loan. Freshman/Sophomore-level students may receive up to $4000 per year, while Junior/Senior-level students may receive up to $5000 per year.
If you start having trouble making your payments, contact your loan lender to discuss your options. Some lenders offer a Co-Signer Forgiveness/Release program, which relieves the co-signer from their loan obligations once certain qualifications are met.
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Loan repayment
If you borrowed funds from the Federal Direct Loan program and are no longer attending GVSU at least half-time, you are required to complete online exit counseling. Your loan repayment will begin six months from the date you were last enrolled half-time. If you re-enroll at least half-time before the end of your six-month grace period, you will not need to start repayment but must still complete exit counseling.
Payment methods include electronic checks, which are not assessed a processing fee, and checks or money orders, which can be paid at any GVSU Student Assistance Center. International students can pay their tuition payments from any bank, in any country and currency, at better-than-bank exchange rates through Grand Valley State University's partnership with PayMyTuition.
If you start having trouble making your payments, contact your loan lender to discuss your options. Some lenders offer a Co-Signer Forgiveness/Release program, which relieves your co-signer from their loan obligations after certain qualifications have been met.
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Entrance Loan Counseling
If you are a first-time borrower, you are required to complete Entrance Loan Counseling and a Master Promissory Note. The Entrance Loan Counseling will provide you with important information about taking out federal loans. This includes details about the different types of loans, such as subsidized and unsubsidized loans, and the associated interest rates and fees. For example, if you take out an unsubsidized loan, you will be responsible for paying all the interest from the time the loan is disbursed.
To complete the Entrance Loan Counseling, you should follow the instructions provided by Grand Valley State University. This process will take approximately 3-5 business days to be satisfied on your myBanner account. Please note that you are required to accept the loan in your myBanner account for it to pay toward your balance. You have the option to leave the loan in an "Offered" status if you are unsure about accepting it.
Additionally, as part of the loan process, you will need to complete the Master Promissory Note (MPN), a legal document in which you promise to repay your loan, along with any accrued interest and fees, to the U.S. Department of Education. The MPN also outlines the terms and conditions of your loan. It typically takes around 30 minutes to complete and must be done in a single session. Remember that you can borrow additional Federal Direct Loans on a single MPN for up to 10 years, provided your school allows it.
If you have any questions or uncertainties about the requirements, you can always contact the Office of Financial Aid & Scholarships at Grand Valley State University for assistance. They can provide guidance on topics such as borrowing, repayment, and alternatives, and they can also help you understand your eligibility for additional aid if a parent's application for the PLUS loan is denied due to adverse credit.
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Interest rates
For undergraduate loans disbursed between July 1, 2024, and June 30, 2025, the interest rate is fixed at 6.53%. This is the same for subsidized and unsubsidized loans. The government pays the loan interest during in-school enrollment periods and grace periods for subsidized loans. However, for unsubsidized loans, the borrower is responsible for paying all the interest from the time the loan is disbursed. Paying the interest on this loan while in school will reduce the compounded interest charged over the life of the loan.
For graduate loans disbursed between July 1, 2024, and June 30, 2025, the interest rate is fixed at 8.08%. This is higher than the undergraduate loan interest rate. Additionally, there is a 1.057% processing fee assessed by the federal government for loans disbursed between October 1, 2020, and October 1, 2025, for both undergraduate and graduate loans.
It is important to note that interest rates for student loans at GVSU may change periodically, so it is always a good idea to check the latest information on their website or contact the Office of Financial Aid and Scholarships for the most up-to-date details.
In addition to federal student loans, parents or step-parents of undergraduate dependent students can utilize the Federal Parent PLUS loan to pay for educational expenses not covered by other financial aid. PLUS loans are not subsidized, and parents are responsible for all interest that accrues on the loan from the day it is disbursed until it is paid in full. The interest rates and origination fees for PLUS loans may differ from those of federal student loans.
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Frequently asked questions
GVSU offers Federal Parent PLUS Loans, which are used to cover educational expenses not funded by aid. There are also unsubsidized loans, where the borrower is responsible for paying all the interest from the time the loan is disbursed.
Students receive bills for each semester they are enrolled. Bills are sent out in July for the fall semester, November for the winter semester, and March for the spring/summer semester. Payments can be made by check or money order at any GVSU Student Assistance Center. There is also the option to pay online.
Contact your loan lender to discuss your options. Some lenders offer a Co-Signer Forgiveness/Release program that relieves the co-signer from their loan obligations after certain qualifications have been met.
The Office of Financial Aid & Scholarships at GVSU can provide information on the differences between these loan types.
