Students may borrow money through university-approved lending institutions to assist them in meeting educational costs. Please contact the Central Financial Aid Office for applications, guidelines and limitations for seeking such loans and for information on the types of loan programs that are available. We encourage you to seek the Lord as to which means He would have you use in financing your education rather than misuse the privilege of borrowing money to meet your educational expenses. There are various loan programs available to Regent University students. Please refer to specific loan applications for full details. Loan proceeds cover education-related expenses, including tuition, fees, books, a modest allowance for room and board and other school-related costs. However, loan proceeds are not available until after the student arrives at Regent and are not intended to pay for past debts, capital acquisitions (purchase of an automobile, major appliances, etc.) or living expenses considered beyond the usual, customary and reasonable costs for matriculating students. Single students should plan on at least one roommate to offset living expenses. For information on specific loan programs, students should request a Loan Programs fact sheet from the Central Financial Aid Office.
Loan proceeds may take a few days to be released following registration. Therefore, please plan accordingly to have necessary funds for books, deposits, living expenses, etc. The School of Psychology & Counseling will not advance funds against anticipated loan proceeds for book purchases.
A student may submit a loan application at any time during the year. The application process generally takes from six to eight weeks, but can take as long as ten weeks during the lender's peak processing periods. The PsyD program begins in the fall semester only. The MA programs on the Virginia Beach campus begin in the fall semester only. The MA program at the DC Campus begins any semester, as does the MA in HSC program in Virginia Beach or online but the HSC program is best suited to begin with the fall semester so that the program can be completed in one calendar year. The following recommended schedule has been established to facilitate students receiving loan proceeds in conjunction with the due date for final tuition payment:
Fall Semester: March 15 (FAFSA); June 1 (Loan App)
Spring Semester: October 1
Summer Session: March 1
Students should realize that the living allowance embraces a modest lifestyle. Single students should plan on at least one roommate to fall within the housing allowance. Students can support their loan requests by planning ahead to live within the means of the living allowance budget certifications. For a personal consultation on your allowable living costs, please contact the Central Financial Aid Office.
A student considering a private loan is strongly advised to review a copy of his/her credit history. This review may reveal a problem of which the student is unaware and provide an opportunity to resolve such problem before submitting a loan application. To obtain a credit history, contact the following credit agencies. In some cases, there may be a nominal charge.
Equifax: (800) 685-1111
Trans Union : (610) 690-4909
Experian (formerly TRW): (800) 682-7654
Specific Loan Programs
Title IV - Federal Stafford: Regent University participates in the Title IV Federal Stafford Loan Program. Stafford Loans are offered through private banks but are insured by the federal government. This program has two components: subsidized and unsubsidized loans. The differences in the two programs are as follows:
Subsidized Stafford Loan: The federal government pays the interest for the student while enrolled on at least a half-time basis and during authorized periods of deferment; based on need. (Principal up to $8,500 per award year, dependent upon need assessment.)
Unsubsidized Stafford Loan: Loan is not based on need. The borrower may defer interest while in school. Deferred interest is then capitalized (added to the principal) at repayment. There is an option of making quarterly interest payments while in school. (Principal up to $18,500 per award year less the amount of subsidized Stafford eligibility.)
Most Regent Psychology & Counseling students utilize a combination of the subsidized and unsubsidized loan programs providing up to $18,500 per year to cover tuition and living expenses. Students whose estimated cost of attendance and resulting need exceeds $18,500, may qualify for additional loan amounts over and above the Stafford loan maximum of $18,500. PsyD students can qualify for additional unsubsidized funding under the allied health pre-professional loan category. Qualified students will be notified of this eligibility at the time of their student loan offer, and may be able to access an additional $16,667 of unsubsidized through this federally funded program. Students deemed eligible for the additional funding may apply for the extra funds through a private educational loan. The allowable figure for loan purposes is determined by Central Financial Aid in part on federal guidelines and will be provided to the student in the form of a loan award letter. These letters are mailed from the Central Financial Aid Office in June. It is the responsibility of the student to return commitment letters in a timely manner. Any delays in returning the commitment letter or other required documentation may delay the arrival of loan proceeds.
Student Eligibility: To be deemed eligible, a student must be enrolled at least half-time or admitted for enrollment at Regent University and be in good academic standing according to University policy (a Psychology & Counseling student must maintain a cumulative GPA of at least 3.0). The student must also make satisfactory academic progress toward completion of the MA or PsyD program as defined by the School of Psychology & Counseling. Stafford loan approval is guaranteed to eligible students providing the student has not defaulted on a previous undergraduate federal loan or does not owe a repayment of a federal grant and/or reached federal annual or aggregate loan limits. Private loans are based on credit history and are not guaranteed. The applicant must be a U.S. citizen or an eligible permanent resident. The student must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA forms are generally available in January from Regent's Central Financial Aid Office, the Department of Education and your local high schools and colleges. Also, you may apply directly on-line at: www.fafsa.ed.gov. Regent's school code is 030913. Students submitting FAFSAs after June 1 may not receive loan proceeds in time and should plan on alternative funding until loan proceeds are available. (See section on the Tuition Installment Plan.)
Repayment: Deferment is granted for up to six months after graduation or until the student falls below half-time status or withdraws from school. Applicants have up to ten years to repay.
Disbursement of Funds: At least two disbursements are required for Stafford Loans.
PsyD students are required to take their student loan in three disbursements. The check is co-payable to the school and the student. Checks are released to the school in either paper form or via electronic funds transfer. First-time Stafford borrowers, must attend an entrance interview session before funds are released. These sessions are included in the Psychology & Counseling school orientation program. Loan proceeds may take a few days to be released following registration. Therefore, please plan accordingly to have necessary funds for books, deposits, living expenses, etc. prior to the disbursement of loan proceeds.
Undergraduate Loan Deferment
Students' lenders allow deferment of outstanding student loan payments while the student is in graduate study at Regent University, while other lenders may require monthly interest payments. It is the responsibility of the student to contact his/her lending institution to find out if a loan can be deferred while attending Regent University. Students desiring Regent University to complete loan deferment forms must submit proper forms to the Registrar's Office. The deferment forms will be completed after the student has completed the registration.
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