Consumer Information

As a student at EVMS, you have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.

• Satisfactory academic progress: The status required for all students to maintain eligibility for financial aid. All students are required to be familiar with this process and their status.
• Your right to cancel: This covers your right to cancel your Federal Direct Unsubsidized and Direct Grad PLUS Loans or institutional loans in whole or in part.
• Scheduled disbursement dates: When will your financial aid be released to Financial Services for disbursement? Check the schedule for your program/cohort. 

Loan fees

Under sequestration, loan origination fees will be adjusted at the beginning of each year's federal fiscal year (October 1) unless the act is repealed or replaced.

Currently, for loans first disbursed on or after October 1, 2020, and before October 1, 2024, the origination fee is 1.057% for the Direct Unsubsidized Loan and 4.228% for the Direct Grad PLUS Loan.

For loans first disbursed on or after October 1, 2019, and before October 1, 2020, the origination fee will be 1.059% for Direct Unsubsidized Loans and 4.236% for Direct Grad PLUS Loans.

For cohorts with start dates before October 1, 2019, if your first loan funds for the year were disbursed before October 1, 2019, all disbursements for the year will be at the prior fiscal year fee amounts.

*Excerpt from studentaid.gov

Interest rates for direct loans
first disbursed on or after July 1, 2023

All interest rates shown in the chart above are fixed rates for the life of the loan.

*Excerpt from studentaid.gov

EVMS institutional loans continue at 5% interest and are subsidized during enrollment and grace periods.

As a student at Eastern Virginia Medical School, you have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.  We are working to provide this information in one place for your convenience.  

Satisfactory Academic Progress- the status required for all students to maintain eligibility for financial aid.  All students are required to be familiar with this process and their status.   

Your Right to Cancel - covers your right to cancel your Direct Unsubsidized and Direct Grad PLUS Loans, or institutional loans in whole or in part.

Scheduled Disbursement Dates - when will your financial aid be released to Financial Services for disbursement?  Check the schedule for your program/cohort. 

Loan Fees - Under sequestration, loan origination fees will be adjusted at the beginning of the federal fiscal year (October 1) of each year unless the act is repealed or replaced.  Currently for loans first disbursed between October 1, 2020, and before October 1, 2024, the origination fee is 1.057% for the Direct Unsubsidized Loan and 4.228% for the Direct Grad PLUS Loan. For those cohorts with start dates before October 1, 2020, if your first loan funds for the year are disbursed before October 1, 2020, all disbursements for the year will be at the prior fiscal year fee amounts.

NOTE:  Interest rates for each academic year are available online from the Office of the U.S. Department of Education.  Historical rates are available by link.

All interest rates shown in the chart above are fixed rates for the life of the loan.Update & Approve

*Excerpted from Interest Rates and Fees for Federal Student Loans

EVMS institutional loans continue at 5% interest and are subsidized during enrollment and grace periods.