Virginia Student Loans And Financial Aid Programs
Virginia has several private student loan and financial aid programs that can help you pay for college. If you're going to be attending college in Virginia, you need to be looking to take advantage of these programs.
These programs are designed to help make college more affordable - so that you can get the education you need. These programs can include scholarships, grants, and student loans.
Don't forget that there are Federal student loan programs available as well. You can find out more on how to get a Federal student loan here.
There is also a specific order of operations to pay for college that we recommend students follow. These programs specific to the State of Virginia can help you to avoid borrowing more money than you need to.
Virginia Student Loan Programs
Virginia doesn't have any unique student loan programs to help it's students pay for college. However, there are still Federal student loans available to students who attend college in Virginia.
If you're just looking for private student loan options, we recommend:
- Credible - Like the Kayak of student loans, they help you shop around and compare options. Try Credible here.
- Commonbond - One of the best private student loan lenders. Try Commonbond here.
If you're looking for other options, check out our list of the best private student loans here.
Virginia Scholarship Programs
Virginia has several scholarships available to students who want to attend college in the state. These are not state-based programs, but offered through organizations.
Check out this list of Virginia based scholarships.
Virginia Grant Programs
Virginia also has a grant program to provide need based financial aid to Virginia residents.
Grants are one of the best forms of financial aid because, in most circumstances, you don't have to pay the money back.
Virginia Commonwealth Award
The purpose of the Virginia Commonwealth Award is to assist undergraduate students with financial need and graduate students to pay part of their college costs. The funds are appropriated directly to each state-supported institution. Funds may be used for need-based grants to Virginia resident undergraduates or for grants or assistantships to graduate students (both in-state and out-of-state). The law requires that the awards to undergraduates be proportional to need so that the students with the greatest need receive the largest awards.
The actual awards will vary by institution and are subject to available funding. The awards may not exceed tuition and required fees.
You can learn more about the Virginia Commonwealth Award.
Virginia Tuition Assistance Grant Program
Established in 1972, the Tuition Assistance Grant Program (VTAG) is designed to assist Virginia residents who attend accredited private, nonprofit colleges and universities in Virginia for other than religious training or theological education.
Maximum 2019-20 Annual Award: Undergraduate= $3,400 Graduate= $1,700
Learn more about the Tuition Assistance Grant Program.
Virginia Guaranteed Assistance Program
The purpose of the Virginia Guaranteed Assistance Program (VGAP) is to provide an incentive to financially needy students now attending elementary and secondary school in Virginia to raise their expectations and their academic performance and to consider higher education an achievable objective in their future. The law requires that the awards to undergraduates be proportional to need so that the students with the greatest need receive the largest awards.
The actual awards will vary by institution; however, those students found to be in the neediest category will receive awards of at least tuition. The maximum award is the cost of tuition, required fees, and a book allowance. Limit of one year of award per class level.
Learn more about the Virginia Guaranteed Assistance Program.
If you already have student loans and are looking for options as a Virginia resident, check out our Virginia Student Loan Forgiveness Program page. That page has all the different options available to Virginia residents to potentially get some of your student loan debt forgiven.
You might also look at refinancing your student loans and saving money in interest while also potentially lowering your payment. Check out our guide on the Best Places To Refinance Your Student Loans.
If you're looking to save money for college in Virginia, check out our Virginia 529 Plan and College Savings Guide.
Finally, check out the other student loan and financial aid programs by state.