Student Loans and Scholarships

The exact amount we can offer you will vary depending on:

• Your personal financial resources (some aid is need-based)
• The level of your degree program (undergraduate or graduate)
• Your past student financial aid history (there is a lifetime borrowing cap for undergraduate and graduate degrees)

Generally we are able to offer a mix of loans, some do not accrue interest while enrolled and others which do accrue interest and all must be paid back, and grants, which do not need to be paid back and are offered to the neediest undergraduate students.

Your financial aid eligibility is determined when you apply for financial aid by completing the FAFSA with the federal government. 

Undergraduates in our GPS program may be eligible for the following aid and federal student loan options:

Federal Unsubsidized Stafford Loan – A loan on which interest begins to accrue immediately, and student may pay the interest even while you are studying. 

Federal Subsidized Stafford Loan – A loan for needier students enrolled at least half-time on which interest only begins to accrue after you graduate and/or last date of attendance. There is a six-month grace period before repayment begins. 

Parent PLUS Loan – If you are a dependent student (you live with and are supported by your parents), your parents can take out a loan to pay for your education. The loans are offered based on an evaluation of your parents’ credit history. Other fees may apply.

Pell Grants – Federal government grants awarded to needy undergraduates who are earning their first bachelor’s degree. Eligibility guidelines for Pell Grants are very specific, and are only awarded for six full-time years of study. The amount of your Pell Grant may vary from year to year depending on your course load and FAFSA results. It will never cover 100% of your tuition; only a portion.

Undergraduate Borrowing Caps: The total amount a dependent student in our GPS program can borrow in loans is $31,000. The total amount an independent student can borrow is $57,500. 

Federal Unsubsidized Stafford Loan – A loan on which interest begins to accrue immediately, and on which you must pay the interest even while you are studying. Graduate students can borrow up to $20,500 in unsubsidized loans.

Graduate PLUS Loan – PLUS loans are offered based on an evaluation of your credit history. Other fees may apply. Payments are deferred while you are studying with at least a half-time course load. After you leave your program (or drop below half-time), you have a six-month grace period before repayment begins.

Graduate Borrowing Caps: Overall, graduate students can borrow up to $138,500 in loans, including the unsubsidized loans. This includes loan amounts borrowed at the undergraduate level.

Averett University offers a number of scholarships for college students enrolled in GPS programs. These scholarships are subject to change. Your application for admission automatically enters you into consideration for these scholarships. If our staff needs additional information when considering you for scholarships, a representative will contact you.

Transfer students need to contact Averett’s Financial Aid department to discuss their eligibility. Due to the fact that students cannot transfer a financial aid package awarded at one institution to another, you may find that you are limited in applying for further funds during your first academic year.