EMBA - Financial Aid and Loans

U.S. citizens and eligible non-citizens of the United States may apply for Federal loans, private Loans or a combination of both. Students who will need a visa to attend Darden may be eligible for private loans with a U.S. cosigner. 

If you will be using Military Educational Benefits, please visit our Military Educational Benefits page to learn more.

Federal Direct Unsubsidized Loan

• Maximum amount of the Cost of Attendance minus any other aid up to $20,500 per year
• Fixed interest rate of 8.08% for loans first disbursed on or after 1 July 2024 and before 1 July 2025
• Origination fee of 1.057% for loans disbursed on or after 1 October 2020 and before 1 October 2024
• No credit criteria: the maximum amount of this loan is available regardless of credit score or credit history
• Interest will begin to accrue from the date of disbursement
• Standard repayment term of 10 years; alternative repayment plans are available
• Repayment begins 6 months after no longer being enrolled at least half time in a degree seeking program
• To learn how to apply for a Federal Direct Loan, please review the steps below. 
• Additional information about the Federal Direct Loan can be found on the Department of Education's website

Federal Graduate Plus Loan

While the Federal Direct Unsubsidized Loan provides up to $20,500 per year, any additional funds needed to cover tuition and living expenses may be borrowed as a Federal Graduate PLUS Loan.

• Fixed interest rate of 9.08% for loans first disbursed on or after 1 July 2024 and before 1 July 2025
• Origination fee of 4.228% for loans disbursed on or after 1 October 2020 and before 1 October 2024
• Loan approval is based on credit; potential borrowers must not have an adverse credit history. For any credit check completed on or after 29 March 2015, credit history is considered adverse if — as of the date of the credit report — the applicant has a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the preceding five years, or if the applicant has one or more debts with a combined outstanding balance greater than $2,085 and those debts are 90 or more days delinquent — or charged off/in collection — within the preceding two years.
• If credit has been frozen, it will need to be unfrozen with all three credit agencies. If credit has been frozen after 1 June 2024, the following steps will need to be completed:
  • Unfreeze your credit with all three credit agencies (The Department of Education randomly selects one of the three credit bureaus).
  • Go to the Department of Education’s website and request the credit approval by clicking on the log in option for ‘Direct PLUS Loan Application for Graduate/Professional Students’.
• If a PLUS loan is denied, you may obtain an endorser or appeal the decision. Also beginning on 29 March 2015, borrowers who obtain a PLUS loan by obtaining an endorser or being granted an appeal will have to complete separate PLUS Loan Counseling. See studentaid.gov for additional information. 
• Interest will begin to accrue from the date of disbursement
• Standard repayment term of 10 years; alternative repayment plans are available
• Repayment begins 6 months after no longer being enrolled at least half time in a degree seeking program
• To learn how to apply for a Federal Direct Loan, please review the steps below. 
• Additional information about the Federal Direct Loan can be found on the Department of Education's website.

How to Apply 

Federal Loans for the 2024-2025 Academic Year

For current Darden students, the application instructions for the 2024-2025 Academic Year will be provided through the Darden Enterprise Portal.

For students admitted to the Class of 2026, the application instructions for the 2024-2025 Academic Year will be provided through the Darden Admitted Student Portal.

Although students may finance the full cost of attendance using federal student loans, students may research alternative student loan options through private lenders. The University of Virginia Darden School of Business neither encourages nor discourages students from researching and applying for private student loans. While federal loans typically offer certain benefits not found with private loans, we encourage students to carefully research and consider all available loan options.

International students may find alternative private student loan options with a U.S. Citizen or Permanent Resident as a cosigner. Note: For the Executive MBA program, there are currently no private student loan options for international students that do not have a U.S. cosigner.

RESEARCHING PRIVATE LOAN OPTIONS

• Consider contacting lenders or other financial institutions with which you already have a working relationship
• Check your credit report and resolve any issues you may find quickly: you can get a free credit report from each of the three credit reporting bureaus each year at www.annualcreditreport.com
• Resources to help search for private loans: 
  finaid.org
  simpletuition

THINGS TO CONSIDER

• While fixed interest rate private loans are available, private student loans are typically variable interest rate loans based on the Prime Rate or LIBOR
• Interest rates and fees are determined by individual lenders based on the borrower's credit score and credit history
• Repayment terms vary by lender and can range from 7 to 25 years
• The ability to pre-pay without penalty is determined by individual lenders
• Compare the differences between Federal and private student loans on the Federal Student Aid website

QUESTIONS TO ASK YOURSELF

How important is it to have the lowest interest rate interest possible?

Depending on your credit score, credit history, and whether or not you have a co-signer, private loan interest rates and fees may be comparatively better than Federal loans

Will I ever need an alternative repayment option?

For borrowers who may find themselves financially over-burdened by their monthly loan payments, Federal loans offer safety nets not found with private loans, such as multiple alternative repayment options, and typically more generous deferment and forbearance terms

How quickly do I expect to repay my loans after I graduate?

Not all private loans allow for penalty-free pre-payment; additionally, for borrowers of variable interest rate private loans, the potential for interest rates to rise over time means borrowers who take longer to repay their loans also take on greater risk that payments will increase over the lifetimes of their loans

QUESTIONS TO ASK LENDERS

• Is the interest rate fixed or variable? If it is fixed, what is the maximum rate? If it is variable, how often will it change and how high could it go?
• Are there any application, origination, disbursement or repayment fees?
• Is a cosigner required? Will having a cosigner lower the interest rate, and can my cosigner be released during repayment?
• Is there a grace period between graduation and when repayment begins?
• When is accrued interest capitalized (added to principal balance)?
• How long is the repayment period, and are there pre-payment penalties for paying a loan off earlier than the standard term?
• Are payments deferred while I am still in school?
• Is there an in-school deferment option if I graduate and choose to enroll in another graduate degree program in the future?
• What type of hardship deferment or forbearance options are there?
• Are there any borrower benefits, such as an interest rate reduction for signing up for auto-debit or by making a certain number of on-time payments?

How to Apply 

Private Student Loans for the 2024-2025 Academic Year

For current Darden students, the private student loan applicaiton process instructions for the 2024-2025 Academic Year will be provided on the Darden Enterprise Portal.

For students admitted to the Class of 2026, the private student loan application process instructions for the 2024-2025 Academic Year will be provided through the Darden Admitted Student Portal.  

Note: Students admitted to the Class of 2026 should wait until mid-May 2024 to apply for private loans for the 2024-2025 Academic Year. 

Satisfactory Academic Progress (SAP)

In order for you to remain eligible for Federal financial aid programs, you must make satisfactory academic progress. In other words, you must make good enough grades, and complete enough classes (credits, hours, etc.), to keep moving toward successfully completing your degree in an acceptable time period. If you do not maintain satisfactory academic progress, you will be in jeopardy of losing eligibility for Federal financial aid.

The satisfactory academic progress standards apply to all Federal financial aid programs including Federal Direct loans (Unsubsidized and Graduate PLUS), Darden scholarships, outside scholarships and Veterans benefits. Private loans may have different eligibility requirements. Please refer to the eligibility requirements for these programs to determine the standards to remain eligible for non-Federal financial aid programs.

For purposes of determining student eligibility assistance under Title IV of the Higher Education Act (HEA) of 1965, an institution must establish reasonable standards for measuring whether a student is maintaining satisfactory academic progress. On 29 October 2010, the Secretary of Education published final rules aimed at improving the integrity of programs authorized under Title IV of the HEA, as amended. Effective 1 July 2011, institutions must comply with the published regulations that impact Satisfactory Academic Progress (SAP).

It is important to note that the standards of the Darden Satisfactory Academic Progress Policy for financial aid purposes may differ from the academic progress policies of Darden Graduate School of Business. The Darden Financial Aid Office encourages all students, academic deans and academic advisors to become familiar with the satisfactory academic progress policy and its impact on student financial aid eligibility. Click here to review the Darden SAP policy.

Evaluating students’ satisfactory academic progress is required by federal regulation. The outcome of the evaluation and its impact on students’ financial aid eligibility overrides all other University polices or statements regarding a student’s academic standing.

Appeal Process

The U.S. Department of Education does not believe it is appropriate for students who are not making progress towards program completion to continue to receive Title IV, HEA aid. Students who experience circumstances that interfere with their ability to meet the satisfactory academic progress standards may appeal their SAP status. The intent of the appeal process is to provide information to the Darden Financial Aid Appeals Committee that is not captured on the student’s academic record but has impacted the student’s academic progress.

Students who appeal their SAP status must provide a detailed explanation for why they are not making satisfactory academic progress and must also present convincing evidence of their ability to meet the SAP standards and to finish their degree program. The satisfactory academic progress policy does not limit the number of times students may appeal an SAP status during a student's career; however, it is the Darden Financial Aid Appeals Committee’s objective to ensure that Title IV, HEA aid is awarded to students who demonstrate a capacity for completing their degree program.

Students who wish to appeal their Financial Aid Suspension must complete and submit the following:

1. Satisfactory Academic Progress Appeal – made available by the Darden Financial Aid Office
2. Academic Dean Support form (page 2 of the Satisfactory Academic Progress Appeal)
3. Academic plan developed by academic dean and student that, if followed, will ensure that the student is able to meet the satisfactory academic progress standards by a specific point in time
4. If applicable, documentation from a third party to support your explanation (i.e. letter from physician or counselor)

Once the completed appeal is received, the information will be reviewed by the Darden Financial Aid Appeals Committee. Based upon the documentation submitted, the Committee will approve or deny the appeal. Students will be notified of the Committee’s decision by email no later than one month after the completed appeal is received.

Withdrawal from Program

Students who wish to withdraw or are dismissed from the Darden should begin the process by contacting Laura Bordoni. You may review the record in the University Registrar’s Office (UREG) for the University policy on withdrawals. Once you have initiated the process the Darden Registrar will notify UREG and the Darden Financial Aid Office regarding your withdrawal. UREG will then notify Student Accounts. At that time, Student Accounts will recalculate your tuition and fees based on the Tuition and Fees Adjustment Schedule set by the University of Virginia. You may view this schedule on Student Financial Service’s web page found here. Due to potential financial implications, you may want to discuss your withdrawal with the Darden Financial Aid Office as you think about withdrawing.

For students who are receiving Title IV federal financial aid in the semester from which they are withdrawing, the Darden Financial Aid Office will also need to recalculate your federal financial aid eligibility for students that withdraw prior completing 60% of the semester in which you are withdrawing. Title IV funds are the Federal Direct Unsubsidized loan and the Federal Graduate PLUS loans.

After a student has initiated the withdrawal process with the University, the Darden Financial Aid Office will begin the process of determining a revised amount for University charges and a recalculation of financial aid.

• The tuition and fees for all students will be adjusted based on the University’s Tuition and Fees Adjustment Policy: Withdrawal from School | Student Financial Services (virginia.edu).
• Federal Title IV financial aid will be adjusted based on federally defined formula called Return of Title IV aid (R2T4),
• Non-University assistance will be adjusted based on the guidelines provided by the organization that provided the scholarship or grant.

Return of Funds Calculation

If a student withdraws from the University and has federal Title IV aid in their offer letter, the Darden Financial Aid Office will use the Return to Title IV (R2T4) worksheet to determine the amount of Title IV aid that a student may keep or return.

In general, the Darden Financial Aid Office will determine the total number of days in a term (including weekends) and subtract any breaks of five days or longer. The Darden Financial Aid Office will then take the date of withdrawal of the student and determine the number of days that the student attended in a term. The number of days attended is divided by the number of days in the term and the resulting percentage is used to determine the amount of Title IV aid earned in a term.

For example, if a term is 111 days in length and a student withdraws after 8 days, the resulting percentage is 7.2%. The student will have earned 7.2% of their Title IV financial aid. This percentage is multiplied by the amount of Title IV aid disbursed as of the date of withdrawal in a term to determine the total amount of Title IV aid earned.

The Darden Financial Aid Office will use the R2T4 worksheet to determine how much and what type of Title IV aid has been earned by the student and how much and what type of aid must be returned by the University of Virginia and/or the student. If Title IV aid must be returned, they will be returned in this order:

1. Federal Direct Unsubsidized Loan
2. Federal Direct Graduate PLUS Loan

In some cases, students are able to receive a disbursement of Title IV aid after withdrawal. This occurs when the amount Title IV aid earned by the student is greater than the amount of Title IV aid disbursed for the term at the time of withdrawal. The Darden Financial Aid Office will contact students who are eligible for a post-withdrawal disbursement.

The requirements for Title IV aid when students withdraw are separate from the University’s Tuition and Fee Adjustment policy. Therefore, students may owe funds to the University to cover unpaid institutional charges. The University may also charge a student for any Title IV aid that it is required to return.