All students borrowing for the first time at Virginia Tech are required to attend an entrance interview or complete the on-line Entrance Interview before loan funds can be disbursed. Refunds from Direct Loans are deposited directly to the designated bank account that the student has requested. If a student does not request the refund be deposited to specified bank account, the refund will be deposited to the Credit Union of Virginia Tech. Setting up a designated bank account is done through Student Accounts . The repayment period depends of the loan amount borrowed.
Monthly payments begin at a low rate and increase every two years.
The monthly payments must start at least half of what you would repay under the Standard Repayment Plan. The repayment period will vary from approximately 12 to 30 years, depending on the total amount borrowed. Payment amounts are based on each years income and are adjusted as income falls or raises. The monthly payments will not exceed 20 percent of discretionary income and the repayment period may not exceed 25 years. For more information of repayment options, contact the Federal Direct Loan Servicer .