To help our graduate students finance a Saint Joseph´s University education, we are pleased to be able to offer several need- and non-need-based loans. Students are encouraged to review the options to determine which is best suited for their specific needs.
*Important Loan Changes Take Effect July 1, 2012:
The Budget Control Act (BCA) of 2011, signed on August 2, 2011, brings two changes to the Federal Direct Loan Program:
1.Graduate students are no longer eligible to receive the Federal Direct Subsidized Stafford Loan effective on or after July 1, 2012. Graduate students in a Masters Program may be eligible for up to $20,500 in Federal Direct Unsubsidized Stafford Loans and graduate students in a Certificate Program mayb be eligible for up to $12,500.
2.Effective July 1, 2012, Direct Loan borrower repayment incentives have been terminated on all Federal Direct Loans, including Parent PLUS and Graduate PLUS Loans. There will no longer be a rebate given on the loan fees.
Descriptions of need- and non-need-based federal loan programs (below) help determine the amount of additional financing a student might require.
Federal Direct Unsubsidized Stafford Student Loan Direct Lending Stafford Master Promissory Note (Log into Manage my Direct Loan) This loan allows all students regardless of federal financial aid eligibility who are enrolled for at least six credits per term to borrow up to $20,500 per academic grad level including any amount borrowed under the subsidized Stafford Loan Program. The interest is the same as specified above; however, interest accrual begins immediately during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized. *Please see information at top of page regarding loan changes
Graduate students enrolled in a Post-Degree Certificate Program may be eligible for a total of $12,500 in Federal Direct Stafford Loans per academic year. The maximum subsidized Stafford Loan is $5,500 and unsubsidized Stafford is up to $12,500. Eligibility may be determined after reviewing the FAFSA and loan history.
Federal Direct Graduate PLUS Loan Direct Lending Graduate PLUS Promissory Note (Log into Manage my Direct Loan) This program allows graduate students who do not have an adverse credit history to borrow up to the full cost of attendance, less other financial aid received, including Federal Direct Stafford Loans (subsidized and unsubsidized). The interest is fixed at 7.90 percent. Interest accrual begins on the date of the first disbursement; the first payment is due within 60 days after the final disbursement. *Please see information at top of page regarding loan changes
Colleges determine eligibility for the Federal Stafford Loan before determining any remaining eligibility for a Federal Direct Graduate PLUS Loan. The Office of Financial Assistance will calculate the maximum a student may borrow through the Direct Graduate PLUS Loan program after completion of the Federal Direct Stafford Loan application process.
Entrance/Exit Counseling Requirement for Federal Direct Stafford Loans
The Higher Education Amendments of 1986 stipulate that institutions must conduct entrance and exit counseling for all students borrowing under the Federal Direct Stafford Loan program.
Direct Lending Stafford Entrance Counseling needs to be completed prior to the crediting of the student's first disbursement. This counseling is intended to give student loan borrowers pertinent information about the terms and conditions of the loan, the borrower's responsibilities, and the importance of meeting repayment obligations. During counseling, students will also receive sample repayment tables that can be used to estimate monthly payments and information on when loan repayment begins.
Prior to graduation or upon withdrawal from the University, student borrowers will be provided with Direct Lending Stafford Exit Counseling information. The counseling is provided to prepare the student loan borrower for repayment. Information provided will include repayment options, deferment options, loan consolidation, consequences of default, and communication with the lender and/or loan services.
Alternative Loans: As of February 14, 2010, regulations mandate all new private loan application will require additional certifications (Title X of the Higher Education Opportunity Act). This new regulation mandates self-certification and a waiting period that may lengthen the process (the average processing time is 3-6 weeks). Once the loan is approved and a final self-certification is received by the lender, funds will be disbursed to the school after an 8 day waiting period. Please contact your Financial Assistance Specialist if you have questions. This program allows students, 18 year of age to borrow up to the full cost of education less financial aid. Students may defer repayment during enrollment.