Student Loan Information
To help students afford the cost of a Saint Joseph´s University education, we are pleased to be able to offer several financing options. The options available include need- and non-need-based loans. Students and families are encouraged to review the options to determine which is best suited for their specific needs.
Descriptions of need- and non-need-based federal, state, and alternative loan programs (below) help determine the amount of additional financing a student might require.
It is not Saint Joseph´s University´s practice to recommend a specific lender. Each student/parent has the right to select a lender of their choice. It is your responsibility to inform the Office of Student Financial Services of your choice.
Important Federal Direct Loan Changes Effective July 1, 2012:
- The Consolidated Appropriates Act, 2012 which was signed into law on December 23, 2011, affects the grace period for Federal Direct Subsidized/Unsubsidized Loans which are first disbursed on or after July 1, 2012 and before July 1, 2014. Federal Direct Loans will still begin repayment 6 months after graduation or dropping below half time, however interest will accrue on the Federal Direct Subsidized loans during this time.
- Due to the Budget Control Act (BCA) of 2011, 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.
- Graduate students are no longer eligible to receive Federal Direct Subsidized Loans 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 Loans and graduate students in a Certificate Program may be eligible for up to $12,500.
Federal Loan Options
- Federal Perkins Loan
- Perkins Loan Entrance and Exit Counseling
- Federal Direct Subsidized and Direct Unsubsidized Stafford
- Entrance/Exit Counseling Requirement for Federal Direct Subsidized/Unsubsidized Loans
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
New borrowers often ask for help in selecting a reliable lender. In general, interest rates and terms of the loan are similar between lenders. The quality of service throughout the life of the loan may distinguish one lender from another. Due to legislative changes Saint Joseph’s University’s Hawk Central does not have a preferred lender list. For convenience, a list of lender names and contact information that previous students have used is provided. Before deciding to borrow, carefully investigate all options. Please be sure to understand the application procedures, eligibility criteria, interest rate and processing fees, disbursement procedures, and repayment terms for each loan being considered.