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.
Loan Options
Private Alternative Loans
This program allows students, 18 year of age, together with a creditworthy cosigner to borrow up to the full cost of education less financial aid. Eligibility is determined by the University, but is not based on need. Students may defer repayment during enrollment.
Private alternative education loans are typically the most expensive borrowing option, therefore, should only be considered after eligibility for all federal student and parent loan options have been determined.
It is not Saint Joseph's University practice to recommend a specific lender. Each student/parent has the right to select a lender of their choice.
New Borrowers:
For a loan comparison tool visit Simple Tuition: www.certifiedprivateloans.com
For additional loan information click here.
Repeat Borrowers: For your convenience listed below is information for lenders you may have used in the past.
Chase Select: www.chaseselectloans.com
1-866-306-0868
CitiAssist: www.studentloan.com
1-800-967-2400
New Jersey Class: www.hesaa.org
1-800-792-8670
PNC: www.pnconcampus.com
1-800-762-1001
Sallie Mae Loan: www.salliemae.com
1-800-695-3317
Sun Trust: www.suntrusteducation.com
1-800-552-3006
Wells Fargo: www.wellsfargo.com/student
1-800-658-3567
Federal Stafford and Plus Borrowers: www.aessuccess.org
1-800-692-7392
Federal
Federal Perkins Loan
This federally funded program is administered by the University and has a fixed interest rate of five percent. Perkins loans are awarded based on the student’s need and availability of federal funds allocated to Saint Joseph’s University. Repayment must be completed within 10 years and begins nine months after graduation or when enrollment drops below half time.
Federal Subsidized and Unsubsidized Stafford Loan
The information that students submit on their Free Application for Federal Student Aid (FAFSA) determines their eligibility for one or a combination of these programs. The Stafford Loan requires no credit or income requirement and is a low- or no-interest loan while the student is enrolled. The interest rate is fixed at 6.8 percent. Students may borrow a maximum of $5,500 for their first year under all programs. Sophomores may borrow $6,500 per year, while juniors, seniors, and fifth-year undergraduates may borrow up to $7,500 per year. The total aggregate amount an undergraduate may borrow is $31,000. Subsidized Federal Stafford Loan recipients have their interest paid by the federal government while they are in school. Repayment of principal and interest begins six months after the student graduates or ceases to be enrolled for at least six credits a semester. Unsubsidized Federal Stafford Loans accrue interest while students are in school. The student has the option to pay the interest on their loan while they are in school. Repayment of principal and interest begins six months after the student graduates or ceases to be enrolled for at least six credits. There is no pre-payment penalty for advanced or accelerated repayment.
Additional Unsubsidized Stafford Loan
Dependent students whose parents are unable to obtain a PLUS Loan due to credit problems may borrow an additional amount of the Unsubsidized Stafford Loan. The additional Unsubsidized Stafford Loan is also available to independent undergraduates. The annual maximum amounts available are: Freshmen $4,000, Sophomores $4,000, Juniors $5,000, and Seniors $5,000.
Federal Parent Loan for Undergraduate Students (PLUS)
Parents of undergraduate students may borrow funds through this program. Eligibility is determined by the University, but is not based on need. Borrowers must be credit worthy. Although the PLUS loan is a credit-based loan, the PLUS loan credit requirements are more lenient than those required by most private loan programs. Annual limits are based on the cost of education less any financial aid. Monthly principal and interest payments begin 60 days after loan proceeds are disbursed unless the option to defer repayment is selected. The interest rate is fixed at 8.5 percent.
Entrance/Exit Counseling Requirement for Stafford and Perkins Loan Borrowers
The Higher Education Amendments of 1986 stipulate that institutions must conduct entrance and exit counseling for all students borrowing under the Stafford Loan or Perkins Loan programs.
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 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.
