Loan Information

Loans are one way to pay for a Saint Joseph's College education. Your Award Letter itemizes the costs of attending SJC and any "credits" that will be applied to the student's account. This includes not only gift aid, but also self-help aid, which is aid that is earned through work-study allotments and loan eligibility.

Examples are the Federal Stafford Loan and the Perkins Loan. Credits are subtracted from the overall cost of attending SJC, and the amount left over is the student's balance, which must be paid at the start of each semester.

For those students who cease to be enrolled more than half time:

Follow the link below to complete Exit Counseling, which is required for all.

Section Links

Federal Parent Loan for Undergraduate Students (PLUS)

Before applying, make sure you know your FSA ID & password (which recently replaced your PIN) that you used to file your student's Free Application for Federal Student Aid (FAFSA). Just like on the FAFSA, the PIN serves as your electronic signature on your MPN. If you do not know your FSA ID & password, or need to set up an FSA ID & password, visit

Steps for Parent Borrowers to take for Federal Direct PLUS Loans

  1. The parent borrowing the PLUS loan must complete the application at . Login with your FSA ID & password, then click REQUEST DIRECT PLUS LOAN.
  2. If the parent has never borrowed a PLUS loan, they must complete a PLUS Master Promissory Note at . Click into COMPLETE MPN.

Federal Direct PLUS Loan

Direct PLUS Loan terms, which are subject to revision by federal regulation, include:

  • Interest Rates and Fees

Interest Rate:

6.84% (fixed for the life of the loan, effective 7/1/15

Origination Fees:


*The Federal Direct PLUS Loan has a 4.292% origination fee, which will be deducted from the gross amount of the loan borrowed.

  • The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or may request an "in-school deferment." In-school deferment allows the borrower to wait to begin repayment until six months after the dependent student, on whose behalf the parent borrowed, ceases to be enrolled on at least half-time basis. Generally, the Direct PLUS Loan has a 10-year repayment term.
  • Parents may apply for up to the full cost of education for the school year minus all other student aid. Parents are encouraged to apply for the amount needed for a full academic year at the time of application, rather than by semester. The amount of the loan is disbursed equally between the semesters and applied directly to the student's tuition account.

Additional information of the Federal Direct PLUS Loan is available from the Department of Education.

Federal Perkins Loan   

The Federal Perkins Loan is awarded to the student as part of his/her financial aid package. The application form is included in the packet, with instructions to complete and return the application to Student Financial Services. If you have misplaced the Perkins Loan Application previously provided to you, please use the link below to print the PDF version. Complete the form and return it to Student Financial Services.

Perkins Loan Application

Private Education (Alternative) Loan Information

Private education loans, sometimes called alternative loans, are available from private lenders and offer additional financial assistance. A credit check is required for private loans and some of the loan terms and conditions may be based upon your credit standing. If you are a student, be aware that most lenders will require a co-signer.

Please carefully review your need to borrow. We recommend that you exhaust all federal grant and loan programs before you consider a private loan.

Saint Joseph's College will process a private loan from any lender of your choosing. The lender does not have to be a lender listed in the links below. Our goal was to provide students with an array of lenders whom we have confidence in based on their experience with our previous student borrowers. Saint Joseph's College has no affiliation with any private lenders.

Unlike federal loans, private lenders set the terms for the loans, which can mean they have different criteria for both loan eligibility and loan rates. Before you decide to apply for a private student loan, we encourage you to research all of your options and keep a few things in mind:

  • Private student loans have a range of interest rates, fees and repayment options.
  • We strongly encourage you to apply with a credit-worthy cosigner to both increase your chances of being approved for the loan and to obtain a better interest rate.
  • Interest rates can either be fixed or variable:
    • Variable rates can increase or decrease over time, depending on market conditions.
    • Interest rates on private loans may depend on your and/or your cosigner's credit rating
  • Before accepting any private student loan, you should determine the interest rate and any fees associated with the loan.
  • Be aware that a private education loan may reduce your eligibility for free or lower-cost federal, state, or school-based student financial aid. Make sure you have exhausted other options.
  • Borrowers who choose different private loan lenders to fund their postsecondary education will likely have multiple student loan payments to make upon leaving school. It can be advantageous and economical to consider using the same lender for all of your private education loan needs.
  • Initially apply to multiple lenders. Student loans are provided special protections under the credit reporting rules so that as long as students conduct their 'shopping' within a 30 day period, there should be no impact on their credit rating and no impact on their loan terms.
    If you have general questions about private loans you may certainly contact our office. However, please remember that we cannot offer assistance on your choosing of a lender or product. Each family's circumstances are unique and the loan terms and benefits offered to you may be dependent upon your specific credit standing.

Two tools are provided below for your use. Each allows you to compare lenders. These are not comprehensive listings of lenders and you can use any lender of your choosing. These are provided to assist you in the process.  

ELM Select Lender Choices

ELM Select is a tool that allows you to compare rates of lenders. The following lenders were selected by Saint Joseph’s College, from which we have previous students borrow.

ELM Select Lender Choices


ISM Student Loan Marketplace Logo

View ISM Marketplace Lenders' TILA Application Disclosures:


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  • Start Your Major Freshman Year

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  • Mentorship

    Small colleges offer you personal attention; SJC professors do more for you—they serve as mentors.

  • High Quality Academics

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  • Leadership

    You get more deeply involved at SJC, so you get more meaningful experiences that prepare you for career and life.

  • Real-life Skills

    Get real-life experience and become an excellent communicator.