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.
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 https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid.
Direct PLUS Loan terms, which are subject to revision by federal regulation, include:
6.84% (fixed for the life of the loan, effective 7/1/15
*The Federal Direct PLUS Loan has a 4.272% origination fee, which will be deducted from the gross amount of the loan borrowed.
Additional information of the Federal Direct PLUS Loan is available from the Department of Education.
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.
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:
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 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.
View ISM Marketplace Lenders' TILA Application Disclosures:
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