The College of Saint Elizabeth participates in the William D. Ford Direct Loan Programs which consist of Subsidized/Unsubsidized Stafford Loans, Parents PLUS loans and Grad PLUS Loans. To receive a Federal Direct Subsidized/Unsubsidized Loan, a student must complete a Master Promissory Note (MPN) and an Entrance Interview unless an Entrance Interview was completed previously. To receive a PLUS or Grad Plus loan applications must be filed every academic year.
For all Federal Direct Subsidized/Unsubsidized, Direct PLUS/Grad PLUS Loan Programs, and Alternative Loans, please follow the instructions below to apply for a loan.
NOTE: All Doctoral or Graduate students must first apply for a Direct Subsidized/Unsubsidized Loan(s), not a Grad Plus loan. Grad Plus loan eligibility will be determined by working in conjuction with the Office of Financial Aid.
For all students borrowing under the Federal Direct Subsidized/Unsubsidized Loan Program, Direct PLUS/Grad PLUS Loan Programs complete steps 1 - 4. For all students borrowing under the Alternative Loan Programs, follow instructions under Option.
Here are the required steps to receive a Federal Direct Stafford Loan. First, you must complete the 2011-2012 Free Application for Federal Student Aid (FAFSA) or renewal FAFSA. You may process your application via the web at www.fafsa.ed.gov. After your FAFSA is processed, you will receive a Student Aid Report (SAR) via mail or e-mail. If you have listed The College of Saint Elizabeth as one of your college choices, we will be able to electronically review your SAR. In some cases, students may be selected for Federal verification and be required to submit certain documents to the school. If you have been selected for verification, The College of Saint Elizabeth will mail you a Request for Additional Information Letter. All required verification documents must be submitted to the Financial Aid Office and your financial aid file must be completed before your loan can be processed.
Federal Direct Stafford loan amounts, both subsidized and unsubsidized, are for one academic school year. You may pay a fee of up to 3 percent of the loan. This fee is deducted proportionately each time a loan disbursement is made. Your loan disbursement will be split into equal payments according to your enrollment status. For example, if you are attending as a Full-Time day student, your loan is divided into two payments (Fall/Spring Semester). A Financial Aid Counselor will evaluate all other enrollment periods.
Before you apply for a Federal Direct Stafford Loan, please ensure that you have met the following requirements:
Loan eligibility is determined by the number of credits you have earned by the beginning of the academic year. See the following chart on Federal Annual Loan Limits.
|Grade Level||Cumulative Credits||Annual Loan Limit||Additional Unsubsidized*|
|Freshman 01||0 -30||$3,500||$4,000 + $2,000|
|Sophomore 02||31 - 63||$4,500||$4,000 + $2,000|
|Junior 03||64 - 95||$5,500||$5,000 + $2,000|
|Senior 04||96+||$5,500||$5,000 + $2,000|
|Graduate||---||$8,500||$12,000 + $2,000|
*You can receive an additional $2000 Federal Direct Unsubsidized Stafford loan if you are either an Independent or Dependent student. If you are an Independent Undergraduate or if your parent is ineligible to receive a Federal Direct PLUS Loan, you can receive an additional $4000 or $5000 depending on year in school. Contact the Financial Aid Office.
Federal Direct PLUS Loans enable parents to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time. To be eligible to receive a PLUS loan, a parent will be required to pass a credit screening. If they do not pass the credit screening, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit screening, agrees to endorse the loan, promising to repay it if your parent should fail to do so. Parents can borrow up to the cost of education minus any financial aid received.
The interest rate on a Federal Direct PLUS loan is fixed at 8.5%. Your parent will may pay a fee of up to 3 percent of the loan. This fee is deducted proportionately each time a loan disbursement is made. Repayment generally begins within 60 days after the final loan disbursement. In most cases, the loan is disbursed in at least two installments. For example, one disbursement will be paid to your Fall Semester account and the second disbursement will be paid to your Spring Semester account. PLUS Loan funds are usually received by electronic funds transfer (EFT). The loan funds will be automatically sent to the school and then posted to your school account. When funds have been received, written notification is sent to your parents. If your parent is ineligible to receive a Federal Direct PLUS Loan and we have a credit denial on file for the new academic year, you can receive an additional Direct unsubsidized Stafford loan based on your grade level.
The Federal Direct Graduate PLUS Loan is an affordable, accessible way to cover the entire cost of your graduate school education. You can get a Federal Direct Graduate PLUS Loan even if you have no credit history. A student must complete a FAFSA and apply for the maximum amount available in Federal Direct Stafford Loan program.
A Private Alternative Loan is designed to help students meet their educational expenses that are not met by financial aid, grants, or scholarships. The Private Alternative Loan market has grown substantially over the last five years. There are many lenders that now participate in the private loan sector.
The NJCLASS Loan Program, sponsored by New Jersey Higher Education Student Assistance Authority, has proven to be a leader among the private loan sector.
This supplemental loan offers up to 20 years for repayment. There is a 2% administrative fee deducted from the loan. It is required that applicants file a FAFSA and apply for a Federal Direct Stafford Loan prior to the NJCLASS Loan. The applicant/co-borrower must be a creditworthy U.S. citizen or eligible non-citizen. The applicant must also be enrolled at least half-time, making satisfactory academic progress.
If you wish to borrow under the NJ Class Loan Program, you may contact NJHESAA at(800) 792-8670 or apply via the web.
This private loan offers up to 15 years for loan repayment. The interest rate is based on the applicant’s credit history and applying with a co-borrower can reduce the interest rate. There is no administrative fee deducted from the loan.
For further information, applications, and quick approval, contact the signature express line at (800) 695-3317.
This private loan offers up to 12 years for repayment. There is no administrative fee deducted from the loan. An international student may borrow with a co-borrower who is creditworthy and a U.S. citizen. For further information, applications, and quick approval, contact Citibank at (800) 394-7580 or via the web.