Loans
Scholarship Opportunities To help you finance your education, John Jay offers many scholarship opportunities More...
A "loan" is a form of financial aid. It is money that you borrow, which must be repaid often with interest. The most common kinds of loans are:
Federal Perkins Loan
This is a low-interest (presently 5 percent) federal loan made available through the College to matriculated students enrolled at least half-time (6 credits or the equivalent). Loans are awarded according to need and repayment begins nine months after graduation or termination of college attendance. The FAFSA is the application for a Federal Perkins Loan.
Federal Direct Stafford/Ford Loan Program (Subsidized and Unsubsidized)
This low-interest loan program helps students meet the cost of a college education. The Federal Direct Loan Program allows students to borrow money directly from the federal government. Students who are matriculated in degree-granting programs and are registered for at least 6 credits per semester are eligible. Students must begin repayment within 6 months after graduation or termination of college attendance and have a maximum of 10 years in which to repay the borrowed funds under the Standard Repayment Plan. There is also the Extended Repayment Plan that allows loan repayment to be extended over a period from 12 to 30 years. Other options are the Graduated Repayment Plan in which payments are lower at first and increase every two years, and the Income Contingent Repayment Plan that bases annual payments upon the borrower’s Adjusted Gross Income (AGI) and the total amount of the Direct Loans. The annual interest rate is variable, but will not exceed 6.8 percent. Federal regulations require the deduction of a 3 percent origination fee from the face value of each loan. Freshman year students may borrow $3,500, sophomore year students $3,500, and junior and senior year students may borrow $5,500 per year. The aggregate total is $23,000 for undergraduates. (This total includes any undergraduate Direct or Stafford loans.)
|
|
Base Sub/Unsub |
Additional Unsub |
|
1st year undergraduate |
$3,500 |
$4,000 |
|
2nd year undergraduate |
$4,500 |
$4,000 |
|
3rd year & beyond undergraduate |
$5,500 |
$5,000 |
|
Preparatory coursework (for enrollment in an undergraduate program) |
$2,625 |
$4,000 |
|
Preparatory coursework (for enrollment in a graduate or professional program) |
$5,500 |
$7,000 |
Federal PLUS (Parent Loan for Undergraduate Students)
This educational loan enables parents of dependent undergraduate matriculated students to borrow money in order to pay for their child’s education. Parents are limited in the amount that they can borrow by the “cost of their child’s education” minus any other financial aid that the student is receiving. The “cost of education” includes school related expenses as determined by The City University of New York. A credit check is performed. If the parent loan is denied, it is possible for a dependent student to borrow additional unsubsidized loans in their own name. There is an origination fee of 4 percent of the loan principal that will be deducted proportionately from each loan disbursement. The interest rate is variable and is adjusted each year but will never be higher than 9 percent. The prepayment period begins the day after the loan is fully disbursed. The first payment is due 60 days after the final loan disbursement.
Alternative Loans
If your student status is:
-
Non-matriculated
-
International Student
-
Have reached the federal student aggregated limits
You may be eligible for alternative loans.
Contact the bank of your choice to inquire about their private educational loan opportunities. When you have selected a lender, you may ask a loan representative questions like:
- What are your current interest rates?
- Do I need a co-borrower?
- After school, what are my repayment options?
Make sure you ask as many questions as you need to, in order to better understand your responsibilities. For your convenience, we have listed below a sampling of lending institutions that you may choose from. If you have another lending institution in mind that is not listed, feel free to use that institution. Please note that John Jay College does not have a preferred lender.
Access Group (800)-227-2151
Bank of America (213)-345-2244
CitiAssist (800)-967-2400
Key Bank (800)-539-5363
NellieMae (800)-367-8848
SallieMae (800)-695-3317
Teri (800)-837-4326
Xpress Loan (888)-811-7101
Wachovia (877)-689-0763
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