Undergraduate Loans

The Direct Loan Program allows students to borrow money directly from the federal government.  Students must be matriculated in a degree-granting program and registered for at least six equated credits for each term a loan is requested. New borrowers have to complete entrance counseling and a Master Promissory Note.

This low-interest loan program helps students meet the cost of a college education.  The interest rate varies depending on the loan type and the first disbursement date of the loan.  Direct Loans have an origination fee that is a percentage of the total loan amount.Find current interest rates and origination fees.

Students must complete exit counseling  when they graduate, withdraw, or drop below half-time (6 credits) enrollment.  Borrowers receive a six-month grace period before Direct Loan repayment begins.  The repayment term ranges from 10 years to up to 25 years (up to 30 years for a consolidation loan) depending on your repayment plan. Find repayment information.

Applying for a Loan

You may receive a subsidized/unsubsidized Direct Loan offer for the Fall and Spring terms which you can accept from your Student Center on CUNYfirst under the Financial Aid tile.  However, if you register at least half-time in the Summer, and plan on utilizing Direct Loans, you will have to submit a Direct Loan Processing Form for the Award Year that includes the Summer term. 

The Direct Loan Processing Form can be completed from your Student Center on CUNYfirst under the Financial Aid tile.  This form can be submitted only once each award year.  For any subsequent adjustments to your loan within the award year, you will need to contact the Financial Aid Office.

This educational loan enables parents of dependent undergraduate students to borrow in order to pay for their child’s college expenses.  The student must be matriculated in a degree-granting program and registered for at least six equated credits for each term a loan is requested. 

Parents are limited in the amount that they can borrow by the cost of their child’s education (Cost of Attendance) minus any other financial aid that the student receives. (The Cost of Attendance includes school-related expenses as determined by The City University of New York). Find current interest rates and loan fees.

A credit check is performed for this loan.  If the parent loan is denied, it is possible for a dependent student to borrow additional unsubsidized loans.

Parents can apply for a Parent PLUS Loan.

Students are strongly encouraged to apply for grants through the Free Application for Federal Student Aid (FAFSA) online and Federal Direct Loans before pursuing a Private Loan.

If a student chooses to pursue private lending, completing a FAFSA will help our office establish the most accurate budget to be used to determine the maximum amount of the loan for which the student is eligible. Learn more about Understanding College Cost, Financial Aid Package & Student Budget.

These loans of last resort are private lender loans for students who may not be eligible for Federal Direct Student Loans, have reached the federal student aggregated limits or who are eligible and need additional funds to help meet additional educational expenses including tuition and housing. The amount that a student may borrow is limited to the “cost of attendance” as determined by federal approved standard budgets. All applicants are subject to credit review and/or may require a co-signer. Students who do not have eligible citizenship status for federal financial aid may borrow a Private Loan if they have a co-signer with eligible citizenship status. Interest is variable and these loans typically have more fees and less flexible repayment options than the federal loan programs. Private Loans are not insured against disability or economic hardships./

Students who are considering a Private Loan should first speak to a financial aid counselor.

Students have the right to select the alternative lender of their choice. John Jay College / CUNY does not have a preferred lender list and cannot recommend any institution. In order to better serve our students and their families, a Lender Comparison List is available to assist you in finding a loan that works for you.

Criteria for receiving a loan

• Must be a matriculated student with the minimum credits required by the lender (usually a minimum of 6 credits).
• Have a completed FAFSA (strongly recommended).
• Meet the college's Satisfactory Academic Progress requirements.​

To help determine the cost of your education visit the Financial Aid Estimator.