Loan Information/ Apply for Loans
New Federal Loan Borrowers (Stafford, Parent Plus or Graduate Plus) - Returning Federal Loan Borrowers (Stafford, Parent Plus or Graduate Plus) - Private Loan Borrowers
All students who wish to receive Stafford Loans must complete and sign a Direct Stafford Master Promissory Note (MPN). All Master Promissory Notes must be completed online. There are no paper MPN's
Click to view Federal Loan Limits
To ensure that you receive your Stafford Loans on time (complete the process listed below at www.StudentLoans.gov), remember you must also sign a Financial Aid Award Letter accepting your loan eligibility.
New FEDERAl STAFFORD LOAN BORROWERS (UNDErGRADUATE or GRADUATE student)
Go to www.StudentLoans.gov to begin the loan process. Click on Sign In and enter information required (you must know your FAFSA application PIN number in order to sign into the website, if you would like to create or request a duplicate of you PIN number go towww.pin.ed.gov)
- Enter your e-mail if you would like to receive your correspondence electronically and press update
- If you have not borrowed a student loan at Saint Peter's College before follow the next steps by clicking on Complete Entrance Counseling
- Choose your current education level and school information
- Read and answer the multiple choice questions
- When you reach the end you will get a confirmation Congratulating you on succesfully completing the Entrance Counseling
- On the left hand column select COMPLETE MPN
- Select SUBSIDIZED/UNSUBSIDIZED
- Complete personal information, school information, loan information and personal references information sections
- Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application
new Federal Parent Plus Loan Borrowers (Parent is the Borrower)
Make sure you have filled out and returned the award letter accepting your loan eligibility indicating how much you would like to borrow. Graduate Students May apply for the Graduate Plus Loan. Follow the same steps as the parent loan but log in as the student.
PARENT PLUS (Parents for Undergraduates Loan Program) (Go to www.studentloans.gov and have the parent who is applying for the loan log into the website with their FAFSA PIN number)
*Plus Loan application require completion of a Parent Credit check and Master Promissory Note every year for processing. If a Parent Plus Loan is denied by the lender, contact financialaid@spc.edu if you wish to be awarded additional unsubsidized stafford loans. DO NOT BEGIN THE APPLICATION PROCESS UNTIL JUNE BECAUSE YOUR CREDIT APPROVAL IS ONLY FOR A SPECIFIC TIME FRAME AND COULD EXPIRE PRIOR TO CERTIFICATION BY THE INSTITUTION. A LOAN IS NOT CERTIFIED UNTIL A STUDENT’S FILE IS COMPLETE.
- Enter your e-mail if you would like to receive your correspondance electronically and press update
- If you have not borrowed a student loan at Saint Peter's College before follow the next steps by clicking on Complete Entrance Counseling.
- Choose your current education level and school information
- Read and answer the multiple choice questions
- When you reach the end you will get a confirmation Congratulating you on succesfully completing the Entrance Counseling
- On the left hand column select COMPLETE MPN
- Select PARENT PLUS
- Complete Parent and Student personnal information, school information, loan information and personal references information sections
- Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.
- On the left hand column under Plus Loan Process select Request Plus Loan
- Choose Loan Type and then fill out required information to receive a loan credit decision of either approved or denied
returning FEDERAl STAFFORD LOAN BORROWERS (UNDErGRADUATE or GRADUATE student)
If you borrowed a Federal Staffor loan last year (academic year 2010-2011) at Saint Peter's College you only have to sign the financial aid award letter accepting how much you want to borrow and return it to the Financial Aid Office.
Returning Federal Parent Plus Loan (Parent is the Borrower)
students wishing to borrow a Grauate plus loan use the following directions also
If the same parent borrowed a Federal Parent Plus loan last year (academic year 2010-2011) at Saint Peter's College they must only compete the following step but if it's a different parent that is borrowing the loan than they must follow the directions for a new Federal Parent Plust loan Borrower
- Have the parent go to the web page www.studentloans.gov and log in with their personal information and FAFSA PIN number
- On the left hand column under Plus Loan Process select Request Plus Loan
- Choose Loan Type and then fill out required information to receive a loan credit decision of either approved or denied.
Private student Loans
The following list are some of the private student loans that are offered. Student are not limited to only borrowing from the following list. The list is detailed by Alphabetical Order.
| Chase (Select) |
No origination fee
Registered Full-Time/ Half-Time/ Less than Half-TIme
No prepayment penalties
3 repayment options - Pay principal and interest while in school, Pay interest only and deffer principal while in school or Deffer both Principal and Interest while in school
Meeting institutions SAP not a requirement
Can be used to pay previous school balance
Cosigner release available
E-signature available
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| Citi (CitiAssist) |
No origination fee
Need to be registered at least 3 credits
Ca not be used for a past balance
No prepayment penalties
Principal payments are automatically deferred while you are in school and during your grace period
You can choose to pay interest while in school.
Any unpaid interest will be capitalized (added) to your principal loan balance when repayment begins.
Meeting institutions SAP not a requirement
Cosigner release available after 24 consecutive payments
E-signature available
Receive a 0.25% reduction when you enroll in our auto-debit payment program.
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| H.E.S.A.A (NJ Class) |
Students or parents can be the borrower
Needs to be meeting school SAP requirements
Can not be used for prior balances
Need to be registered as a half time student at least
E-Signature available
10 year repayment term for the NJCLASS Fixed Rate Loan with an interest rate of 6.6% - 2% administrative fee
15 year repayment term (Option1 or 2), 20 year repayment term (Option 3) for the NJCLASS Fixed Rate Loan
- Option 1 Pay Interest and Principal while in school - 7.35% interest and 2% administrative fee
- Option 2 Pay Interest and deffer Principal while in school - 7.35% interest rate and 2% administrative fee
- (not available at thsi moment) -Option 3 defer both Interest and Principal while in school - 8.0% interest and 3% administrative fee
25 year repayment term for the fixed rate Graduate and Professional Loan
- Option 1 Pay Interest and Principal while in school - 7.35% interest and 2% administrative fee
- Option 2 Pay Interest and deffer Principal while in school - 7.35% interest rate and 2% administrative fee
- Option 3 Defer both Interest and Principal while in school - 7..65% interest and 2% administrative fee
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| Sallie mae (Smart Option) |
No origination fee and no prepayment penalties
Need to be registered at least 3 credits
Get a 2% Smart Reward in your Upromise account when you make scheduled monthly payments on time while in school with Interest or Fixed Repayment Options
Get a 0.25% percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit
3 repayment options - Pay interest only and deffer principal while in school, deffer both Principal and fixed while in school or a fixed payment of $25 monthly only towards Interest while in school
Meeting institutions SAP not a requirement
Can be used to pay previous school balance
Cosigner release available
E-signature available
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