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Loan Information and Apply for Loans

--Fall 2010 Federal Stafford, Parent Plus/Graduate Plus Loan Borrowers--

--Private Student Loans --


 ***SPECIAL NOTE - - Effective Fall 2010, Saint Peter's College will participate exclusively in the William D. Ford Federal Direct Stafford Loan Program, in which borrowers obtain loan funds directly from the U.S. Department of Education.  The Direct Loan program will offer students and parents a more stable, streamlined and predictable borrowing experience.  The steps as to how to complete the new loan application for either the Federal Stafford, Parent Plus or Graduate Plus are listed below.

All students who wish to continue receiving Stafford Loans must complete and sign a new Direct Stafford Master Promissory Note (MPN).  All Master Promissory Notes must be completed online.  There are no paper MPN's.

To ensure that you receive your Stafford Loans on time (complete the process listed below at www.StudentLoans.gov) by July 15th 2010.

For information on Stafford Loan Limits CLICK HERE

FALL 2010 FEDERAL STAFFORD LOAN BORROWERS

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 to www.pin.ed.gov)

  1. Enter your e-mail if you would like to receive your correspondence electronically and press update
  2. If you have not borrowed a student loan at Saint Peter's College before follow the next steps by clicking on Complete Entrance Counseling, if you are a previous loan borrower skip to number 6
  3. Choose your current education level and school  information
  4. Read and answer the multiple choice questions
  5. When you reach the end  you will get a confirmation Congratulating you on succesfully completing the Entrance Counseling
  6. On the left hand column select COMPLETE MPN
  7. Select SUBSIDIZED/UNSUBSIDIZED
  8. Complete personal information, school information, loan information and personal references information sections
  9. Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.
     

FALL 2010 PLUS LOAN programs

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 in order 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 TIMEFRAME AND COULD EXPIRE PRIOR TO CERTIFICATION BY THE INSTITUTION.  LOANS ARE NOT CERTIFIED UNTIL STUDENT'S FILES ARE COMPLETED. 

  1. Enter your e-mail if you would like to receive your correspondance electronically and press update
  2. If you have not borrowed a student loan at Saint Peter's College before follow the next steps by clicking on Complete Entrance Counseling, if you are a previous loan borrower skip to number 6
  3. Choose your current education level and school information
  4. Read and answer the multiple choice questions
  5. When you reach the end  you will get a confirmation Congratulating you on succesfully completing the Entrance Counseling
  6. On the left hand column select COMPLETE MPN
  7. Select PARENT PLUS
  8. Complete Parent and Student personnal information, school information, loan information and  personal references information sections
  9. Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.
  10. On the left hand column under Plus Loan Process select Request Plus Loan
  11. Choose Loan Type and then fill out required information to receive a loan credit decision of either approved or denied

Graduate PLUS Loans 

Graduate students who are matriculated and enrolled at least on a half time basis, have filed a FAFSA and have borrowed under the Stafford Loan Program for the upcoming Fall 2010-11 academic year, can borrow the remaining aid eligibility under the Grad Plus Loan Program.  Follow same steps as Parent plus but choose Graduate Plus Loan and only the students information is required

Alternative/PRIVATE STUDENT LOANS (students or parents)

Have been designed to help students who need additional assistance with educational costs. In most cases, Students try to pursue Unsubsidized Federal Stafford Loans and for parents to pursue Federal PLUS Loans before seeking alternative loans. An advantage of these two programs is that the federal government caps the interest on the loans.

If a student still needs assistance beyond what is available through these loan programs, there are a number of private lenders who offer alternative loans to cover educational expenses.  Each lender offers different rates, fees, repayment terms, and approval requirements. Please look carefully at the loan terms and conditions before choosing a lender.

The following is a list of all Private Student Loans that students or parents at Saint Peter's College have used in the past year*, students and parents can choose any lender and not just those listed below. Saint Peter's College will certify any private loan that students may choose to borrow from.  To fill out an application for a private loan and learn about more features than those listed below please direct yourself to their perspective website.

Loan Provider Features
Sallie Mae (SMART Option Loan)
  • Easy online application with fast credit decision and electronic signature ("eSign") available.
  • 24/7 online account management.
  • No prepayment penalty
  • You may be able to deduct the interest you pay on a qualified student loan
  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
  • You may apply for a cosigner release after successful completion of your education
  • Interest-only payments required while in school and during the six-month separation period to avoid capitalization of interest and lower the overall cost of the loan
  • A 0.25 percentage point interest rate reduction is available for automatic debit
  • The Sallie Mae Smart Option Student Loan has interest rates that reward good credit.
  • Interest rates are as low as Libor + 2.5%
  • 2% Rewards Program with UPromise
  • Prepay your loan at any time without penalty.
  • zero fees to all borrowers
  • Chase (SELECT Student Loan)
  • No payments required while in school
  • No origination or repayment fees
  • Loans from $500 up to your cost of attendance
  • Funds are sent directly to the school
  • Apply online or via telephone
  • Prepay your loan at any time without penalty
  • Interest rates based on borrower or cosigner credit
  • H.E.S.A.A (NJCLASS Loan)
  • The lowest fixed interest rate
  • 2% loan fee
  • Students or parents can borrow
  • Flexible repayment options
  • 20 year repayment term for the NJCLASS Fixed Rate Loan
  • Available to students who live or attend a school in the state of New Jersey 
  • *All Private Loan Providers information that is being listed has been gathered from the loan companies perspective web sites.

     


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