Loan Information and Apply for Loans
New Stafford Loan Borrowers | Returning students | Federal Plus Loan Programs | Private Student Loans
Federally funded student loan programs for students/parents
The procedures for the STAFFORD LOAN PROGRAM are as follows. Please note, our Title IV School Code is 002638.
FRESHMAN AND NEW STAFFORD LOAN BORROWERs
STUDENTS WHO HAVE NEVER BORROWED UNDER THIS PROGRAM AT SAINT PETER'S COLLEGE,OR, IF YOU HAVE CHOSEN TO CONSOLIDATE YOUR STAFFORD LOANS, MUST COMPLETE AN ENTRANCE INTERVIEW AND A MASTER PROMISSORY NOTE (MPN). PLEASE FOLLOW THE STEPS BELOW:
- A signed award letter accepting the loan is required. This indicates your intent to borrow (it is not an application) and should be returned to the financial aid office.
- Click on the New Jersey HIGHER EDUCATION STUDENT ASSISTANCE AUTHORITY (HESAA) link to complete the lender selection and loan application process.
- Once You are at the HESAA website click on Apply Now
- Register on HESAA Site
- You will first complete an Entrance Interview Form
- You will pick out a Loan Company and you will then fill out the Loan Application that you will continue to the end where you MUST electronically sign your Master Promissory Note (MPN).
- Print this out for your records.
Once these steps are completed, Saint Peter's College will be notified that you have completed your application and that it needs to be certified ELECTRONICALLY by the institution. Loans are not certified until the students financial aid file is completed. Freshman Stafford Loans will be disbursed 30 days after the start of school, but the loan will be reflected as pending aid on the student's bill.
returning students who have previously borrowed stafford loans
Students need only return the signed award letter stating they accept their loan(s) and return it to the Financial Aid Office. A new loan will be processed through their existing lender for the amount(s) the student has specified on the award letter.
PLUS LOAN PROGRAMS
THE PROCEDURES FOR BORROWING PLUS LOANS ARE AS FOLLOWS. Please note that PLUS LOAN BORROWERS MUST APPLY EVERY YEAR BECAUSE OF A CREDIT CHECK AND THEN SIGN A NEW MASTER PROMISSORY NOTE. 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. OurTitle IV School Code is 002638.
PLUS (Parents for Undergraduates Loan Program)
Apply on-line for PLUS loans, Click on the New Jersey HIGHER EDUCATION STUDENT ASSISTANCE AUTHORITY (HESAA) link to complete the lender selection and loan application process.
- Once You are at the HESAA website click on Apply Now
- The parent must register on HESAA Site
- You will first complete an Entrance Interview Form
- You will pick out a Loan Company and you will then fill out the Loan Application that you will continue to the end where you MUST electronically sign your Master Promissory Note (MPN).
- Print this out for your records.
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 2010-11 academic year, can borrow the remaining aid eligibility under the Grad Plus Loan Program. Apply on-line for Grad PLUS loans, Click on the New Jersey HIGHER EDUCATION STUDENT ASSISTANCE AUTHORITY (HESAA) link to complete the lender selection and loan application process.
PRIVATE STUDENT LOANS
The following is a list of all Private Student Loans that students at Saint Peter's College have used in the past year*, students 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 |
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PNC Solution Loan
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Get 0.25% off your rate with automated payments from your checking or savings account
A co-signer release option is available after the initial 48 consecutive on-time monthly payments
Variable interest based on LIBOR index plus margin of 4% - 10.75% based on credit & adjusted quarterly
Origination fees based on credit of borrower & co-signer (if any), range from 0% - 6% of total loan amount
Apply up to 60 days after end of school term
Receive preliminary decision within minutes of applying online
Defer payments until six months after you graduate or leave school
Take up to 25 years to repay
Payments may begin immediately to save on interest or can be deferred while enrolled at least half time
Funds sent directly to school & can be disbursed within five business days of final approval
|
| 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
Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae
The Sallie Mae Smart Option Student Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index
Disbursement fee of 0% to 5%
Prepay your loan at any time without penalty.
|
| 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
|
| Wachovia Wells Fargo(Private Student Loan) |
0.50% off your interest rate when you graduate
Loans up to $25,000 per year, or the cost of your education
No payments until six months after you graduate or leave school
0.25% off your interest rate when you choose automatic payments
Interes rates based upon borrower or cosigner credit
Manage loan loan with an online account
|
| Discover (Private Student Loan) |
Zero origination fees
2% Graduation Reward
0.25% Auto Debit Reward
No payments are due until 6 months after you graduate or enroll in school less than half-time
2% cash reward on outstanding principal balance at graduation (Certified Private Loans only)
Variable interest rates from Prime plus 1.00% to Prime plus 7.75%
15-year repayment term
You can cover up to 100% of your cost of attendance (COA) less other financial aid
|
| STUFUND (Private Student Loan) |
No Origination OR Guarantee Fees
Up to 6-month grace period and up to a 15 year repayment term for undergraduate students, 20 year repayment term for graduate students ($50 monthly minimum)
Borrowers will receive a 0.25% interest rate reduction for Auto-debit and a 2.0% graduation reward based on the total outstanding principal balance at graduation
No minimum loan amount up to the total cost of education minus other aid
Interest rates range from Prime plus 1.00% to Prime plus 7.75% for loans with a creditworthy cosigner
Flexible repayment options are available
No prepayment penalties
Loan applicants can apply online 24/7
Apply funds up to 6 months in arrears for students who are currently enrolled at least half-time or have graduated
|
| Quorum Federal Credit Union(Private Student Loan) |
One-time application with ability to draw funds from this line-of-credit multiple times over the course of your college career
Cosigners may be eligible to be released from loan
Borrowers may receive a .25% discount on interest rate for choosing an automated payment option during the repayment period
Flexible repayment options
No origination fees or prepayment penalties
Borrowers can apply online 24/7, or by phone
Grace Payment period up to 6 months after graduation
Variable interest rates based on Prime Rate
|
| Citibank (Assist Private Student Loan) |
Receive a 0.25% interest rate reduction when you enroll in our auto-debit payment program
Principal payments are automatically deferred while you are in school and during your grace period. You choose whether to pay interest while in school or postpone your interest payments. Any unpaid interest will be capitalized or added to your principal loan balance when repayment begins
Once you submit your Loan application for credit approval online you will receive a quick response. Additional documentation and data verification may be required for loan approval
The interest on your Loan may be tax deductible
Access and manage your account through secure Web site
The standard repayment term is 15 years plus any periods of deferment or forbearance. Learn more about deferments and forbearances as well as repayment plans and there’s no a penalty for paying early or prepaying
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| 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
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*All Private Loan Providers information that is being listed has been gathered from the loan companies perspective web sites.
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