The Office of Financial Aid, located in Rodman Hall, is available to help you explore your loan options, as well as guide you through the loan application process. For more information on Stafford, Grad PLUS or Private loans please click on the links below. If you have any questions regarding your loan options, please call at 216.397.4248.
In order to be eligible for a Federal Stafford Loan a student must apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). Once the FAFSA has been completed, the Office of Financial Aid will send an award letter to the student. Graduate students are typically awarded in June for the upcoming academic year. If the financial aid award letter includes a Federal Stafford Loan, the student should accept or decline the loan through BannerWeb within 14 days from the date on their award letter.
The maximum Federal Stafford loan amount per academic year is $20,500. As of July 2012, graduate students are only eligible for Unsubsidized Stafford loans. For the 2015-16 year, the Unsubsidized Stafford Loan for graduate students will have a 5.84 percent interest rate. Students who receive Stafford loans must be U.S. citizens or eligible non-citizens and must not be in default on any existing federal student loans.
As a new student loan borrower at JCU, you will need to complete a Federal Direct Loan Master Promissory Note as well as Direct Loan Entrance Counseling. You may have completed both of these requirements at your previous institution, but you will need to complete them again in order to borrow at JCU and have these funds credit your student account.
In order to finalize your Direct Loan you must complete the following steps online:
- Complete Federal Direct Loan Entrance Counseling.
- Complete a Federal Direct Loan Master Promissory Note (MPN).
- E-Sign with your Federal ID. This is the same ID used to E-sign your FAFSA. If you do not remember your ID you can obtain it at https://fsaid.ed.gov.
All Federal Direct Stafford Loan funds will be electronically transferred to the student’s account.
Graduate and professional degree students enrolled at least half-time, are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 6.84 percent. Note: Grad PLUS loans typically go into repayment within 60 days after the loan has fully disbursed; however, you may be eligible to postpone making payments while you are in school by contacting your servicer to request a deferment. If you are unsure of who is servicing your loans, log into the National Student Loan Database at www.nslds.ed.gov to find out. You will need your social security number, date of birth and Federal PIN to log in. This website will list your entire federal loan history. Click on the individual loan , then on loan details to determine your servicer and to find contact information.
Applicants for the Grad PLUS loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their maximum loan eligibility under the Federal Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Note: Even though it is called the Graduate PLUS Loan program, the loan is in the graduate student’s name (not their parents’ name).
In order to finalize your Grad PLUS Loan you must complete the following steps:
- Complete the Grad PLUS Loan application online at www.studentloans.gov indicating the amount you wish to borrow.
- Complete Federal Direct Loan Entrance Counseling if you haven’t already done so.
- Complete a Graduate PLUS Master Promissory Note (MPN).
- Sign using your Federal ID. This is the same ID used to E-sign your FAFSA. If you do not remember your ID you can obtain it at https://fsaid.ed.gov.
All Graduate PLUS funds will be electronically transferred to the student’s account. If you require an endorser or appeal to receive a Graduate PLUS loan, you will also be required to complete PLUS loan counseling.
For more information about private loans, click here.