Education loans help students and parents finance education costs, making payments more manageable. Grants do not need to be repaid.

Federal loans and grants

Federal educational loans must be repaid once a student is no longer enrolled at least half time.

Perkins Loan

Guaranteed student loan – meaning no credit review required, based on need. Interest rate is fixed. Repayment begins nine months after recipient ceases to be enrolled.  Available to full-time undergraduate students during their senior year based on eligibility requirements.

Federal Direct Student Loans

Available for eligible students taking at least six credits in coursework that counts toward their degree program.  Not based on credit review.  There are two types: Subsidized and Unsubsidized.  The subsidized is need-based and the U.S. Department of Education pays the interest while the student is enrolled at least half-time. Unsubsidized is not need-based and the interest is accruing from the start of the loan while in school.

Federal Direct Grad PLUS Loan

Available to eligible graduate students only taking at least six credits in coursework that counts toward their degree program. Fixed rate, credit review is required.

Federal Direct Plus Loan

For parent of dependent student enrolled in an undergraduate program at least half time. PLUS loan, fixed interest, repayment starts 60 days after full disbursement.

Alternative student loans

Obtaining a private loan in the students’ name is based on a credit review. Many times a co-signer is needed. Contact the lender of choice to initiate this type of loan. Alternative loans should only be used as a last resort after exploring all other financial aid options.

Historical Alternative Student Lenders

College of St. Joseph maintains a historical list of all private lenders who have provided funds to our CSJ students since 2011. This list is compiled in alphabetical order and is not in order of preference. CSJ does not endorse or promote any specific private lender. We advise that this loan product type be used as a last resort after all federal loan options have been exhausted.

Choosing a lender is an important financial decision. Choose the lender whose terms best meet your needs. This list is not inclusive of all lenders who offer private student education loans. You may choose any private lender you prefer whether or not they are on the list below.

You may want to consider…

  • What is the interest rate and is it fixed or variable? If variable, what is the maximum interest rate and how often will it change?
  • When is accrued interest capitalized (added to principal balance?)
  • Is a co-signer required? Will having a co-signer lower my interest rate?
  • Are there any application, origination, disbursement or repayment fees?
  • Repayment: When does it start, minimum payment amount, how long will I have to repay the loan, any prepayment penalties, are payments required while I am in school and what options are available if I can’t make my payments?
Private student loan Lender Web site
Citizens Bank Trufit CitiensBank.com/StudentLoans
Discover Student Loan discover.com/student-loans
MEFA-Massachusetts Educational Financing Authority mefa.org
NJ Class Student Loans hesaa.rog
Sallie Mae Smart Option Loan SallieMae.com
State of Alaska Education Loan Program acpe.alaska.gov
StudentChoice credit union loan studentchoice.org
VSAC Advantage Loan vsac.org

Federal Grants

Pell Grants and Supplemental Educational Opportunity Grants (SEOG) may be available to students, based on availability of funds. Both of these grants are based on need.

Pell Grant

A Federal Pell Grant does not have to be repaid. Federal Pell Grants are awarded to undergraduate students who have not earned a bachelor’s or professional degree. In some cases, a student enrolled in a post-baccalaureate teacher certification program might receive a Federal Pell Grant.

The maximum Federal Pell Grant award is for the 2014–15 award year (July 1, 2014 to June 30, 2015) is $5,730. The amount you get, though, will depend on

  • Your financial need,
  • Your cost of attendance,
  • Your status as a full-time or part-time student, and
  • Your plans to attend school for a full academic year or less.

Supplemental Educational Opportunity Grant (SEOG)

Provides undergraduate students in need with awards ranging from $100 to $4,000.