Federal education loans are available for students and parents attending at least half-time (six credits) in an eligible program of study. Completion of the FAFSA is required. Federal educational loans must be repaid once a student is no longer enrolled at least half time. For more information, visit studentloans.gov.
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. Subsidized loans are 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 taking at least six credits in coursework that counts toward their degree program. Fixed rate. A credit review is required.
Federal Direct Plus Loan
For parents of a dependent student enrolled in an undergraduate program at least half-time. Fixed interest, and repayment starts 60 days after full disbursement.
Alternative Student Loans
An alternative educational student loan is a loan in the students name through a private lender. Loan approval is based on a credit review and generally requires a credit worthy co-signer. 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.
- Citizens Bank Student Loan
- Discover Student Loan
- MEFA-Massachusetts Educational Financing Authority
- NJ Class Student Loans
- Sallie Mae Smart Option Loan
- State of Alaska Education Loan Program
- StudentChoice credit union loan
- VSAC Advantage Loan
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?