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Loans

Loans

A variety of loans are available to assist in paying for college. The financial aid office encourages the use of federally subsidized loans before a student pursues a private student loan.  The first step in applying for loans is to apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA) at (www.fafsa.gov) and the CSB/SJU Financial Aid Application (available online at www.csbsju.edu/financialaid.) After applying, the Financial Aid Office will send an award letter or notification via email which will indicate the loan options available.

The terms of the loans listed below are as of July 1, 2014. These are subject to change based on federal or state legislative action or private lender decisions. The financial aid section of the web page (www.csbsju.edu/financialaid) contains the most recent interest rates and loan terms.

Federal Student Loan Programs

Federal Perkins Loan

  • Based on financial need and awarded to students demonstrating greatest need
  • 5% fixed interest rate
  • Interest-free while enrolled at least half-time
  • Repayment begins nine months after student is no longer enrolled at least half-time 

Subsidized Direct Loans

  • Based on financial need
  • 4.66% fixed interest rate
  • Interest-free while enrolled at least half-time
  • Repayment begins six months after student is no longer enrolled at least half-time
  • 1.07% origination fee.

Unsubsidized Direct Loans

  • 4.66% fixed interest rate
  • Interest accrues while student is enrolled. (Student is encouraged but not required to pay interest while in school.)
  • Repayment begins six months after student is no longer enrolled at least half-time
  • 1.07% origination fee.

Additional Loan Options

Federal PLUS Loan (Parent Loan for Undergraduate Students)

  • Parent is borrower
  • Loan approval based on credit review
  • 7.21% fixed interest rate
  • 4.29% fee.
  • Parent may borrow up to the cost of attendance less all other aid
  • Repayment begins 60 days after loan is fully disbursed. Borrower may request deferment of repayment while student is enrolled at least half-time.

Private Loan Options

  • Credit-worthy cosigner required
  • Variable or fixed interest rate may be determined by cosigner's credit rating
  • Depending on lender, and the cosigner's credit, fees may be deducted.