2022-2023 Academic Catalog

Loans

Loans

Both federal and private student loans are available for paying for college expenses. The CSB/SJU financial aid office encourages the use of federally subsidized loans before a student pursues a private student loan.  The first step in applying for a student loan is to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Students whose FAFSA is selected for verification will also be required to complete the CSB/SJU Verification Worksheet, available online at www.csbsju.edu/financialaid. The Financial Aid Office will review FAFSAs after they are processed by the federal government and send an award letter or notification via email which will indicate the loan options available.

The terms of the loans listed below, including applicable interest rates and loan fees are found at https://studentaid.gov/understand-aid/types/loans. These are subject to change based on federal or state legislative action or private lender decisions.

Federal Student Loan Programs

Subsidized Direct Loans

  • Based on financial need
  • 5.05% 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

  • 5.05% 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
  • 7.60% fixed interest rate
  • 4.26% origination 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.