Federal Direct Student Loan Program/Graduate PLUS Loan Program
St. John Fisher College participates in the William D. Ford Federal Direct Student Loan Program and Graduate PLUS Loan Program. The lender of these loans is the federal government and repayment is made directly to the U.S. Department of Education.
Federal Direct Unsubsidized Student Loan Program
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans.
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility.
Federal Direct Unsubsidized Student Loan
The Federal Direct Unsubsidized Student Loan is a non-need based federal student loan. Federal Direct Unsubsidized Student Loans have a fixed interest rate of 6.8%. The interest rate will not change throughout the life of the loan. A 1% fee is charged. **Loan rates and fees are subject to change due to congressional action.** Interest begins accruing on the Federal Direct Unsubsidized Student Loan once the loan is disbursed. Interest payments can be made or the interest will accrue and be capitalized.
Additional Information
The loan can be repaid fully or in part at any time without penalty. In the event that you die or suffer permanent and total disability, the loan is forgiven.
Maximum ANNUAL Limits for Federal Direct Student Loans
|
Loans for Graduate Independent Students (Federal Direct Student Loans) |
|
|
Amount you are eligible to borrow each academic year |
Maximum Unsubsidized Loan |
|
Graduate and Professional Students |
$20,500 |
|
Health Professional (Pharmacy) |
$33,000 |
Maximum LIFETIME Limits for Federal Direct Student Loans
|
Maximum Lifetime Loan Amounts (Federal Direct Student Loans) |
|
|
Student Level |
Maximum Subsidized and Unsubsidized |
|
Graduate and Professional Students |
$138,500 |
|
Health Professional (Pharmacy) |
$224,000 |
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Student Loan offer(s) on Fish 'R' Net.
- FIRST TIME BORROWERS ONLY: Select Sign In under Manage My Direct Loan at www.studentloans.gov. Sign In using your FAFSA PIN. Select Complete Entrance Counseling. Select Graduate Student.
- Once you have successfully completed the Entrance Counseling, select You can submit a Master Promissory Note. Select Subsidized/Unsubsidized loan type.
Federal Direct Graduate PLUS Loan Program
Application Form
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans. Students also must have applied for their annual loan maximum eligibility under the Federal Direct Student Loan Program before applying for a Federal Direct Graduate PLUS loan.
Amounts
There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including Direct Unsubsidized Student Loans, and scholarships).
Requirements
Borrowers must be U.S. citizens or eligible non-citizens, must be enrolled in at least half-time (6 credit hours) during a semester, accepted in a degree-seeking program at St. John Fisher College and maintaining satisfactory academic progress for financial aid eligibility in a graduate or professional program. Loan approval is subject to a credit check based on criteria established by the U.S. Department of Education.
Interest Rate and Repayment
Federal Direct Graduate PLUS Loans have a fixed interest rate of 7.9%. This interest rate will not change throughout the life of your loan. A 4% fee is charged. **Loan rates and fees are subject to change due to congressional action.** Repayment begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. A Graduate PLUS borrower may receive a deferment while enrolled at least half-time (6 credit hours) at an eligible school. Upon dropping to less than half-time enrollment status, the borrower is not entitled to a grace period on his or her Graduate PLUS Loan.
How to Apply
- Complete the Free Application for Federal Student Aid (FAFSA).
- Accept the Federal Direct Student Loan offer on Fish 'R' Net.
- FIRST TIME BORROWERS ONLY: Select Sign In under Manage My Direct Loan at www.studentloans.gov. Sign In using your FAFSA PIN. Select Complete Entrance Counseling. Select Graduate Student.
- Once you have successfully completed the Entrance Counseling, select You can submit a Master Promissory Note. Select Graduate PLUS loan type.