Contact Financial Aid

Office: Kearney Hall, 204
Phone: (585) 385-8042
Fax: (585) 385-8044
Email: finaid@sjfc.edu

Undergraduate Federal Direct Student Loan Program

St. John Fisher participates in the William D. Ford Federal Direct Loan Program. The lender of these loans is the federal government and repayment is to the U.S. Department of Education.

Federal Direct Student Loan Basics

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 Subsidized Student Loan

The Federal Direct Subsidized Student Loan is a need-based federal student loan. Undergraduate Federal Direct Subsidized Student Loans have a fixed interest rate of 3.86% for 2013-14 for loans with a first disbursement date on or after July 1, 2013. The rate for loans disbursed on or after July 1, 2014 will be determined based on the "high yield of the 10-year Treasury note" plus a statutorily defined "add-on." The interest rate will not change throughout the life of the loan. There is no interest charged on your Federal Direct Subsidized Student Loan as long as you are enrolled at least half-time (6 credits) at the College.  A 1.072% loan fee is charged on loans first disbursed on or after December 1, 2013 and before September 30, 2014. Loan rates and fees are subject to change due to congressional action.

Federal Direct Unsubsidized Student Loan

The Federal Direct Unsubsidized Student Loan is a non-need based federal loan. Federal Direct Unsubsidized Student Loans have a fixed interest rate of 3.86% for 2013-14 for loans with a first disbursement date on or after July 1, 2013. The rate for loans disbursed on or after July 1, 2014 will be determined based on the "high yield of the 10-year Treasury note" plus a statutorily defined "add-on." The interest rate will not change throughout the life of the loan. 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. A 1.072% loan fee is charged on loans first disbursed on or after December 1, 2013 and before September 30, 2014. Loan rates and fees are subject to change due to congressional action.

Additional Information

Federal Direct Student Loans 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. The funds are disbursed directly to the school via Electronic Funds Transfer (EFT) to the student's account.

Maximum Annual and Lifetime Limits for Federal Direct Loans

Maximum Annual Limits for Federal Direct Subsidized and Unsubsidized Student Loans

Loans for Undergraduate Dependent Students (Federal Direct Student Loans)

Amount you are eligible to borrow each academic year

Maximum Subsidized Loan

Additional Unsubsidized Loan

Total Loan (combined subsidized and unsubsidized)

1st Year

$3,500

$2,000

$5,500

2nd Year

$4,500

$2,000

$6,500

3rd and 4th Year

$5,500

$2,000

$7,500

Loans for Undergraduate Independent Students (Federal Direct Student Loans)

Amount you are eligible to borrow each academic year

Maximum Subsidized Loan

Additional Unsubsidized Loan

Total Loan (combined subsidized and unsubsidized)

1st Year

$3,500

$6,000

$9,500

2nd Year

$4,500

$6,000

$10,500

3rd and 4th Year

$5,500

$7,000

$12,500

 

Maximum Lifetime Limits for Federal Direct Subsidized and Unsubsidized Student Loans

Maximum Lifetime Loan Amounts (Federal Direct Student Loans)

Student Level & Dependency Status

Maximum Subsidized and Unsubsidized

Maximum Subsidized

Dependent Undergraduate

$31,000

$23,000

Independent Undergraduate

$57,500

$23,000

  • Dependent Student: The career maximum of Federal Direct Subsidized and Unsubsidized combined undergraduate student loans is $31,000 ($23,000 maximum in subsidized loans).
  • Independent Student: The career maximum of Federal Direct Subsidized and Unsubsidized undergraduate student loans is $57,500 ($23,000 maximum in subsidized loans).
  • A dependent student's maximum eligibility, whether it is subsidized or a combination of subsidized and unsubsidized loans, cannot exceed the amounts shown above. Independent students, however, are eligible to borrow additional funds from the Direct Unsubsidized Student Loan Program. In cases where the parents of the dependent student are denied eligibility for the Federal Direct Parent PLUS Loan due to a negative credit history, the dependent student may borrow additional funds from the Federal Direct Unsubsidized Student Loan Program. Student borrowers do not need a co-signer and there is no credit check done by the federal government.

How to Apply for a Federal Direct Student Loan

  1. Complete the Free Application for Federal Student Aid (FAFSA).
  2. Accept the Federal Direct Student Loan offer on Fish 'R' Net.
  3. FIRST TIME BORROWER ONLY: Select Sign In under Manage My Direct Loan at www.studentloans.gov. Sign In using your FAFSA PIN. Select Complete Entrance Counseling. (First Time Borrowers ONLY)
  4. Once you have successfully completed the Entrance Counseling, select You can submit a Master Promissory Note. Select Subsidized/Unsubsidized loan type. (First Time Borrowers ONLY)

For More Information

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