Loan Information

Federal Perkins Loan


Exit Interviews 
Federal law requires that every student who has obtained a Federal Perkins Loan through Thomas Jefferson University must have the opportunity for an exit interview before leaving the University. Information will be sent to you by our loan servicer (ECSI) about provisions for loan repayment and privileges for deferment of payment to the student borrower. 


Federal Direct Subsidized Loan

Loans are available to undergraduate students enrolled for at least six credit hours per semester. You may borrow up to $3,500 per academic year for the freshman year, $4,500 for the sophomore year and $5,500 per academic year for the junior and senior years. The total amount outstanding that you may borrow for undergraduate study is $23,000.

The annual interest beginning July 1, 2019 is 4.53%.  The government will pay this interest as long as you maintain half-time enrollment status.  If you should drop below half time enrollment status (e.g., you gradaute, withdraw, or take a leave of absence), you have a ix month grace period before the loan will enter into repayment.

The interest paid on your Federal Direct Subsidized Loan may be  tax deductible. Please consult your tax professional or IRS for mor information.

There may be a 1.062% loan origination fee deducted from the face value of the loan.

Under current regulations, all applicants must pass a “needs test” to qualify for this loan. A Free Application for Federal Student Aid must be filed prior to certification of a loan application by the school. You must maintain satisfactory progress to renew your loan.

Entrance Counseling 
Federal law requires when you borrow through the Federal Direct Subsidized Loan program for the first time, you must complete a entrance counseling. In addition, when you graduate, withdraw, or enroll less than half-time, you must complete exit counseling. The entrance counseling sessions can be done on-line at https://studentloans.gov/myDirectLoan/index.action.

Exit Counseling
The exit counseling session can be done at http://www.nslds.ed.gov/nslds_SA/


Federal Direct Unsubsidized Loan

The Federal Direct Unsubsidized Loan provides students not qualifying for all or part of the Federal Direct Subsidized Loan due to need restrictions the opportunity to borrow a low interest loan. The annual limits a student can borrow are identical to the Federal Direct Subsidized Loan program.

Dependent undergraduate students will be eligible for $2000 from the Federal Direct Unsubsidized loan in addition to the amounts listed above.

The interest rate for the Federal Ditrect Unsubsidized Loan for 2019-20 is 4.53%.  The distinguishing feature of the Federal  Direct Unsubsidized Loan is that the interest must be paid by the student, on a quarterly basis, while the student is enrolled in school. The interest paid towards your Unsubsidized Stafford Loan may be deductible from the taxpayer's income. Principal payments start six months after the student leaves school or drops below half-time status. Application procedures are identical to those for a Federal Direct Subsidized Loan.

Entrance Counseling

Federal law requires when you borrow through the Federal Direct Unsvusidized Loan progam for the first time, you mus complete entrance counseling.  In addition, when you graduate, withdraw or enroll less than half time, you must complete exit counseling. The entrance counseling sessions can be done on line at https://studentloans.gov/myDirectLoan/index.action

Exit Counseling

The exit counseling session can be done at http://www.nslds.ed.gov/nslds_SA/

 

 

 


Federal Plus Loans

Parents of dependent undergraduates may borrow up to the student’s cost of attendance minus any financial aid.received. The annual interest rate for 2019-20 is 7.08%.  The parent must meet certain credit criteria in order to be eligible.  Repayment of principal and interest begins 60 days after the loan is disbursed. Some lenders allow parents to delay payments under a forbearance option. 

Interest on the Federal PLUS Loan may be tax deductible.  Please contact your tax professional or the IRS for more information.

Loan fees of 4.248% will be deducted from the face value of the loan.


Repayment Information

The U.S. Department of Education's National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to https://nslds.ed.gov/nslds/nslds_SA



For more information click on the following topic:


Private/Alternative Loans

Private/alternative loan can help to pay the student’s remaining expenses after financial aid has been applied to the bill. The private/alternative loans are credit-based and offer flexible repayment options. Private/alternative loans are to be used to supplement other forms of financial aid. Private/alternative loans are student loans, with the student listed as the borrower.  Most private/ alternative loans will require that the student also have a credit worthy co-signer in order to be eligible.  Interest rates are variable and are set by the individual lender. 

The lenders on the attached chart are those that Thomas Jefferson University students borrowed with most often in the past three years.  This chart (link below) was developed purely as a reference tool for our students. You are free to select any alternative lender of your choice.

 


Office of Financial Aid

ph: 215.951.2940
email: financialaid@jefferson.edu
Our federal school code is 013549