Undergraduate Loan Information

Loans are a major form of self-help aid for students. As part of your award letter, you may be offered a loan. A loan must be repaid in full, including any interest and fees. Student loans have long repayment periods and generally repayment will not begin until you leave school. Interest rates vary, depending on the type of loan you borrow. The promissory note you sign will contain the exact terms of the loan you are borrowing. Keep your copy for reference.

 2013-2014
 Undergraduate Federal Loan Information
  Undergraduate Federal PLUS Loan Process

To Borrow or Not To Borrow
By accepting a Federal Student Loan, you incur a binding obligation to repay the loan in full, including interest and any applicable fees. It is essential that when you plan for educational costs, you also plan for future repayment of any amounts you have borrowed. When making the decision whether or not to accept a loan, you should be aware of all the requirements, interest rates, repayment options, schedules and deferment options.

As stated in the Federal Student Aid publication Your Federal Student Loans – Learn the Basics and Manage Your Debt:" REMEMBER:Federal student loans are real loans, just like car loans or mortgage loans. You must repay a student loan even if your financial circumstances become difficult. Federal student loans usually can’t be written off in bankruptcy. They can’t be canceled because you didn’t get the education or job you expected, and they can’t be canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed)."

St. John's University in accordance with federal regulation reports all loan borrowing, student enrollment status and changes in enrollment status to the National Student Loan Data System (NSLDS).

How to Borrow Wisely:

  • St. John's Office of Student Financial Services encourages students to borrow responsibly and to use the federal loan repayment calculators to plan and manage their debt.
     
  • Don't borrow without first looking into other methods of financing your education (scholarships and assistantships, for example).
     
  • Look into local resources of financial aid from community organizations and civic groups.
     
  • Repay your debt as soon as possible. The longer you owe, the more you owe.
     
  • To help secure your financial future, regularly visit the National Student Loan Data System (NSLDS) to monitor the status of your loans and your repayment history and repay your loan on time.

Contact information for the FSA Student Loan Ombudsman:

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