Graduate/Law 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.

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) via the National Student Clearinghouse. Information in NSLDS is accessible by authorized agencies, lenders and institutions.

Important Announcement for Graduate and Law Students   

Please note that the Budget Control Act of 2011 eliminated the in-school interest subsidy for graduate and professional students.  Effective July 1, 2012 Federal Direct Subsidized loans will no longer exist on the graduate and professional level. 

Federal Loan Processing Deadline

   In accordance with federal guidelines St. John’s University may not originate a loan for a period in the academic year in which a student is no longer enrolled.

Therefore, students enrolled for the academic year who are interested in borrowing a loan must complete the loan process within the academic year. Students who enroll for one semester in an academic year must complete the process within the period of enrollment for the semester.

2018 - 2019

2019 - 2020                          

  • Graduate Law/ Federal Loan Process (PDF)
  • Graduate Law/ Federal PLUS Loan Process (PDF)

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. 

"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’tbe canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed)."Federal Student Aid publication Your Federal Student Loans – Learn the Basics and Manage Your Debt

How to Borrow Wisely

  • 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, monitor the status of your loans and your repayment history via the National Student Loan Data System and repay your loan on time. 
  • Learn more on how to be a responsible borrower, review the Federal Student Aid publication: Be a Responsible Borrower: Plan Ahead and Graduate with Less Debt.

Code of Conduct for Education Loans

  St. John’s University, Office of Student Financial Services, code of conduct for educational loans prohibits:

  • Revenue-sharing arrangements with any lender
  • Receiving gifts from a lender, a guarantor or loan servicer
  • Contracting arrangement providing financial benefit from any lender or affiliate of a lender
  • Directing borrowers to particular lenders, or refusing or delaying loan certifications
  • Offers from lenders of funds for private loans
  • Call center or financial aid staffing assistance from lenders
  • Advisory board compensation from lenders

FSA Student Loan Ombudsman:

Via on-line assistance: studentaid.gov/repay-loans/disputes/prepare  
Phone 877-557-2575, Fax 606-396-4821
Via mail FSA Ombudsman Group P.O. Box 1843 Monticello, KY 42633

 

Additional Information

The Office of Student Financial Services encourages students to explore various grants and scholarship opportunities and to evaluate loan options carefully.

What is a Federal Direct Student loan?

Federal Direct Student loans are one form of student “self help” financial aid. Through the Federal Direct Student loan program students borrow money for school from the federal government.

How much can I borrow?

$20,500 is the maximum annual amount you are eligible to borrow in the form of a Federal Direct Unsubsidized Loan as a graduate/law student.  NOTE: the federal government has eliminated subsidized Federal Direct Student loans for graduate/law students.

How Do I Apply for a Federal Direct Student Loan?

THREE SIMPLE STEPS:

  1. ACCEPT – Go to your St. John’s University UIS account at https://apollo.stjohns.edu and enter your User ID and PIN, click on “Login”
    1. Select the financial aid tab
      1. Click on My Award
      2. Select Award by Aid Year
      3. Select the current aid year
      4. Accept Award Offer
  2. COMPLETE – go to www.studentloans.gov and sign in with your FAFSA PIN
    1. Select Entrance Counseling and complete
  3. SIGN – on the same website, www.studentloans.gov website
    1. Select Sign Master Promissory Note and complete

Important Note for Both Step 2 and Step 3:

  • Select “New York” as the School State and “Saint John’s University” as the school name.

*Your loans will be credited to your account only after the completion of all three steps.

Important ReminderBorrow only what is needed.Remember, loans must be repaid.

What are the details of the Federal Direct Unsubsidized Loan?

Federal Direct Unsubsidized Student Loan payments are deferred until after graduation, but interest on the loan accrues and is capitalized on the loan while you are enrolled in school and/or in deferment. Loan repayment must begin six months after you cease to be enrolled at least half-time (including leaves of absence or maintaining matriculation periods). To keep unsubsidized loan interest from accruing and being capitalized on your loan, you may decide (at your option) to pay the interest while enrolled in school.  

Are there any other federal loans available to graduate students?

The Federal Direct Graduate PLUS Loan is a federal loan available to graduate students.  The maximum amount you will be eligible to borrow for the 2015-2016 school year is included in your St. John’s financial aid award information.  Many students decide to limit the Grad PLUS amount borrowed to the difference between annual direct costs and other financial aid received.  Direct costs are those paid directly to St. John’s and include tuition and fees, and for resident students, room and board.  Indirect costs consist of all other expenses that relate to attendance at St. John’s.  Your entire estimated cost of attendance which includes an estimate of both direct and indirect costs is available on your UIS account.  The interest rate on Federal Direct Graduate PLUS Loans is calculated annually by the Federal Government based on the 10-year Treasury note index.

What is the interest rate on federal loans?

The interest rate for all federal student and federal PLUS loans disbursed on or after July 1, 2015 will be calculated annually by the federal government based on the 10-year Treasury note index.

Are there any fees associated with these loans?

For Federal Direct Student Loans, an origination fee of the total loan is assessed and deducted prior to loan disbursement.    For Graduate PLUS loans, an origination fee is assessed and deducted prior to loan disbursement. Origination fees are determined by the U.S. Department of Education and are subject to change on a annual basis.Since origination fees are deducted before the federal government disburses loans to St. John’s, the amount credited to the student’s account will be less than the loan amount borrowed. 

Is there a federal loan processing deadline?

In accordance with federal guidelines St. John’s University may not originate a loan for a period in the academic year in which a student is no longer enrolled. Therefore, students enrolled for the academic year who are interested in borrowing a loan must complete the loan process within the academic year. Students who enroll for one semester in an academic year must complete the process within the period of enrollment for the semester.

Important Notice:

  • You should monitor the status of your loan by checking your personal UIS account and your St. John’s email account
  • St. John’s will begin processing 2015-2016 loans beginning May 1st.
  • It is the policy of St. John's University to process loans only after an admission deposit has been paid and the loans have been accepted by the student on their UIS account.
  • If you wish to reinstate a loan you have already declined or modify a loan you have already accepted, please print, complete and return a Student Loan Change Form available online at http://www.stjohns.edu/services/financial .

To learn more about various federal loan programs, debt management and to view sample repayment plans please visit:

Applications for Federal Direct PLUS Loans for graduate and professional students are processed online through the U.S .Department of Education student loan website at www.StudentLoans.gov.

  • The borrower must sign in to the website using his/her Federal Student Aid PIN (the same PIN that was used to sign the student’s FAFSA) in order to apply.  If the borrower does not already have a PIN or has forgotten it, a new one may be obtained by following the link to the PIN site (www.pin.ed.gov).
  • Once signed in, the borrower must click on “Request a PLUS Loan” to begin.

PLUS PROCESS CONSISTS OF FOUR EASY STEPS:

Step 1:Personal InformationPersonal information of student borrower.

Step 2: Student & Loan Info:

  • Select 2015-2016 as the Award Year.
  • Select “NEW YORK” as the School State and “SAINT JOHN’S UNIVERSITY” as the school name.
  • Enter a requested loan amount.
    • The borrower enters a specific amount to borrow for the school year or may elect to borrow the maximum amount for which he/she is eligible.  The maximum amount the PLUS borrower may request is included in the St. John’s 2015-16 Financial Aid award information. 
    • If the borrower later determines that he/she does not need the entire amount applied for, he/she may cancel or reduce an un-disbursed loan at any time.   A disbursed Federal Direct PLUS loan for Graduate or Professional students may be cancelled or reduced within thirty days of the date of disbursement.  St. John’s Loan Change Form is available online at www.stjohns.edu/services/financial.
    • The amount the borrower chooses to apply for will not affect the result of the application. 
    • When choosing an amount, the borrower should borrow only what is really needed and remember that loans must be repaid.

Step 3: Review Application

Step 4: Credit Check & Submit: Authorize the review of credit history and submit the application.

Please note: Effective March 29, 2015 your credit check is valid for 180 days; therefore, you should not apply for a loan before May 1st.

Additional Step for New Direct PLUS Loan Borrowers:

All new Direct PLUS Loan borrowers must complete a separate PLUS Loan for Graduate or Professional Students Entrance Interview at www.StudentLoans.gov.

When will the borrower be notified of the result of the applicationand credit check?

  • The borrower will be notified immediately of the result.
  • If approved, the borrower will be directed to complete a Master Promissory Note (MPN) if a Federal Direct PLUS MPN has not been completed previously.

What are the options for the borrower denied for a Federal Direct Loan for Graduate or Professional Students?

  • PLUS borrower can opt to provide documentation of extenuating circumstances and appeal the decision.
  • PLUS loan borrower can opt to obtain an endorser with a more favorable credit history to act as a co-signor.  The endorser must complete a process, similar to the original application, either online or through the mail.  The online process requires that the endorser have a Federal Student Aid PIN.  The borrower who has been denied will automatically be mailed a paper Endorser Package.  Both processes require that the endorser know the Loan Reference ID which will be provided to the denied borrower via email or can be viewed by the denied borrower when signed onto www.StudentLoans.gov.

How will the student receive the loan funds?

  • Once an application has been approved and a MPN has been properly completed, the student will be given credit by St. John’s for the amount approved for disbursement less all applicable fees. 
  • The approved amount will automatically be split equally between the fall and spring semesters.
  • Funds will be disbursed by the federal government to the student’s St. John’s account at the beginning of each semester according to the disbursement schedule set by St. John’s.

What is the interest rate on federal loans?

The interest rate for all federal PLUS loans disbursed on or after July 1, 2015 will be calculated annually by the federal government based on the 10-year Treasury note index.

What fees, if any, are associated with these loans?

An origination fee of the total loan is assessed and deducted prior to loan disbursement. Origination fees are determined by the U.S. Department of Education.Since the origination fee is deducted before the federal government disburses the loan to St. John’s, the amount credited to the student’s account will be less than the loan amount borrowed.

Is there a federal processing deadline?

In accordance with federal guidelines St. John’s University may not originate a loan for a period in the academic year in which a student is no longer enrolled. Therefore, students enrolled for the academic year who are interested in borrowing a loan must complete the loan process within the academic year. Students who enroll for one semester in an academic year must complete the process within the period of enrollment for the semester.

Important Notice:

  • You should monitor the status of your loan by checking your personal UIS account and your St. John’s email account
  • St. John’s will begin processing 2015-2016 loans beginning May 1st.
  • It is the policy of St. John's University to process loans only after an admission deposit has been paid and the loans have been accepted by the student on their UIS account.

If you wish to reinstate a loan you have already declined or modify a loan you have already accepted, please print, complete and return a Student Loan Change Form available online at http://www.stjohns.edu/services/financial

To learn more about various federal loan programs, debt management and to view sample repayment plans please visit:

www.stjohns.edu/financialaid
www.studentaid.ed.gov
www.mymoney.gov
www.nslds.ed.gov
www.studentloans.gov