Private Education Loans and Preferred Lender List

• You are not required to use any lender on this list.
• You may select any private education lender.
• The University will process all loan certifications without delay or prejudice, regardless of lender selection.
• You will suffer no penalty for choosing a lender that is not on the list.
• Better rates or terms may be available from other lenders.

The following lenders are provided in alphabetical order and are not ranked or prioritized: AAA Advantage, ABE, Ascent, College Ave, Citizens, Funding U, PHEAA Keystone Student Loan Program, MEFA, Sallie Mae, and SoFi.

Lender Affiliation: None of the lenders on the list are affiliated with each other.
 

The University utilizes ELMSelect for our preferred lender list. ELMSelect provides access to required disclosures and includes an independent comparison tool that allows prospective borrowers to compare and evaluate interest rates, fees, repayment options, and borrower benefits across multiple lenders.

Within ELMSelect, users can select their level, program, or borrower type (e.g., Undergraduate, Graduate, Law, International Student, or Parent) to view available lenders, loan products, and program details. After reviewing the information and making an informed decision, applicants may use the application link within ELMSelect to begin the loan application process.

The University strongly encourages students and their families to use all available resources to identify the private loan option that works best now and in the future during repayment. 
 

A Request for Information (RFI) was sent to historical lenders and those lenders who inquired about inclusion in the development of a preferred lender list. Lenders were asked to provide information on federal and state compliance and to complete a lender supplement to share information about product offerings, borrower benefits, etc. 

A University committee was formed to review all responses. Lenders included on this list were selected based on the best interest of borrowers. No lender is included on this list in exchange for financial or other benefits to the University or its students, and lender selection is made without regard to the financial interest of the institution. 
 

Lenders were evaluated using a standardized scoring framework across the following criteria:

• Competitive interest rates and pricing, including payment of origination fees on behalf of the borrower;
• Product variety and borrower eligibility;
• Repayment benefits and borrower protections;
• Customer service quality;
• Digital capabilities (e.g., ELM, EFT, loan processing);
• School servicing and operational alignment;
• Historical performance (e.g., default rates, approval rates, institutional utilization); and
• Compliance strength and disclosure transparency.
   

Creditors that offer private education loans are required to provide loan disclosures at both the time of application, again at loan approval, and at confirmation. Federal law provides a three-day right to cancel after receiving final loan disclosure.

These disclosures include important information required by Section 128(e) of the Truth in Lending Act (15 U.S.C. §1638(e)), such as loan terms, features, and costs.

In addition, lenders must disclose information about federal student loan programs, which may offer less costly borrowing options.

Because disclosure forms are specific to each lender and loan program, the content may vary by vendor. To review disclosure information for loan programs on our preferred lender list, visit ELMSELECT:

1. Click View next to a lender to access general information.
2. Select the Details tab to review lender and servicer information, including lender affiliations and available disclosures.

This process will help borrowers better understand loan options before making a borrowing decision.

Loan Disclosure Samples:

• Private education loan application and solicitation model form H-18.
• Private education loan approval model form H-19.
• Private education loan final model form H-20.
• Private education loan application and solicitation sample H-21.
• Private education loan approval sample H-22.
• Private education loan final sample H-23.
   

Remember: All loans need to be repaid with interest. Students are encouraged to explore all grant and scholarship options before considering loan options.
 

To help minimize student debt, we encourage students and families to consider education funding options in the following order:

1. Scholarships and Grants
   Money that does not need to be repaid, including federal, state, institutional, and private scholarships and grants.
2. Out of Pocket Contributions
   Funds you or your family can afford to pay using savings, current income, employer benefits, or payment plans.
3. Federal Student Loans
   Federal Direct Loans traditionally offer fixed interest rates, flexible repayment plans, loan forgiveness opportunities, and borrower protections.
   • A Free Application for Federal Student Aid (FAFSA®) must be filed annually and within established deadlines for consideration. Visit studentaid.gov for detailed information about eligibility requirements, loan terms and conditions, the application process, and completing the Master Promissory Note and entrance counseling.
   • Origination fees are charged for federal loans.
4. Private Student Loans
   These loans should be considered after all other resources have been fully explored, as they may offer fewer repayment protections and benefits than federal loans. To assist with this important comparison, please visit studentaid.gov to view information on the differences between federal versus private loans.
    

Borrowers will need to complete a Private Education Loan Applicant Self-Certification form for each private loan application, which requires

• Cost of Attendance; and
• Estimated Financial Assistance for the period of enrollment covered by the loan. 

Dowload the form.
 

Applying for and receiving a private loan is a multistep process. Please allow sufficient time to complete the process. 

• Compare lenders and loan options. Take advantage of loan comparison tools and loan repayment calculators.
• Apply with chosen lender. Plan ahead to avoid multiple credit inquiries. Consider
  • if you will need a cosigner;
  • if you plan to borrow for the fall and spring terms; and
  • the amount to be borrowed.
• Complete your application accordingly.
• The lender requests certification from St. John’s.
• The loan is certified up to the amount requested OR Cost of Attendance minus other aid.
• The lender sends funds to St. John’s in accordance with scheduled disbursement dates.
• Funds are applied to student’s account.

St. John’s University, in accordance with federal and New York State law, has adopted a Code of Conduct. This Student Loan Code of Conduct is established in accordance with the Higher Education Act of 1965, as amended by the Higher Education Opportunity Act of 2008, including 20 U.S.C. § 1019, and its implementing regulations at 34 C.F.R. Part 601. Where applicable, this Code also incorporates the requirements of New York State Education Law Article 13‑B (the Student Loan Accountability, Transparency, and Enforcement [SLATE] Act) and University policies. 

Student Loan Code of Conduct

1. Conflicts of Interest
   St. John’s University requires all faculty, administrators, and staff to perform their duties in a manner consistent with the University’s mission and free from any actual, potential, or apparent conflict of interest, as defined in University Policy 1001 – Conflict of Interest. Employees must refrain from any act and avoid any situation that may create a conflict between personal interests and the interests of the University. Employees with responsibilities related to student financial aid or education loans are subject to heightened conflict-of-interest standards under applicable federal and state law and must ensure that their actions are free from improper influence by lenders, guarantors, or servicers.
2. Gifts
   Employees are prohibited from giving or receiving any gift that creates an actual, potential, or apparent conflict of interest regardless of materiality. Generally, employees and their family members are prohibited from accepting gifts or entertainment from persons or organizations doing business or seeking to do business with the University. The term “gift” means “any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred.”
3. Arrangements and Agreements
   The University will not engage in revenue sharing with any lender or enter into an agreement to provide high-risk loans (or any opportunity pool loans) in exchange for a promise to give concessions or other advantages that may prejudice other borrowers or potential borrowers.
4. Cobranding
   St. Johns’s will not permit a private lender to use the University’s name, emblem, mascot, logo, or other words, pictures, or symbols readily identified with the University in any way that implies the University endorses the lender’s products or services.
5. Consulting, Other Contracting Arrangements, Advisory Board Compensation
   St. John’s will not permit any employee who has a responsibility with respect to student loans or other financial aid from
   • Accepting from a lender, or affiliate of any lender, any fee, payment, or financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
   • Receiving advisory board compensation of anything of value for service on an advisory board or group established by a private lender or group of lenders.
6. Staffing Assistance
   St. John’s will not request or accept from any lender any assistance with call center staffing or financial aid office staffing, or permit a lender or an agent of the lender from identifying themselves to borrowers or potential borrowers as an employee or representative of the University.
7. Federal Student Loan Options and Information Disclosures will be provided for potential borrowers. University employees responsible for loans will not direct or assign borrowers to any lender or refuse to certify or delay certification of any loan based on the borrower’s selection of a particular lender.
8. Preferred Lender Lists
   St. John’s preferred lender list will be developed in accordance with applicable federal and New York State laws and regulations. The University’s decision to include a lender on any preferred lender list will be solely based on the best interest of borrowers without regard to the financial interest of the University. The Preferred Lender List will
   • Disclose the criteria used to select the lenders for inclusion on the list.
   • Be reviewed on an annual basis.
   • Include at least two nonaffiliated lenders.
   • Recognizes a student’s choice to select their lender. 

To be considered for federal aid, students must file the Free Application for Federal Student Aid (FAFSA®). The form must be filed annually for continued consideration.

Maximum eligibility for federal financial aid is based on the results of the FAFSA®. To be eligible for federal aid consideration, students must file annually and within established deadlines, meet basic federal eligibility requirements and federal program specific requirements, and maintain satisfactory academic progress. Learn more at https://studentaid.gov.

The terms and conditions of federal loans may be more favorable than the terms and conditions of private education loans.

Federal aid is subject to congressional action and funding allocations. The One Big Beautiful Bill Act (Working Families Tax Cut Act) made changes to the Federal Pell Grant program and significant changes to the federal loan programs. Visit studentaid.gov to learn more.

Students who have a FAFSA® on file with the University can view their financial aid package via their personal UIS account.
 

Visit studentaid.gov for full program details and eligibility requirements.

Federal Pell Grant – Undergraduate aid program. The maximum Federal Pell Grant award is $7,395 for 2026–27. The amount is determined based on the FAFSA^®  and student SAI index. 

Federal Supplemental Educational Opportunity Grant – Undergraduate aid program; must be Pell eligible for consideration. Awards can range between $100 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds. St. John’s traditionally awards $500 to Federal Pell recipients with the highest need.

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant – This program provides grants of up to $4,000 (subject to federal sequestration; amount will be reduced accordingly) a year to students who are completing or plan to complete course work needed to begin a career in teaching. Students must file the FAFSA^®, meet grade point average requirements, and complete TEACH Counseling and an Agreement to Serve each year in which they want to use TEACH Grant funding. If a student fails to complete the service obligation after graduation, the grant is converted into an unsubsidized loan with retroactive interest.

Federal Work-Study–This is a part-time employment opportunity. Award is based on financial need and availability of funds. Payment of federal work-study funds comes in the form of a paycheck. Job placement is not guaranteed. 

Federal Direct Loan Information–The US Department of Education offers federal loans to assist eligible students with the cost of higher education. The terms and conditions of federal loans may be more favorable than the terms and conditions of private education loans. Borrowers should weigh options carefully.

Visit https://studentaid.gov to learn more about the terms and conditions associated with federal loan programs. 

Annual Loan Amounts

Dependent Undergraduate Students (unless your parent is unable to obtain a Direct PLUS loan due to adverse credit)

Independent Undergraduate Students (and dependent students, if your parent is unable to obtain a Direct PLUS loan

Graduate Students

Professional Students

PLUS Loans for Parents

Aggregate Loan Limits

Dependent Undergraduate Students (unless your parent is unable to obtain a Direct PLUS loan due to adverse credit)

Independent Undergraduate Students (and dependent students, if your parent is unable to obtain a Direct PLUS loan due to adverse credit)

Graduate Students

Professional Students*

*Students who are enrolled in health profession programs and who previously were eligible for higher annual and aggregate limits can continue to receive loans at those higher

PLUS Loans for Parents

**For example, if Parent A borrows $50,000 on behalf of their first child and Parent B borrowers $15,000 for that same child, the total is $65,000 borrowed between both parents.

Lifetime Maximum Loan Limit for Student Borrowers

Preferred lender arrangements are required to be reviewed annually to ensure  competitive products that are in the best interest of the borrower are offered. The University welcomes feedback regarding any experiences, positive or negative, when working with a particular lender. Email feedback to [email protected].