Loans

Repaying student loans is very important, and required by law.  Find out more about student loan repayment by viewing these student loan repayment interest tables.

Federal Student Loan

 Complete Application
   
  • Deferred while the student is in school
  • Fixed Interest Rate of 6.8% for Undergraduate Subsidized and Unsubsidized loans and Graduate Unsubsidized loans.
  • Subsidized (interest paid by the government while the student is in school) or Unsubsidized (interest accruing while the student is in school) eligibility is determined by the FAFSA calculation
  • Origination fees are 1% of the principal loan amount
  • Repayment - when the student graduates or drops below half-time status they have a six-month grace period before starting repayment
   

Federal Parent PLUS Loan

 Complete Application
   
  • Fixed Interest Rate of 7.9%
  • Fees are 4% of the principal loan amount
  • Repayment begins when the loan is fully disbursed for the year but the borrower can apply to have the repayment deferred while in school and throughout the six month grace period.
 
 		  

Federal Perkins Loan

  
   
  • Institution is the Lender
  • Interest Rate-no interest while enrolled at least half-time, 5% in repayment
  • No upfront fees
  • Repayment-when the borrower graduates or drops below half-time status, students have a nine-month grace period before starting repayment
  • There are options for students to get some or all of their Perkins loans canceled based on their occupation after graduation.  Here is the List of Eligible Occupations.

 

Alternative Loans

  • Credit-based student loans taken out through a Bank or Lending institution.
  • Co-signer's are required depending on the student's credit.
  • Interest rates are variable and depend on the borrower or cosigner's credit.
  • Deferred until student graduates or drops below half-time, some lenders will offer a six month  grace period as well.

 

JBU reports information for students that borrow to the National Student Loan Database System (NSLDS). Guaranty agencies, lenders, and schools determined to be authorized users of the data system can access this information.