Federal Direct Student Loan
- JBU is a participant in the Direct Loan program so your lender will be the US Department of Education.
- The loan is deferred while the student is in school.
- Fixed Interest Rate of 3.86% for Undergraduate Subsidized and Unsubsidized loans and 5.41% for 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.
- Net origination fee of 1.051% 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.
There are two online forms you must complete in order to receive
the Federal Stafford Loan:
1. Complete the Online Entrance Counseling by clicking the link below:
INSTRUCTIONS FOR COMPLETING ENTRANCE COUNSELING: On the Direct Loan site, “Sign In” using your PIN# from your FAFSA. After entering the log-in information requested, select “Complete Entrance Counseling” and then on the next page select “Complete Entrance Counseling” again. On the next page, select which student type you are then click “Continue”. Complete the four steps of Entrance Counseling by following the instructions on the screen. Click submit at the end and print the confirmation page for your records.
2. Complete the online Master Promissory Note (MPN) by clicking the link below:
INSTRUCTIONS FOR COMPLETING MPN: On the Direct Loan site, “Sign In” using your PIN# from your FAFSA. After entering the log-in information requested, select “Complete Master Promissory Note” and then on the next page select “Subsidized/Unsubsidized”. Follow the simple four step process to complete the MPN. The final step in the process will have you review your results in the html format – be sure to click “Continue” until you receive a message that you have fully completed your MPN and that the school will receive notification of the completed MPN. The US Dept of Education will also send you a confirmation email that you have completed the MPN.