Graduate/Law Federal Student Loan Process
2009-2010
Effective for the 2009-2010 Academic Year, St. John’s University
will be processing all Federal Stafford and Federal Grad PLUS loans
exclusively through the William D. Ford
Federal Direct Loan Program in which borrowers obtain loan
funds directly from the U.S. Department of Education.
Students, who wish to borrow the federal loans indicated in their
Financial Aid Award Offer, need to complete the following simple
steps.
Federal Subsidized/Unsubsidized Loan Process
Step 1: First time
Federal Student Loan borrowers must complete a Federal Student loan
Entrance Counseling Session in accordance with federal
regulations. Go to: www.dl.ed.gov and click on Entrance
Counseling.
- When searching for the school during
entrance counseling please spell the name out as ‘Saint John’s
University’
Note: If you have already completed your entrance interview at
mappingyourfuture.org you do not have to complete another entrance
interview.
Step 2: Complete a Direct
Loan Master Promissory Note (MPN) at www.dlenote.ed.gov.
Borrowers will need their FAFSA Personal Identification Number
(PIN). If you do not have a PIN or cannot recall it, you can
request your PIN at www.pin.ed.gov.
Before completing your student Direct Loan MPN please note the
following:
- St. John’s will automatically be notified that the MPN has been
signed and will send a school certification, to the U.S. Department
of Education, for the full value of your federal loans
(subsidized/unsubsidized only) as they appear on your Financial Aid
Award Letter.
- If you do not want the full value of your
subsidized/unsubsidized loans, please notify the Office of Student
Financial Services in writing before you sign your MPN, by
completing a Student Loan Change Form.
- The Student Loan Change Form can be found online at the Office
of Student Financial Services web site. Please fax the form
to (718) 990-5742 or mail to:
Office of
Student Financial Services
St. John’s
University
8000 Utopia
PKWY
Queens, New
York, 11439
Att: Loan
Department - If you are making a loan amount change, please do not sign your
MPN until you confirm that a message has been placed on your
personal St. John’s UIS financial aid account advising you that
your loan change request has been processed and you should complete
your MPN.
Please note: In order for you to receive credit for
your loans on your student bill, you must complete the loan process
and complete verification if selected. Please log on to your
personal account via the University Information System (UIS) to
review any outstanding requirements. Go to https://apollo.stjohns.edu.
Direct Grad PLUS Process
Step 1: Complete the Direct Grad
PLUS Request Form and return it to:
Office of Student Financial
Services
St. John’s University
8000 Utopia PKWY
Queens, New York, 11439
Att: Loan Department
- Our Direct Grad PLUS Request Form can be found at the Office of
Student Financial Services web site.
- All new Direct Grad PLUS Loan borrowers must complete a
separate Grad PLUS Entrance Interview at www.dl.ed.gov.
- Upon receipt of the Direct Grad PLUS Request Form, St. John’s
will forward borrower’s information to the Department of Education
servicer for a credit check.
- Upon receipt of credit approval you will receive an email
letting you know that you have been approved for the Direct Grad
PLUS and will be advised then to complete your Master Promissory
Note.
Step 2: Complete the Direct Grad
PLUS Loan Master Promissory Note (MPN) at www.dlenote.ed.gov upon
notification of credit approval.
It is important to remember the
following:
- Only borrow what you need: think about repayment
obligations before you take out a student loan.
- When you sign a promissory note, you are agreeing to repay the
loan according to the terms of the note.
- The interest rate for Federal Direct Subsidized/Unsubsidized
Loans for graduate/law students disbursed on or after July 1st 2009
is 6.8%.
- The interest rate for Federal Direct Grad PLUS Loans disbursed
on or after July 1st 2006 is 7.9%.
- For the Federal Direct Subsidized Loans you will not be charged
interest until you begin repayment. Repayment begins six months
after you cease to be enrolled at least half-time (including leaves
of absence).
- For the Federal Direct Unsubsidized Loans the government will
not pay interest while a student is in school as it does for the
Subsidized Direct Loan. Interest accrues, and must be paid or
capitalized, during periods of in-school enrollment and/or
deferment.
- For Direct Subsidized and Unsubsidized loans as of July 1, 2009
an origination fee of 1.5% of the total loan will be assessed and
an up-front rebate of 1.0% will automatically be awarded. The net
disbursement will reflect these adjustments. To keep this up-front
rebate, you must make your first 12 payments on time once you go
into repayment status. Your loan funds will be disbursed in two
installments and applied to your student account.
- Your repayment period varies from 10 to 25 years depending on
which repayment plan you choose. You can prepay your student loans
at any time without a penalty.
- You have the right to cancel all or part of your loan up
through 45 days after disbursement.
- For more information on Direct Loans visit http://www.ed.gov/offices/OSFAP/DirectLoan.
- The U.S. Department of Education's National Student Loan Data
System (NSLDS) provides borrowers access to information on all
student loans and/or federal grant amounts, including information
on loan status, outstanding balances, and disbursements. Go to www.nslds.ed.gov.