Loans

Federal Perkins Loan

This is a low-interest (presently 5 percent) federal loan made available through the College to matriculated students enrolled at least half-time. Loans are awarded according to need and repayment begins nine months after graduation or termination of college attendance.

William D. Ford Federal Direct Loan Program (Unsubsidized)

These loans are available directly from the federal government to graduate students who need additional funds. Students may borrow up to $20,500 per academic year minus any subsidized loans received within the same award year. An origination fee of 1.073 percent of the loan amount is deducted from the amount borrowed. The interest rate is fixed at 6.21 percent. Two repayment options for interest are available. Students may begin repayment while still attending school by paying the interest, with repayment of the principal deferred until after graduation or termination of attendance. The aggregate total that may be borrowed from this program is $138,500 minus any subsidized loans received including undergraduate loans.

Graduate Plus Loan

The Graduate PLUS Loan, like its undergraduate counterpart, has a low interest rate and can be used to pay for the total cost of education less any aid a student has already been awarded. Also like the undergraduate version, eligibility for the Graduate PLUS Loan is largely dependent on the borrower’s credit rating and history, as opposed to the Direct Loan. The annual interest rate is fixed at 7.21 percent. It has a 4.292 percent origination fee and no grace period.

Alternative Loans

These loans of last resort are private lender loans for students who may not be eligible for Federal Direct Student Loans or for students who are eligible and need additional funds to help meet additional educational expenses, including tuition and housing. The amount that a student may borrow is limited to the “cost of attendance” as determined by federal approved standard budgets. All applicants are subject to credit review and/or may require a co-signer. Students who do not have eligible citizenship status for federal financial aid may borrow an Alternative Loan if they have a cosigner with eligible citizenship status. Interest is variable and may be as high as 18 to 21 percent. Students who are considering an Alternative Loan should first speak to a Financial Aid counselor. For further information on loans, go to www.jjay.cuny.edu/loans.