Enrollment Services

Loan Information / Apply for Loans

New Federal Loan Borrowers (Stafford, Parent Plus or Graduate Plus)
Returning Federal Loan Borrowers (Stafford, Parent Plus or Graduate Plus)
Private Loan Borrowers

All students who wish to receive Stafford Loans must complete and sign a Direct Stafford Master Promissory Note (MPN). All Master Promissory Notes must be completed online. There are no paper MPN’s

All student and parent borrowers who wish to receive a Stafford, Parent Plus and Graduate Plus Loan must complete an Entrance counseling and Master Promissory Note (MPN) for each (Graduate Plus and Parent Plus borrowers must also complete a credit decision every academic year they wish to borrow the loan). All Entrance Counseling and Master Promissory Notes must be completed online.

Click to view Federal Loan Limits

To ensure that you receive your Stafford Loans on time (complete the process listed below at www.StudentLoans.gov), remember you must also sign a Financial Aid Award Letter accepting your loan eligibility.


NEW FEDERAL STAFFORD LOAN BORROWERS (Undergraduate or Graduate Student)

Go to www.StudentLoans.gov to begin the loan process.  All students are now required to create an FSAID and password so if you have not done so please go to FSAID.ed.gov to create one.  If you know your FAFSA PIN number it will let you use the ID and password right away, all others will need to wait 3 days for Social Security check confirmation

  1. Enter your e-mail if you would like to receive your correspondence electronically and press update
  2. If you have not borrowed a student loan at Saint Peter’s University before follow the next steps by clicking Counseling and then choosing Entrance counseling.
  3. Choose your current education level and school  information
  4. Read and answer the multiple choice questions
  5. When you reach the end  you will get a confirmation Congratulating you on successfully completing the Entrance Counseling
  6. On the left hand column select COMPLETE MPN
  7. Select SUBSIDIZED/UNSUBSIDIZED
  8. Complete personal , school , loan and personal references information sections
  9. Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.

New Federal Parent Plus Loan Borrowers (Parent is the Borrower)

Make sure you have filled out and returned the award letter accepting your loan eligibility indicating how much you would like to borrow. Graduate Students May apply for the Graduate Plus Loan. Follow the same steps as the parent loan but log in as the student.

PARENT PLUS (Parents of Undergraduates) (Go to www.studentloans.gov and have the parent who is applying for the loan log into the website.  The parent will need to create an FSA ID and password at FSAID.ed.gov if they have not done so.  If you know your FAFSA PIN number it will let you use the ID and password right away, all others will need to wait 3 days for Social Security check confirmation)

*Plus Loan application requires completion of a Parent Credit check and Master Promissory Note every year for processing.  If a Parent Plus Loan is denied by the lender, contact financialaid@saintpeters.edu if you wish to be awarded additional Unsubsidized Stafford loans.  DO NOT BEGIN THE APPLICATION PROCESS UNTIL JUNE BECAUSE YOUR CREDIT APPROVAL IS ONLY FOR A SPECIFIC TIME FRAME AND COULD EXPIRE PRIOR TO CERTIFICATION BY THE INSTITUTION. A LOAN IS NOT CERTIFIED UNTIL A STUDENT’S FILE IS COMPLETE.

  1. Enter your e-mail if you would like to receive your correspondence electronically and press update
  2. On the left hand column under Plus Loan Process select Request Direct Plus Loan
  3. Choose Loan Type & then fill out required information to receive credit decision of either approved/ denied
  4. On the Left hand column click on Complete Counseling and then Entrance counseling.
  5. Choose your current education level and school information
  6. Read and answer the multiple choice questions
  7. When you reach the end  you will get a confirmation Congratulating you on successfully completing the Entrance Counseling
  8. On the left hand column select COMPLETE MPN
  9. Select PARENT PLUS
  10. Complete Parent and Student personal , school, loan information and  personal references information sections
  11. Read terms and conditions, review information and sign MPN by typing in your name as it appears on the FAFSA application.

Returning FEDERAL STAFFORD LOAN BORROWERS (UNDERGRADUATE or GRADUATE student)

If you borrowed a Federal Stafford loan last year at Saint Peter’s University you only have to sign the financial aid award letter accepting how much you want to borrow and return it to the Financial Aid Office.

Returning Federal Parent Plus Loan (Parent is the Borrower)

students wishing to borrow a Grauate plus loan use the following directions also

If the same parent borrowed a Federal Parent Plus loan last year at Saint Peter’s University they must only compete the following step but if it’s a different parent that is borrowing the loan than they must follow the directions for a new Federal Parent Plus loan Borrower

  1. Have the parent go to the web page www.studentloans.gov and log in with their personal information and FAFSA PIN number
  2. On the left hand column under Plus Loan Process select Request Plus Loan
  3. Choose Loan Type and then fill out required information to receive a loan credit decision of either approved or denied.

Private student Loans

A student can be a borrower of the loan but a worthy cosigner will usually be needed in order for the loan to be approved and to lower the interest rate of the loan. Both cosigner and borrower must be citizens or legal permanent residents. International students must provide a copy of their student visa. The application is completed at the respective loan company website. The following list are some of the private student loans that are offered. Student are not limited to only borrowing from the following list. The list is detailed by Alphabetical Order.

Discover
  • No origination fee
  • Need to be registered at least 3 credits
  • Available to students enrolled full time, half time and less than half time
  • No prepayment penalties
  • Variable interest rates as low as 3-Month LIBOR + 2.62%(currently 2.99% APR)
  • Fixed interest rates as low as 5.99% APR
  • 1% Cash Reward for good grades
  • Zero fees
  • No payments required while in school at least half-time
  • 0.25% Auto Debit Reward
  • Meeting institutions SAP not a requirement
  • Can be used to pay previous school balance
  • Cosigner release available
  • E-signature available
H.E.S.A.A (NJ Class)
  • Students are the borrowers
  • Needs to be meeting school SAP requirements
  •  Can be used for prior balances up to one year past due
  •  Must be at least half time during the academic year.  If so, student can borrow for summer term classes with a minimum of 3 credits
  • E-Signature available
  • 10 year repayment term for the NJClass Variable Rate Loan with a current interest rate of 4.51%-9.50% – 0% administrative fee
  • 10 year repayment term for the NJClass Fixed Rate Loan with an interest rate that starts at 54.99% – 3% administrative fee
  •  15 year repayment term  20 year repayment term (Option 3) for the NJClass
    • Fixed Rate Loan
      • Option 1 Pay Interest and Principal while in school – starts at 6.20% interest and 3% administrative fee
      •  Option 2 Pay Interest and defer Principal while in school – starts at 6.20% interest rate and 3% administrative fee
      • Option 3 Defer both Interest and Principal while in school – 7.85% interest and 3% administrative fee
  •  25 year repayment term for the fixed rate Graduate and Professional Loan Student is the borrower with no income or co-signer required
    •  Pay Interest Only while in School – 6.20% interest rate and 3% administrative fee
    •  Pay Interest and defer Principal while in school – 6.20.% interest rate and 3% administrative fee
    •  Defer both Interest and Principal while in school – 7.85% interest and 3% administrative fee
Sallie Mae (Smart Option)
  • No origination fee and no prepayment penalties
  • Can be used for degree, non- matriculated and non-degree programs
  • 2.25% APR to 9.37% APR on variable rate loans and 5.74% APR – 11.85% APR on fixed rate loans. – add line
  • Available to students enrolled full time, half time and less than half time
  • Get a 2% cash back on scheduled payments made on time while in school with Interest or Fixed Repayment Options
  • Get a 0.25% percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit
  • 3 repayment options – Pay interest only and deffer principal while in school, deffer both Principal and fixed while in school or a fixed payment of $25 monthly only towards Interest while in school
  • Meeting institutions SAP not a requirement
  • Can be used to pay previous school balance
  • Cosigner release available
  • E-signature available
Wells Fargo
  • No origination fee and no prepayment penalties
  • No payments are required until six months after you leave school 
  • Variable interest rates range from 2.93% APR (with discounts) to 8.60% APR (without discounts).
  • Fixed interest rates range from 6.17% APR (with discounts) to 10.93% APR (without discounts)
  • Customer Discount. 0.25% rate reduction for a previous Wells Fargo student loan or other qualifying account.
  • Automatic Payment Discount. 0.25% rate reduction for enrolling in automatic payments.
  • Easy online application with immediate response
  • Full, Part Time and less than part-time eligible
  • Co-signer release option after 24 on-time payments upon separation