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

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. Click on Sign In and enter information required (you must know your FAFSA application PIN number in order to sign into the website, if you would like to create or request a duplicate of you PIN number go t0 www.pin.ed.gov)

  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 on Complete 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 succesfully completing the Entrance Counseling
  6. On the left hand column select COMPLETE MPN
  7. Select SUBSIDIZED/UNSUBSIDIZED
  8. Complete personal information, school information, loan information 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 for Undergraduates Loan Program) (Go to www.studentloans.gov and have the parent who is applying for the loan log into the website with their FAFSA PIN number)

*Plus Loan application require 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 correspondance 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 on Complete 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 succesfully completing the Entrance Counseling
  6. On the left hand column select COMPLETE MPN
  7. Select PARENT PLUS
  8. Complete Parent and Student personnal information, school information, loan information 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.
  10. On the left hand column under Plus Loan Process select Request Plus Loan
  11. Choose Loan Type and then fill out required information to receive a loan credit decision of either approved or denied

 

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
  • No prepayment penalties
  • Fixed rates and Variable interest rates
  • 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 or parents can be the borrower
  • Needs to be meeting school SAP requirements
  • Can not be used for prior balances
  • Need to be registered as a half time student at least
  • E-Signature available
  • 10 year repayment term for the NJCLASS Fixed Rate Loan with an interest rate of 6.6% – 2% administrative fee
  • 15 year repayment term (Option1 or 2), 20 year repayment term (Option 3) for the NJCLASS Fixed Rate Loan
    • Option 1 Pay Interest and Principal while in school – 7.35% interest and 2% administrative fee
    • Option 2 Pay Interest and deffer Principal while in school – 7.35% interest rate and 2% administrative fee
    • (not available at thsi moment) -Option 3 defer both Interest and Principal while in school – 8.0% interest and 3% administrative fee
  • 25 year repayment term for the fixed rate Graduate and Professional Loan
    • Option 1 Pay Interest and Principal while in school – 7.35% interest and 2% administrative fee
    • Option 2 Pay Interest and deffer Principal while in school – 7.35% interest rate and 2% administrative fee
    • Option 3 Defer both Interest and Principal while in school – 7..65% interest and 2% administrative fee
Sallie Mae (Smart Option)
  • No origination fee and no prepayment penalties
  • Can be used for degree, non- matriculated and non-degree programs
  • Get a 2% Smart Reward in your Upromise account when you make scheduled monthly payments 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
StuFund
  • No origination fee and no prepayment penalties
  • 2% Smart Reward on all scheduled monthly payments made while in school
  • $5,000 insurance coverage if tuition lost due to covered withdrawal
  • .25% interest rate reduction for auto debit
  • Easy online application with immediate response
  • Full, Part Time and less than part-time eligible
  • Co-signer release option after 12 on-time payments upon separation