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Student Loans

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  • Graduate students who are matriculated in a degree or certification program may be eligible for federal loans. To be eligible for a Direct Federal Student Loan, a graduate student must either be matriculated in a degree program or enrolled in a certificate program by the first day of the term in which they intend to use their student aid, and must be enrolled for at least six credits. In addition, a student seeking a Direct Federal Loan for a summer term must have received such student aid in either the prior spring or fall term. They must complete a Free Application for Federal Student Aid (FAFSA) to determine eligibility for Direct Stafford Loans.

    In addition to completing the FAFSA for the appropriate year, the student must:

    1. Enroll as a matriculated student in a degree or certification program on at least a half-time basis (a minimum of six credits in the fall, six credits in the spring and a minimum of six credits between Summer I and Summer II)
    2. Maintain satisfactory progress toward the completion of a degree or certification program
    3. Be a citizen or permanent resident of the United States, or eligible non-citizen
    4. Not be in default of any loan made, insured, or guaranteed under the Perkins Loan Program, the Stafford Student Loan Program, the Direct Federal Student Loan Program, or the PLUS/SLS Program
    5. Not owe a refund on a previous Pell or Supplemental Educational Opportunity Grant Program
    6. Show need of financial assistance as demonstrated in the completed Financial Aid Application
    7. Meet all other requirements of the federal financial aid programs

    Non-matriculated students are not eligible to receive federal or state financial aid or loans, but may apply for certain private education student loans. Please feel free to contact the Office of Financial Aid for additional information at (201) 200-3173 or finaid@njcu.edu.

    The Direct Federal Student Loan Program, which includes Subsidized and Unsubsidized Stafford Loans, enables graduate students to borrow long-term, low-interest loans to finance their education. These loans are of two types: The Subsidized Stafford Loan, for which students with financial need as determined by federal needs analysis are eligible and on which no interest accrues while the borrower is enrolled at least half-time status, or is in an eligible grace period; and an Unsubsidized Stafford Loan, on which the borrower pays all interest on disbursed amounts even while in school. Interest rates are variable and will not exceed 8.25%.

    A graduate student may borrow up to $8,500 annually in a Subsidized Stafford Loan and up to $12,000 annually in an Unsubsidized Stafford Loan, depending on their costs and family contribution.