Loans

UPDATE FOR ALL NEW AND RETURNING STUDENT LOAN BORROWERS

All Federal Stafford and Parent PLUS Loans disbursed after July 1, 2010 will be funded directly by the U.S. Department of Education. All new and returning students who wish to borrow student loans must complete a Master Promissory Note and Entrance Counseling with the Department of Education. Loans cannot be disbursed until both of these processes are completed online (link below).

Complete Master Promissory Note and Entrance Counseling

Student Loans

A loan is a form of financial aid that must be repaid with interest. Loans are a form of need-based aid, meaning they are offered based on financial need as determined by the FAFSA. At William Jessup University, we understand student loans play an important role in funding education. Grasping the impact of choosing to borrow money to help pay for your education is vital and the Financial Aid Office continually strives to give the best information and guidance available.

Federal Stafford Loan
Amount: Varies depending grade level and dependency status. See breakdown below.
Eligibility: Undergraduate students enrolled in 6 units or more per semester with financial need as determined by FAFSA.
Interest Rate: 3.86% for Subsidized Stafford Loans disbursed between July 1, 2013 and June 30, 2014
3.4% for Subsidized Stafford Loans disbursed between July 1, 2011 and June 30, 2013
4.5% for Subsidized Stafford Loans disbursed between July 1, 2010 and June 30, 2011
3.86% for all Unsubsidized Stafford loans disbursed between July 1, 2013 and June 30, 2014
Repayment: Typically begins 6 months after student graduates, drops below 6 units or withdraws from school, but specific lenders may have different repayment requirements.
Renewal: Annually renewable once you complete the Master Promissory Note (MPN) and Entrance Counseling.
Application: FAFSA (online) with WJU listed, Master Promissory Note and Entrance Counseling (online)
The Master Promissory Note and Entrance Counseling are two separate processes and both must be completed online in order for the loans to be put on your student account.
Note: All Direct Loans have a Default Fee of 1.072% taken from the gross amount of the loan.
Federal regulation requires students to complete Exit Counseling within 30 days of graduating, dropping below 6 units or withdrawing from school.
Grade Level Base Stafford Dependent
Unsubsidized Stafford
Independent
Unsubsidized Stafford
Freshman (0-29 units) $3,500 $2,000 $6,000
Sophomore (30-59 units) $4,500 $2,000 $6,000
Junior (60-89 units) $5,500 $2,000 $7,000
Senior (90+ units) $5,500 $2,000 $7,000
What is the difference between a Subsidized and Unsubsidized loan?
A Subsidized loan is a loan in which the goverment pays for the interest on the loan while the student is in school and during the grace period. An Unsubsidized loan is a loan in which the student is responsible for the interest that accrues on the loan during and after school.
Direct PLUS Loan (Parent Loan for Undergraduate Students)
Amount: Up to the cost of attendance minus financial aid.
Eligibility: Credit-based loan for parents of dependent students who are enrolled in 6 or more units.
Interest Rate: 6.41% for all loans disbursed between July 1, 2013 and June 30, 2014 (interest accrues while loan is deferred)
Repayment: Begins 60 days after the funds are fully disbursed, but can be deferred
until after the student graduates.
Renewal: Not renewable. Must apply yearly.
Application: Parent PLUS Loan Master Promissory Note and PLUS Loan Request (online)
Both processes are required in order to complete the PLUS Loan process.
A Parent PLUS Loan Request Form MUST be submitted to the Financial Aid Office.
Fees: A 4.288% Origination Fee is taken out of the requested amount. Be sure to request an amount which includes this fee.
Alternative or Private Student Loan
Amount: Up to the cost of attendance minus financial aid.
Eligibility: Credit-based loan for students who are enrolled in 6 or more units. Borrower must be a US Citizen, eligible non-citizen, or an international student with a U.S. Citizen Cosigner. Both eligible non-citizens and international students need to have a current address in the United States.
Interest Rate: Varies according to lender and borrower (and cosigner) credit history.
Repayment: Begins 6 months after student graduates, drops below 6 units or withdraws from school.
Renewal: Not renewable. Must apply yearly.
Application: We recommend using the Private Loan Marketplace. However, you are free to choose your own private lender.
Note: Alternative or Private Student Loans are designed to supplement federal, state, and institutional financial aid. Borrowers must be credit worthy, many times requiring a co-signer. Loan programs may vary widely. Students should only consider obtaining an Alternative or Private Student Loan if they have maximized all Federal Stafford Loan options!

Exit Counseling

Student loan borrowers are required by the federal government to complete Exit Counseling
within 30 days of graduating, dropping below 6 units or withdrawing from school. You can view how much you’ve taken out in student loans, see who your lenders and loan servicers are on the National Student Loan Data System (NSLDS).

Complete Exit Counseling

Code of Conduct

William Jessup University has adopted a Code of Conduct with respect to student loans which applies to all employees in the Financial Aid Office and anyone else at our school who has any responsibilities with respect to student loans or the selection of preferred lenders for student loans.

Loan Consolidation

After graduation, you may be able to combine your existing Federal student loans into one new consolidated loan that offers several advantages. Visit Direct Loan Consolidation for more information about the advantages of student loan consolidation.