WE ARE WORKING ON TRANSITIONING OUR ONLINE LOAN PROCESSES TO COMPLY WITH THE DIRECT LENDING PROGRAM.
ACCESS TO COMPLETE ENTRANCE COUNSELING AND THE ONLINE MPN ARE TEMPORARILY UNAVAILABLE. WE APOLOGIZE FOR THE INCONVENIENCE AND HOPE TO HAVE THIS ACCESS RESTORED BY MONDAY, MARCH 29.
At William Jessup University we understand student loans play an important role in funding education. And due to the importance of understanding the impact of choosing to borrow money to help pay for your education, the Financial Aid Office continually strives to give the best information and guidance available. If you have any questions you may contact Chrislin Wilder at (916) 577-2234 or cwilder [at] jessup [dot] edu.
The majority of students, once they complete the FAFSA, are eligible for some federal student loans through the Direct Loan Program. These loans are known as Stafford loans and are broken down into two types: Subsidized and Unsubsidized.
- A Subsidized Loan is available to eligible students who still have a financial need. The interest changes every year, never going higher than 6.8% (it will be 4.5% for 2010-11) and the interest on this loan is paid for by the government while the student is in school and during the student's 6 month grace period.
- An Unsubsidized Loan is also available to eligible students who still have a financial need. The interest is fixed at 6.8%. Although the student is responsible for the interest that accrues while in school, they can have that interest deferred until they reach repayment status.
Eligibility for subsidized and unsubsidized loans will be determined by the Financial Aid Department. Notification will be sent to the student about loan eligibility once they receive their Financial Aid Offer letter.
All Stafford loans will be funded 'directly' by the federal government.
For the 2010-11 school year, ALL students who wish to borrow a Stafford Loan will be required to go through Entrance Counseling and sign a new Master Promissory Note.
WE ARE WORKING ON TRANSITIONING OUR ONLINE LOAN PROCESSES TO COMPLY WITH THE DIRECT LENDING PROGRAM.
ACCESS TO COMPLETE ENTRANCE COUNSELING AND THE ONLINE MPN ARE TEMPORARILY UNAVAILABLE. WE APOLOGIZE FOR THE INCONVENIENCE AND HOPE TO HAVE THIS ACCESS RESTORED BY MONDAY, MARCH 29.
ENTRANCE LOAN COUNSELING AND THE MASTER PROMISSORY NOTE (MPN)
To finish processing your student loans, you must complete Direct Loan Entrance Counseling -- a federally required program designed to provide detailed loan information critical for the loan borrower to understand. This process, which typically takes about 20-30 minutes, is completed by answering questions related to the type of student loan you will be borrowing. If you do not know the answer, a hint may be provided to help you discern the correct answer. You must answer 12 of the 15 questions correctly to pass the test.
Once you complete Entrance Counseling, you will also need to complete and sign a Direct Loan Master Promissory Note (MPN). THESE 2 PROCESSES ARE SEPARATE AND BOTH MUST BE COMPLETED IN ORDER TO HAVE YOUR LOAN FUNDS SENT TO THE SCHOOL!!! The MPN is a contract between you and federal government. By electronically signing the MPN with your FAFSA PIN, you agree to repay all federal loans that you borrow during your enrollment at WJU.
Please note: Your loan funds will not come in until you have completely finished both of these steps!
If you have taken out loans with WJU in the past and you request loans for the next academic year, you will need to complete both of these steps again (sorry...).
For a visual breakdown of the Student Loan process, please click on the following link.
WE ARE WORKING ON TRANSITIONING OUR ONLINE LOAN PROCESSES TO COMPLY WITH THE DIRECT LENDING PROGRAM.
ACCESS TO COMPLETE ENTRANCE COUNSELING AND THE ONLINE MPN ARE TEMPORARILY UNAVAILABLE. WE APOLOGIZE FOR THE INCONVENIENCE AND HOPE TO HAVE THIS ACCESS RESTORED BY MONDAY, MARCH 29.
