A Federal Direct Subsidized Stafford Loan is for students with financial need as determined by a Federal formula. A loan is "subsidized" because the government pays the interest for you during the following periods:
Federal Direct Subsidized Stafford Loans are low-interest loans for students to help pay for the cost of their education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. Direct Loans are:
In order to be eligible you must be enrolled at least half-time and demonstrate financial need. Loans range up to $3,500 for freshman and $4,500 for sophomores. Lower loan amounts apply if you are attending clock hour programs.
View the details of maximum borrowing amounts, repayment terms, and interest rates.
A Federal Direct Unsubsidized Stafford Loan is a loan that is available to all students regardless of income and is not based on financial need. Interest is charged during all periods. Because this loan is not subsidized by the government, you are responsible for all interest that accrues while you are in school, in deferment or during your grace period. You may choose to make interest payments while in school or you may defer (and continue to accumulate) the interest until repayment.
Federal Direct Unsubsidized Stafford Loans are low-interest loans for students to help pay for the cost of their education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. Direct Loans are:
Flexible - You can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
In order to be eligible you must be enrolled at least half-time. The total borrowed from both Subsidized and Unsubsidized Stafford may not exceed $3,500 for freshman or $4,500 for sophomores. Independent students may borrow up to an additional $6,000 per academic year. Lower loan amounts apply if you are attending clock hour programs.
View the details of maximum borrowing amounts, repayment terms, and interest rates.
NJCLASS is one of the most affordable and flexible supplemental student loan programs in the nation. NJCLASS pays educational costs not already covered by grants, scholarships or other loans, and currently offers the following low rates and flexible terms for the current academic year:
NJCLASS Loan Features & Interest Rates
NJCLASS allows students or parents to borrow the money you need to meet the cost of education after all other sources of student aid are exhausted. There are no annual and/or aggregate loan limits. NJCLASS may be used for school related expenses including tuition and fees, books, supplies, and room & board.
Eligible borrowers include New Jersey residents attending any college in or out of state, and out-of-state students who attend college in New Jersey. NJCLASS loans can be used for undergraduate, graduate, medical and dental studies.
The NJCLASS program has been helping New Jersey students and families for 21 years, and is one of the few remaining state-sponsored supplemental loan programs left in the nation. For further information visit NJCLASS.
Students are encouraged to apply for Federal Direct Student loans before they apply for a NJCLASS loan.
Federal Direct PLUS Loans are low-interest loans for parents to help their children who are dependent students meet college costs. The lender is the U.S. Department of Education rather than a bank or other financial institution. Direct PLUS Loans are:
To take out a Direct PLUS Loan, You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. The student must be enrolled at an approved school at least half-time and is making satisfactory academic progress. You should have no adverse credit history. Direct PLUS Loans are not based on parents' income.
You may borrow up to the cost of education minus other financial aid awarded, as determined by the financial aid office. You may also borrow for each of your dependent children. For example, if your school's cost of attendance is $10,000 and you're eligible for $5,000 in other aid, you may borrow up to $5,000 through a Direct PLUS Loan. The cost of education includes tuition and fees, room and board, books and supplies, transportation and miscellaneous expenses.
Once your loan is approved, the funds will be sent to the school electronically. Federal PLUS loans are disbursed in at least two installments. The funds will be applied to the student's school account to pay for educational expenses. You will receive any remaining loan money in a check. This remaining money must be used to pay future tuition and other educational expenses.
View the details of maximum borrowing amounts, repayment terms, and interest rates.
A PLUS Loan Request is required in addition to the FAFSA, and Master Promissory Note, (MPN) for Parent PLUS Loans.
