A St. Francis College student stands in Columbus Circle, New York City

Loans

Student loans are a form of financial aid that requires repayment of the funds received with interest. Some loans may be in either the student’s or the parent’s names. All loans require a promissory note & some require a separate application.

Federal Loan Programs
There are two types of Federal Direct Loans—subsidized & unsubsidized. Both loans carry a fixed interest rate. Learn more.

Subsidized Federal Direct Loans

  • Eligibility for a Subsidized Direct Loan is based on financial need as determined by the FAFSA.
  • Subsidized Direct Loans allow for a deferment of principal payments while the student is enrolled at least half-time in a degree-seeking program.
  • Students are allowed a six-month grace period upon leaving college before making payments on principal & interest of the loan.
  • Interest subsidies while the student is in school are paid by the federal government.
  • Learn more.

Unsubsidized Federal Direct Loans

  • Unsubsidized Direct Loans allow for deferment of principal payments while the student is enrolled at least half-time in a degree-seeking program.
  • Students are allowed a six-month grace period upon leaving college before making payments on principal & interest of the loan.
  • Unsubsidized loans do not have an interest subsidy paid by the federal government. This means that interest will accrue on the loan during the in-school & six-month grace periods.

Award Amount is up to $5,500.00 for first year college students. Learn more.

Federal Direct PLUS Loans

  • Federal Direct PLUS Loans are unsubsidized loans that parents of dependent students can borrow to help pay for education expenses.
  • The Department of Education will do a credit check as part of determining a parent’s eligibility for the loan.
  • Direct PLUS Loans carry a fixed interest rate. Repayment begins 60 days after the last disbursement unless deferred & interest is charged during both in-school & out-of-school time periods. All fees, rates & benefits are subject to change based on new or updated Federal Legislation.
  • Learn more

Federal Perkins Loan
As of October 1, 2017, the Federal Perkins Loan Program is no longer available to students. Learn more

Graduate Plus Loan

  • Graduate students enrolled at least half time & who do not have an adverse credit history.
  • Loan Amounts: Students may borrow up to the cost of attendance minus any other financial aid received. The total education cost may include tuition, living allowance, books and supplies & transportation. Graduate students must use their Federal Direct Unsubsidized loan eligibility prior to applying for a Federal Direct Graduate PLUS loan.
  • Federal Graduate PLUS loans first disbursed on or after July 1, 2017 through June 30, 2018 have an interest rate fixed at 7.00%, with interest beginning to accrue upon disbursement.
  • Federal Graduate PLUS loans first disbursed on or after October 1, 2017 & before October 1, 2018 have a 4.264% loan fee.

Alternative Loans
Alternative student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. St. Francis College encourages all students to apply first for federal and state financial aid. Alternative loans may provide the resources for educational expenses not covered by federal and state aid. The actual amount a person can borrow varies according to each student’s individual financial circumstance.