LOAN COUNSELING
Entrance Counseling
The purpose of the Entrance Counseling is to provide you (the borrower) with your rights and responsibilities before you agree to borrow a Federal Direct Loan. It will cover the importance of repayment, the consequences of default, the use of the Master Promissory Note, and provide sample monthly repayment amounts. This must be completed before Federal Direct Subsidized/Unsubsidized Loan funds will be disbursed to your student account.
Entrance Counseling is conducted online via Studentloans.gov. Entrance Counseling is set up as an online quiz directed to you, the student borrower. You will review general and student-specific loan information to ensure that you understand the terms of borrowing and repayment. Representatives from the Financial Aid and Default Offices are available to answer student questions regarding their loans.
New students are also given a copy of Do You Need MOney for College or Career School or its equivalent.
You may be required to complete Entrance Counseling again if you withdraw or drop below Half-Time status, return to the College, and wish to borrow additional Federal Direct Loan funds.
Exit Counseling
The federal government requires that Federal Stafford and Federal Grad PLUS loan recipients complete student loan exit counseling prior to graduating or whenever they cease to enroll at least half-time. The purpose of this session is to help students understand their rights and obligations as a student borrower.
Exit Counseling is conducted online via Studentloans.gov. Exit Counseling is set up as an online quiz directed to you, the student borrower. You will review general and student-specific loan information to ensure that you understand the terms of borrowing and repayment. Representatives from the Financial Aid and Default Offices are available to answer student questions regarding their loans.
All Loan Counseling should be completed under Federal School Code 031226 regardless of enrolled campus. All Federal Direct Loan Master Promissory Notes and Counseling sessions route through the Main Campus and will show the Jersey City address.
FEDERAL DIRECT LOANS
Federal Direct Subsidized Loan
| Agency: | Federal Student Aid |
|---|---|
| Type of Aid: | Loan; must be repaid with interest Six month grace period following graduation or less than half-time status Repayment begins following grace period |
| Details: | Student must complete a FAFSA Student must use Subsidized loan funds if qualified Student must attend at least half-time (6 credits) Student must complete 24 credits to qualify for 2nd year funds Student must complete 48 credits to qualify for 3rd year funds |
| Maximum Amount: | $2000/AY for Dependent students $6000/AY (1st and 2nd year) and $7000/AY (3rd and 4th year) for Independent students, or Dependent students with Parent PLUS credit denial 4.53% interest after 7/1; interest begins accruing on date of disbursement |
Federal Direct Unsubsidized Loan
| Agency: | Federal Student Aid |
|---|---|
| Type of Aid: | Loan; must be repaid with interest Six month grace period following graduation or less than half-time status Repayment begins following grace period |
| Details: | Student must complete a FAFSA Student must use Subsidized loan funds if qualified Student must attend at least half-time (6 credits) Student must complete 24 credits to qualify for 2nd year funds Student must complete 48 credits to qualify for 3rd year funds |
| Maximum Amount: | $2000/AY for Dependent students $6000/AY (1st and 2nd year) and $7000/AY (3rd and 4th year) for Independent students, or Dependent students with Parent PLUS credit denial 4.53% interest after 7/1; interest begins accruing on date of disbursement |
Federal Direct Parent PLUS Loan
| Agency: | Federal Student Aid |
|---|---|
| Type of Aid: | Loan; must be repaid with interest |
| Details: | Student must be Dependent Student must complete a FAFSA Student must use Subsidized loan funds if qualified Parent must qualify following credit check If qualified, Parent is borrower and responsible for loan repayment Repayment can be deferred to following Student’s graduation and/or grace |
| Maximum Amount: | Up to Cost of Attendance minus other aid received 7.08% interest after 7/1; interest begins accruing on date of disbursement |
INSTITUTIONAL CODE OF CONDUCT FOR EDUCATION LOANS