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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

Student Loan Code of Conduct

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