Federal Direct Student Loan Program
The William D. Ford Federal Direct Student Loan Program provides low-interest long-term loans to matriculated students enrolled at least half-time for education expenses. Students must complete the FAFSA application at www.fafsa.gov. The lender of these loans is the federal government and repayment is to the U.S. Department of Education. For further information on how to apply, amounts, fees, and interest rates, please visit www.sjfc.edu/admissions-aid/financial-aid/types-of-financial-aid/loans-and-work-study/federal-direct-undergraduate-student-loan/.
Federal Perkins Loans
A Federal Perkins Loan is a low-interest (5 percent) loan for matriculated students with financial need. St. John Fisher College is the lender. The loan is made with government funds and the College contributes a share. Funds are limited and subject to availability. Students must complete the FAFSA application at www.fafsa.gov. This loan is repaid to the College. The Financial Aid Office determines eligibility based on a student’s financial need. More information on the Perkins Loan can be found at www.sjfc.edu/admissions-aid/financial-aid/types-of-financial-aid/loans-and-work-study/federal-perkins-loan/.
Federal Direct Parent PLUS Loans
The William D. Ford Federal Direct Parent PLUS Loan Program is available to the parents of a dependent student who is enrolled at least half-time in a degree program. The student must complete the FAFSA application at www.fafsa.gov. The parent may borrow up to the student’s cost of attendance, minus other financial aid. For further information on how to apply, amounts, fees, and interest rates, please visit www.sjfc.edu/admissions-aid/financial-aid/types-of-financial-aid/loans-and-work-study/federal-direct-parent-plus-loans/.
Private Student Loan Programs
Private student loans are unique because the student can borrow this additional loan. However, students who have not established a credit history will be asked to apply with a co-signer. Although interest accrues while the student is in school, the payments on the loan may be deferred until the student ceases enrollment. A private student loan may provide enough funds to enable the student to attend and pay for the college of their choice. The annual loan limits are the cost of attendance minus other financial aid. The terms and conditions of the loan (including interest rate and fees) will be determined by the lender. Private student loan application is completed directly with the lender of the student’s choosing. Students may want to consider this option only after exhausting all other financial aid options such as government loans and scholarships.
Federal College Work-Study Program (FWS)
The Federal College Work-Study Program provides on-campus jobs for students with financial need. Positions are posted on the Career Center’s website and are available on a first-come, first-served basis. It is the student’s responsibility to find an employment position. Students must complete the FAFSA application at www.fafsa.gov. Students earn at least the current federal minimum wage, but the amount might be higher depending on the type of work and skills required. Students are paid every two weeks for hours worked. Because they receive direct payment, FWS wages are not credited to a student’s semester bill.