Financing Options
Some families find it necessary to supplement the financial aid package with additional funding. Below are some other options to research and compare. Please allow adequate processing time to select an alternative funding source, so that funds will credit your bill by the semester payment due date.
SJFC Payment Plan and Other Payment Options
The SJFC payment plan allows families to finance their semester balance in 4 equal installments. The payment plan does not charge interest, only a small enrollment fee. You will receive specific information about the plan with your bill for each term. The Bursar's Office also accepts payment online, by mail, by phone, or in person. For more information on the payment plan and payment options, please contact the Bursar's Office.
Federal Direct Parent PLUS Loan or Federal Direct Graduate PLUS Loan
The Federal Direct Parent PLUS Loan allows parents, stepparents, and legal guardians of dependent undergraduate students to borrow up to the full cost of attendance less other aid. The Parent PLUS Loan has a fixed interest rate of 7.9%. A 4% origination fee is charged and a 1.5% fee rebate is offered to all borrowers in anticipation of on time payment. The funds are disbursed directly to the school in one or more disbursements via Electronic Funds Transfer (EFT). Repayment begins within 60 days after the final loan disbursement for the academic year. Repayment may be delayed until 6 months after the student graduates or is no longer enrolled at least half-time by contacting the Direct Loan Servicing Center at 1-800-848-0979. The loan can be repaid fully or in part at any time without penalty. Loan approval is subject to credit criteria established by the Department of Education and a credit report will be obtained from a national credit bureau. If a parent applies for the Federal Direct Parent PLUS Loan and is credit denied, the parent can add an endorser to the application or the student will be eligible for up to $4,000-$5,000 in additional Federal Direct Unsubsidized Student Loan.
The Federal Direct Graduate PLUS Loan allows graduate students to borrow up to the full cost of attendance less other aid. The borrower must be enrolled at least half-time (6 credit hours). This loan has a fixed interest rate of 7.9%. A 4% origination fee is charged; a 1.5% fee rebate is offered to all borrowers in anticipation of on time payment. Loan approval is subject to credit criteria established by the Department of Education and a credit report will be obtained from a national credit bureau. The approval is not based upon your income or debt. An endorser can be added if a credit denial is received. Repayment begins within 60 days after the final loan disbursement for the academic year. Repayment may be delayed until 6 months after you graduate or are no longer enrolled at least half-time by contacting the Direct Loan Servicing Center at 1-800-848-0979 or www.dl.ed.gov. Funds are disbursed directly to the school via Electronic Funds Transfer (EFT) to your student account. The loan can be repaid fully or in part at any time without penalty. In the event that you die or suffer permanent and total disability, the loan is forgiven.
Private Student Loan Programs
Private student loans are a source of funding meant to supplement (not replace) borrowing through federal student loans. Private student loans are typically more expensive than federal loans, and federal loans have much more liberal repayment options than private student loans. Still, for many students, federal student loans may not be adequate to cover the full cost of attending college. The private student loan may provide enough funds to enable you to attend and pay for the college of your choice. Private student loans are unique because the student can borrow this additional loan. Students who have not established a credit history will be asked to apply with a co-signer. The annual loan limits are the cost of attendance minus other financial aid.
Before applying for a private student loan:
- Make sure you have exhausted all other sources of funding before applying for a private student loan. This should be your last resort. If you are unsure, please contact the Financial Aid Office and speak with a counselor to discuss your options.
- Find a creditworthy co-signer. Most lenders will require a co-signer and this will also ensure that you receive the lowest interest rate possible.
When selecting and applying for a private student loan:
- Shop around!
- Look and understand the interest rate, compare the total cost of the loan, apply with a creditworthy cosigner, and only borrow what you need. Loan calculators can be found at www.finaid.org.
After the loan has been approved:
- Follow up - make sure that the lender has received all required documents (including the Private Education Loan Applicant Self-Certification Form - Find Cost of Attendance and Estimated Financial Aid on Fish 'R' Net), the school certified the loan, and the loan is being applied to your account (check on Fish 'R' Net).
- Read the promissory note to understand the terms and conditions of the loan.
- Consider making payments (or interest only payments) while in school. This will save you thousands of dollars in loan costs.
- If you change your mind and want to cancel the loan - contact the lender and school asap! Review the cancellation terms on the promissory note.
Student Lending Analytics (SLA), an independent research and advisory firm provides lender ratings and information at www.studentlendinganalytics.com.