Bulletin - John Jay College Of Criminal Justice - CUNY

FINANCIAL AID
repayment begins nine months after graduation or termination of
college attendance.
William D. Ford Federal Direct Loan Program (Subsidized)
A low-interest need-based loan program that helps students meet the cost
of education, the Direct Loan Program allows students to borrow money
directly from the federal government. Students who are matriculated in
degree-granting programs and are registered for at least 6 credits per
semester are eligible. Students must begin repayment within six months
after graduation or termination of college attendance and have a
maximum of 10 to 25 years in which to pay the borrowed funds.
Annual Direct Loan Limits
Credits Completed Dependent Students Independent Students
0 – 29 $5,500
30 – 59 $6,500
60+ $7,500
(Maximum
Subsidized $3,500)
(Maximum
Subsidized $4,500)
(Maximum
Subsidized $5,500)
$9,500
(Maximum
Subsidized $3,500)
$10, 500
(Maximum
Subsidized $4,500)
$12,500
(Maximum
Subsidized $5,500)
The following two charts are from the Department of Education’s
website: www.dl.ed.gov
Interest
Rate
Date of Loans
6.8% Loans first disbursed on or after July 1, 2006 and prior to
July 1, 2008
6.0% Loans first disbursed on or after July 1, 2008 and prior to
July 1, 2009
5.6% Loans first disbursed on or after July 1, 2009 and prior to
July 1, 2010
4.5% Loans first disbursed on or after July 1, 2010 and prior to
July 1, 2011
3.4% Loans first disbursed on or after July 1, 2011 and prior to
July 1, 2012
6.8% Loans first disbursed on or after July 1, 2012
All Direct PLUS Loans have a fixed interest rate of 7.9%.
The loan fee, or borrower origination fee, is another expense
of borrowing a Direct Loan. The loan fee is subtracted
proportionately from each loan disbursement. The loan
origination fee for Direct (Subsidized and Unsubsidized) Loans
will be reduced annually according to the following schedule:
Origination
Fee
Date of Loans
3% Loans first disbursed prior to July 1, 2007
2.5% Loans first disbursed between July 1, 2007 and June
30, 2008
2% Loans first disbursed between July 1, 2008 and June
30, 2009
1.5% Loans first disbursed between July 1, 2009 and June
30, 2010
1% Loans first disbursed on or after July 1, 2010
Your actual interest rate and loan fee will be included in a
disclosure statement you will receive after the first
disbursement of your loan.
William D. Ford Federal Direct Loan Program
(Unsubsidized)
These loans are available directly from the federal government to
undergraduate students who need additional funds. Students may
borrow up to $11,500 per academic year. An origination fee of 1.5
percent of the loan amount is deducted from the amount borrowed.
The interest rate is fixed at 6.8 percent. Two repayment options for
interest are available. Students may begin repayment while still
attending school by paying the interest, with repayment of the
principal deferred until after graduation or termination of attendance,
or, interest may be added to the principal, with repayment of the
principal and interest deferred until after graduation or termination of
attendance. The aggregate total that may be borrowed from this
program is $31,000 subsidized loan for dependent students and
$57,500 aggregate sub for independent students.
Direct PLUS (Parent Loan for Undergraduate Students)
These are loans parents may obtain to help pay the cost of education
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