Many U.S. college students take out a loan during their educational careers. There are a number of private, state and federal student loan programs available for your use. Some are guaranteed to all eligible students and others require credit scoring for eligibility.

Please note that loan programs can be complex and are frequently updated, so potential borrowers should request detailed descriptions prior to applying for a loan. Please note that all student loan disbursements will be reported to credit bureaus.

Federal Stafford Subsidized Loan

• Eligibility Requirements: Undergraduate and graduate students enrolled at least half time (minimum six credits per semester, undergraduate or 4.5 credits per semester, graduate) and matriculated into a degree program. Must not be in default of prior loan.
• Award Amounts: Loan amounts increase as you progress through your college career. $2,625 for Freshmen; $3,500 for Sophomores; $5,500 for Juniors and Seniors; $8,500 Graduate/Professional Students
• Application Procedures: Complete FAFSA. Must show financial need, need is determined by the following formula; "cost of education - family contribution = need". Complete and sign promissory note. Award will be credited to student’s account.
• Additional Information: Must be U.S. citizen or permanent resident. Interest rate is variable (T-Bill + 3.1% capped at 8.25%). Maximum for undergraduate career is $23,000. Federal government pays interest while student is in school. Student begins repayment of principal and interest six months after leaving school or dropping below half-time enrollment status.
  
  

Federal Stafford Unsubsidized Loan

• Eligibility Requirements: Undergraduate and graduate students enrolled at least half time (minimum six credits per semester) matriculated students who do not qualify for maximum Direct Stafford Loan.
• Award Amounts: Same as subsidized Stafford Loan.
• Application Procedures: Non-need based. Same terms and conditions as Subsidized Stafford Loan except borrower is responsible for in-school interest. Repayment of interest may be deferred as long as student is enrolled at least half time.
• Additional Information: Must be a U.S. citizen or permanent resident. Students who do not qualify for maximum subsidized Stafford can make up the difference in an unsubsidized loan.

Federal PLUS Loan

• Eligibility Requirements: Available to parents and step-parents of dependent undergraduate students enrolled at least half time (minimum six credits per semester) and matriculated into a degree program.
• Award Amounts: Up to cost of education less financial aid per academic year.
• Additional Information: A credit check will be performed by the federal government. If parents are denied, a dependant student is eligible for additional unsubsidized Stafford Loan funds ($4,000 for freshmen/sophomores and $5,000 for juniors/seniors). Repayment begins 60 days after the second disbursement. Award credited to student’s account. Interest is variable (T-Bill + 3.1% capped at 9%).

Additional Unsubsidized Loan

• Eligibility Requirements: Independent students enrolled at least half time or dependent students whose parents have been denied a federal PLUS loan and meet the requirements (enrolled half-time and matriculated into a degree program).
• Award Amounts: $4,000 for Freshmen and Sophomores; $5,000 Other Undergraduates; $10,000 Graduate and Professional Students.
• Application Procedures: Complete FAFSA. Non-need based.
• Additional Information: Must apply for Stafford Loan first. If eligible, interest is variable (T-Bill + 3.1% capped at 8.25%). Repayment of interest may be deferred as long as the student is enrolled at least half time.

Federal Perkins Loans

• Eligibility Requirements: Applicants with exceptional financial need and enrolled as full time students. Must be matriculated into a degree program.
• Award Amounts: $200-$4,000 per year; amount based on available funds.
• Application Procedures: Complete FAFSA. Awards are first-come, first-served to neediest students.
• Additional Information: Interest rate for the Federal Perkins Loan is 5%. Repayment begins six months after leaving school or dropping below half-time status.

NJ Class Loan

• Eligibility Requirements: Students enrolled in New Jersey schools at least half time as matriculated students or their parents and step-parents, regardless of state of residence.
• Award Amounts: Up to the cost of education less financial aid per academic year.
• Application Procedures: Must complete FAFSA first and apply for Stafford Loan if eligible. Return the Parent Loan information sheet enclosed with the student award letter or request on from Enrollment Services, (973) 761-9332. Applications are then started on-line at www.hesaa.org.
• Additional Information: Credit check required. Interest depends on repayment option chosen by the borrower.