LOANS

Welcome graduate students! The Office of Financial Aid (OFA), located in Rodman Hall, is here to help explore your loan options, as well as guiding you through the loan application process. For more information on Stafford, Grad PLUS or Private loans please click on the links below.  If you have any questions regarding your loan options, please call OFA at 216-397-4248. We are here to help!

Stafford

In order to be eligible for a Federal Stafford Loan a student must apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA).  Once the FAFSA has been completed the OFA will mail an award letter to the student. Graduate students are typically awarded in June for the upcoming academic year.
In order to finalize your Stafford Loan you must complete the following steps:

1. Review the on-line lender list
2. Select a lender and click on “Apply Now” or click on “My Lender is Not Listed”. (Note: if you select “My Lender is Not Listed” you need to obtain the six digit lender code for your lender.)
3. Complete the required loan counseling (Entrance Counseling) and an on-line Master Promissory Note (MPN).
4. Sign for your loan. When completing the on-line MPN you will be given the option of signing it electronically using your Federal PIN from filing your FAFSA. If you do not remember your Federal PIN you can obtain it at www.pin.ed.gov . Other signing options include printing a paper MPN, signing it and mailing it to:

Great Lakes Educational Loan Services, Inc.
4689 Hilton Corp. Dr., Columbus, OH 43232-4152

5. All Stafford Loan funds processed through Great Lakes will be electronically transferred to the student’s account (EFT).

Previous Stafford Borrowers: You are not required to sign another Promissory Note unless you are changing your lender.

Graduate PLUS
Graduate and professional degree students enrolled at least half-time, are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent. Note: Grad PLUS loans typically go into repayment within 60 days after the loan has fully disbursed; however, you may be eligible to postpone making payments by completing forbearance or deferment paperwork with Great Lakes.

Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their maximum loan eligibility under the Federal Stafford Loan Program before applying for a Graduate/Professional PLUS loan. Note: Even though it is called the Graduate PLUS Loan program, the loan is in the graduate student’s name (not their parents’ name). 

In order to finalize your Grad PLUS Loan you must complete the following steps:

1. Review the on-line lender list
2. Select a lender and click on “Apply Now” or click on “My Lender is Not Listed”. (Note: if you select “My Lender is Not Listed” you need to obtain the six digit lender code for your lender.)
3. Complete the required loan counseling (Entrance Counseling) and an on-line Master Promissory Note (MPN).
4. Sign for your loan. When completing the on-line MPN you will be given the option of signing it electronically using your Federal PIN from filing your FAFSA. If you do not remember your Federal PIN you can obtain it at www.pin.ed.gov . Other signing options include printing a paper MPN, signing it and mailing it to:

Great Lakes Educational Loan Services, Inc.
4689 Hilton Corp. Dr., Columbus, OH 43232-4152

Private
Students have the option to borrow private loans directly from lenders. There are many options available to you. It is important to note that all loans are not equal. Pay special attention to interest rates, fees, credit scoring and co-signing. The JCU Financial Aid Office has created an on-line list to assist you in reviewing your loan options.
Before you look at private loans, make sure that you have exhausted all possibilities for federal programs. Exploring your options now, may save you time and money in the future. If you have specific questions or concerns regarding private loans, we suggest you contact the lender directly. Please feel free to contact JCU Office of Financial Aid with any general questions at 216-397-4248 or jcuofa@jcu.edu .
 In order to finalize your Private Loan you must complete the following steps:

1. Review the on-line lender list
2. Select a lender and click on “Apply Now” or click on “My Lender is Not Listed”. (Note: if you select “My Lender is Not Listed” you need to obtain the six digit lender code for your lender.)
3. Complete required application, credit check and promissory note with the selected Lender.