With regard to Federal loans, what are my options?
There are many different financial aid loans available to students, including the William D. Ford Federal Direct Stafford Loan and the Federal Carl D. Perkins Loan. In addition, the Federal Direct PLUS Loan is available to parents, and the NJCLASS Loan is available to any student attending college in New Jersey.

What is the NJCLASS Loan?
NJCLASS is one of the nation's most flexible supplemental student loan programs for students attending college in New Jersey.  NJCLASS allows students or parents to borrow the money needed to meet the cost of education after all other sources of student aid are exhausted.  There are no annual and/or aggregate loan limits.  NJCLASS may be used for school related expenses including tuition and fees, books, supplies, and room and board.

For more information about this loan, including how to apply and deadlines, please visit http://www.hesaa.org.

How do I apply for Federal Loans?
Federal Loans are awarded to eligible students who have completed the Free Application for Federal Student Aid (FAFSA). The FAFSA must be completed prior to Stevens deadline (February 15 for incoming freshmen) in order to be considered for Federal aid. Please visit http://www.fafsa.ed.gov/ for additional information.

A key factor of student Federal loans is that there is no credit check required. This applies to both subsidized and unsubsidized loans.

I’ve heard it’s difficult to obtain student loans given the current state of the economy. Is this true at Stevens?
No. Because Stevens is a direct lender our loans are administered through our Financial Aid office directly from the government. Therefore, there are no banks, lending institutions or other third parties involved with loans that our students receive.

Tell me more about direct lending and what it means to me.
Direct lending essentially removes the middle man from the loan process. Stevens deals directly with the government for all Federal loans, therefore no third parties are involved. This means that you work with Stevens – and only Stevens – with regard to your Federal loans, and you don’t have to worry about choosing a lender. Direct lending applies to both subsidized and unsubsidized loans, in addition to the Federal Direct PLUS Loan.

How easy is it to obtain a Private loan at this time?
Stevens is pleased to work with several private lenders, including Sallie Mae, Citibank, and Chase. We are confident in the stability of the lenders we use, including the NJCLASS Loan. Our lenders have a solid track record and have proven to be consistent lending institutions, both in the past and on track for the future.

Are Stevens students still consistently receiving loans?
Yes, our students have been continually successful in obtaining loans. It is evident that our lenders feel confident working with Stevens and our students, due in part to the excellent repayment rate of our responsible alumni and past borrowers. Our graduates boast a strong reputation for on-time repayment, thus making it even easier for our current and future students to be extended loans.

What are the repayment terms for all available loans?
Each loan has its own set of terms; for a full breakdown of specific information for each loan, please visit: http://www.stevens.edu/finaid/afo.php.

Certain loans have key features to keep in mind. A quick synopsis of these is as follows:

•    Federal Direct PLUS Loan: Repayment starts 60 days after second disbursement of loan.  However, you can choose to defer payments completely until after the student’s graduation, or defer just the principal repayment.
•    Chase Select Loan: Offers total deferment until six months after  graduation.
•    Citibank CitiAssist Loan: Offers total deferment until nine months after graduation.
•    NJCLASS Loan: Repayment begins while student is still enrolled in school; however, the loan principal can be deferred.
•    Sallie Mae Smart Option Loan: Repayment of interest must be made while student is still enrolled in school; principal can be deferred.

If I would like more information, is there a website I can visit or someone I can speak with?
Of course! We are committed to making the process of choosing – and paying for – college as easy as possible. Do not hesitate to contact us at 800-458-5323 or admissions@stevens.edu or visit our website at www.stevens.edu/admissions.