2013-2014 Loans (Subsidized, Unsubsidized and PLUS)
July 1 - date when students may accept loans on their MySJSU.
July 1 - date when parents and graduate students may submit a PLUS Loan Application.
Loans are funds that must be repaid. Students should only borrow the amount that is absolutely necessary. It is a good idea to project what your total borrowing needs will be throughout your college career, and to be aware of what the necessary payments will be upon earning a degree. The amount of the loan a student will receive is determined by the cost of attendance, loan eligibility, year in school, and other aid already awarded. Loans are available for Fall and Spring. Summer loans are evaluated on a case-by-case basis. Visit our Summer Financial Aid webpage for more information.
Types of Loans:
- Federal Direct Stafford Loans (Subsidized and Unsubsidized)
- Federal Direct PLUS (Parent) Loan
- Federal Direct Grad PLUS Loan
- Federal Perkins Loan
- Short-Term Loan (Available through the Bursar's Office)
- Alternative Loans (Private Lender Loans)
- Entrance Loan Counseling (ELC) Requirements: ELC is an on-line session which addresses interest rates, deferments, and how to avoid default. Students who are first time Direct Stafford loan borrowers with SJSU must complete the online Entrance Loan Counseling session prior to receiving the first loan disbursement; there are no exceptions to this federal requirement.
- The Master Promissory Note (MPN): The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. The MPN must also be completed for first time Direct Loan borrowers. View Sample MPN (Note: the SAMPLE MPN is NOT for submission)
- Exit Loan Counseling: As a recipient of funds from the Federal Direct Stafford Loan Program, students are required to complete an exit loan counseling session within sixty (60) days of your last date of attendance at SJSU.
- Perkins Loan Counseling: Students awarded the Perkins Loan must eSign a promissory note and/or borrower information sheet before loans can be disbursed. For additional information on the Perkins Loan, please contact the Bursar's Office at firstname.lastname@example.org or at 408-924-1601.
- Loan Consolidation: Federal student loans may be consolidated. Loan consolidation allows you to refinance any or all eligible outstanding federal student loans and create a single new loan with one monthly payment.
Responsibility as a Borrower
Students must maintain updated information with the U.S. Department of Education Direct Loan Servicing Center. Report the following changes, if any:
- Name, address or phone number
- Transferring to another school
- Leave of absence, withdrawal from school, or dropping below halftime enrollment
- New graduation date
Students must be enrolled in, and successfully complete, at least half-time enrollment (6 units for Undergraduate, Credential, Post-baccalaureate; 4 units for Graduate students) during each semester of attendance.
Disbursement of Funds
Disbursement of funds starts the first week of the semester and continues on a weekly basis. Financial Aid funds are applied towards any current outstanding debt owed to the university (i.e., tuition, fees, etc.). Remaining funds, if any, are refunded to students by the Bursar's Office. View the Bursar's Office Direct Deposit (eRefund) process for more information.