Graduate Loans

The Direct Loan Program allows students to borrow money directly from the federal government to help meet the cost of a graduate education.  Students must be matriculated in a degree-granting program and registered for at least 6 graduate credits per semester as well as meet the eligibility criteria for federal financial aid in order to borrow.  Current interest rates and loan fees can be found at https://studentaid.gov/understand-aid/types/loans/interest-rates. 

Students must complete exit counseling at https://studentaid.gov/exit-counseling before they graduate, withdraw, or drop below half-time (6 credits) enrollment.  Borrowers receive a six-month grace period before Direct Loan repayments begin.  The repayment term ranges from up to 10 years to up to 25 years (up to 30 years for a consolidation loan) depending on your repayment plan.  Repayment plans can be found at https://studentaid.gov/h/manage-loans.

Graduate students are offered Direct Unsubsidized Loans after their FAFSA is received by the college for the relevant award year.  Loans are offered for only Fall and Spring terms.  If you register at least half-time in the Summer, you will need to contact the Financial Aid Office to apply for an unsubsidized loan that includes Summer. 

A Graduate PLUS Loan can be used to pay for your educational expenses not covered by other aid.  You may borrow up to the total cost of education less any aid that is received for the period of the loan.  Current interest rates and loan fees can be found at https://studentaid.gov/understand-aid/types/loans/interest-rates.  A credit check is performed for this loan.

Graduate students who need loan funds, in addition to the Direct Unsubsidized Loan, can apply for a Graduate PLUS Loan by visiting: https://studentaid.gov/plus-app/grad/landing.

Note: Students must be matriculated in a degree-granting program and registered for at least 6 graduate credits per semester as well as meet the eligibility criteria for federal financial aid in order to borrow.

FAQ can be found at: https://studentaid.gov/understand-aid/types/loans/plus/grad

Students are strongly encouraged to apply for grants through the Free Application for Federal Student Aid (FAFSA) online at https://studentaid.gov/h/apply-for-aid/fafsa and Federal Direct Loans before pursuing a Private Loan.

If a student chooses to pursue private lending, completing a FAFSA will help our office establish the most accurate budget to be used to determine the maximum amount of the loan for which the student is eligible. Information on budgets can be found at https://www.jjay.cuny.edu/evaluate-college-cost-financial-aid-packages-and-student-budgets.

These loans of last resort are private lender loans for students who may not be eligible for Federal Direct Student Loans, have reached the federal student aggregated limits or who are eligible and need additional funds to help meet additional educational expenses including tuition and housing. The amount that a student may borrow is limited to the “cost of attendance” as determined by federal approved standard budgets. All applicants are subject to credit review and/or may require a co-signer. Students who do not have eligible citizenship status for federal financial aid may borrow a Private Loan if they have a co-signer with eligible citizenship status. Interest is variable and these loans typically have more fees and less flexible repayment options than the federal loan programs. Private Loans are not insured against disability or economic hardships.

Students who are considering a Private Loan should first speak to a financial aid counselor.

Students have the right to select the alternative lender of their choice. John Jay College / CUNY does not have a preferred lender list and cannot recommend any institution. In order to better serve our students and their families, a Lender Comparison List is available to assist you in finding a loan that works for you.

Criteria for receiving a loan

• Must be a matriculated student with the minimum credits required by the lender (usually a minimum of 6 credits).
• Have a completed FAFSA (strongly recommended).
• Meet the college's Satisfactory Academic Progress requirements.

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To help determine the cost of your education visit the Financial Aid Estimator.