St. John’s University
Office of Student Financial Services
Undergraduate Federal Direct Loans 2024-2025
The Office of Student Financial Services encourages students to explore various grants and
scholarship opportunities and to evaluate loan options carefully. Borrow only what is
needed. Remember, loans must be repaid.
What is a Federal Direct Student loan?
Federal Direct Student loans are one form of student “self-help” financial aid. Through the
Federal Direct Student loan program students borrow money for college from the federal
government.
How much can I borrow?
• $5,500 is the maximum annual amount a first year student is eligible for, no more than
$3,500 of which can be subsidized.
• $6,500 is the maximum annual amount a second year student is eligible for, no more
than $4,500 of which can be subsidized.
• $7,500 is the maximum annual amount a third or fourth year student is eligible for, no
more than $5,500 of which can be subsidized.
• Independent students and students whose parent(s) are denied a Federal PLUS Loan
qualify for additional unsubsidized loans.
How Do I Apply for a Federal Direct Student Loan?
THREE STEP PROCESS:
1. ACCEPT – Go to your St. John’s University UIS account at https://stjohns.edu/uis enter
your Username and Password, click on “Sign In”
a. Select the financial aid tab
i. Click on My Award
ii. Select Award by Aid Year
iii. Select the current aid year
iv. Accept Full or Partial Amount Offered
2. COMPLETE – go to https://studentaid.gov and sign in with your FSA ID
a. Select Entrance Counseling and complete
3. SIGN – on the same website, https://studentaid.gov website
a. Select Sign Master Promissory Note and complete
Important Note for Both Step 2 and Step 3:
• Select “New York” as the School State and “Saint John’s University” as the school
name.
*Your loans will be credited to your account only after the completion of all three steps.
What is the difference between a subsidized and unsubsidized loan?
• Subsidized Loan – the federal government pays the interest on the loan until the
student enters their grace period; the time they are no longer enrolled on at least a half-
time basis. Repayment begins six months after you cease to be enrolled at least half -
time (including leaves of absence).
• Unsubsidized Loan – the government does not pay the interest on the loan while a
student is in school as it does for the subsidized loan. Interest accrues and must be paid
or capitalized during periods of enrollment in school and/or deferment.
Are there any federal loans available to parents?
The Federal Direct PLUS Loan (parent loan for undergraduate, dependent students) is a loan
from the U.S. Department of Education for parents of undergraduate students who meet general
eligibility requirements. Your FAFSA must be on file at St. John’s. The maximum amount your
parent may borrow for the 2024-2025 school year is the cost of attendance as noted on the
financial aid package minus any other financial aid. For information on how to apply for a
Federal Direct PLUS Loan, refer to the Federal Direct PLUS Loan Process at
stjohns.edu/financialaid.
What is the interest rate on federal loans?
The interest rate for all federal student and federal PLUS loans disbursed on or after July 1,
2024 will be calculated annually by the federal government. Visit:
https://studentaid.gov/announcements-events/interest-rates-for-new-direct-loans
Are there any fees associated with these loans?
An origination fee of the total loan is assessed and deducted prior to loan disbursement. For
PLUS loans, an origination fee is assessed and deducted prior to loan disbursement.
Origination fees are determined by the U.S. Department of Education and are subject to change
on an annual basis. Loans credited to the student’s account will be less than the loan amount
borrowed due to these U.S. Department of Education mandatory fees.
Is there a federal loan processing deadline?
In accordance with federal guidelines St. John’s University may not originate a loan for a period
in the academic year in which a student is no longer enrolled. Therefore, students enrolled for
the academic year who are interested in borrowing a loan must complete the loan process
within the academic year. Students who enroll for one semester in an academic year must
complete the process within the period of enrollment for the semester.
Important Notice:
• You should monitor the status of your loan by checking your personal UIS
account and your St. John’s email account
• St. John’s will begin processing 2024-2025 loans beginning May 1
st
.
• It is the policy of St. John's University to process loans only after an
admission deposit has been paid and the loans have been accepted by the
student on their UIS account.
• If you wish to reinstate a loan you have already declined or modify a loan you
have already accepted, please print, complete and return a Student Loan Change
Form available online at stjohns.edu/services/financial
