Loans

In This Section

Loans, both federal and private, are available to assist you in funding your education.

To pay for your college education, you may wish to take out a student loan. Some loans allow you to borrow from the government, while others involve borrowing from private institutions. If you understand how each loan works, you can make the choice that best suits your situation.

Note: All federal loans have different interest rates and origination fees.

Federal Direct Loans

When completing the Federal Application for Free Student Aid (FAFSA), you are applying for all federal aid programs that you may be eligible for, including the following direct loans from the federal government.

Unsubsidized Loans

These federal direct loans are not based on financial need, and interest accrues from the date of disbursement.

Subsidized Loans

These federal direct loans are based on financial need, and no interest accrues while you are at least half-time, during the grace period, and during deferment.

PLUS Loans

PLUS Loans are a separate type of federal loan, borrowed directly from the government. These loans are available for graduate students and for parents of a dependent student. Please visit studentloans.gov for the application and more information.

Interest Rates For Direct Loans First Disbursed On or After July 1, 2017

Loan Type Borrower Type Interest Rate
Direct subsidized loans Undergraduate 4.45%
Direct unsubsidized loans Undergraduate 4.45%
Direct unsubsidized loans Graduate or professional 6%
Direct PLUS Loans Parents and graduate or professional students 7%

Origination Fees for Loans Disbursed On or After Oct. 1, 2016

Loan Type First Disbursement Date Loan Fee
Direct subsidized loans and direct unsubsidized loans On or after 10/1/16 and before 10/1/17 1.069%
Direct subsidized loans and direct unsubsidized loans On or after 10/1/17 and before 10/1/18 1.066%
Direct PLUS Loans On or after 10/1/16 and before 10/1/17 4.276%
Direct PLUS Loans On or after 10/1/17 and before 10/1/18 4.264%

Private Educational Loans

A private educational loan is a nonfederal loan made though a private entity, and it is typically issued in your name. Each lender has different eligibility requirements, interest rates, origination fees, and repayment terms and conditions.

Get more information on private educational loans.

Key Contacts

Blumenthal Hall302
249 University AvenueNewarkNJ07102

8:30am - 4:30pm Mon, Tue, Thu & Fri
10:00am - 6:00pm Wed (Fall & Spring)​

The Office of Financial Aid can assist with any questions in reference to Federal, State and Institutional aid.