Overview

Loans differ from grants and scholarships in that they must be paid back. While loans therefore create a financial burden you’ll have to plan for, your loan may also ultimately be a valuable investment in your future. The research illustrates that the more education you get, the more money you will make. According to the Georgetown University Center on Education and the Workforce, bachelor’s degree holders earn 31 percent more than those with an associate’s degree and 84 percent more than those with just a high school diploma. Additionally, just to put things in perspective when you consider the amount you’ll be taking out, a bachelor’s degree is worth $2.8 million on average over a lifetime.

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3.6% Loan Default Rate

When it comes to loan default rates, the lower the better, and anything under 10% is considered quite good. At JFKU, we have a 3.6% loan default rate. That means, only a very small percentage of our students have defaulted on their loans. Instead, most of them have succeeded in finding jobs that enable them to pay back what they’ve borrowed. It also means that our students value their degrees enough to make the effort to do so.

Types of Loans

Federal Subsidized Direct Loans

These loans are guaranteed by the U.S. Department of Education. Eligible undergraduate students demonstrating financial need may borrow up to the following amounts in a given academic year: $3,500, 1st-year; $4,500, 2nd-year; and $5,500, 3rd- and 4th-year students. Interest does not accrue while the student is in school. Repayment with interest does not begin until six months after graduation.

Federal Unsubsidized Direct Loans

These loans are available to all eligible students, regardless of income or dependence. They have similar terms and conditions as Federal Subsidized Direct Loans, however students must pay interest during in-school and deferment periods. They may borrow up to $6,000 for undergraduate years 1 and 2, $7,000 for undergraduate years 3 through 5, and $20,500 for graduate and professional students. PsyD students may qualify for additional unsubsidized loan amounts.

Federal PLUS Direct Loan & Federal Graduate PLUS Direct Loan

These credit-based, federally guaranteed loans allow graduate students and parents of dependent students to borrow up to the full cost of education, as determined by the Financial Aid Office, less other financial aid.

Loan Breakdowns

Undergraduate Maximum Aid Awards by Source

Direct Loan - Subsidized$5,500 /year
Direct Loan - Unsubsidized$7,000 /year
PLUS Direct (Parent Loan)*

*Parents may borrow up to the student’s cost of education minus other financial aid the student is offered. These loans are credit-based.

Graduate Maximum Aid Awards by Source

Direct Loan - Unsubsidized$20,500 /year
PLUS Direct (Graduate Loan)*

*Graduate students may borrow up to the student’s cost of attendance minus other financial aid the student is offered. These loans are credit-based.

Tuition & Aid

Learn how to apply for tuition & aid.

Scholarships

Learn about funding sources you may not have heard of.