UMDNJ Student Financial Aid

LOAN INFORMATION

Summary of Loan Programs

FEDERAL STAFFORD LOAN (FSL)

Department of Education Title IV Program.
Interest rate is fixed at 6.80% for loans disbursed after July 1, 2006
Interest is subsidized‚ and is not accruing while borrower is in school‚ in grace or authorized deferment periods.
Borrower must complete a Master Promissory Note (MPN).
Borrower must complete Entrance Counseling Interview.
Must demonstrate financial need as defined by the federal government.
The maximum award per year for undergraduate is $3,500 (1st year)‚ $4‚500 (2nd year)‚ and $5‚500 (other undergraduate).
The maximum award is $8‚500 per year‚ for graduate level students.
The lender may access an origination fee, which cannot exceed three percent of the amount borrowed.

UNSUBSIDIZED FEDERAL STAFFORD LOAN (UFSL)

Department of Education Title IV Program.
Interest rate is fixed at 6.80% for loans disbursed after July 1, 2006
Interest on loan accrues while borrower is in school. Interest and principal may be deferred during that time.
Borrower must complete a Master Promissory Note (MPN).
Borrower must complete Entrance Counseling Interview.
The maximum award per year for independent undergraduates is $4‚000 (1st year), $4‚000 (2nd year), and $5‚000 (other undergraduate).
The maximum award per year for graduate level students is $12‚000‚ unless otherwise specified by your Office of Student Financial Aid.
The lender may access an origination fee, which cannot exceed three percent of the amount borrowed.

FEDERAL PERKINS LOAN

Department of Education Title IV Program.
Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
Interest rate is fixed at 5%.
Must demonstrate financial need as defined by the federal government.

FEDERAL GRADUATE PLUS LOAN

HEALTH PROFESSIONS STUDENT LOAN (HPSL)

Department of Health and Human Services Title VII Program.
Must demonstrate financial need as defined by the federal government.
Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
Interest rate is fixed at 5%.
Parental income information is required.
Entrance/Exit Interviews are mandatory.
Only available to NJ Dental School students.

PRIMARY CARE LOAN (PCL)

Department of Health and Human Services Title VII Program.
Must demonstrate financial need as defined by Department of Health and Human Services.
Interest is subsidized and is not accruing while enrolled in school‚ grace or during authorized deferment periods.
Interest rate is fixed at 5%.
Parental income information is required.
Entrance/Exit Interviews are mandatory.
Primary Health Care Residency required.
Practice in Primary Health Care until date of full re–payment is mandatory.
Available to New Jersey Medical‚ Robert Wood Johnson Medical and School of Osteopathic Medicine students only!

LOAN FOR DISADVANTAGES STUDENTS (LDS)

Department of Health and Human Services Title VII Program.
Loan available to students from disadvantaged backgrounds that demostrate “exceptional financial” need as defined by the Department of Health and Human Services.
Interest is subsidized and is not accruing while enrolled in school, in grace or during authorized deferment periods.
Interest rate is fixed at 5%.
Must be full-time student.
Parental Information is required.
Available to DENTAL AND MEDICAL STUDENTS ONLY!

ALTERNATIVE/PRIVATE LOANS

Private loan sources that are made available from a variety of lenders.
Interest on loan accrues while borrower is in school. Interest and principal may be deferred during that time.
Interest rate is variable‚ based upon the 91–day Treasury bill‚ plus additional points (varies by lender).
Maximum award is determined by cost of education minus other aid.
Loans are credit–based; borrower must have an acceptable credit history‚ as determined by the lender.
Contact the Office of Financial Aid for more information on private loan options.