Graduate Student Loans

Federal Direct Student Loans are available to U.S citizens and permanent residents who are enrolled at least half-time (three credits/semester). Typically, a Federal Direct Student Loan is included in your initial financial aid package and are available to all students, regardless of need. No cosigner or credit check is required. The student is the borrower and repayment begins six months following graduation, over a 10-year period.

Graduate students must meet the following criteria to be eligible:

• Matriculating graduate student (accepted into an eligible degree or certificate program) taking at least 3 credits/semester, regardless of financial need, can apply for a Federal Direct Unsubsidized Student Loan. 
• Graduate students may be eligible to borrow up to $20,500 per year, depending upon their annual cost of attendance (Note: interest will accrue during the in-school and grace periods). 
• The interest rate is variable-fixed: fixed for the life of the loan but reset July 1 for the upcoming school year. For the 2024-2025 academic year, the interest rate on the Federal Direct Student Loan for graduate students is 8.083%.
• There is a 1.057% origination fee deducted from the loan amount by the federal government.

To receive the Federal Direct Student Loan, first-time borrows at Saint Joseph's University must do the following: 

1. Complete a Master Promissory Note (MPN) at http://studentaid.gov/ 
2. Complete an Entrance Counseling Session at http://studentaid.gov/

• Available to credit-worthy graduate students enrolled at least half-time (6 credits/semester) regardless of financial need, once your Federal Direct Student Loan eligibility for the year has been exhausted. 
• Graduate students can borrow up to the cost of attendance minus other financial aid received on an annual basis.
• Repayment begins six months following graduation (or the last date of half-time enrollment) and repayment period is ten years.
• The interest rate is variable-fixed: fixed for the life of the loan but reset July 1 for the upcoming school year. For the 2024-2025 academic year, the interest rate on the Federal Direct GradPLUS loan is 9.083%.
• There is a 4.228% origination fee deducted from the loan amount by the federal government.
• Graduate students can apply for a GradPLUS Loan at http://studentaid.gov/.  If approved, the student borrower must complete the PLUS MPN (Master Promissory Note) at http://studentaid.gov/ (good for 10 years except in the case of an endorsed loan).

The Federal Health Professions Loan is a low-interest (5% fixed rate) subsidized, federal loan for dependent Pharmacy students funded by HHS/HRSA. No interest or principal payments are due until one year after a student graduates or drops below half-time status. A promissory note must be completed each year by the student. This loan is awarded by the Financial Aid Office and eligibility is determined based on a combination of significant need as demonstrated on the FAFSA and the availability of funds. Students must complete a FAFSA each year so eligibility can be determined. Students are required to maintain Satisfactory Academic Progress for this award. Please note:  the HRSA Loan will not be available after the 2023-2024 academic year as the University will no longer participate in the program.