At William Jessup University we understand student loans play an important role in funding education. And due to the importance of understanding the Federal Stafford Student Loan Program, the financial aid department continually strives to give the best information and guidance available. If you have any questions you may contact the Financial Aid Department at (916) 577-2227 or kjohnson [at] jessup [dot] edu.
The majority of students, once they complete the FAFSA, are eligible for some federal student loans through the Federal Family Educational Loan Program (FFELP). These loans are known as Stafford loans and are broken down into two types: Subsidized and Unsubsidized.
- A Subsidized Loan in available to eligible students who still have a financial need. The interest changes every year, never going higher than 6% and the interest on this loan is paid for by the government while the student is in school and during the student's 6 month grace period.
- An Unsubsidized Loan is also available to eligible students who still have a financial need. The interest is fixed at 6.8%. Although the student is responsible for the interest that accrues while in school, they can have that interest deferred until they reach repayment status.
Eligibility for subsidized and unsubsidized loans will be determined by the Financial Aid Department. Notification will be sent to the student about loan eligibility once they receive their Financial Aid Offer letter.
All Stafford loans will be funded by the lender of the student's choice, as long as they participate in FFELP.
If you are borrowing student loans for the first time at WJU, or you are a continuing borrower but are switching to a different lender, you should expect to receive a letter/email from the financial aid office after you have returned your signed offer letter, confirming your requested loan amount.
ENTRANCE LOAN COUNSELING AND MASTER PROMISSORY NOTE
To finish processing your student loans, you must complete Entrance Loan Counseling. Entrance Loan Counseling is a federally required program designed to provide detailed loan information critical for the loan borrower to understand. This process is completed by answering questions related to the type of student loan you will be borrowing. If you do not know the answer, a reference page will be provided to show you a detailed explanation.
Towards the end of the Entrance Counseling process, you will need to select a lender for your loans and complete the Master Promissory Note (MPN). The MPN is a contract between you and the lender that you choose. By electronically signing the MPN with your FAFSA PIN, you agree to repay all federal loans that you borrow from this lender during your enrollment at WJU.
If you have received the email/letter and are ready to begin the process, please click on the Fast Facts: Entrance Counseling link.
Please note: Your loan funds will not come in until you have completely finished this process!
If you have taken out loans with WJU in the past and you request loans for the next academic year, your loan will automatically be certified with the lender you used previously.
For a visual breakdown of the Student Loan process, please click on the following link.
