Frequently Asked Questions

Yes. Financial aid is processed one academic year at a time. You must complete a FAFSA every year you intend to borrow federal loans, and reapply for any private loans on an annual basis. However, you are only required to complete a federal Master Promissory Note and Entrance Loan Counseling once; they will remain valid throughout your program.

No. Federal loans, and most private alternative loan lenders, require a student to be enrolled at least half-time (6 credits) in each semester to qualify. However, attending the program at less than full-time does affect a student’s total cost of attendance, and the amount of loan funding a student can receive.

This loan is available to students regardless of financial need. The student is responsible for all interest; accrual of interest begins upon the second disbursement. Interest may be paid while the student is in school or may be capitalized and paid during repayment of the loan. This loan requires students to be enrolled at least half-time (6 credits). Repayment begins six months after students graduate, leave school, or attend less than half-time.

No. Students can accept, decline, or reduce their loans during the loan acceptance process in Financial Aid Online via their MyUSJ portal. You can also email Student Financial Services at [email protected] to adjust your loan amounts.

Students can borrow in excess of their charges to assist with educationally related expenses, such as living costs. In order to determine the total amount of aid allowed per semester, including both federal and private loans, a cost of attendance is created. This cost of attendance includes direct charges to your bill (tuition & fees), as well as indirect/personal expenses that a student may incur. Students may not borrow in excess of the approved cost of attendance. Each year the cost of attendance is adjusted to reflect changes in costs and expenses. Contact Student Financial Services for more information on your personalized cost of attendance.

Once you have completed all requirements, loan funds are sent directly to the University of Saint Joseph and applied to your student bill. Loan funds are first applied to your account balance. If you have financial aid in excess of your charges, the Bursar’s Office will issue a refund via check or electronic transfer.

Fund disbursement on the tuition due date depends on you. If you complete all requirements before the start of the program, funds will be disbursed in time for the tuition due date.

Yes. You must notify your loan lender(s) of your return to school in order to initiate a loan deferment. The deferment process will halt your loan-repayment obligation while you are enrolled at least half-time (6 credits).

Understanding the details of repayment on your federal student loans can save you time and money. Some loans can qualify for repayment deferral up to six months after you graduate. Beyond that, you should contact your lender to discuss options. Educate yourself with the most up to date information available about federal student loan repayment.