Federal Direct Subsidized Loan.
Graduate students are no longer eligible for this program.
Federal Direct Unsubsidized Loan.
This loan is not based on financial need, and all interest charges must be paid by the student. The interest rate is 6.21% for the 2014-2015 academic year. Students may borrow as much as $20,500 per year. The total debt permitted for all subsidized and unsubsidized direct loans is $138,500.
Federal Perkins Loan.
This loan is also
based on need. Annual awards vary according to fund availability but
cannot, by federal regulation, exceed $6,000. Federal regulation limits
the maximum aggregate loan amount for graduate and professional
students to $40,000, including National Direct Student and Perkins
Loans borrowed as an undergraduate student.
Interest at the
rate of 5 percent begins nine months after the borrower ceases to
enroll on a half-time basis per semester. Repayment extends over a maximum
of ten years. Monthly payments of at least $40 are required. Deferment
of repayment is permitted for certain kinds of federal service and
cancellation of loans is permitted for certain public-service
positions.
All first-time Federal Perkins Loan borrowers are
required to attend an entrance interview to learn about their rights
and responsibilities regarding the loan.
Details and
procedures regarding the repayment of the Federal Perkins Loan are sent
to each student recipient by Rutgers, The State University of New
Jersey, Office of Student Loans, Division of Student Accounting,
Billing, Cashiering and Collections, 65 Davidson Road, Piscataway, NJ
08854-8094.
Federal Direct and Perkins Loan recipients must
also attend an exit interview before graduation or upon withdrawal from
school.
NJCLASS Loan. The
New Jersey College Loan to Assist State Students (NJCLASS), initiated by the state of New Jersey and administered by the
New Jersey Higher Education Student Assistance Authority (NJ HESAA), is
a program that makes loans available to students regardless of income
level. Students must be permanent New Jersey residents classified as
citizens or eligible noncitizens of the United States for at least six
months prior to filing the NJCLASS application. Students must also
complete the financial aid application procedure to determine the
student's eligibility for Federal Direct Student Loans and must accept
loan funds from that program before applying for NJCLASS funds. The
interest rate may be either fixed or variable. For more information
about NJCLASS, call the NJ HESAA Financial Aid Hotline at
1-800-792-8670.
Emergency Loan. Students
experiencing a financial emergency may apply for a university loan of
as much as $500. A simple interest rate of 3 percent is charged. Loans
are awarded as long as funds are available. The applicant must
demonstrate an emergency need and indicate a source of repayment.
Contact the Office of Financial Aid for additional information.
Note: Quoted interest rates may change at any time. Subsequent
program regulations may change the terms of eligibility and repayment.
Financial Aid 
