/Institutions/Hebrew-Union-College-Jewish-Institute-of-Religion/json/current/Academic-Catalog-local.json

/Institutions/Hebrew-Union-College-Jewish-Institute-of-Religion/json/current/Academic-Catalog.json

Loans and Deferment

Federal Direct Loans

The College-Institute participates in the Direct Loan Program. Within that program our school offers two types of federal loans: the Federal Unsubsidized Stafford and the Graduate PLUS Loan. To be eligible for financial aid a student must first complete the Federal Free Application for Student Aid (FAFSA) to determine federal loan eligibility. The application is available online at studentaid.gov/h/apply-for-aid/fafsa. This serves as an application to both our need-based scholarship and loan programs. HUC-JIR’s school code is G04054.

Matriculated students attending at least half-time, who are not in default and who do not owe a refund in any federally funded program are eligible to apply for Federal Direct Loans. Students must be in good standing with current financial aid loans and not in default and, if male, must be registered with the Selective Service System. In addition, students must be US citizens or legal permanent residents in possession of a “green card”.

For new borrowers (those with no loans outstanding), the annual interest rate on both Subsidized and Unsubsidized Stafford Loans varies with the 91-day T-bill. See the current rate at studentaid.gov/understand-aid/types/loans/interest-rates. If you have any unpaid balances on previous loans, your rate will remain the same as your initial loan. There are no penalties for paying off student loans early.

Unsubsidized Stafford Loans

An unsubsidized loan accrues interest while the student is in school. This loan is not based on financial need and is available to all eligible students who wish to take it, as long as their aid has not surpassed the Cost of Attendance (COA), or their loan amounts have not reached the aggregate limit. Repayment of the principal amount does not begin until six months after the borrower separates from HUC-JIR (by withdrawing, graduating, or enrolling below half-time status). The borrower is responsible for the interest beginning on the date of disbursement. There are no penalties for paying off loans earlier than the payment schedule. All United States citizens and legal permanent residents are currently eligible to receive as much as $20,500 per year in Unsubsidized Stafford Loan monies. The aggregate amount of Subsidized Stafford Loans obtainable is $23,000 for undergraduate students and $42,500 for graduate and professional students. The total maximum is therefore $65,500. The additional aggregate for Unsubsidized Loans is $46,000 for undergraduate students and $92,500 for graduate and professional. The total maximum is $138,500. Some lenders may indicate a loan minimum (usually $500) or a lower loan maximum.

Graduate PLUS Loan

The Graduate PLUS Loan is available to eligible students who wish to take out additional funds for the academic year beyond the Stafford loan. Students’ eligibility is determined by subtracting their current estimated financial assistance of loans and scholarships from the standard COA for their program. This loan has a higher interest rate than an unsubsidized loan and requires a credit check. The Graduate PLUS Loan can be taken out in one or two installments and has a six-month grace period after you separate from the College-Institute (by withdrawing, graduating, or enrolling below half-time status.)

Private - Alternative Loans

In addition to the Federal Stafford Loans, students may take out private alternative loans directly with lenders. Most of these loans are based on a student’s credit rating and usually have higher interest rates. Some lenders offer private student loans for Canadian students and other international students. Loan origination fees can vary from 0% to 3% of the principal amount of the loan, depending on your lender. The fee is collected in advance of each loan disbursement by the lending institution.

Deferment

Student borrowers can postpone repayment of loans while enrolled at least half-time at the College-Institute. Upon separation from the institution (by withdrawal, graduation, or enrolling below half-time status), a student will have a six-month grace period for all current financial aid loans taken out during the student’s residency at the College-Institute.
Previous loans from other colleges will go into repayment immediately.

Questions regarding loan deferment and special conditions should be addressed to the Director of Financial Aid.