Loans
Student loans can be an important tool to help pay for college, but like any debt, they should be used wisely and only when necessary.
At John Carroll, our goal is to help you graduate with confidence and a solid financial foundation. That’s why we encourage families to explore all other financial aid options first — like scholarships and grants, and payment options — before turning to loans.
- Only borrow what you need for tuition and fees, as taking more might feel helpful short-term, but creates a larger repayment burden later.
- We're here to help — Student Enrollment and Financial Services (SEFS) offers financial aid guidance and loan counseling to help you make informed borrowing decisions.
- The financial decisions you make today will follow you after graduation. We're committed to helping you build a path forward that’s financially sustainable and sets you up for long-term success.
Federal Loans
All programs leading to a B.A. or B.S. are eligible to apply for subsidized and/or unsubsidized federal student loans.
To be eligible for a Direct Loan, a student must complete the . Once submitted, SEFS will send a financial aid award. If the award includes a Direct Loan, the student must accept or decline the loan within 14 days of the award letter or by May 1, whichever is later.
for more information on eligibility and loan limits.
Direct Subsidized Loans
Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).
Direct Unsubsidized Loans
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
The student borrower is responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If interest is not paid it will be added to the principal amount of your loan.
Parents of undergraduate students may borrow a Federal Direct Parent Loan for Undergraduate Students (PLUS) to help cover educational expenses their student may incur while attending college. To access the PLUS application please visit .
for the most up-to-date information on eligibility and loan limits.
Private Loans
Private loans from banks can help cover education costs, but we recommend first exploring all federal and state aid options. Carefully compare interest rates, fees, credit requirements, and co-signer needs, since loan terms vary significantly.
SEFS partners with to help students research private loan options. Powered by Great Lakes Higher Education, FastChoice is an online lender list that provides basic information on private loans.
We recommend contacting lenders directly for loan terms and conditions. FastChoice helps compare interest rates, borrower benefits, fees, and repayment options before applying.
FastChoice Lenders (alphabetical): Citizens Bank, College Ave, Earnest, FundingU, Nelnet, Ohio Catholic Federal Credit Union, PNC, Sallie Mae, SoFi.
Criteria used to evaluate lenders: quality of customer service, student satisfaction, ease of application process, competitive rates, low fees, flexible repayment, and borrower benefits.
You may borrow from any lender, not just those on this list. Notify SEFS if you choose a different lender so they are aware of your loan application.
For more information on why JCU chose these lenders, contact SEFS at enrollment@jcu.edu.
The Higher Education Opportunity Act of 2008 (HEOA) mandated new disclosure requirements for private educational loans under Title X of the Truth in Lending Act (TILA). These changes may delay approval and disbursement of Alternative Loans.
Access the Mandatory Borrower Disclosure Information and Self Certification Form on . Plan accordingly when applying.
