Federal Direct Loans


Federal Direct Loans

2016 – 2017 Federal Direct Loan Program

Fixed Interest Rates
Loans disbursed on or after July 1, 2016

Borrow Only What You Need

  • Before you borrow, consider your housing plans. Is a less expensive housing option available? Is commuting a viable option?
  • Consider making installment payments on the tuition balance remaining after your aid is credited to the account. Rowan University offers families a tuition payment plan with up to 5 installments for each semester. There is a small fee to enroll, but no interest is charged. Visit the bursar’s website for details.
  • Research starting salaries in your field. You can use the U.S. Bureau of Labor Statistics Occupational Outlook Handbook to estimate salaries for different careers or research employment opportunities advertised in the area where you plan to live to get an idea of a local starting salary. Don’t borrow more than your career choice income will support.
  • We do not automatically originate student loans. You must log into your financial aid award and accept them each year.

Federal Loans First, then Private/Alternative Loans

Federal student loans are available with no credit check, no cosigner, and no collateral; simply your signature and promise to repay. Parent Loans (PLUS) require satisfactory credit. Interest rates are fixed, and are set by Congress. Repayment terms are flexible and generous repayment plans and cancelation options are available. For this reason, we include only federal student loans in your aid package.

If, after all of your student aid is finalized, you need additional funds, your parents should consider a federal PLUS loan. You should consider private loans only after you have explored all other grant, scholarship, and federal loan options. Remember that these loans generally have higher interest rates and less repayment flexibility compared to federal student loans. If you have excellent credit, you may find an affordable private student loan, though you will likely need a co-signer, who will be legally obligated to repay the loan if you can't or don't. Look for the one with the lowest interest rate and flexible repayment options.

  • Information about federal Direct Loans, including interest rates, repayment options, and cancelation for certain career options is available at: https://studentaid.ed.gov/sa/types/loans
  • Rowan does not maintain a preferred lender list for private loans, nor do we recommend lenders. Information and comparison of products may be found at:  http://www.elmselect.com/#/
  • The State of NJ offers additional loan funding to students and parents, visit: www.njclass.org for details. These loans are available to both our NJ residents and nonresident/out-of-state students.