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The State of Tennessee and the State of Florida offer educational assistance for state residents. For a complete listing of grants and scholarships as well as eligibility requirements and application procedures, visit the Tennessee Student Assistance Corporation website or the Florida Department of Education website.
The federal government offers several types of educational grants. All students must complete FAFSA to be eligible.
Three types of federal loans are available to Johnson University students:
Borrowers have the right to cancel all or a portion of the loan within 14 days of disbursement. Contact the Financial Aid Office in writing to complete the cancellation. If a credit balance remains on the student account after the loan funds have been disbursed, a check will be issued in the amount of the credit. For more information, please review the Student Accounts refund policy.
Johnson University is committed to providing an affordable Christian education and hopes that all students will graduate free of debt. At the same time, we understand this may not be possible for everyone. Only students and their families can determine how much money needs to be borrowed to cover educational costs. Financial planners recommend students borrow no more than their anticipated first year’s salary or that the anticipated monthly loan repayment not exceed 10% of their anticipated monthly take-home pay. A loan repayment calculator is available at www.FinAid.org to assist in the planning process.
Repayment of a Federal Direct Loan begins six months after the student’s enrollment status drops to less than half time. Students must complete Entrance Counseling and sign a Master Promissory Note (MPN) at studentloans.gov. The student must also complete Johnson’s Financial Aid Check In.
The two types of Direct Loans are:
Maximum Direct Loan Award Amounts
|Grade Level||Dependent Student||Independent Student|
|Freshman (0-29.9 hrs)||$5,500/yr||$9,500/yr*|
|Sophomore (30-59.9 hrs)||$6,500/yr||$10,500/yr*|
|Junior/Senior (60 and up)||$7,500/yr||$12,500/yr**|
* At least $6,000 of this amount must be in unsubsidized loans.
** At least $7,000 of this amount must be in unsubsidized loans.
Parents of a dependent undergraduate student may apply for a PLUS loan. They may borrow up to an amount that does not exceed the student’s cost of attendance, minus any other financial aid. Parents must complete an application each year and a one-time Master Promissory Note at studentloans.gov. They will receive immediate notification of acceptance on their application.
Repayment begins the day the loan is fully disbursed. The first payment of principal and interest is due within 60 days. However, parents may request the payment be deferred as long as the student is enrolled half-time.
If the loan is denied due to a poor credit rating, and the parent does not appeal the credit decision or complete the endorser information, the parent and student will be notified of additional loan options.
In addition to the Federal Direct loans, graduate students or students in the adult studies program may apply for the Federal Direct Plus loan for students. The student is eligible to borrow up to an amount that does not exceed their cost of attendance, minus any other financial aid. Students must complete an application and a Master Promissory Note at studentloans.gov. Students must also complete the Financial Aid Check-In each year.
The repayment period begins 60 days after the final loan disbursement. However, students may request the payment be deferred as long as they are enrolled half-time. This loan does not have a six-month grace period.
Johnson University partners with Great Lakes Educational Loan Services to help students and their families understand private lending and select the plan that best fits their needs. Johnson University is prohibited from recommending any of the lenders listed. Click here to learn more.
Student Lending Analytics also provides an independent review of private educational lenders.