Criminal Justice Student Loans
Access Federal and Private Sources
Criminal justice degrees have kept pace with the rising job demands for such specialists. If you are pursuing a degree in Criminal Justice or a closely related field, use this guide to find the student loans most suited to your education and career goals.
The best sources for student loans are the federal government, state-based loan programs, and private or commercial student loan providers.
Federal Student Loans for Criminal Justice Students
Leading federal loans include:
- Stafford Loans
- Perkins Loans
- PLUS Loans for Graduates and Professional Students
Investigate federal loans before you even think about private student loans.
Stafford Loans are Most Popular
Stafford Loans come in subsidized and unsubsidized variants and are financial aid staples for both undergraduate and graduate borrowers. The most widely disbursed student loan is soon to be an ultra low interest loan that ought to be at the top of every student’s financial aid list. Between 2007 and 2012 the Stafford Loan interest rate will be incrementally reduced from a fixed 6.8% to a fixed 3.4%.
The Federal Direct Loan Program and lender participants in the FFELP both feature Stafford Loans. The loans are perfect for both undergraduate and graduate criminal justice students.
Guess what? Stafford Loans are no credit check loans. Good credit, bad credit, doesn’t matter. Apply for Stafford Loans when you fill out the Free Application for Federal Student Aid (FAFSA). Neglect the FAFSA and you leave affordable student loans on the table. And almost every student qualifies for Stafford Loans.
Perkins Loans
Perkins Loans, another federal student loan program, are campus-based aid designed for students with “exceptional” financial need. If you are one of these students make sure you apply to college early. Funds are only available on a first come, first served basis and once they are gone for the year, you’re out of luck: file the FAFSA as soon as possible.
Perkins Loans are no-credit loans, packaged with a low 5% interest rate.
Graduate PLUS Loans for Criminal Justice Majors
If you are pursuing graduate level studies in Criminal Justice you’ll most likely be shopping for more student loans. The federal government added the PLUS Loan for Graduates and Professionals in 2006. Now you can leverage your degree level to win even deeper layers of federal aid. Borrow the balance remaining on your cost of school once you’ve subtracted other financial aid.
The Direct Loan Program and FFELP lenders all offer the Grad PLUS Loans. These are credit-based loans, but what if you are trying to borrow with bad credit? The key is not whether you can borrow; it’s how you borrow. Opt to apply with a credit-worthy co-borrower. Repay your loan on time each month and you’ll gradually improve your credit record.
Private Loans: Make them Work for a Criminal Justice Major
Private student loans when used correctly provide a very effective tool for eking out the final level of college funding. Never make private loans a first choice. Most are costly: outfitted with high borrowing limits and variable interest rates with the potential to shoot through the roof.
When you responsibly manage your student loans you are better able to make wise and informed choices about your college financial aid. How much should you borrow from a private lender? From the bottom line cost of your college education, subtract the federal loans you’ve been awarded, and then subtract any other educational income, such as scholarships and grants, and even personal savings. If you have a balance remaining this is an estimate of what you might look to finance in a personal loan.
Continuing Education
Shop very carefully: lenders have developed a variety of different kinds of private loans, some even designed specifically for community college finance or paying for short-term continuing education or career training programs. In specializations such as criminal justice where rapidly changing work environments and a quick turnover in knowledge may demand you stay current with continuing education, short-term private loans may be a prominent factor in your professional life. Learn how federal loans and private loans may work in concert to build a comprehensive student loan plan.