Loans

Direct Federal Student Loans

Students applying for federal student loans must complete a Free Application for Federal Student Aid. Student loans are either subsidized or unsubsidized.

A subsidized student loan is awarded on the basis of need and the federal government pays interest on the loan while you are enrolled at least half-time (6 credits) and for one six-month grace period after you graduate or fall below the half-time enrollment.

Effective for the 2012-2013 award year a subsidized student loan is only for undergraduate students. The repayment period still begins 6 months after the student is no longer enrolled at least half-time, but interest that accrues during those six months will be payable by the studentrather than be subsidized by the federal government.

An unsubsidized student loan is not based on need and allows some students to borrow additional money. Students are responsible for the interest on an unsubsidized loan. No payments are required on any federal student loan until 6 months after you leave school or fall below 6 credits. If possible, you may want to pay accrued interest on an unsubsidized loan while you are enrolled.

To borrow from the William D. Ford Direct Student Loan program at MCNY, you must complete a Direct Loan Promissory Note and complete online Student Loan Entrance Counseling, both of which may be completed at studentloans.gov.

Read more about the process here.

Undergraduate Federal PLUS Loan

Parents and stepparents of dependent undergraduate students attending school at least half-time may borrow a Parent Loan for Undergraduate Students (PLUS). This loan is often lower in cost than a private loan because the federal government guarantees it. Loan approval is subject to credit criteria established by the U.S. Department of Education. A PLUS loan must be repaid. It is the responsibility of parents to make these payments. Note that "dependent" student status refers to dependency status as determined by the information provided on the FAFSA (Free Application for Federal Student Aid).

To borrow from the Parent PLUS Loan program at MCNY, the parent must complete a PLUS Loan Promissory Note and submit to a credit-check online at www.studentloans.gov.

Read more about the process here.

Graduate Federal PLUS Loan

Graduate and professional degree students, enrolled at least half-time, are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Students are required to complete the Free Application for Federal Student Aid (FAFSA), and must also have applied for their annual loan maximum eligibility under the William D. Ford Direct Student Loan Program before applying for a graduate/professional PLUS loan.

To borrow from the Graduate PLUS Loan program at MCNY, you must complete a PLUS Promissory Note and submit to a credit-check online at www.studentloans.gov. 

Read more about the process here.

Private Student Loans

Some students may need additional loan funds after maximizing their federal loan options or may not be eligible for federal loans and still need to borrow towards their education. Many lenders offer private alternative loans to help students meet the gap between financial aid and college costs. Students must either meet the credit criteria of the loan for which they are applying or have a credit-eligible co-borrower. Many of these loans also require enrollment in six or more degree credits per semester, but there are options for students studying in non-degree classes or enrolled in less than half-time status.
Our office recommends that you exhaust your federal options before applying for a private loan. If you are a US citizen or eligible non-citizen, you may be eligible for grants/scholarships, federal work study and loans with more favorable terms and conditions than private loans.

To borrow from the private loan program, you must select a lender. Our office will process your loan with whichever lender you choose. Once you have selected your lender, please contact them to start the application process.

Amount You Can Request: Borrowers can request up to the cost of attendance (minus any financial aid received). 

Read more about the process here.

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