Loans - Graduate

William D. Ford Federal Direct Loan
(Subsidized and Unsubsidized Stafford Loans)

These federal loans are for matriculated students who are enrolled at least half-time (six credits).  They have a low fixed interest rate and repayment begins six months after the student graduates or falls below half-time enrollment.  The two types of Federal Stafford Loans are subsidized and unsubsidized. The U.S Department of Education pays the interest that accrues on the subsidized loans while the borrower is enrolled for at least six credits and during their grace period.  In order to be eligible for the subsidized loan the student must show financial need.  The unsubsidized version is not need based and interest does accrue during in-school periods.  Apply yearly by filing the FAFSA during the spring to ensure funds for the fall.  No separate application is required. Limits exist as to how much Federal Stafford Loan an undergraduate student can borrow. The limits are annual and aggregate.

Federal Stafford loans made on or after July 1, 2006 will carry a fixed interest rate of 6.8% both for in-school and in repayment borrowers.

Federal Stafford Loan Annual Limits

Federal Stafford Loan Aggregate Limits

Important Federal Stafford Loan Web sites

• Master Promissory Note (MPN)
  It is a requirement for students receiving the Federal Direct Stafford Subsidized or Unsubsidized Loan to sign a MPN. A paper MPN is mailed to students. The quickest and easiest way is to complete the MPN online by using your PIN number.

• Federal Direct Loan Entrance Counseling

  Please follow the instructions on the Federal Direct Loan Entrance Counseling page to complete your required entrance counseling session. This session will satisfy our requirements for the entrance counseling at The College at Brockport. As always, if you have any questions, please contact our office.

• Exit Interview Counseling

Please follow the instructions on the Federal Direct Loan Exit Counseling page to complete your required exit counseling session. This session will satisfy our requirements for the exit counseling at The College at Brockport. As always, if you have any questions, please contact our office.

• NSLDS
  

  The National Student Loan Data System receives data from schools and agencies that guaranty loans, the Federal Direct Loan program, the Federal Pell Grant program and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Federal Grant programs which are tracked through their entire cycle, from aid approval through closure. Note: To use the NSLDS Student Access Web site, you will need to provide your PIN number.

Federal Perkins Loan

The Federal Perkins Loan is a low-interest (5 %) loan for matriculated students with exceptional financial need.  Repayment of the loan begins nine months after the student graduates or falls below half-time enrollment. 
For Federal Perkins e-signature online instructions

Federal Grad PLUS Loan

Federal PLUS loans are available to graduate students who wish to obtain a loan to assist with the cost of education.  The loan approval is based on the borrower’s credit history.  This loan has a fixed interest rate and repayment begins 60 days after the last disbursement date.  Payment of this loan may be deferred by completing a separate application with the U.S Department of Education.  The borrower must fill out the FAFSA and complete an institutional request form to apply

Alternative Loans

Alternative loans are private loans through various lenders to assist with the cost of education. These loans are not guaranteed student loans and are generally based on income and credit history. Most students would be required to have a cosigner to obtain one of these private loans. Individuals may only apply for up to the cost of education minus any financial aid received. Please review the borrower benefits, loan fees, interest rates, and repayment terms. This information should be available on the web sites of the lenders. Once you have been approved for a loan and the certification information is received in the Financial Aid Office, it may take up to 10-14 business days to process.