Federal Perkins Loan
This is a low-interest (presently 5 percent) federal loan made available through the College to matriculated, continuing students enrolled at least half-time. Loans are awarded according to need, and repayment begins nine months after graduation or termination of college attendance.
For information about student loan interest rates and origination fees, see https://studentaid.ed.gov/sa/types/loans/interest-rates.
William D. Ford Federal Direct Loan Program (Subsidized)
A low-interest, need-based loan program that helps students meet the cost of education, the Direct Loan Program allows students to borrow money directly from the federal government. Students who are matriculated in degree-granting programs and are registered for at least 6 credits per semester may receive this loan. The U.S. Department of Education pays the interest on this type of loan while you are enrolled at least half-time and during grace and deferment periods. Students must begin repayment six months after graduation or if they drop below half-time enrollment. There is a maximum of 10 to 25 years in which to pay the borrowed funds, depending on your repayment plan.
For information about student loan interest rates and origination fees, see https://studentaid.ed.gov/sa/types/loans/interest-rates.
Annual Direct Loan Limits
| Credits Completed |
Dependent Students |
Independent Students |
| 0–29 |
$5,500
(Maximum Subsidized $3,500) |
$9,500
(Maximum Subsidized $3,500) |
| 30–59 |
$6,500
(Maximum Subsidized $4,500) |
$10,500
(Maximum Subsidized $4,500) |
| 60+ |
$7,500
(Maximum Subsidized $5,500) |
$12,500
(Maximum Subsidized $5,500) |
William D. Ford Federal Direct Loan Program (Unsubsidized)
These loans are available directly from the federal government to undergraduate students who need additional funds. They are not need based and interest is charged during all periods. Two repayment options for interest are available. Students may begin repayment while still attending school by paying the interest, with repayment of the principal deferred until after graduation or less-than-half-time enrollment. Alternatively, interest may be deferred until after graduation or less-than-half-time enrollment, in which case it will be added to the principal.
For information about student loan interest rates and origination fees, see https://studentaid.ed.gov/sa/types/loans/interest-rates.
Direct PLUS (Parent Loan for Undergraduate Students)
These are loans parents may obtain to help pay the cost of education for their dependent undergraduate. The maximum that can be borrowed is equal to the cost of attendance minus any other financial aid received. Interest accrues while the student is in school. There is an origination fee that will be deducted proportionately from each loan disbursement. The interest rate is currently 6.31%. There is no grace period.
For information about student loan interest rates and origination fees, see https://studentaid.ed.gov/sa/types/loans/interest-rates.
Application process: Students who wish to apply for a Direct Loan must first submit their FAFSA for the relevant year. New Direct Loan applicants must complete entrance counseling and sign a Master Promissory Note at http://www.studentloans.gov completing the Direct Loan Processing Form from your Student Center on CUNYfirst. Parents of undergraduate students may complete the Parent PLUS loan application at www.studentloans.gov. New PLUS loan applicants will also need to sign a Master Promissory Note at www.studentloans.gov for each dependent for which you are applying.
Alternative Loans
These loans of last resort are private lender loans for students who may not be eligible for Federal Direct Student Loans or for students who are eligible and need additional funds to help meet additional educational expenses including tuition and housing. The amount that a student may borrow is limited to the “cost of attendance” as determined by federal approved standard budgets. All applicants are subject to credit review and/or may require a co-signer. Students who do not have eligible citizenship status for federal financial aid may borrow an Alternative Loan if they have a co-signer with eligible citizenship status. Interest is variable and may be as high as 18–21 percent. Students who are considering an Alternative Loan should first speak to a financial aid counselor.
Application process: Students who wish to apply for an Alternative Loan must also submit a FAFSA application prior to application for the loan.