Financial Aid Loans
Unlike grants or work-study, loans are a form of financial aid that you must pay back at interest rates that are typically lower than consumer rates, usually not until after your studies have been completed. The size of the loan you seek and commit to should be determined only after all available gift-aid has been applied for. You should also determine whether the loan you choose has an interest-free grace period before repayment begins and if all or some of the loan may be deferred or repaid after graduation.
How Do I Know if I Meet the Requirements for a Direct Loan?
In order to qualify for a Direct Loan(s), a student must first have filed a FAFSA application and his or her SAR must be complete for the current academic year.
In addition, the student:
- must be matriculated,
- must be registered for at least six credits for the semester(s) of the loan(s),
- cannot be in default of any loans,
- cannot be over the aggregate limit (exceed annual award limit), and
- must meet program pursuit and academic progress guidelines.
You must participate in the Entrance Counseling for the William D. Ford Direct Loan.
You must download the Direct Loan Application (Subsidized and Unsubsidized)
Information for Borrowers
- Student Loan Default and Repayment Information
- Student Loan Deferment and Cancellation Summaries
- CUNY Model Code of Conduct
- Student Loan Ombudsman
William D. Ford Direct Loan Program
- Federal Direct Loan programs consist of low-interest loans are available to undergraduate students. The loan interest rate is fixed (interest rate for the 2023 – 2024 is capped at 5.50% for both Subsidized and Unsubsidized) and adjusted annually. The Parent PLUS loan interest rate for the 2023 – 2024 is capped at 8.05% and adjusted annually.
Federal Direct Subsidized Loans
- Subsidized loan eligibility is based upon demonstrated financial need (filing the FAFSA) and the interest is subsidized (paid) by the federal government until you are enrolled less than half time.
Federal Direct Unsubsidized Loans
- Interest accrues while the student is enrolled in school at least half-time, or interest payments can be made on a monthly basis. We encourage students to submit only one application that estimates the total loan needs for the academic year. Direct loan applications are submitted to the Office of Financial Aid and processed based on the student’s federal eligibility.
2023 – 2024 Federal Direct Loan Application
Parent Plus Loan Application
Federal Direct Loan Cancellation, Increase and Decrease
