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Student Financial Services

Graduate-Level Federal Loans

Federal Student Loans

Graduate PLUS loans

Alternative Loans

 

 FEDERAL STUDENT LOANS-  visit the Student Aid site for more details

ELIGIBILITY:

Matriculated graduate students must file the FAFSA to qualify for Unsubsidized Student Loans.  Grads must be enrolled in a master's degree program (not a certificate program) for 6 credits or more per semester to be eligible for the Unsubsidized Loan.  Students must also be making satisfactory academic progress towards their degree to qualify.

REQUIREMENTS:

First time borrowers are required to complete a Master Promissory Note (MPN) and Entrance Counseling on the Federal website: studentaid.gov. Login using your FSA ID and then do the following:

- Complete loan agreement (MASTER PROMISSORY NOTE) for Unsubsidized loan.  (Loan promissory notes are valid for 10 yrs.)
- Complete Loan ENTRANCE COUNSELING.

Also, upon graduation you will be required to complete EXIT COUNSELING at studentaid.gov. We will send you a letter at that time to remind you.

 

LOAN AMOUNTS:

  • $20,500 maximum award per year
  • Aggregate total of $138,500

LOAN FEES & RATES:

The 2019/2020 interest rate for grad-level unsubsidized loans effective July 1st, 2019 is 6.08%.  The origination fee is 1.062% of the loan if the first disbursement was processed prior to October 1, 2019.  Origination fees are taken out of the loan before disbursal. Example- if you borrow $1000 for fall then $990 will get disbursed to the college. 

Loans first disbursed on or after October 1, 2019 will have an origination fee of 1.059%.

Unsubsidized means interest will accrue while enrolled in college.  

REPAYMENT: Typically repayment begins 6 months after the student graduates or falls below half-time.  Standard repayment is ten years. 

IMPORTANT-  If you have any questions about federal loan repayment do not hesitate to contact your servicer. They have been contracted by the Department of Education to help you! You can ask them questions about the varying payment plans, interest, etc. Also, if you are having a hard time making your payments after graduation you'll want to contact them to discuss it. There may be options for you so that you can avoid ruining your credit with late or skipped loan payments!

Do you know who your loan servicer is? If not, contact our office or follow these simple instructions to find out...

  1. Go to the NSLDS website.
  2. Select "Financial Aid Review."
  3. Read the privacy statement. You must accept these terms to use NSLDS.
  4. Login with your SSN, DOB, FSA ID etc...
  5. Each of your federal loans will display on NSLDS.  View the loan details of each and scroll to the bottom to find your Current ED Servicer for each loan. If your loans were all taken out recently, they should all be with the same servicer. If you have old loans and new loans then you may have more than one servicer. 
  6. Now that you know who your servicer is you should create a login on their website so you can track your loans.  Examples of servicers include Great Lakes, FedLoan, etc...

For more information on repayment and repayment plans, please visit the Federal Student Aid site.

 

GRADUATE PLUS LOANS-

Graduate PLUS Loans can be an option for Graduate students whose college expenses are not entirely covered by the $20,500 Unsubsidized Loan that New Paltz offers. Students who have borrowed the unsub loan but still need more funding can apply for a Grad PLUS Loan to help cover their college-related costs.  visit the Student Aid site for more details

 

ELIGIBILITY: 

Graduate students must file the FAFSA to qualify for Grad PLUS. 

Applicants must pass a credit check to qualify.

Borrower must have unmet need in his/her financial aid package.

Cannot borrow more than the cost of attendance.

Must be enrolled in at least 6 credits.

Must also be making satisfactory academic progress towards their degree.

 

REQUIREMENTS:

Applications must be completed at studentaid.govLogin using your FSA ID then do the following:

-Click APPLY FOR A PLUS LOAN for Graduate School (then select Complete PLUS Request for Graduate/Professional students)

-If credit is approved then complete a loan agreement (MASTER PROMISSORY NOTE) for Grad PLUS loan. 

LOAN AMOUNTS: The maximum Graduate PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.

LOAN FEES & RATES: for 2019/2020 the interest rate is 7.08% with a 4.248% origination fee if the first disbursement was processed prior to October 1, 2019.

Loans first disbursed after October 1, 2019 will have an origination fee of 4.236%.

 

REPAYMENT:

The repayment period for a Graduate PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time by selecting the deferment option during the application process at studentloans.gov.  IMPORTANT- If you have any questions about federal loan repayment do not hesitate to contact your servicer. They have been contracted by the Department of Education to help you! You can ask them questions about the varying payment plans, interest, etc. Also, if you are having a hard time making your payments after graduation you'll want to contact them to discuss it. There may be options for you so that you can avoid ruining your credit with late or skipped loan payments! Do you know who your loan servicer is? If not, contact our office or follow these simple instructions to find out...

  1. Go to the NSLDS website.
  2. Select "Financial Aid Review."
  3. Read the privacy statement. You must accept these terms to use NSLDS.
  4. Login with your SSN, DOB, FSA ID etc..
  5. Each of your federal loans will display on NSLDS.  View the loan details of each and scroll to the bottom to find your Current ED Servicer for each loan. If your loans were all taken out recently, they should all be with the same servicer. If you have old loans and new loans then you may have more than one servicer.
  6. Now that you know who your servicer is you should create a login on their website so you can track your loans.  Examples of servicers include Great Lakes, Sallie Mae, FedLoan, etc...

For more information on repayment and repayment plans, please visit the Federal Student Aid site.