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Financial Aid

Undergraduate Federal Loans

Federal Direct Loans

Federal Perkins Loans

Alternative/Private Loans



ELIGIBILITY: Matriculated undergraduates must file the FAFSA to qualify for Direct Student Loans, also known as Subsidized and/or Unsubsidized Stafford Loans. Undergrads must be enrolled for 6 credits or more per semester to be eligible and must be making satisfactory academic progress towards their degree.

*Non-matriculated students are not eligible for loans.

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

-Complete MASTER PROMISSORY NOTE for Subsidized/Unsubsidized loan. (prom notes are then valid for 10 yrs.)


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


Yearly Amounts for Dependent Undergraduates

  • 0-29 credits:   $5500 (no more than $3500 of this amt may be subsidized)
  • 30-59 credits: $6500 (no more than $4500 of this amt may be subsidized)
  • 60+ credits:    $7500 (no more than $5500 of this amt may be subsidized)
  • Aggregate total of $31000 (no more than $23000 of this amt may be sub)

Independent Undergrads (or dependent students w/a Parent PLUS denial)

  • 0-29 credits:   $9500 (no more than $3500 of this amt may be sub)
  • 30-59 credits: $10500 (no more than $4500 of this amt may be sub)
  • 60+ credits:    $12500 (no more than $5500 of this amt may be sub)
  • Aggregate total of $57500 (no more than $23000 of this amt may be sub)


The 2018/2019 interest rates for subsidized and unsubsidized loans effective July 1st, 2018 is 5.05%.  The origination fee is 1.062% of the loan.  Origination fees are taken out of the loan before dispersal. Example- if you borrow $1000 for fall then $990 will get disbursed to the college.

Loans first disbursed after October 1, 2018 will have an adjusted origination fee (to be determined).

Subsidized means interest will NOT accrue while enrolled in college at least halftime, while unsubsidized means interest will accrue while enrolled.

*Your ratio of sub. vs. unsub. loan eligibility is based on your FAFSA results and not everyone qualifies for subsidized.

REPAYMENT: 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 User 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.




IMPORTANT: The Federal Perkins Loan program ended on October 1, 2017.

As of October 1, 2017, the Perkins Program has been eliminated, therefore funding is no longer available from this source. 

A Federal Perkins Loan is a low-interest (5%) loan from the federal government. The Perkins Loan Program is scheduled to expire at the end of the 2017-18 academic year. Students who do not complete the required electronic paperwork in time to receive a Perkins Loan disbursement before September 30, 2107 will be ineligible to receive any Perkins funds for the academic year. Please complete the required Entrance Interview and Master Promissory Note as soon as possible and no later than September 1st. If you have any questions, please contact the Financial Aid Office at (845) 257-3250.

ELIGIBILITY: Perkins is a need-based Federal loan program which is awarded to students demonstrating exceptional financial need. Perkins funding is limited, so file your FAFSA early to qualify. Undergrads must be enrolled in at least 6 credits per semester to be eligible and must be making satisfactory academic progress towards their degree.

REQUIREMENTS: First time Perkins borrowers need to complete an entrance interview and MPN online.

* Go to http://slsc.albany.edu/borrowers/

* Select the third option: Access and Sign Your Electronic documents/Complete Your Entrance Interview and Sign Your Promissory Note.

Please note that it takes a minimum of three business days after you accept the Perkins Loan on your my.newpaltz.edu account before you will be able to access the electronic documents on the Student Loan Service Center web site.

LOAN AMOUNTS: Perkins loan amounts vary from $100-$4000 per year.

LOAN FEES & RATES: There are no fees. The interest rate is 5% and the loan is subsidized. Interest will not accrue while the student is attending school at least half-time, and will also not accrue during the 9 month grace period either.

REPAYMENT: Repayment begins nine months after graduation, withdrawal from college, or dropping below half-time status. Perkins borrowers must complete an Exit Interview Questionnaire and Repayment Agreement prior to leaving campus. Questions regarding repayment can be directed to the Student Loan Service Center at (518) 525-2626.