Loans

Generally, most educational loans must be repaid with interest.  If you need a loan to help pay for college, the federal student loans that we offer you in your award package are the least expensive loan option in most cases.  To help you apply for these loans, we provide you with step by step instructions and important web links: Apply for Aid

If you need an additional loan beyond this, you can consider a federal Parent PLUS, or an alternative student loan offered by a private bank or lender.  A Parent PLUS loan is typically less expensive than an alternative loan.  The parent is the borrower with a Parent PLUS loan and with an alternative loan the student is the borrower with a co-signer in most cases.  Note that if a parent is denied a PLUS loan due to a failed credit check, we can offer freshmen and sophomores an additional $4,000, and juniors and seniors an additional $5,000, in an unsubsidized loan. 

Below is a brief description of each loan program.  Visit Student Aid on the Web for more information on federal loans, including discussions on loan forgiveness programs.  Visit lender websites for more information on alternative loans.

You will start to repay most student and parent loans no sooner than six months after you graduate or fall below half-time status.  The size of your future monthly payment will depend upon the total amount borrowed, interest rate, fees, and repayment period for each different loan.  Visit Student Aid on the Web for a repayment calculator that will help you estimate future payments and information on deferments.

Changes in your enrollment status within a semester may affect your eligibility for these aid programs (ex. repeat coursework, less than full-time study, course drop, course withdrawal, and incomplete grades).  In order to remain eligible for loans, you must satisfy academic standards for financial aid at the end of each semester.

Loan Programs
 

Loans Available Annual Award Description

Federal Direct Subsidized and Unsubsidized Loans

View details

These loans, also called Stafford Loans, are available to matriculated undergraduate and graduate students (unsubsidized only). 

The subsidized loan interest rate is fixed at 4.66% (loans disbursed July 1, 2014 through June 30, 2015). The subsidized loan does not accrue any interest until the student graduates or falls below half-time study.  Repayment starts no sooner than six months after the student graduates or falls below half-time status.  There is a ten year repayment period and other repayment options also. 

The unsubsidized loan interest rate for undergraduate students is fixed at 4.66% (loans disbursed July 1, 2014 through June 30, 2015). The unsubsidized loan starts to accrue interest after payment to your account.  While in college, you can elect to pay the interest on an unsubsidized loan or have it added to the principal.  Repayment is the same as the subsidized loan, it starts no sooner than six months after the student graduates or falls below half-time status.  There is also a ten year repayment period and other repayment options.

The unsubsidized loan interest rate for graduate students is fixed at 6.21% (loans disbursed July 1, 2014 through June 30, 2015).

Both loans have an origination/guarantee fee of 1.072% that is deducted at the time of disbursement.  Students must enroll and attend in at least 6 credits to receive loans.  Roughly 4,250 students have these loans on campus.  Visit Student Aid on the Web for more information.

Federal Direct Parent (PLUS) Loan

and

Federal Direct Graduate PLUS Loan

COA less other aid

A biological or custodial parent can request a PLUS Loan by having their matriculated son or daughter complete a FAFSA.  The parent completes the PLUS Application Process and must pass a federal credit review.  The interest rate is fixed at 7.21% (loans disbursed July 1, 2014 through June 30, 2015).  The loan starts to accrue interest after payment to your account.  Parents can choose to start to repay the loan 60 days after the final disbursement in the aid year or no sooner than six months after the student graduates or falls below half-time status.  There is a ten year repayment period and other re-payment options also.  Note that if a parent is denied a PLUS loan due to a failed credit check, we can offer freshmen and sophomores an additional $4,000, and juniors and seniors an additional $5,000, in an unsubsidized loan.  Students must enroll and attend in at least 6 credits for a parent to receive a loan.  Roughly 600 parents have a PLUS loan. 

Note that graduate students can also apply for a Graduate PLUS Loan, which is only warranted after exhausting all unsubsidized loan eligibility.  The graduate student completes the PLUS Application Process and must pass a federal credit review.

Both loans have an origination/guarantee fee of 4.288% that is deducted at the time of disbursement.   Visit Student Aid on the Web for more information.

Federal Perkins Loan Up to $2,500 Perkins is awarded to matriculated students with an EFC of 5157 or less who submit their FAFSA by February 15, when our budget is normally exhausted.  The interest rate is 5% for the life of loan.  The loan does not accrue any interest until repayment starts.  Repayment starts no sooner than nine months after the student graduates or falls below half-time status.  Repayment is distributed over ten years.  Students must enroll and attend in at least 6 credits to receive loans.  Roughly 150 students have a Perkins loan.  Visit Student Aid on the Web for more information.
Federal Nursing Loan Up to $2,500

Nursing is awarded to matriculated students enrolled in a nursing major with an EFC less than COA until our budget is exhausted.  The interest rate is 5% for the life of loan.  The loan does not accrue any interest until repayment starts.  Repayment starts no sooner than nine months after the student graduates or falls below half-time status.  Repayment is distributed over ten years.  Students who change to a non-nursing major will enter repayment immediately.  Students must enroll and attend in at least 6 credits to receive loans.  Roughly 50 students have a nursing loan.

Alternative Student Loans COA less other aid

Alternative educational loans may be an option for students who need an additional resource to help pay for college expenses.  Generally, these loans are borrowed by the student, using a creditworthy co-signer.  Fixed or variable interest rates apply and can sometimes become quite costly. 

College research has demonstrated that students who have alternative loans are more likely to graduate with high debt loads.  We strongly encourage you to explore all other available resources before applying, such as the Federal Parent PLUS Loan.  We suggest that you consider alternative loans as a short-term solution to a financial issue, for example, only using one for a semester or two.  If you elect to rely on alternative loans semester after semester, we strongly encourage you to estimate whether or not you will be able to afford the payments after graduation based upon your projected salary.  Online calculators are available to assist you in this important exercise: HESC and Mapping Your Future.

Many lenders offer alternative loan products to students, and the terms and features of these loans differ from lender to lender. You may select any lender that offers an alternative educational loan and our office will not penalize you for your choice.

We encourage you to search online to find a reputable lender with the most competitive rates and terms. You may also want to contact banks with whom you have an existing relationship to explore alternative loan options.   Roughly 400 students have an alternative loan.

 

 

Contact Information

For more information about Financial Aid at SUNY Plattsburgh, please contact:

Financial Aid Office
Location: Kehoe Administration Building, Suite 401-410
Phone: (518) 564-2072
Toll-Free Phone: (877) 768-5976
Fax: (518)564-4079
Email: finaid@plattsburgh.edu

Our mailing address:

Financial Aid Office
SUNY Plattsburgh
101 Broad Street
Plattsburgh, NY 12901-12681