SUNY Potsdam

William D. Ford Federal Direct Loans:

Students borrowing on or after July 1, 1999, will electronically sign a Master Promissory Note (MPN). The MPN can be used to make one or more loans for one or more academic years.  This can be done at:  http://dlenote.ed.gov. It will be used for all your loans over multiple academic years at the same school. A completed Promissory Note will enable the Financial Aid Office to request the disbursement of funds from the United States Department of Education. When planning loan financing, students should expect a 1 percent origination and insurance fee deduction in funds (with an automatic .5% rebate).

Federal Direct Unsubsidized Stafford Loan:

1. • Not need-based.
   • Fixed interest rate of 6.8 percent for new borrowers.
   • Interest accrues during the in-school period.
   • Interest may be capitalized.
   • All students are eligible for a combined subsidized and unsubsidized loan award up to the maximum loan limits as follows: (subsidized loans are not available to borrows for loans disbursed on or after July 1, 2012).
     $5,500 for freshmen
     $6,500 for sophomores
     $7,500 for juniors/seniors
     $20,500 for graduate students
     
     
   • Independent undergraduate students may be eligible for the following additional unsubsidized funds:
     $4,000 for freshmen/sophomores
     $5,000 for juniors/seniors
     
     
   • Preparatory coursework:
     
     $2625 combined subsidized and unsubsidized loan award for undergraduate degree/certificate program
     $5500 combined subsidized and unsubsidized loan award for graduate or professional program
     
     Independent students and dependent students whose parents are denied a PLUS Loan who are working on preparatory coursework may be eligible for the following additional unsubsidized funds (Not applicable to graduate Students):
     
     $6000 for an undergraduate degree/certificate program
     $7000 for a graduate degree/certificate program
     
     
   • State-required teacher certification coursework
     
     $5500 combined subsidized and unsubsidized loan
     
     Independent students and dependent students whose parents are denied a PLUS Loan who are working on state-required teacher certification coursework may be eligible for the following additional unsubsidized funds:
     
     $7000 unsubsidized loan
     
     

Federal Direct Parent Loans for Undergraduate Students (PLUS)

1. • Not need-based.
   • Available to parents of dependent students enrolled in at least 6 credit hours.
   • Parents may borrow up to the cost of education minus any other aid received per academic year.
   • Fixed interest rate of 7.9% for new borrowers.
   • Credit review must be completed to determine eligibility.
   • A 4 percent origination and insurance fee, plus an automatic rebate of 1.5 percent at time of disbursement.
   • Repayment can be deferred until student is out of school.
     

*NEW* Federal Direct PLUS Loan for Graduate or Professional Students