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- Online Financial Aid Award - Accepted Student Portal (New Students)
- Online Financial Aid Award - MyESF (Returning Students)
- Direct Student Loan Master Promissory Note
- Direct Student Loan Entrance Interview
- Direct Student Loan Exit Interview
- Federal Direct Parents Loan (PLUS) Master Promissory Note
- Federal Direct Parents Loan (PLUS) Supplemental Form (PDF)
- Federal Perkins Loan Master Promissory Note and Entrance Interview
- Verification Process
- Estimate Your Aid Eligibility
Office of
Financial Aid and Scholarships
113 Bray Hall
1 Forestry Drive
Syracuse, NY 13210
(315) 470-6706
(315) 470-4734 (Fax)
finaid@esf.edu
SUNY-ESF Federal School Code: 002851
SUNY-ESF TAP Codes:
· Undergraduate-0950
· Graduate-5555
William D. Ford Federal Direct Student Loans
Loan Programs
Federal Direct Student Loans are long-term, low-interest loans awarded to students by SUNY ESF which are funded directly through the federal government. Student loans offered through this program are guaranteed, meaning that eligibility is not based on credit history or income. All students who meet the general eligibility requirements for federal student aid and have not reached the aggregate loan limit, defaulted on a previous loan, or do not owe a repayment for a federal grant are eligible for Direct Loan consideration.
Types of Federal Direct Student Loans
Federal Direct Student Loans are available as subsidized, unsubsidized, or a combination of both types. Students are not required to make payments on either type of loan while enrolled at least half-time at an eligible educational institution. However, students may choose to make regular or interest-only payments while enrolled.
Subsidized Direct Loans are awarded based on each student's demonstrated financial need, as determined by the SUNY ESF Financial Aid Office. These loans are interest free while the student is enrolled at least half-time at an eligible educational institution or during authorized deferment periods. Interest is charged when the loan is in a repayment or forebearance status. Loans disbursed prior to July 1, 2012 are not charged interest during the 6 month grace period. Loans disbursed on or after July 1, 2012 will be charged interest from the date the student leaves the school or drops below 1/2 time enrollment.
Unsubsidized Direct Loans are awarded regardless of each student's demonstrated financial need. These loans begin to generate interest charges immediately after disbursement. These charges may be defered during at least half-time enrollment, grace, and deferment periods.
Federal Direct Student Loan Amounts
The amount available in Federal Direct Loan funding will vary for each student. The type and amount of each loan is determined by the SUNY ESF Financial Aid Office based on demonstrated financial need, class level, other financial aid, and previous borrowing totals. Maximum loan eligibility is as follows:
Dependent undergraduate students can borrow up to $5,500 in the first year (no more than $3,500 may be subsidized); $6,500 in the second year (no more than $4,500 may be subsidized); $7,500 in the third, fourth, and fifth years (no more than $5,500 may be subsidized), up to a total of $31,000 aggregate balance (no more than $23,000 may be subsidized).
In addition to the amounts listed above, independent
undergraduate
students and students whose parents are unable to borrow through the Federal
Direct PLUS
Program can borrow up to $4,000 in the first and second
years;
$5,000 in the third, fourth, and fifth years, up to a total of $57,500
aggregate balance (no more than $23,000 may be subsidized) for all
Stafford Loans. These additional loan amounts can only be in
the
unsubsidized form of loan.
Graduate students can borrow up to $20,500 per year, up to a total of $138,500 aggregate balance (no more than $65,500 may be subsidized).
Undergraduate Loan Amounts - Dependent Students*
| Class Year | Base Loan Amount |
Additional
Unsubsidized Loan |
Total |
| First Year | $3,500 | $2,000 |
$5,500 |
| Second Year | $4,500 | $2,000 |
$6,500 |
| Third Year | $5,500 | $2,000 |
$7,500 |
| Fourth Year | $5,500 | $2,000 |
$7,500 |
| Subsidized Loans | Total
Loans |
||
| Aggregate Totals | $23,000 | $31,000 |
Undergraduate Loan Amounts -
Independent Students* -OR-
Students Whose Parents are Unable to Borrow Through the Direct PLUS
Program**
| Class Year | Base Loan Amount |
Additional
Unsubsidized Loan |
Total |
| First Year | $3,500 | $6,000 |
$9,500 |
| Second Year | $4,500 | $6,000 |
$10,500 |
| Third Year | $5,500 | $7,000 |
$12,500 |
| Fourth Year | $5,500 | $7,000 |
$12,500 |
| Subsidized
Loans |
Total
Loans |
||
| Aggregate Totals | $23,000 |
$57,500 |
Graduate Loan Amounts*
| Class Year | Unsubsidized Loan | Total |
| All Years | $20,500*** | $20,500 |
| Total
Loans |
||
| Aggregate Totals | $138,500 |
*These amounts indicate the federal maximums. Individual
student
loans are based on the student's need level, expected costs, other
financial aid, and additional factors.
**Based on the denial of a Direct PLUS loan application or
pre-approval. New
loan amounts will be automatically offered upon receipt of denial
documentation.
***Starting July 1, 2012: Graduate students are no longer eligible for
subsidized student loans.
Federal Direct Student Loan Terms and Conditions
Interest Rates
Direct Student Loans (subsidized and unsubsidized) disbursed on or
after July 1, 2013 have a fixed
interest rate of 6.80%.
Previous Years Interest
Rates
All loans disbursed between July 1, 2006 and June 30, 2012 have a fixed interest rate of 6.8%. However, the College
Cost Reduction and Access Act adjusted the fixed
interest rate on all undergraduate subsidized Direct Loans according to the following chart:
| For
Loans Disbursed |
Fixed
Interest Rate |
| 7/1/06
to
6/30/08 |
6.80% |
| 7/1/08
to
6/30/09 |
6.00% |
| 7/1/09
to
6/30/10 |
5.60% |
| 7/1/10
to
6/30/11 |
4.50% |
| 7/1/11
to
6/30/13 |
3.40% |
| On or after 7/1/13 | 6.80% |
Federal Direct Student Loans disbursed before July 1, 2006 have an annually variable interest rate which is capped at 8.25%.
Fees
All Federal Direct Student Loans are subject to an
origination fee of 1.051%, taken from the value of the
loan at
the time
it is disbursed to the school. The loan amounts listed above
and
on financial aid award notifications represent the gross amount (amount
before the fees have been paid).
In most cases, regular loan payments begin after the loan grace period, or 6 months after the student graduates, leaves school, or drops below half-time enrollment. Repayment will initially be scheduled for fixed monthly payments over a 10 year period. Other repayment options will be available for interested students.
How to Apply for a
William D. Ford Direct
Student Loan
Students should complete the following steps to apply for a Federal Direct Student Loan:
- Complete the Free Application for Federal Student Aid (FAFSA)
- Accept the desired loan(s) using the online Financial Aid Award Notification System
Students accepting a Federal Direct Student Loan for the first time at SUNY ESF should also:
- Complete online William D. Ford Federal Direct Student Loan Entrance Counseling
- Complete an online William D. Ford Direct Student Loan Application and Master Promissory Note (MPN)
Last updated on April 8, 2013
