No. Each school must choose to participate in either the Direct Loan Program or the Federal Family Education Loan Program (Stafford). Since SUNY-ESF has chosen FFELP, Stafford Loans are offered instead of Direct Loans. However, the minimum required terms and conditions for Direct and Stafford loans are the same. The main difference between the two programs is that one is funded by the federal government and the other by individual lenders. Both programs offer subsidized and unsubsidized loans, standard repayment options, and deferment and forebearance options.
Eligibility for subsidized or unsubsidized loan funding is determined by the Office of Financial Aid and Scholarships. Students do not need to make payments on either type of loan while in school. However, interest will accrue for unsubsidized Stafford Loans. The interest for subsidized Stafford Loans is paid to the lender by the federal government. In other words, there is no interest for the student on subsidized loans while he/she is enrolled at least half-time as a matriculated student.
Yes. A new Application and Master Promissory Note is required for each new school you attend.
Yes. An Entrance Interview must be completed when a loan is accepted at a new school.
No. Students are encouraged to compare and consider loans from all available providers. The SUNY-ESF Preferred Lender List is made up of loan providers we have determined provide highly competitive products along with high levels of customer service and communication with our students. SUNY-ESF will process loans with any federally approved Stafford Loan provider.
As a campus-based form of aid, funding for the Federal Perkins Loan Program is limited. As a result, each school must offer awards based on institutional policy, student need level, and available funding. In order to maximize eligibility for Perkins Loan funding, students are highly encouraged to complete the FAFSA before the March 1st priority deadline each year.