ELIGIBILITY:
Matriculated graduate students must file the FAFSA to qualify for Unsubsidized Student Loans. Grads must be enrolled in a master's degree program (not a certificate program) for 6 credits or more per semester to be eligible for the Unsubsidized Loan. Students must also be making satisfactory academic progress towards their degree to qualify.
REQUIREMENTS:
First time borrowers are required to complete a Master Promissory Note (MPN) and Entrance Counseling on the Federal website: studentaid.gov. Login using your FSA ID and then do the following:
- Complete loan agreement (MASTER PROMISSORY NOTE) for Unsubsidized loan. (Loan promissory notes are valid for 10 yrs.)
- Complete Loan ENTRANCE COUNSELING.
Also, upon graduation you will be required to complete EXIT COUNSELING at studentaid.gov. We will send you a letter at that time to remind you.
Please note, students who borrow a federal student loan will have the loan submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
LOAN AMOUNTS:
- $20,500 maximum award per year
- Aggregate total of $138,500
LOAN FEES & RATES:
The 2024/2025 interest rate for grad-level unsubsidized loans effective July 1st, 2024 is 8.083%. The origination fee is 1.057%. Origination fees are taken out of the loan before disbursal.
Unsubsidized means interest will accrue while enrolled in college.
REPAYMENT: Typically 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...
Go to StudentAid.gov for all information concerning your student loans. You can log into StudentAid.Gov using your Federal Student Aid (FSA) ID and Password. There is a link you can click on for "Who's My Loan Servicer?.
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.
Graduate PLUS Loans can be an option for Graduate students whose college expenses are not entirely covered by the $20,500 Unsubsidized Loan that New Paltz offers. Students who have borrowed the unsub loan but still need more funding can apply for a Grad PLUS Loan to help cover their college-related costs. visit the Student Aid site for more details
ELIGIBILITY:
Graduate students must file the FAFSA to qualify for Grad PLUS.
Applicants must pass a credit check to qualify.
Borrower must have unmet need in his/her financial aid package.
Cannot borrow more than the cost of attendance.
Must be enrolled in at least 6 credits.
Must also be making satisfactory academic progress towards their degree.
REQUIREMENTS:
Applications must be completed at studentaid.gov. Login using your FSA ID then do the following:
-Click APPLY FOR A PLUS LOAN for Graduate School (then select Complete PLUS Request for Graduate/Professional students)
-If credit is approved then complete a loan agreement (MASTER PROMISSORY NOTE) for Grad PLUS loan.
LOAN AMOUNTS: The maximum Graduate PLUS Loan amount you can borrow is your cost of attendance (determined by the school) minus any other financial assistance you will receive.
LOAN FEES & RATES: For 2024/2025 the interest rate is 9.083%. The origination fee is 4.228%.
REPAYMENT:
The repayment period for a Graduate PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. However, you may defer repayment while you are enrolled at least half-time by selecting the deferment option during the application process at studentloans.gov. 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...
Go to StudentAid.gov for all information concerning your student loans. You can log into StudentAid.Gov using your Federal Student Aid (FSA) ID and Password. There is a link you can click on for "Who's My Loan Servicer?.
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.
