Print this Page Print this Page

Navigation

You are here : SUNY Delhi Home \ Financial Aid \

Content

Loans

Many students use the loans available from the federal government to assist them paying for their education.  However, loans, unlike grants or work-study, are borrowed money that must be repaid, with interest. These are real loans—just like car loans or mortgages. You cannot have these loans canceled because you didn't like the education you received or because you're having financial difficulty. These loans are a serious obligation, so think about the amount you'll have to repay over the years before you take out a loan.

Federal  Loan Programs - Students must file a FAFSA to qualify 

Stafford Loans Facts (Subsidized and Unsubsidized)

  • loan is in student's name 
  • interest rate is a fixed rate of 6.8% as of July 1, 2006
  • government pays the interest on Subsidized loans while student is in school at least 1/2 time
  • student is responsible for the interest on Unsubsidized loans while they are in school
  • repayment with interest begins on both types of Stafford loans 6 months after degree is completed or student is attending less than 1/2 time
  • up to 10 years to repay
  • maximum amount a freshman can borrow is $3500
  • may be eligible for up to an additional $2000 in an Undsubsidized Stafford loan
  • up to a 2% origination and guarantee fee

Perkins Loans

  • loan is in student's name
  • 5% interest fixed rate
  • repayment begins 9 months after degree is completed
  • up to 10 years to repay
  • no origination and guarantee fee

PLUS loans (Parent Loan for Undergraduate Students)

  • loan is in the parent's name
  • interest rate is a fixed rate of 8.5% as of July 1, 2006
  • payments are deferred while the student is attending college at least 1/2 time
  • interest accrues while the student is in college and may be paid quarterly or capitalized at repayment
  • 3% origination and guarantee fee

Other Loan Options

  • Students and parents may also explore other loan options such as home equity loans or assistance offered through employers.  Alternative loans are also available.  Contact SUNY Delhi's Financial Aid Office for more information.
Last Updated On: 7/3/08