Loan Programs
Educational loans can come from the federal government or from private sources such as a bank or financial institution.
Loan Information
- What is a Federal Student Loan?
- How to Apply for a Federal Student Loan
- Eligibility
- Interest Rates & Fees
- Student Loan Amounts (annual & aggregate)
- Parent Plus Loan
- Loan Amount Adjustments
- Deadlines
- Repayment
- Private Student Loans
What is a Federal Student Loan?
A federal loan, made through the William D. Ford Federal Direct Loan Program, allows eligible students and parents to borrow directly from the U.S. Department of Education. These loans typically offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
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- Federal Direct Subsidized Loan: A loan based on financial need. The government typically pays the interest that accrues while in school.
- Federal Direct Unsubsidized Loan: This is similar to the Subsidized Loan, but without the financial need requirement. While the U.S. Department of Education pays the interest on a Subsidized Loan while you're in school, interest on the Direct Unsubsidized Loan will begin accruing from the date of disbursement and continues throughout the life of the loan. Both undergraduate and graduate students may be eligible to borrow this loan.
- Federal Direct Parent PLUS Loan: Direct PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program.
How to Apply for a Federal Student Loan
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- Application: Submitting the annual Free Application for Federal Student Aid (FAFSA) will allow us to determine how much federal aid you are eligible for, including student loans.
- Accept or Decline Loan Offers: Eligible students will be notified by email when their student loan offer is available to view and accept/decline in Bronco Web. We encourage students to borrow responsibilty and only borrow what is needed for their educational expenses. Students have the option to borrow less than the offered amount.
- Loan Requirements: First time student loan borrowers must complete the following. The school will be
notified after completion.
- Entrance Counseling
- and a Master Promissory Note (MPN)
- Eligible returning borrowers, including transfer students who borrowed at a previous institution, typically only need to accept their loan in Bronco Web each year after completing the FAFSA.
- Additional Loan Instructions: For step by step instructions, visit out Federal Direct Student Loan Instructions webpage.
To be eligible for any Federal Direct Loan (subsidized, unsubsidized, or a PLUS loan), a student must:
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- Be a U.S. citizen or eligible noncitizen
- Be matriculated in a degree program
- Be enrolled in at least six credit hours (part-time)
- Maintain Satisfactory Academic Progress (SAP)
To learn more about interest rates and fees, including how interest is calculated, visit FSA's Interest Rate and Fees webpage.
| Loan Type | Borrower Type | Interest Rate | Origination Fee - subject to change after 10/1/2025 |
|---|---|---|---|
| Direct Sub & Unsubsidized Loans | Undergraduate | 6.39% | 1.057% |
| Direct Unsubsidized Loans | Graduate | 7.94% | 1.057% |
| Direct Parent & Grad PLUS Loans | Parent/Graduate | 8.94% | 4.228% |
For more information on how interest is calculated and about loan fees, visit the Federal Student Aid (FSA) website.
| Borrower's Academic Level | Dependent Student (Sub + Unsub = Yearly Limit) |
Independent Student (Sub + Unsub = Yearly Limit) |
|---|---|---|
|
1st Year Undergraduate Student |
$3,500 + $2,000 = $5,500 | $3,500 + $6,000 = $9,500 |
|
2nd Year Undergraduate Student |
$4,500 + $2,000 = $6,500 | $4,500 + $6,000 = $10,500 |
| 3rd Year Undergraduate Student Bachelor's program only (60 - 89 credits) |
$5,500 + $2,000 = $7,500 | $5,500 + $7,000 = $12,500 |
| 4th Year Undergraduate Student Bachelor's program only (90 or more credits) |
$5,500 + $2,000 = $7,500 | $5,500 + $7,000 = $12,500 |
| Graduate/Professional Student | Graduate students are considered independent |
$20,500 (unsubsidized only) |
| Borrower's Program Level | Subsidized + Unsubsidized = Aggregate Limit |
|---|---|
| Dependent Undergraduate | $23,000 + $8,000 = $31,000 |
| Independent Undergraduate | $23,000 + $34,500 = $57,500 |
| Graduate/Professional | $138,500 (unsubsidized only) |
This is a federal loan based on credit history that allows the eligible applicant to borrow up to the student's cost of attendance less other financial aid. Parent borrowers must re-apply each year.
To qualify to apply for a Direct PLUS loan, the borrower must be:
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- The biological or adoptive parent of the student or
- The spouse of the parent and your income and assets were reported on the FAFSA
To apply, the parent borrow must submit the online Parent PLUS Loan application that performs a credit check. This is considered a 'hard hit' that will show on the applicant's credit report.
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- If credit is approved, the parent borrower will need to complete a Master Promissory Note (MPN). Unlike the PLUS loan application, the MPN typically only needs to be completed once.
- If credit is denied, the parent may still receive a Direct PLUS Loan through one of the options below.
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- Obtain a credit-worthy endorser (co-signer)
- Appeal the credit decision by submitting supporting documents if you have an extenuating credit history circumstance to the U.S. Department of Education.
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- If credit is denied and the parent does not wish to pursue obtaining a PLUS loan, the student may be eligible to increase their unsubsidized loan based on the Independent Loan Limit (above). The student would need to contact SFS and give consent to borrow the additional loan.
If the parent can otherwise document their inability to either borrow or repay a Parent PLUS Loan, the parent may submit an Additional Unsubsidized Loan: Parent PLUS Loan Override Request in place of the PLUS Loan application. If approved, the student may be eligible to borrow an additional unsubsidized loan based on the Independent Loan Limit (above). The student would need to give consent to borrow the additional loan.
Visit our Parent Loan Instructions page for step-by-step application instructions.
Student loan borrowers may adjust (increase or decrease) the amount they wish to borrow. Below are several options:
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- If the subsidized or unsubsidized loan has not been accepted (or declined) in Bronco
Web, the student may use the drop down option and select 'Reduce'.
- Type in the lower amount that the student wishes to borrow and click 'submit'.
- These amounts will typically be split equally between the fall and spring semester.
- Alternatively, the student may choose 'decline' to opt-out of borrowing any portion of that loan.
- Follow our Federal Direct Student Loan Instructions webpage for step-by-step instructions.
- If the subsidized or unsubsidized loan has already been accepted (or declined) in
Bronco Web:
- Submit a Loan Adjustment Request in the Student Forms Portal.
- Alternatively, the student may provide a detailed and signed statement with their request to adjust the loan, send an email from their Delhi email, or visit SFS in-person to submit their request.
- For adjustments to a Parent Plus Loan, the parent borrower must either
- Submit a Loan Adjustment Request in the Student Forms Portal (the student logs in to begin the form and invites the parent to sign) or
- Provide a detailed and signed statement with their request to adjust the loan.
- If the loan has already disbursed, depending on the timing,
- the student may request to have the loan reduced by following the steps above to submit a Loan Adjustment Request in the Student Forms Portal.
- If the student or parent were issued a refund from the loan, a payment may be made directly to the assigned Loan Servicer once the loan has fully disbursed.
- If the subsidized or unsubsidized loan has not been accepted (or declined) in Bronco
Web, the student may use the drop down option and select 'Reduce'.
Typically, all federal loans must be applied for and processed before the semester ends, dropping below half-time (6 credits), or ceasing to no longer attend; whichever comes first. To avoid disqualification from borrowing, complete the steps to borrow a loan, including resolving any outstanding requirements, before each semester begins.
This deadline includes requests for a new loan or to increase an existing loan.
Understanding the details of repayment on your federal student loan can save you time and money. It is important to know when repayment begins, what payment plan options you have, how to make a payment, and how to pay off your loans faster.
Once you graduate, drop below half-time enrollment, or leave schofol, your federal student loan goes into repayment. However, if you have a Direct Subsidized or Direct Unsubsidized loan, you have a one-time six-month grace period before you are required to start making regular payments.
Parent PLUS loans will go into repayment as soon as the loan is fully disbursed—which means once it’s paid out to SUNY Delhi (typically during the spring semester for full year loans). Parents may request a deferment by contacting their Loan Servicer.
To prepare for repayment, it is very important that students and parent borrowers keep their contact information up-to-date in their Studentaid.gov account. Loan services will reach out with updates regarding repayment or if your loans are being transferred to a new servicer.
Repayment Resources:
- StudentAid.gov
- Summary of loan balance, accrued interest, and a breakdown of each loan
- View your loan status (in repayment, deferment, forbearance etc.)
- View your loan servicer(s) and upcoming payments due dates
- View your loan documents
- Update your contact information
- FSA Student Loan Repayment
- NYS Get on your Feet Loan Forgiveness Program
- Public Service Loan Forgiveness (PSLF)
Unlike federal student loans, private loans are made by a bank and the terms of the loan are determined by the lending institution. Private loans are typically based on credit history and students typically are required to have a credit-worthy co-signer.
Things to consider!
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- Federal loans offer benefits such as fixed interest rates and several repayment plans that are not typically offered by private lending institutions.
- Also, private loans can end up costing you more than a federal student loan.
- Research and compare several banks before borrowing to find the best option for you.
Use FastChoice Private Lending for Higher Education to help you find a lender based on our history of student loan borrowers or you can explore other lending opportunities outside of this platform.
You can find and complete the Private Loan Self-Certification Form found on our forms page.
SUNY Delhi does not participate in a Preferred Lender Arrangement or use a preferred lender list.