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
- for loans with a first disbursement before July 1, 2013
- the interest rate is a fixed rate of 3.4% for Subsidized loans, 6.8% for Unsubsidized loans
- for loans with a first disbursement July 1, 2013 - June 30, 2013
- the interest rate is 3.86% for both Subsidized and Unsubsidized loans
- government pays the interest on Subsidized loans while student is still in school
- student is responsible for the interest on Unsubsidized loans while they are still in school
- repayment begins on both types of Stafford loans 6 months after degree is completed
- up to 10 years to repay - many repayment options available
- maximum amount a freshman can borrow is $5500 (up to $3500 Subsidized - if eligible)
- 1.051% loan fee
PLUS loans (Parent Loan)
loan is in the parent's name
Loans with a first disbursement before July 1, 2013
- Loans with a first disbursement July 1, 2013 - June 30, 2014
Payments begin AFTER the loan has been fully disbursed.
interest accrues while the student is in college and may be paid quarterly or capitalized at repayment
4.204% loan 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 and can be found by searching the Internet.
Financial Aid Calendar
FASFA - 002857
TAP - 3020 (1 or 2 yr. programs)
TAP - 6020 (4 yr. programs)
All SUNY Delhi students, regardless of their financial situation, can benefit from the SUNY Smart Track Financial Literacy Website. Click on the Smart Track link and register to learn how to budget your money, understand credit before you use it and start to save money for an emergency fund.
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