Student Loans
Federal Direct Loan (DL) Program
Application process for first-time Direct Loan borrowers:
1. Complete Entrance Interview online at:
- Identify SUNY Maritime College: select Maritime College (SUNY)
- Please allow 20 to 30 minutes to complete online interview.
First time borrowers of a Stafford Loan must complete the Entrance Loan Counseling prior to disbursement of funds. The above directions must be followed.
2. Complete the Federal Direct Loan Master Promissory Note (MPN)
- You will need your federal PIN to confirm your identity.
- Select the state and school name:
SUNY Maritime College
6 Pennyfield Ave, Bronx, NY 10465-4198
- Allow 20 – 30 minutes to complete promissory note online.
Currently, Internet Explorer 6, Internet Explorer 7, and Mozilla Firefox 2.0 are the browsers that have been certified for use with the StudentLoans.gov Web site. Students and parents who use these supported browsers to complete William D. Ford Federal Direct Loan (Direct Loan) Master Promissory Notes (MPNs) and Direct Loan Entrance Counseling via the StudentLoans.gov Web site should not experience browser incompatibility issues.
To provide the highest level of Internet Security and compatibility, the Department of Education recommend the domestic versions of the following Web browsers:
- Microsoft Internet Explorer (version 5.0 or higher)
- Netscape Navigator (version 6.2 or higher)
- AOL (America On-Line, version 5.0 or higher)
What are the interest rates and fees for Direct Loans?
For all loan disbursements made after July 1, 2010 for the 2010-2011 academic year, the undergraduate Subsidized Stafford DL has an interest rate of 4.5% and the Unsubsidized Stafford loan a rate of 6.8%.
The graduate Subsidized and Unsubsidized Stafford loan rate is 6.8% interest.
All Stafford loans have an origination fee of 1.0% with a 0.5% rebate amount. A rebate amount is an up-front interest rebate given at the time of disbursement. The borrower must make all of the first twelve payments on time or the rebate amount will be added back to the principal balance of the loan.
The DL interest rate for the Parent PLUS and Grad PLUS loan disbursed after July 1, 2010 is 7.9%.
The PLUS and Grad PLUS loans have a 4.0% origination fee with an up-front 1.5% interest rebate amount.
Federal Student Loan Limits
Federal Student Loan Limits For loans disbursed AFTER July 1, 2008
| Annual Loan Limits for Dependent Students |
| |
Maximum Total (combined subsidized and unsubsidized) |
Maximum Subsidized |
| Dependent Freshman |
$5,500 |
$3,500 |
| Dependent Sophmore |
$6,500 |
$4,500 |
| Dependent Junior or Senior |
$7,500 |
$5,500 |
| |
|
|
| Annual Loan Limits for Independent Students and Dependent Students whose parents are ineligible for PLUS |
| |
|
|
| Dependent Freshman |
$9,500 |
$3,500 |
| Dependent Sophmore |
$10,500 |
$4,500 |
| Dependent Junior or Senior |
$12,500 |
$5,500 |
| |
|
|
| Graduate / Professional |
$20,500 |
$8,500 |
| |
|
|
| Aggregate Limits for Stafford Loans |
| |
| |
Subsidized |
Total (subsidized and unsubsidized) |
| Dependent Undergraduates |
$23,000 |
$31,00 |
| Independent Undergraduates and Dependent Students whose parents are ineligible for PLUS |
$23,000 |
$57,500 |
| Graduate/Professional |
$65,00 |
$138,500 |
| |
|
|
What are the benefits of the Direct Loan Program?
- The DL program offers many repayment options, including the income based repayment plan, the Public Service Loan forgiveness program, and loan consolidation.
- The DL Parent PLUS and Grad PLUS loan have a lower interest than that of a FFELP loan; 7.9% compared to 8.5%.
- The DL PLUS loan programs also have a 1.5% interest rebate amount.
- If the borrower meets certain criteria, the DL program has a repayment incentive program whereby the interest rate charged on a borrower's loan(s) may be reduced.
- FFELP and DL can be consolidated under the Federal Direct Loan Program
When should you apply for the Parent PLUS or Grad PLUS loan?
The ideal time to apply for a PLUS loan is after June 1, 2010 for the 2010-2011 academic year.
Parent and GRAD PLUS loans require a credit check that is only valid for ninety days. Changes made to loans after the ninety day mark may result in additional credit checks. To avoid additional credit checks, it is recommended that borrowers apply for loans for the full academic year.
How do I manage repayment if I have both FFELP loans and Direct Loans?
All borrowers are encouraged to review their National Student Loan Data System (NSLDS) records www.nslds.ed.gov and monitor their loan debt. NSLDS not only provides a detailed record of each loan transaction, but also includes servicing information for all federal loans. Borrowers with both FFELP and DL may have multiple loan servicing agents and thus more than one minimum monthly payment. Borrower's are encouraged to work with their servicing agents to maintain a workable and affordable payment plan.
The DL Program offers consolidation to assist borrowers with multiple payments. This is the process of combining one or more eligible federal loans into a single new loan.
