Loans

Federal Direct Student Loans

These loans are given directly to the student.

Payments for subsidized and unsubsidized federal direct loans do not begin unless the student graduates, withdraws or drops below six credits a semester. If you are receiving an unsubsidized loan, you will be charged interest while in school. We recommend you begin making interest payments before you leave school.

You will automatically be considered for subsidized and unsubsidized loans by filing your FAFSA every year. Amounts can vary from year to year and are based on the student’s FAFSA.

You must accept or decline these loans in the financial aid section of Maritime Self-Service. If you change your mind after you have taken action online, contact the Office of Financial Aid.

You may choose to accept or decline any loans you are offered. You may also accept less than the full loan offer. Make sure you are familiar with all of the loan’s terms before you decide. You can find important information about terms, tracking your loan, repayment rights and responsibilities, grace periods, and managing your debt on the U.S. Department of Education website, studentloans.gov.

Accepted loans are divided evenly between semesters, unless you are only attending one semester or the loan is specifically for the summer session.

Accept your Student Loan(s)

You must accept your federal student loans before they are applied to your account. 

  1. Log into Maritime Self-Service with your student ID (including the M) and your PIN.

  2. Click Financial Aid, Award,

  3. Then click Aid Year 20XX-20XX and submit.

  4. Select the tab that says Accept Award Offer on the right of your screen.

You may accept all or a part of any loans you are awarded. You may also decline them here.

Federal Parent PLUS Loan

These loans are available for the parents of dependent undergraduates.

To apply:

  1. Request a loan, including the proposed amount

  2. If approved, submit a promissory note indicating the proposed loan amount. The Department of Education will run a credit check and inform the college of the results.

If denied, contact the Office of Financial Aid at financialaid@sunymaritime.edu to request additional unsubsidized loans for the student.

When the loan is finalized, the college will add it to your aid package and update your account in Maritime Self-Service. Funds will go directly to the college.

Repayment for federal PLUS loans begins 60 days after the final loan disbursement.

Federal Graduate PLUS Loan

This program is similar to the Parent PLUS loan. It is only available for graduate students.

Repayment for federal PLUS loans begins 60 days after the final loan disbursement. Graduate PLUS loans can be deferred until students leave school or fall below half-time status.

Private Loans

If you need additional loans to cover your education or are not eligible for federal loans, you may be able to borrow money from a private lender. We recommend that you exhaust all other options, including federal work-study, before applying for a private loan.

Private loans do not have fixed interest rates and may require a co-signer and higher fees.

It is up to you and your family to find and secure a private loan. The lender will manage the application and the college will process the loan from the lender of your choice. Funds are usually sent directly to the college; we will notify you when the funds have been applied to your account.

Use the Student Self-Certification form below to determine how much you can borrow from a private lender.

Deferment and Enrollment Verification

You will be responsible for verifying your enrollment with the lender. You may do this through the National Student Clearinghouse. This is necessary to defer repayment while you are enrolled. Most lenders also require you to file a loan deferment request form periodically to ensure you are still eligible for payment deferrals.

loan Exit Counseling

Upon graduation or if you drop below six credits a semester, you must also complete exit counseling.

This applies to all types of loans and is a requirement for Maritime’s graduation application.

Resources