Loans

Federal Direct Student Loans

These loans are given directly to the student.

SUNY Maritime participates in the William D. Ford Direct Student Loan program. Students who file the FAFSA will be offered a financial aid package by the college that may include a subsidized and/or unsubsidized direct student loan, and/or Parent PLUS loan.

First-time borrowers at Maritime must complete a Master Promissory Note and Entrance Counseling at studentloans.gov, even if you have borrowed federal direct student loans at another institution. It takes approximately 48 - 72 hours for the status to be updated.

You may choose to accept or decline any loans you are offered, or to accept only a partial amount of any loan. Accepted loans are split evenly between semesters.

You must be enrolled for at least half-time status (6 credits) to receive federal student loans.

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.

Federal student loans are not carried over automatically from year to year. They must be renewed annually by refiling the FAFSA. The amount of a student's financial aid package, including loans, can vary from year to year and must be accepted every year via Maritime Self-Service.

 

Federal Parent PLUS Loan

These loans are available for the parents of dependent undergraduates. Borrowers can request up to the student's cost of attendance, less any federal direct loans and other financial aid.

The parent must consent to a credit check and complete the Master Promissory Note.

In the event that an undergraduate Parent PLUS loan applicant is denied based on the parent's credit rating, the dependent student will be permitted to borrow additional unsubsidized direct loan funds. In this case, the student must contact the Office of Financial Aid to request additional unsubsidized loans. 

 

Federal Graduate PLUS Loan

Graduate PLUS loans are supplemental loans available to students in graduate degree programs who are enrolled at least half time.

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.

loan entrance and Exit Counseling

Borrowing to pay for your education is an important decision. Maritime students who borrow under any federal loan program are required to receive online Entrance Counseling as a condition of borrowing.

Upon graduation or when the student drops below half-time status, you are also required to complete online Exit Counseling. The exit counseling advises you of how much you have borrowed to date, who your loan services are, and when you can expect to begin repayment.

Repayment Policies

Normally, the repayment period for student loans is 10 years. Extended and/or income-contingent repayment plans may be available for qualified borrowers.

You can find important information about tracking your loan, repayment rights and responsibilities, grace periods and managing your debt on the U.S. Department of Education website.

Deferment and Enrollment Verification

For subsidized and unsubsidized federal direct loans, repayment is deferred until a student graduates, withdraws from school (formally or informally), or drops below half-time status. 

Recipients of unsubsidized direct loans who are able to do so are encouraged to begin paying interest even before they leave school.

Repayment of federal PLUS loans is scheduled to begin within 60 days after the final disbursement of each loan. However, students receiving PLUS loans can defer making payments until they leave school or fall below half-time status.

Enrollment verification is necessary for deferral of loan repayment during a student's ongoing course of study. You may request enrollment verification online through the National Student Clearinghouse or contact the Office of the Registrar.

Please consult with your lender, guarantee agency or servicer to determine whether they require a loan deferment request form to be filed every semester or if a single request form is sufficient for the duration of your enrollment.

If you are seeking to defer loan repayment or extend the payment period for reasons other than continuing enrollment in school, for example economic hardship, you must contact the institution to which you owe payment and ask them about your options.

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