William D. Ford Federal Direct Loan (Stafford Loans)

The 2013-2014 William D. Ford Federal Direct Loan Application Instructions

  • For first-time borrowers: complete the Entrance Counseling and Master Promissory Note (MPN) at studentloans.gov
  • Log-on to your CUNY Portal account
  • Click on Admissions/Financial Aid. 
  • Select "eFAP" option
  • Award Year is 2013-2014
  • The application is available under "Application Status"

The application will only be available to students who have resolved any errors with their FAFSA application. For issues related to the CUNY Portal, please contact BCTC Help Desk at 646-312-1010.

Please be advised there is a 3-5 business day turn around for Direct Loan processing upon completion of the requirements above.

Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education, though the entity you deal with, your loan servicer, can be a private business.

With Direct Loans, you:

  •  Borrow directly from the federal government and have a single contact for everything related to repayment, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information via your servicer's website.
  • Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

    Loans for Dependent Students (Federal Direct Loans)

    The amount you are eligible to borrow each academic year

    Maximum subsidized Loan

    Additional unsubsidized Loan

    Total Loan (combined subsidized and unsubsidized)

    1st Year

    $3,500

    $2,000

    $5,500

    2nd Year

    $4,500

    $2,000

    $6,500

    3rd Year and Beyond (BA Programs Only)

    $5,500

    $2,000

    $7,500

    Lifetime Borrowing Limit

    $23,000 $31,000

 

    Loans for Independent Students (Federal Direct Loans)

    The amount you are eligible to borrow each academic year

    Maximum subsidized Loan

    Additional unsubsidized Loan

    Total Loan (combined subsidized and unsubsidized)

    1st Year

    $3,500

    $6,000

    $9,500

    2nd Year

    $4,500

    $6,000

    $10,500

    3rd Year and Beyond (BA Programs Only)

    $5,500

    $7,000

    $12,500

    Lifetime Borrowing Limit

    $23,000 $57,5000
    ----------------------------------------- -------------- --------------------- --------------------------------

    Graduate/Professional Students

    N/A

    _

    $20,500

    Lifetime Borrowing Limit

    $65,500 $138,500

Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need.  Federal Perkins Loans are made through the financial aid office. Baruch College is your lender, and the loan is made with government funds. You must repay this loan to Baruch College.

The Office of Financial Aid will apply your loan to your school charges. You'll receive the loan in at least two payments during the academic year.?

How much can I borrow? The amount you receive depends on when you apply, your financial need, and the funding level that Baruch has at the time of packaging.

Other than interest, is there a charge for this loan? No, there are no other charges. However, if you skip a payment, if it's late, or if you make less than a full payment, you might have to pay a late charge plus any collection costs.

When do I pay it back? If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. This is called a "grace period."

Where do I go to complete a Perkins Loan Exit Counseling? https://borrower.ecsi.net/. You will have to enter Baruch College's ECSI school code, which is F5, and your account number, which is your social security number.

Federal Perkins Loan Teacher Cancellation

Request for Perkins Loan Deferment

Request for Military Deferment Request

Request for Economic Hardship/Forbearance Request

Total and Permanent Disability Discharge Application

Spouses and Parents of September 11, 2001 Victims

 


 

Educational Alternative or Private Loans

Before applying for a private or alternative education loan, you may qualify for grants and/or other assistance under Title IV of the Higher Education Act. Loans under Title IV include the Federal Stafford and the Federal PLUS loan. These Title IV loans may have terms and conditions that may be more favorable than the terms and conditions of private education loans. You should compare interest rates, fees, and repayment options such as deferment and forbearance. You should also consider that federal loans may qualify for loan forgiveness for certain professional commitments, and loan discharges due to total and permanent disability and death.

Apply with a credit worthy cosigner - Applying with a cosigner may provide you with an increased chance of approval and more competitive interest rate.

  • Borrow only what you need to meet your educational costs
  • Do your research. Ask questions of your lender and find out which loan will benefit you the most.
  • Be aware of interest rates, fees, and repayment terms before completing the application and promissory note.
  • Monitor your total indebtedness being sure you will be able to repay with interest.
  • Cosigners are equally responsible for repayment of the loan and their credit is equally affected.

E-mail financial.aid@baruch.cuny.edu should you have addition questions regarding loans and borrowing!