Financial Aid

Federal Direct Loans (Stafford and PLUS Loans)

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 (loan servicer) you deal with can be a private business.

With Direct Loans, you can:

  • 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.

 

 2014-2015 Federal Direct Loan Interest Rates

Loan Type

 

Interest Rate

Direct Subsidized Loans

Undergraduate Students

4.66%

Direct Unsubsidized Loans

Undergraduate Students

4.66%

Direct Unsubsidized Loans

Graduate Students

6.21%

Direct PLUS Loans

Parents of Dependent Undergraduate Students/Graduate and Professional Students

7.21%

 

2014-2015 Federal Direct Loan Disbursement Dates

Semester

Date

Summer 2014

8/07/2014

Fall 2014

09/24/2014

Spring 2015

02/25/2015

Please be advised that after the first disbursement date for each term, subsequent disbursements occur on a weekly basis.

 

The William D. Ford Federal Direct Stafford Loan

The William D. Ford Federal Direct Stafford Loan is available to both undergraduate and graduate students. Please be advised that there is a minimum half-time (6.0 actual credits) enrollment requirement for each term that you request a loan.

  • For instructions on how to apply for a direct Stafford loan, click here.
  • For instructions to reduce, cancel, or increase a direct Stafford loan, click here.

       

      Loans for Dependent Undergraduate Students

      The amount you are eligible to borrow each academic year

      Maximum subsidized Loan

      Additional unsubsidized Loan

      Total Loan (combined subsidized and unsubsidized)

      Freshmen

      $3,500

      $2,000

      $5,500

      Sophomore

      $4,500

      $2,000

      $6,500

       Juniors & Seniors

      $5,500

      $2,000

      $7,500

      Lifetime Borrowing Limit

      $23,000 $31,000

      Loans for Independent Undergraduate Students

      The amount you are eligible to borrow each academic year

      Maximum subsidized Loan

      Additional unsubsidized Loan

      Total Loan (combined subsidized and unsubsidized)

      Freshmen

      $3,500

      $6,000

      $9,500

      Sophomore

      $4,500

      $6,000

      $10,500

      Juniors & Seniors

      $5,500

      $7,000

      $12,500

      Lifetime Borrowing Limit

      $23,000 $57,500

       

      Loans for Graduate Students

      The amount you are eligible to borrow per academic year

      Maximum Unsubsidized Loan

      Graduate/Professional Students

      $20, 500

      Lifetime Borrowing Limit

      $138,500

 

PLUS Loans

PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. In order to receive a Direct PLUS loan, you (or your child, in the case of parent borrowers) must complete the Free Application for Federal Student Aid (FAFSA).

Graduate students are only advised to apply for a PLUS loan if they need additional funds not provided by the maximum amount of the unsubsidized Stafford loan. To receive a Graduate PLUS Loan, you must be a graduate or professional degree student enrolled at least half-time (6 credits) at an eligible school in a program leading to a degree.

Parents of undergraduate students are only advised to apply for a Parent PLUS loan if their child requires additional funds not provided by the maximum amount of both their subsidized and unsubsidized Stafford loan.  To receive a Parent PLUS Loan, you must be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time. You must also meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements.

With PLUS loans:

  • The U.S. Department of Education is the lender.
  • The borrower must not have an adverse credit history.
  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

If your PLUS loan is credit approved by the federal government, then the borrower of the must complete a PLUS Promissory Note on StudentLoans.gov. If a parent borrower is unable to secure a PLUS loan, the undergraduate student may be eligible for an increase of their unsubsidized Stafford loan to help pay for his or her education.

2014-2015 Parent PLUS Loan Application

2014-2015 Graduate PLUS Loan Application



Federal Perkins Loan

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.

New and continuing students who are eligible for the Perkins Loan for 2014-2015 would have been contacted by the Perkins Loan Coordinator by the end of July for procedures on how to access the Entance Interview and Perkins Promissory Note.

Financial Aid Services 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!