William D. Ford Federal Direct Loan (Stafford Loans)

The 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
  • Select desired award year
  • The application is available under "Application Status"
  • If you have completed the Entrance Counseling after submitting your Direct Loan request then you are required to email financial.aid@baruch.cuny.edu to inform us that you have done so. In the email you must include your name and the last four digits of your social security number. Federal Direct Loan requests will not be processed if an Entrance Counseling is not on file with the federal government.

Please be advised that there is a minimum half-time (6.0 actual credits) enrollment requirement for each term that you request a loan.

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.

There is a 3-5 business day turn around for 2014-2015 Direct Loan processing upon completion of the requirements above. We are no longer processing 2013-2014 Direct Loan requests.

For instructions on how to access your eFAP, click here.

To Reduce/Cancel Your Federal Direct Loan For the 2014-2015 Award Year:

  • Send your request to financial.aid@baruch.cuny.edu using your Baruch email address, and use the subject line: “Request to Reduce/Cancel Federal Direct Loan.” In that email, please specify your full name as well as the last four digits of your social security number so we can locate your previous request.
  • You must specify the reduction amount in the body of your email.

To Increase Your Federal Direct Loan For the 2014-2015 Award Year:

  • To request an increase for your William D. Ford Federal Direct Loan, you must return to your original direct loan request form (via CUNY PORTAL) and adjust the amount of your request, then re-submit. Add your additional request to the amount you’ve already requested so our records indicate your new overall request for the current academic year. Once you have completed your increase, you must email financial.aid@baruch.cuny.edu using your Baruch email address, and use the subject line: "Request to Increase Federal Direct Loan."

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

 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.

Useful Links

Entrance Counseling Master Promissory Note Exit Counseling
Federal Direct Loans While
You Are In-School
Federal Direct Loans
When you Graduate or Leave School
Repaying Your Federal Direct Loans
Federal Direct Loan Consolidation Website Interest Rates and Calculators Direct Loan Default Resolution

 

PLUS Applications

2014-2015 Parent PLUS Loan Application

2014-2015 Graduate PLUS Loan Application

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). To receive a Direct 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, or be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate student enrolled at least half-time; and 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.

  • 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 Direct PLUS loan is credit approved by the federal government then the borrower of the Direct PLUS loan must complete a PLUS Promissory Note on studentloans.gov. If a parent borrower is unable to secure a Direct PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans to help pay for his or her education.


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 will be contacted by the Perkins Loan Coordintor 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!