Skip to content


General Contact Information

Phone: 646-312-1360

Fax: 646-312-1361

Email:

financial.aid@baruch.cuny.edu

Mailing Address:

Baruch College, Financial Aid
One Bernard Baruch Way,
Box H-0880
New York, NY 10010-5585

Walk-In Address:

151 25th Street, Room #880

Financial Aid

Loans



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.

Current Direct Loan interest rates.

2019-2020 Federal Direct Loan Important Dates
Semester
*Disbursement Date
Request Deadline
Summer 2019
7/21/2019
8/5/2019
Fall 2019
8/19/2019
11/25/2019
Spring 2020
1/21/2020
4/24/2020

*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 & attendance requirement for each term that you request a loan.

Loan Limits for Dependent Undergraduate Students
Class Level
Maximum Subsidized Loan
Additonal Unsubsidized Loan
Total Loan (Combined Subsidized & 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
Loan Limits for Independent Undergraduate Students
Class Level
Maximum Subsidized Loan
Additonal Unsubsidized Loan
Total Loan (Combined Subsidized & 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
Loan Limits for Graduate Students
Class Level
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 and attending 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.

 

To apply for a PLUS loan you must complete a Direct PLUS application.

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.



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.

Federal Perkins Loan Program ended September 30, 2017

No additional loans will be available (disbursed) under the Federal Perkins loan after September 30, 2017.

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?
ECSI. You will have to enter Baruch College's ECSI school code, which is F5, and your account number, which is your social security number.

Additional information on Perkins Loans:

Federal Perkins Loan Teacher Cancellation

Request for Perkins Loan Deferment

Request for Military Deferment Request

Request for Economic Hardship Deferment

Request for Unemployment Deferment

Request for Mandatory Forbearance

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!