Student Loans

Student Loans

Federal Direct Loan Program

Application process for first-time Direct Loan borrowers:

1.   Accept your Stafford student loans online via Maritime's self-service.

2.    Complete Entrance Interview online at:

  • https://www.studentloans.gov
  • Identify SUNY Maritime College: select Maritime College (SUNY)
  • Please allow 20 to 30 minutes to complete online interview.

First time borrowers of a Stafford Loan must complete the Entrance Loan Counseling prior to disbursement of funds.  The above directions must be followed.

3.    Complete the Federal Direct Loan Master Promissory Note (MPN)

  • www.studentloans.gov
  • You will need your federal PIN to confirm your identity.
  • Select the state and school name:
  • SUNY Maritime College
    6 Pennyfield Ave, Bronx, NY 10465-4198
  • Allow 20 – 30 minutes to complete promissory note online

4.    Submit final high school transcript or final college transcript (when available).

Federal Perkins Loan Program

Application process for first-time Perkins borrowers:

  1. Accept your Perkins loans online via Maritime's self-service.
  2. Complete & sign the Perkins Annual Disclosure Form.  You will receive this form in the mail or request it by emailing financialaid@sunymaritime.edu .
  3. You will be notified by mail prior to the start of classes or email after the start of classes to complete the electronic Master Promissory Note and Entrance Counseling at SUNY Student Loan Center.


Interest Rates and Origination Fees
 





2014-2015 Interest Rates and Origination Fees

  Borrower Type Interest Rates Origination Fee
Direct Subsidized loans Undergraduate 4.66% 1.07%
Direct Unsubsidized loans Undergraduate 4.66% 1.07%
Direct Unsubsidized loans Graduate 6.21% 1.07%
Graduate PLUS loans Graduate 7.21% 4.29%
Parent PLUS loans Parent for undergraduate dependentstudents 7.21% 4.29%

 

Annual Loan Limits

 




Annual Loan Limits

  Dependent Students Independent Students
Freshman $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Sophomore $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans.
Junior/Senior $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate Students Not Applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only)

 

Aggregate Loan Limits

 




Aggregate Loan Limits

  Dependent Students Independent Students
Undergraduate Subsidized and Unsubsidized Aggregate Loan Limit $31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
Graduate Subsidized and Unsubsidized Aggregate Loan Limit Not Applicable (all graduate and professional students are considered independent) $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

What are the benefits of the Direct Loan Program?

The DL program offers many repayment options, including the income based repayment plan, the Public Service Loan forgiveness program, and loan consolidation.

If the borrower meets certain criteria, the DL program has a repayment incentive program whereby the interest rate charged on a borrower's loan(s) may be reduced.

FFELP and DL can be consolidated under the Federal Direct Loan Program

When should you apply for the Parent PLUS or Grad PLUS loan?
The student must complete the FAFSA application and submit all documents for verification before the Plus loan can be processed.  The ideal time to apply for the Parent or Graduate PLUS loans for each term are:

Summer - you must wait until after the end of the Spring semester.  It is recommended that you apply mid-May.  You may email financialaid@sunymaritime.edu and notify the Financial Aid Office the total dollar amount you plan on applying for the summer term in April.  However, you must also complete the PLUS loan application in May.

Fall - starting June/July.  It is recommended that you wait for the bill before applying so that you would know how much you want to borrow for the aid year.

Spring - starting in November.  Students must be accepted and have the FAFSA on file before the Plus loan can be processed.

Parent and GRAD PLUS loans require a credit check that is only valid for ninety days.  Changes made to loans after the ninety day mark may result in additional credit checks.  To avoid additional credit checks, it is recommended that borrowers apply for loans for the full academic year.

How do I manage repayment if I have both FFELP loans and Direct Loans?
All borrowers are encouraged to review their National Student Loan Data System (NSLDS) records www.nslds.ed.gov and monitor their loan debt. NSLDS not only provides a detailed record of each loan transaction, but also includes servicing information for all federal loans. Borrowers with both FFELP and DL may have multiple loan servicing agents and thus more than one minimum monthly payment. Borrower's are encouraged to work with their servicing agents to maintain a workable and affordable payment plan.


The DL Program offers consolidation to assist borrowers with multiple payments. This is the process of combining one or more eligible federal loans into a single new loan.