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Contact Us

Miller Building, Room 205
Phone: 607-753-4717
Fax: 607-753-5990
financial.aid@cortland.edu

Office Hours
8 a.m.-4:30 p.m.
Monday-Friday

 

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Federal Loans

Federal student loans must be repaid with interest. They are legal obligations and cannot be canceled or discharged if you are unable to find employment or are having financial difficulty. Applying for a federal education loan is a process and a cycle that is repeated each academic year.

 


Federal Direct Stafford Loans

Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college or trade, career or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.

The Department of Education’s Direct Loans website gives detailed information on the Federal Direct Stafford loan program such as:

  • How to apply
  • Loan terms
  • Borrowing limits
  • Rights and responsibilities
  • Payment terms, forgiveness programs, etc.

Eligibility Criteria

Ineligible Criteria

  • Default on a federal student loan
  • Conviction of a drug offense
  • Enrolled less than half time at SUNY Cortland (six required credit hours)
  • Not maintaining Satisfactory Academic Progress (SAP)

Filing Procedures

  • File the aid year specific Free Application for Federal Student Aid
  • Be admitted to SUNY Cortland
  • New borrowers must complete a Master Promissory Note (MPN)
  • New borrowers must complete an online Entrance Counseling session
  • Accept the terms and conditions for receiving financial aid
  • Accept your award offer via myRedDragon


Federal Direct Parent PLUS Loans

Parents of dependent students can take out loans to supplement their children's aid packages. The federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance.

The Department of Education's Direct Loans website gives detailed information on the Federal Direct Parent PLUS Program such as:

  • How to apply
  • Preapproval Requirements
  • Loan Terms
  • Borrowing Limits
  • Rights and Responsibility
  • Payment Terms and Forgiveness Programs, etc.

 Eligibility Criteria

  • Complete the Free Application for Federal Student Aid (FAFSA)
  • Be a US citizen or eligible noncitizen
  • Have a valid social security number
  • Student must be enrolled in an eligible degree or certificate program
  • Student must be enrolled at least half-time at SUNY Cortland (6 required credits)
  • Student must maintain Satisfactory Academic Progress (SAP)
  • Application pre-approval process must result in credit approval

Ineligible Criteria

  • Parent and/or student is in default on a federal education loan
  • Student conviction of a drug offense
  • Student is enrolled less than half time at SUNY Cortland (6 required credits)
  • Student did not maintain Satisfactory Academic Progress (SAP)
  • If pre-approval process results in credit denial then students may be eligible to receive additional funding through the Unsubsidized Stafford loan program. To be considered for an unsubsidized Stafford loan, the student must submit a Loan Change Form indicating PLUS loan credit denial.

Filing Procedures

  • File the aid year specific Free Application for Federal Student Aid
  • Student must be admitted to SUNY Cortland
  • Parent must complete online Direct PLUS loan request (Applications available July 1st)
  • Parent must complete a Master Promissory Note (MPN)
  • Student must accept the terms and conditions for receiving financial aid
  • Student must accept your award offer via myRedDragon

Federal Direct Graduate PLUS Loans

Graduate students with good credit history, are eligible to borrow through the Federal Direct PLUS Loan program to help pay their educational expenses.

The Department of Education's Direct Loans website gives detailed information on the Federal Direct Parent PLUS Program such as:

  • How to apply
  • Preapproval Requirements
  • Loan Terms
  • Borrowing Limits
  • Rights and Responsibility
  • Payment Terms and Forgiveness Programs, etc.

Eligibility Criteria

  • Complete the Free Application for Federal Student Aid (FAFSA)
  • Be a U.S. citizen or eligible noncitizen
  • Have a valid Social Security number
  • Enrolled in an eligible degree or certificate program
  • Enrolled at least half-time at SUNY Cortland (six required credit hours)
  • Must maintain Satisfactory Academic Progress (SAP)
  • Application pre-approval process must result in credit approval

Ineligible Criteria

  • Default on a federal education loan
  • Conviction of a drug offense
  • Enrolled less than half time at SUNY Cortland (six required credit hours)
  • Not maintaining Satisfactory Academic Progress (SAP)

Filing Procedures

Federal Perkins Loans

The Perkins Loan is a federally sponsored student loan program administered by SUNY Cortland in conjunction with the SUNY system offices in Albany. The loan is borrowed from the college. The Perkins Loan interest rate is fixed at 5 percent, and no interest is charged until the student goes into repayment, nine months after leaving school. There is no up-front or origination fee on a Perkins Loan. The nine-month grace period begins when attendance drops below half-time. The College has a limited amount of money to lend each year.

Eligibility Criteria

  • File the aid year specific Free Application for Federal Student Aid
  • Be admitted to SUNY Cortland as a degree-seeking undergraduate student
  • Enrolled full time for at least 12 credit hours each semester
  • Be a U.S. citizen or eligible noncitizen
  • Demonstrate financial need
  • Maintain Satisfactory Academic Progress (SAP)
  • Eligibility is not guaranteed year-to-year. Due to limited funding eligible students may not receive an award

Ineligible Criteria

  • Not maintaining Satisfactory Academic Progress (SAP)
  • Eligibility is not guaranteed year-to-year. Due to limited funding eligible students may not receive an award
  • Enrolled in a program leading to a second baccalaureate degree
  • Does not demonstrate unmet need as determined by the FAFSA
  • Enrolled less than half time at SUNY Cortand (six required credit hours)

Filing Procedures

  • Accept your award package
  • Accept the Perkins Loan Rights and Responsibilities and Truth-in-Lending Statement
  • Complete the entrance session and e-sign process
  • Completed exit process if graduating, transferring or enrolling less than half time
  • The Student Loan Servicing Center is responsible for all billing and collections of Perkins loan payments. The SLSC also handles all requests for deferment or forbearance and processes loan forgiveness applications. The SLSC can be contacted at 518-525-2626 or slsc@uamail.albany.edu.

  • Perkins loans can be discharged/cancelled based on the following type of employment:

    • Full-time teacher, when your school serves a low-income area, you teach special-education students, or you teach math, science or other subjects with a shortage of teachers
    • Full-time nurse or medical technician
    • Full-time law enforcement or corrections officer
    • Full-time Peace Corps volunteer