Additional Financing Options

The SUNY Cortland Student Accounts Office offers the option of paying your fall and spring semester bills in 4 equal monthly payments. Learn more about the Monthly Payment Plan

A Parent PLUS Loan is a federal loan in the parent's name for their student's educational expenses. These are credit-based loans (requiring an application and subject to a credit check). They are available to parents of dependent, undergraduate students. We encourage you to borrow only what you need for the academic year. 

Eligibility

• Meet the basic eligibility criteria for the federal student aid programs
• Eligible, dependent student must complete the Free Application for Federal Student Aid (FAFSA®) form
• Additional information is available in the SUNY Cortland Undergraduate Catalog and at studentaid.gov 

Origination and Interest Rates

• Current interest rate is fixed at 8.94% with a 4.228% origination fee 

Loan Limits

• Parents borrowing funds for the first time for a student after July 1, 2026, will only be able to borrow up to $20,000 per year, per child, with a $65,000 lifetime maximum per child. This is a change from current rules, which allow borrowing up to the cost of attendance without a lifetime limit.
• Existing students with a Federal Direct Loan disbursed before July 1, 2026, can continue under the current limits until the completion of their current program or for up to three additional years, whichever comes first.

Repayment

• Repayment begins 60 days after the loan is fully disbursed. Parent PLUS loan borrowers may choose to have repayment deferred (postponed) while their student (for whom the parent borrowed) is enrolled at least half-time and for an additional six months after the student is no longer enrolled at least half-time. Interest that accrues during these periods will be capitalized if not paid by the borrower. Unless requested, there is no six-month grace period. Payments can be deferred if the parent borrower is in school themselves. Please note, since the interest rate is not subsidized, it will continue to accrue and capitalize when the loan enters repayment. The repayment term is up to 10 years.

For additional information on repayment and repayment plans please visit Studentaid.gov 

Application Process

1. Determine how much to borrow using the Direct Loan Origination Fee Calculator. We recommend that you borrow the amount needed for all terms the student will be attending for the academic aid year. 
2. Complete the Federal Parent PLUS Loan application. To complete the application, you will need the following:
• Your (the parent) Social Security number and your student's Social Security number
• Your (the parent) federal PIN number (the one you used to sign your student's FAFSA)
• NOTE: The application begins with a credit check. After you sign in to studentaid.gov, click "Request a Federal Direct PLUS Loan" and complete the online parent credit application and Federal Parent Plus Master Promissory Note.
• Credit checks are good for 180 days
• If a parent with adverse credit files an appeal or obtains an endorser, they must complete the PLUS Credit Counseling

 For more information about Federal Direct PLUS Loan, visit the Federal Student Aid for parent website.

Graduate PLUS Loan will no longer be available to new borrowers starting July 1, 2026. If a student has borrowed this type of funding for their current degree program, then they may continue to apply for up to three additional academic years or until the completion of their current program, whichever comes first.

These loans are only available to graduate students and are considered unsubsidized, so interest accrues while the student is enrolled in school and during deferment periods. They require an application and are subject to a credit check. We encourage you to borrow only what you need for the academic year. 

 Eligibility

• Meet the basic eligibility criteria for the federal student aid programs
• Complete the Free Application for Federal Student Aid (FAFSA®) form
• Additional information is available in the SUNY Cortland Undergraduate Catalog and at Studentaid.gov
• Be enrolled in a minimum of 6 credit hours required for your degree program

 Origination fee and Interest Rates

The current interest rate is fixed at 8.94% with a 4.228% origination fee. 

 Repayment

Repayment begins 60 days after the loan is fully disbursed. Graduate PLUS loan borrowers may choose to have repayment deferred (postponed) while in school, enrolled at least half-time, and for an additional six months after the student is no longer enrolled at least half-time. Interest that accrues during these periods will be capitalized if not paid by the borrower. The repayment term is up to 10 years.

For additional information on repayment and repayment plans please visit studentaid.gov

 How to Apply

1. Apply online Direct PLUS Loan for Graduates or Professional Students application by logging in with your FSA ID.

• Once approved, make sure you continue the process and complete the Entrance Loan Counseling and Master Promissory Note
• Graduate PLUS Loan credit checks will expire 180 days after the approval date.

 For more information about Federal Direct Graduate PLUS loans, visit Federal Student Aid. 

Private education loans are exclusively for educational purposes that are available to students and parents. They are non-federal education loans through a private lending institution. Each lender has different eligibility requirements (e.g., degree status, enrollment status, US citizenship status), loan rates, repayment terms and conditions. Some lenders may also require payment of interest while students are in school.

It is extremely important to begin the private loan application process in a timely manner. We recommend applying for your loan at least 30 days prior to the semester payment deadline to ensure that your loan will be processed before the payment is due.

 Consider Federal Aid First

We highly recommend that private education loans should only be considered after state and federal sources of financial aid have been utilized.

 Application Process

Private education loans vary by lender. You should compare the loan terms and conditions and choose the one that best fits your situation. You may choose to work directly with any lending institution, or you can use the following tool to compare private loans from multiple lenders:

• ELMSelect Tool displays a neutral list of private lenders that SUNY Cortland students have borrowed from in the past. SUNY Cortland does not prefer, recommend, promote, endorse or suggest any of these lenders and the use of a lender listed on ELMSelect is not required.

• If using ELMSelect to research lenders, and the student is not meeting SAP they can use the Sort & Filter option and identify: “Satisfactory Academic Progress: Not Required” 

 Questions to Consider

When comparing private lenders, we strongly encourage you to reach out to the lenders customer service team to ask these important questions before making your selection. 

• What is the interest rate? Is this a fixed or variable interest rate?
• What fees must be paid and when are they due?
• What are the repayment terms? Is there a grace period? Are there deferment or forbearance options?
• What will my monthly payment be?
• Do I need to be enrolled at least half-time?