Federal Loans

You may be offered student loans as part of your financial aid eligibility. A loan is money that is borrowed and must be repaid with interest. SUNY Cortland's official 3 year cohort default rate is 3.5%. The four year public college 3 year default rate is 9.6% and the national average is 10.1%.

Undergraduate Student Loans

Federal Direct Loans

Subsidized and unsubsidized loans are available to undergraduate students who are US citizens or eligible non-citizens. The U.S. Department of Education pays the interest on a Direct Subsidized loan while the student is enrolled at least half-time and during the grace period (first six-months after the student separates from school). Subsidized loan eligibility is based on financial need determined by the FAFSA. With Federal Direct Unsubsidized Loans, interest is accusing during all loan periods.

Annual loan limits are based on the student's year in school. 

The current interest rate is fixed at 2.75% with an origination fee of 1.059%. 

To apply, students must submit the FAFSA application. For moree information about the Federal Direct Loan program, visit the Federal Student Aid website

Parent PLUS Loan

Federal Direct Parent PLUS loans are available to parents of dependent, undergraduate students. Eligibility is not based on financial need but an additional application and credit check is required. Borrowers with adverse credit history may still be eligible by meeting additional requirements.

Parents may borrow up to the cost of attendance minus financial aid received. We encourage you to borrow only what you need for the academic year. 

The current interest rate is fixed at 5.30% with a 4.248% origination fee

To apply, the parent must go online to the Direct PLUS loan application for parens and log in with the parent FSA ID. For more information about Federal Direct PLUS loans, visit the Federal Student Aid website

Graduate Student Loans

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized loans are available to graduate students who are US citizens or eligible non-citizens. Graduate students must be enrolled at least part-time to be eligible. 

The annual loan limit for Federal Direct Loans for graduate students is $20,500 per academic year, within the cost of attendance.

The current interest rate is fixed at 4.30% with a 1.059% origination fee

To apply, students must submit the FAFSA application. For more information about the Federal Direct Loan program, visit the Federal Student Aid website

Graduate PLUS Loan

Direct Graduate PLUS loans are available to the graduate or professional students who are US citizens or eligible non-citizens. Eligibility is based on an additional application and a credit check is required. Borrowers with adverse credit history may still be eligible by meeting additional requirements. 

Graduate students may borrow up to the cost of attendance minus financial aid received. We encourage you to borrow only what you need for the academic year. 

The current interest rate is fixed at 5.30% with a 4.248% origination fee

To apply, the student must go online to the Direct PLUS Loan application for graduate students and log in with the student FSA ID. For more information about the Federal Direct PLUS loan, please visit the Federal Student Aid website

Other Federal Loan Information

Federal Perkins Loan

The Federal Perkins Loan program was discontinued by the Department of Education. A borrower who received a Perkins Loan can learn more about managing repayment by contacting The Student Loan Service Center at 518-525-2626 or slsc@uamail.albany.edu.

The Student Loan Servicing Center is responsible for all Perkins Loan repayments and handles all requests for deferment, forbearance and loan forgiveness.