In compliance with the New York State Attorney General's Code of Conduct, the process through which recommended lenders are selected is fully disclosed through SUNY Fredonia's Request for Information (RFI) process.
Click Here to view the criteria used (RFI) to determine SUNY Fredonia's Recommended lender list.HOW DO I APPLY FOR A STAFFORD LOAN?
First Time Stafford Loan Borrowers: To apply for a Federal Stafford Loan at SUNY Fredonia, students must complete the following three steps. First, students must accept, decline, or accept a partial amount of their offered loan at "Your Connection." Once the student has accepted the loan he or she must complete an Electronic Master Promissory Note (e-MPN)at the New York State Higher Education Services Corporation (NYSHESC). This e-MPN can be accessed through our Stafford Loan Preferred Lender List via "Apply On-Line for a Stafford Loan". Students will be prompted to apply for a HESC PIN during the e-MPN process. Please note you cannot use your Federal PIN to sign your e-MPN. Lastly, first time borrowers must also complete Entrance Counseling before funds can be credited to the student's account.
Returning Stafford Loan Borrowers: You will NOT need to complete a new Federal Stafford Master Promissory Note unless you would like to choose a new lender!!! However, you must accept, decline or accept a partial amount of your Federal Stafford Loan at "Your Connection" every year. It is very important for you to remember that the Stafford Loan estimated amounts shown on your Financial Aid Award Letter indicate your maximum Stafford Loan eligibility.
Federal Subsidized Stafford Loan If you have financial need remaining after your Federally calculated Expected Family Contribution (EFC), Federal Pell Grant eligibility, and aid from other sources are subtracted from your cost of attendance, you can borrow a Subsidized Stafford Loan to cover all or a portion of that remaning need. The government will pay the interest on your loan while you're in school, for the first six months after you graduate or fall below six credit hours, and when you qualify to have your payments deferred.Federal Unsubsidized Stafford Loan If you don't have financial need remaning after your EFC and need based aid are subtracted from the cost of attendance, you may borrow an Unsubsidized Stafford Loan. This Unsubsidized Stafford Loan can equal the amount of your EFC or the annual Stafford Loan borrowing limit for your grade level, which ever is less. You will be responsible for paying all of the interest on this loan.
The repayment of your Stafford Loan will begin six months after you graduate or drop below half-time attendance (half-time is defined as 6 credit hours). Payments are usually due monthly.
Instructions for signing an e-MPN (
PDF - 149 KB)
How will I receive the loan funds? For each Fall-Spring loan, there are two disbursements. If you have a Fall only or Spring only loan, you will receive your funds in one disbursement. Most loan proceeds are received electronically at Fredonia for loans through lenders who participate in "Electronic Funds Transfer" (EFT). The EFT authorization item on the loan application should be marked "YES", as this will allow your lender to electronically transfer the funds to Fredonia. Once received, the loan proceeds are credited to your student account, and confirmation of that transaction will be sent to you.
If your lender does not participate in EFT, the disbursements will be made by checks sent to Fredonia and made co-payable to Fredonia and you. It will be necessary for you to come in to the Office of Student Accounts to endorse the check before it can be credited to your student account. You will be notified when Student Accounts receives the check.
Any refund that you are entitled to as a result of your Stafford Loan exceeding your charges, will be issued to you after your bill is paid in full. Please contact the Office of Student Accounts, 3rd Floor Maytum Hall, (716) 673-3236, with inquires regarding your refunds. First-year undergraduate students who are first-time borrowers will receive their disbursement 30 days after the first day of the enrollment period.
How Much Can I Borrow? The amounts given below are the maximum yearly amounts you can borrow (if cost minus other aid allows) in both subsidized and unsubsidized loans if the loan is disbursed on or after July1, 2008.
SUBSIDIZED AND UNSUBSIDIZED FEDERAL STAFFORD LOAN
Undergraduate Students
| Class Level | Maximum Loan Amount |
|---|---|
| Freshman (Less than 24 credit hours) | $3,500 |
| Sophomore (24-56 credit hours) | $4,500 |
| Junior (57-88 credit hours) | $5,500 |
| Senior (89 + credit hours) | $5,500 |
Maximum undergraduate aggregate limit = $23,000 |
|
ADDITIONAL ELIGIBILITY FOR UNSUBISIDIZED FEDERAL STAFFORD LOAN (CANNOT EXCEED COST OF ATTENDANCE)
Independent Undergraduate
- Up to $4,000 - for Freshman or Sophomore level standing
- Up to $5,000 - for Junior or Senior level standing
- Maximum undergraduate additional Unsubsidized aggregate limit = $23,000
Graduate and Professional Students
- Up to $8,500 per year - Subsidized
Maximum aggregate limit (including amounts borrowed for undergraduate study) - $65,000 - Up to $12,000 per year - Unsubsidized
Maximum aggregate limit (including amounts borrowed for undergraduate study) - $73,000