The Higher Education Act of 1965, as amended (HEA) prohibits institutions from refusing to certify a loan because of the borrower's choice of lender (or guaranty agency). SUNY Fredonia participates in the Family Federal Education Loan Program (FFEL), and this law and regulation applies to all schools that participate in the FFEL Program. Students and their parents should understand that they are not required to use any of the lenders on SUNY Fredonia's "Recommended Lender" list, and are free to select the lender of their choice. SUNY Fredonia will promptly certify any loan from any lender selected by a borrower. Lenders who are included in SUNY Fredonia's "Recommended Lender" list disclose agreements to sell their loans to other entities. The selection of lenders for inclusion on SUNY Fredonia's "Recommended Lender" list is based solely on the best interests of the students and parents who may rely on such a list.
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 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 Entrance Counseling and an Electronic Master Promissory Note (e-MPN)at the New York State Higher Education Services Corporation (NYSHESC) website. The e-MPN and Entrance Counseling process 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 Entrance Counseling and e-MPN process. Please note you cannot use your Federal PIN to sign your e-MPN.
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 completing Entrance Counseling and Electronic Master Promissory Note (e-MPN)
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 AMOUNTS
| Year / Classification | Base Amount |
Additional |
Total |
| Dependent Students | |||
| Freshman | $3,500 | $2,000 | $5,500 |
| Sophomore | $4,500 | $2,000 | $6,500 |
| Junior or Senior | $5,500 | $2,000 | $7,500 |
| Independent Students | |||
| Freshman | $3,500 | $6,000 | $9,500 |
| Sophomore | $4,500 | $6,000 | $10,500 |
| Junior or Senior | $5,500 | $7,000 | $12,500 |
| Graduate Students | $8,500 | $12,000 | $20,500 |
Interest Rates
For Stafford loans disbursed after July 1, 2009 the interest rate is fixed at 5.6% for Undergraduate Subsidized Stafford loans and fixed at 6.8% for Undergraduate Unsubsidized Stafford loans and Graduate Stafford Loans (both Subsidized and Unsubsidized loans).
Aggregate Loan Limits (Effective July 1, 2008)
- Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized)
- Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
- Graduate Students: $138,500 (no more than $65,500 of which can be subsidized)
Click here to Apply On-Line for a Stafford Loan.