Stafford Loan Process
Federal Direct Stafford Loan Borrower Instructions
- You are required to accept the Federal Direct Stafford Loan via YOUR CONNECTION. Click here for instructions on accepting / declining your aid.
- All first-time borrowers at SUNY Fredonia must complete Entrance Counseling. Click here and under "Manage My Direct Loan" sign in using your 4 digit pin used to sign the FAFSA. Then click on "Complete Entrance Counseling".
- All first-time borrowers at SUNY Fredonia MUST complete a new Federal Direct Electronic Master Promissory Note (eMPN). Click here and under "Manage My Direct Loan" sign in using your 4 digit pin used to sign the FAFSA. Then click on "Complete Master Promissory Note".
ALL STAFFORD LOAN BORROWERS MUST COMPLETE A NEW ELECTRONIC MASTER PROMISSORY NOTE
Please allow 2-3 weeks processing time from the point of accepting your Stafford loans.
Please note: You must use Windows Explorer 7.0 or Firefox 3.6.3 to complete entrance counseling and the e-MPN. The Department of Education currently does not support Safari. All steps listed above must be completed in order for your Stafford Loan to be applied to your account.
Federal Direct Subsidized Stafford Loan
You are eligible for a subsidized Stafford Loan if you are in school at least half-time and have financial need. With a subsidized Stafford Loan, the federal governement will pay the interest while you're enrolled at least half-time. Loans disbursed on or after July 1, 2012 will not be eligible for the interest subsidy for Direct Subsidized Loans during the grace period.
Federal Direct Unsubsidized Stafford Loan
Unsubsidized Stafford loans are for students who do not have financial need. With an unsubsidized Stafford Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.
Fees and Interest Rebate
|
First Disbursed
On or After
|
Origination Fee |
Up-front Interest Rebate |
| After July 1, 2012 |
1.0%
|
0.0%
|
*The Up-front Interest Rebate percentage is the amount given to borrowers after the Origination Fee has been deducted from each loan disbursed. Students must make all of the first 12 required monthly payments on time or the rebate amount will be added back to the principal balance of the loan.
Interest Rates
|
1st Disbursed
On or After
|
And Before |
Interest Rate |
| July 1, 2012 |
July 1, 2013 |
3.4% Subsidized / 6.8% Unsubsidized
|
* All Graduate Direct Subsidized and Unsubsidized Loans have a 6.8% interest rate. As of July 1, 2012 graduate students will only be eligible for Unsubsidized Stafford loans.
Annual Loan Limits
| Year/Classification |
Base Amount |
Additional Unsbsidized Loan |
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 |
Aggregate Loan Limits
- Undergraduate Dependent Students: $31,000 (no more than $23,000 Subsidized Stafford Loan)
- Undergraduate Independent Students: $57,500 (no more than $23,000 Subsidized Stafford Loan)
- Graduate Students: $138,500 (no more than $65,500 Subsidized Stafford Loan)
|
