Student Loan Center

Students and parents have several options for borrowing money to help to pay for college. 

Direct Student Loans

Federal Perkins Loan

Direct Parent PLUS Loan

Direct Graduate PLUS Loan

Alternative/Private Educational Loan

Geneseo Student Emergency Loan Fund (SELF)

  


 

Federal Direct Student Loans

Direct Loans are low-interest loans for eligible students to help cover the cost of attendance. Eligible students borrow directly from the U.S. Department of Education and are assigned to a loan servicer. Students must be enrolled for at least 6 credits to be eligible for Direct Student Loans.

Current Interest Rate
    How is interest calculated?

Current Origination Fee

Repayment Information

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Accept all or a portion of the award on KnightWeb.
  3. If you accept a Student Direct Loan, you must complete the following steps:


Subsidized vs. Unsubsidized
Subsidized

  • Available to undergraduate students only.
  • Must have financial need
  • Interest does not accrue while in school at least half-time (6 credits or more) and/or during a period of deferment


Unsubsidized

 

How much can I borrow?

Dependent Undergraduate Students

YEAR IN SCHOOL (CREDITS)

 ANNUAL MAXIMUM -Subsidized

 ANNUAL MAXIMUM - Combined Subsidized & Unsubsidized

FRESHMEN (0-29)

 $3,500

 $5,500

SOPHOMORE (30-59)

 $4,500

 $6,500

 JUNIOR (60-89)

 $5,500

 $7,500

 SENIOR (90+)

 $5,500

 $7,500

 

Independent Undergraduate Students &

Dependent Undergraduate Students whose parents are denied the Federal Parent PLUS Loan

YEAR IN SCHOOL (CREDITS)

 ANNUAL MAXIMUM - Subsidized 

 ANNUAL MAXIMUM - Combined Subsidized & Unsubsidized

FRESHMEN (0-29)

 $3,500

 $9,500

SOPHOMORE (30-59)

 $4,500

 $10,500

 JUNIOR (60-89)

 $5,500

 $12,500

 SENIOR (90+)

 $5,500

 $12,500

 

 Graduate Students

ANNUAL MAXIMUM- Unsubsidized Direct Loan

(*For loan periods beginning after July 1, 2012)

$20,500

 

 Aggregate Federal Subsidized & Unsubsidized Stafford Loan Limits:

 

AGGREGATE MAXIMUM- Subsidized

AGGREGATE MAXIMUM- Combined Subsidized & Unsubsidized

Dependent, Undergraduate Students

 $23,000

 $31,000

Independent, Undergraduate Students & Dependent Undergraduate Students whose parents are denied the Federal PLUS Loan

 $23,000

 $57,500

Graduate Students

 $65,500

 $138,500

 

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Federal Perkins Loans

Perkins is a low-interest federal student loan program. Funds are limited and not guaranteed from year to year. The loan is awarded through Geneseo and the loan servicer is the Student Loan Servicing Center (SLSC).

  • The interest rate is fixed at 5.0%
  • Must have financial need
  • No origination fee
  • Repayment begins 9 months after leaving school

 

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Accept all or a portion of the award on KnightWeb.
  3. If you accept the Perkins Loan, you must complete the Entrance Interview and Sign Your Promissory Note.

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Federal Parent Loans for Undergraduate Students (Parent PLUS)

A PLUS loan is meant to assist families in covering costs beyond any student financial aid. PLUS Loans are borrowed through the Department of Education and assigned to a loan servicer.

 

Current Interest Rate

Current Origination Fee

Repayment Information

 

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Accept all or a portion of the award on KnightWeb
  3. The parent must log-in and apply on StudentLoans.gov
    • Remember that the PARENT is the borrower and STUDENT is the student.
  4. The parent must "Request a Direct PLUS Loan."
    • A credit decision is immediate.
      • If denied, three options are available:
        • Request a credit appeal.
        • Provide an endorser.
        • Not pursue the PLUS Loan: The student may use additional Direct Unsubsidized Loan. Additional loan limits are available up to $6,000/academic year for 1st and 2nd year students (59 or less credit hours earned); and up to $7,000/academic year for 3rd and 4th year students (60 or more credit hours earned).

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Federal Direct PLUS for Graduate Students

A Graduate PLUS loan is only available for graduate students working toward their Master's or other Professional Degree. Unsubsidized Direct Loan should be used first.  

 

Current Interest Rate

Current Origination Fee

Repayment Information

 

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Graduate students must log-in and apply on StudentLoans.gov
  3. Select the option "Request a Direct PLUS Loan."
    • A credit decision is immediate.
      • If denied, three options are available:
        • Request a credit appeal.
        • Provide an endorser.

 


 

Alternative Student Loans/Private Educational Loans

Be advised that you should always consider federal loan options first. Federal vs. Private Loans

An Alternative Student Loan is meant to cover the cost of attendance beyond the student's federal, state and campus financial aid.  Students may contact the lender of your choice.  You may choose any lender.  However, Geneseo does offer a "Suggested Lender" list on ELMSelect.com.

The suggested lenders listed below were determined by an RFI (Request for Information) process and selected based on the following criteria:

  • excellent customer service,
  • competitive and reasonable rates & terms,
  • user-friendly technology, and
  • financial literacy efforts.

 

Why does Geneseo use a "Suggested Lender" List?

 

Geneseo's "Suggested Lender" List: 

For a comparison of these lenders and/or to apply, please visit ELMSelect.comYour application will be processed by the lender and SUNY Geneseo will be contacted if you are approved. We will certify the loan upon notification from the lender.

Application & Solicitation Disclosures are available here.

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