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Student Loan Center

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


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.

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

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

 


 

Federal Perkins Loans

IMPORTANT: The Federal Perkins Loan program ended on October 1, 2017. This information is for previous Federal Perkins Loan recipients only.

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

 

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. The parent must then log-in and apply on StudentLoans.gov after May 1st for the next academic year. Remember that the PARENT is the borrower and STUDENT is the student.
  3. The parent must "Request a Direct PLUS Loan." (A credit decision is immediate.)
  4. If approved, complete the Master Promissory Note on the same site.
  5. 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).

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.)
  4. If approved, complete the Master Promissory Note & Entrance Counseling on the same site.
    • Select the MPN and Entrance Counseling option for the Graduate PLUS Loan.
    • If denied, three options are available:
      1. Request a credit appeal.
      2. Provide an endorser.

Private Educational Loans

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

A Private 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.  On ELMSelect.com, Geneseo displays a "Historical Lender" list that includes companies that our students have traditionally used

For a comparison of these lenders and/or to apply, please visit www.ELMSelect.com. Your 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 from each individual lender website.