Which loans are best?

Federal Direct Stafford Loan

The best loan option SUNY Oswego offers you. If you need to borrow to pay for college, this is the first loan to consider.
We recommend students only borrow the amount they need.
• In the student’s name. No co-signer required.
• Interest rate of 3.4% for subsidized and 6.8% for unsubsidized
• Begin repayment 6 months after leaving college or enrolling less than 6 credits
• Some loan forgiveness available
• Income based repayment available

Federal Perkins Loan

Most students do not receive this Federal Loan. If you did receive this loan, accept the amount you think you will need above and beyond the Federal Direct Loan to pay your college costs.
• In the student’s name
• Interest rate of 5%
• Begin repayment 9 months after leaving college or enrolling less than 6 credits
• Some loan forgiveness available

Federal PLUS Loan

Federal Loan for parents to help pay for college expenses.
• In the parent’s name
• Fixed interest rate of 7.9%
• 10 year repayment
• Deferment options available while student is in school


Other Loans

There are other loans available that are not on this list. If you are considering any of them, we strongly recommend you speak with an Oswego Loan Counselor prior to applying for them. One of the loans listed above is usually a better option for the student and family.