Loan Facts

Important loan facts for all borrowers

  • We will always help you find and consider grant and scholarship money before considering student loans.  We consider borrowing a last resort.

  • All students must sign a promissory note the first time they borrow a federal student loan while attending Oswego.  Parents who borrow parent (PLUS) loans must sign a promissory note each time they borrow.

  • If you borrow a Direct Stafford Unsubsidized loan or Direct PLUS, we encourage you to consider the results of your choice to pay or not pay the interest while in school.  When you complete the master promissory note, you will be given the option to defer your interest while in school or make the interest payment.  This calculator will help you with the decision.  You always have the option to contact the Department of Education to arrange to make interest payments.

  • You must be enrolled at least 1/2 time (6 credit hours) to obtain a federal loan.  You must also attend at least 6 credit hours during the fall and spring semesters. If you drop below 1/2 time for 6 months, you will use your grace period and your loans will likely go into repayment.  If you reenroll in college, you may be able to continue to defer your loan.

  • If for some reason you withdraw from school, you need to make sure to follow the withdrawal procedures and contact the appropriate offices.  This process is initiated in the Oswego COMPASS Center located in the Campus Center.

  • As part of your required loan entrance counseling, you were given examples of monthly repayment amounts.  In addition, this calculator will help you determine your individual repayment amounts.  To determine your total loans borrowed, you can log into MyOswego, select Financial Aid.  This system will include all loans that are shown for you on the NSLDS (National Student Loan Data System).

  • If you borrow a loan, you must repay the loan, regardless of whether you complete your program of study.

  • Depending on your career choices, you may be eligible for loan forgiveness -- check the link to see if you qualify.

  • It is very important you do not default on your federal loans.  If during repayment you have difficulty making your payments, you should contact your lender immediately so they can work with you to make approprivat arrangements.  If you do not make payments and go into default on the loan, you may end up with adverse credit, garnished wages, delinquent debt collection procedures under Federal Law, and possible litigation.