Loans are available from the federal government and private sources. If you apply for loans, be aware that you are taking on a financial responsibility and have promised to pay the money back with interest. All loans require you to sign a promissory note instructing how you repay the loan as well as information about your rights and responsibilities. First-time borrowers are required by the federal government to participate in entrance counseling prior to receiving a direct loan to ensure that you understand your responsibility and the obligations.

Loans from the federal government usually offer lower interest rates and have more flexible repayment options than loans from banks or other private sources. You should consider federal loans before looking towards private lenders for aid.

Direct Subsidized Stafford Loan

A Direct Subsidized Stafford Loan is available to undergraduate students with financial need. With a Direct Subsidized Stafford Loan, the federal government will pay the interest while you are at least a part-time student and during the six-month period when you leave school. At the end of the grace period, you begin repayment of the loan principal and interest.

Students receive loan-based aid based on their school year.

Apply

To apply, submit the FAFSA. SUNY Oswego will use the information from your FAFSA to determine how much student aid you are eligible to receive.

Promissory notes and Loan counseling

All loans require you to sign a promissory note instructing how you repay the loan as well as information about your rights and responsibilities. First-time borrowers are required by the federal government to participate in entrance counseling prior to receiving a direct loan to ensure that you understand your responsibility and the obligations. You must complete the FAFSA to begin the process, and once the entrance counseling is finished, the loan will be disbursed.

Exit counseling

It is a federal requirement for all students who leave SUNY Oswego must go through special counseling to give them information and instructions related to the loans they received while attending SUNY Oswego.

Choose one or both of the following links depending on your loan.

Parent Loan for Undergraduate Students (PLUS)

Parents of dependent, matriculated students enrolled in at least six credits can apply for a PLUS loan. Parent borrowers must have good credit histories or an endorser, someone willing to repay the loan if the parent borrower fails to do so. The yearly limit on a PLUS is equal to the student's cost of attendance minus other financial aid received.

Interest

The interest rate is fixed at 7.6% for new loans made after July 1, 2018. There is a 4.264 origination fee charged by the government for processing the loan. This fee is deducted proportionately from each disbursement of the loan.

Eligibility

We do not include the PLUS in your awards, but we do tell parents what their eligibility would be if they decide to apply. They can find their maximum PLUS eligibility on the Financial Aid Award letter.

Disbursement

PLUS funds are disbursed to the school in two equal installments, one at the beginning of the loan period and one at the midpoint of the loan period. The funds are first used to pay school charges and any remaining funds are refunded to either the student or parent.

Repayment

When repaying the loan you may contact your loan servicer to request a deferment if your child is enrolled at least half-time and for an additional six months after your child ceases to be enrolled at least half-time. If your loan is deferred, interest will accrue on the loan during the deferment. You may choose to pay the accrued interest or allow the interest to capitalize when the deferment period ends. Your loan servicer will notify you when your first payment is due. Loans cannot be transferred to the student.

Apply

To apply, login to MyOswego, and click on Parent (PLUS) Loan. You will be instructed to accept the loan, complete a Parent Data Form and complete a PLUS Master Promissory Note.

After you accept the PLUS, the Oswego Financial Aid Office will process the application.

Promissory Notes & Entrance Counseling

All loans require you to sign a promissory note instructing how you repay the loan as well as information about your rights and responsibilities. First-time borrowers are required by the federal government to participate in entrance counseling prior to receiving a direct loan to ensure that you understand your responsibility and the obligations. You must complete the FAFSA to begin the process, and once the entrance counseling is finished, the loan will be disbursed.

Private Loans

In addition to federal loans, private loans may help cover education expenses. These private loans typically have higher interest rates, greater up-front fees and repayment terms that are not as favorable as federal loans. If needed, we encourage you to compare lenders that best fit your needs.

For a listing of some of the available private loans, you can visit FASTChoice Educational Loans.

Home Equity Loans

Home equity can be a very good option for some families. You should contact your local bank or credit union to see if it is a good option for you.

Accepting Federal Direct Student Loans:

  • Log in to your myOswego account
  • Go to Financial Aid/Awards
  • Choose appropriate school year (Fall 18 Spring 19)
  • Change "offered" to "accepted" for loans and amounts you wish to accept


First Time Borrower of Federal Direct Student Loans:

  • Log in to studentloans.gov with your FAFSA ID and password
  • Complete Loan Counseling (Entrance) for Subsidized Loan (no interest while in school)
  • And/or Unsubsidized Loan (interest accrues while in school)
  • Complete Master Promissory Note (Note is good for 10 years)


Accepting Parent (PLUS) Loans:

  • Log in to student's myOswego account
  • Go to Financial Aid/Awards
  • Choose appropriate school year (Fall 18 Spring 19)
  • Change "offered" to "accepted" for amount of loan you wish to accept
  • Log in to studentloans.gov with Parent FAFSA ID and password
  • Complete "Apply for Direct PLUS Loan"
  • Choose "Parent"
  • Choose school year (application must be completed each year)


First Time Borrower of Parent (PLUS) Loan:

  • Complete Master Promissory Note at studentloans.gov (Note is good for 10 years)