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. 

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. SUNY Oswego's official 3 year cohort default rate is 4.4%. The four year public college 3 year default rate is 5.4% and the national average is 7.3%

Direct Loans

Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans. (Some people refer to these loans as Stafford Loans or Direct Stafford Loans.)

With a Direct Subsidized Loan, the federal government will pay the interest while you are enrolled at least half-time, and during the six-month grace period after you leave school. Subsidized loan eligibility is based on financial need and cost of attendance.

Annual loan limits are based on a student's year in school.


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 (MPN) 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 complete entrance counseling prior to receiving a direct loan, to ensure that you understand your responsibility and the obligations. Students can complete both the MPN and the entrance counseling on by logging in with their own FSA ID.

Exit counseling

It is a federal requirement for all students who graduate (or otherwise leave) SUNY Oswego to complete exit counseling, which gives them information and instructions related to the loans they received while attending school.

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 and Fees

The interest rate is fixed at 7.54% for new loans made after July 1, 2022. There is a 4.228% origination fee charged by the government for processing the loan. This fee is deducted proportionately from each disbursement of the loan.


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.


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 (the parent selects the refund recipient on the application).


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.


The parent applying for the loan must log in to with their own FSA ID. Click on 'Apply for a PLUS Loan.' The credit decision will be displayed upon completion. If the credit is denied, additional information will be given if you choose to appeal the decision. 

The parent should also complete a Loan Agreement for a PLUS Loan (MPN) on the same site.

The application will take 1-2 business days to reach our office, at which point we will update the application requirement on the student's myOswego. If the credit is denied, the student will automatically be offered the additional unsubsidized eligibility when the application is processed.

Promissory Notes

All loans require you to sign a promissory note instructing how you repay the loan as well as information about your rights and responsibilities. 

Private Loans

In addition to federal loans, private loans may help cover education expenses. These private loans typically have higher interest rates, as well as 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
  • Change "offered" to "accepted" for loans and amounts you wish to accept

First Time Borrower of Federal Direct Student Loans:

  • Log in to with your FSA ID and password
  • Complete Loan Entrance Counseling for Subsidized/Unsubsidized Loan
  • Complete Master Promissory Note (Note is good for 10 years)

Accepting Parent (PLUS) Loans:

  • Log in to with Parent FSA 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 (Note is good for 10 years)