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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.

Federal Perkins Loan

This low-interest loan is available to undergraduate, graduate and professional students enrolled full or part time. Funds depend on your financial need and the availability of the funds at SUNY Oswego. If you are an undergraduate student, you may be eligible to receive up to $5,500 a year; the total you can borrow as an undergraduate is $27,000. As a graduate you may be eligible to receive up $8,000 per year, and $60,000 total.

Disbursement

You must sign a promissory note to obtain the loan. Proceeds are distributed each semester. Loan may be used as a deferment if paperwork is complete.

Repayment

The current interest rate is 5%. Repayment begins following the grace period of six or nine months as determined by date of first loan. You are given up to 10 years to repay. If you are unable to repay your loan in that time, forgiveness opportunities are available.

Apply

To apply, submit the FAFSA. The application process must be complete prior to the last day of the term or of the student's attendance, whichever comes first.

Promissory Notes & 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 7.9%. There is a 3% (2.5%) 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.

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.

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.

Alternative Loans

In addition to federal loans, alternative 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 alternative loans, you can visit FASTChoice Educational Loans.

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.