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You could not exceed $2,500 in an unsubsidized loan since the maximum a 3rd year student could borrow in federal direct loans is $7,500. When it comes to repayment you can pick a repayment plan thats right for you. To use the NSLDS Student Access Web site, you will need your FSA ID to sign in. The subsidized Stafford loan has a grace period of 6 months before the student must begin repaying the loan. In addition, student loans usually carry lower interest charges than the standard commercial rates. A Graduate PLUS borrower may receive a deferment while enrolled at least half-time at an eligible school. financialaid@slu.cuny.edu, 25 West 43rd Street, 19th Floor . If you still need additional money to cover costs, you could receive a maximum of $500 in an unsubsidized loan. Related AreasAdmissionsScholarship Center. <> If you wish to borrow a Fall 2020 only or Spring 2021 only loan, then only enter the number of credits for that semester. Parents will only be responsible for your educational loans if you are under 18 and they co-sign your loan. Faster and secure way to submit required document(s). You may opt to have your financial aid refunds direct deposited (PDF) into your personal bank account. Interest accrues from the day the Direct loan is disbursed until the day it is repaid in full. Deposit or cash your check as soon as possible after you receive it. The second disbursement will pay the remaining 75% of your scheduled award. In order to apply for a loan, undergraduate students must submit a Direct Loan Processing Form on CUNYfirst. Yes, your school must notify you in writing whenever it credits your account with your loan funds. shellye Created Date: 5/7/2021 11:57:26 AM . The unsubsidized loans are charged an interest rate of 2.75% and is available to students who do not qualify for the subsidized loan. A50210 Computer-Integrated Machining. Sciences, History, Philosophy, and While pursuing an undergraduate degree, you can borrow a maximum of $31,000 as a dependent student and a maximum of $57,500 as an independent student. Keep this timeframe in mind when doing your financial planning. Additionally, borrowers who reach the 150% limitation will have their interest subsidy end for all outstanding subsidized loans. If, however, you request a loan for one semester only, fall for instance, the funds will disburse in two parts during the semester. I understand that my eligibility for Federal Location: Panther Station, Mailing Address: When your awards are disbursed to your CUNYfirst account, they will be applied to any unpaid tuition and fee charges. The federal government charges all borrowers an origination fee at the time the loan is disbursed. When it comes to the disbursement of financial aid funds, the main thing to keep in mind is that the funds disburse to the school first. Refundsof credit balancesare generally processed the Friday after the disbursement date. Unpaid tuition and fees may be deducted from my PLUS loan disbursement before the balance is either . Borrowers in "repayment status" are not required to make payments during this time, though any payments made will be applied towards the principal balance. Society of Leadership and Success, Student Government %PDF-1.3 Monday, Thursday: 9 a.m. - 5 p.m., }, Lehman College 250 Bedford Park Boulevard West - Bronx, NY 10468 - Phone: (718) 960 - 8000 Disclaimer on dates: Please note that if your financial aid package is processed close to or after the scheduled disbursement dates, your aid will not disburse on the listed date.