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Generally, most educational loans must be repaid with interest. If you need a loan to help pay for college, the federal student loans that we offer you in your award letter are the least expensive loan option in most cases. To help you apply for these loans, we provide you with step by step instructions and important web links: Apply for Aid.
If you need an additional loan beyond this, you can consider a federal Parent PLUS, or an alternative student loan offered by a private bank or lender. A Parent PLUS loan is less expensive than an alternative loan. The parent is the borrower with a Parent PLUS loan and with an alternative loan the student is the borrower with a co-signer in most cases. Note that if a parent is denied a PLUS loan due to a failed credit check, we can offer freshmen and sophomores an additional $4,000, and juniors and seniors an additional $5,000, in an unsubsidized loan.
Below is a brief description of each loan program. Visit Student Aid on the Web for more information on federal loans, including discussions on loan forgiveness programs. Visit lender websites for more information on alternative loans.
You will start to repay most student and parent loans no sooner than six months after you graduate or fall below half-time status. The size of your future monthly payment will depend upon the total amount borrowed, interest rate, fees, and repayment period for each different loan. Visit Student Aid on the Web for a repayment calculator that will help you estimate future payments and information on deferments.
Changes in your enrollment status within a semester may affect your eligibility for these aid programs (ex. repeat coursework, less than full-time study, course drop, course withdrawal, and incomplete grades). In order to remain eligible for federal loans, you must satisfy federal and state academic standards at the end of each semester.
| Loans Available | Annual Award | Description |
|---|---|---|
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Federal Direct Subsidized and Unsubsidized Loans |
These loans, also called Stafford Loans, are available to matriculated undergraduate and graduate students. The subsidized loan interest rate is currently fixed at 6.0% for undergraduates and 6.8% for graduates. The subsidized loan does not accrue any interest until repayment starts. Repayment starts no sooner than nine months after the student graduates or falls below half-time status. There is a ten year re-payment period and other re-payment options also. The unsubsidized loan interest rate is currently fixed at 6.8%. The unsubsidized loan starts to accrue interest after payment to your account. While in college, you can elect to pay the interest on an unsubsidized loan or have it added to the principal. Repayment is the same as the subsidized loan, it starts no sooner than nine months after the student graduates or falls below half-time status. There is also a ten year re-payment period and other re-payment options. Both loans have an origination/guarantee fee of 0.5% that is deducted at the time of disbursement. Roughly 4,000 students have these loans on campus. |
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Federal Direct Parent (PLUS) Loan |
COA less other aid |
A biological or custodial parent can request a PLUS Loan by having their son or daughter complete a FAFSA. The parent also submits a Parent PLUS Loan Request Form to our office and must pass a federal credit review. The interest rate is currently fixed at 7.9%. The loan starts to accrue interest after payment to your account. Parents can choose to start to re-pay the loan 60 days after the final disbursement in the aid year or no sooner than six months after the student graduates or falls below half-time status. There is a ten year re-payment period and other re-payment options also. Note that if a parent is denied a PLUS loan due to a failed credit check, we can offer freshmen and sophomores an additional $4,000, and juniors and seniors an additional $5,000, in an unsubsidized loan. Roughly 500 parents have a PLUS loan. |
| Federal Perkins Loan | Up to $2,500 | Perkins is awarded to students with an EFC or 4041 or less who submit their FAFSA by February 15, when our budget is normally exhausted. The interest rate is 5% for the life of loan. The loan does not accrue any interest until repayment starts. Repayment starts no sooner than nine months after the student graduates or falls below half-time status. Repayment is distributed over ten years. Roughly 275 students have a Perkins loan. |
| Federal Nursing Loan | Up to $2,500 |
Nursing is awarded to students enrolled in a nursing major with an EFC less than COA until our budget is exhausted. The interest rate is 5% for the life of loan. The loan does not accrue any interest until repayment starts. Repayment starts no sooner than nine months after the student graduates or falls below half-time status. Repayment is distributed over ten years. Students who change to a non-nursing major will enter repayment immediately. Roughly 40 students have a nursing loan. |
| Alternative Student Loans | COA less other aid |
Alternative educational loans may be an option for students who need an additional resource to help pay for college expenses. However, we strongly encourage you to explore all other available resources before applying for an alternative loan. Roughly 700 students have an alternative loan. Many lenders offer alternative loan products to students, and the terms and features of these loans differ from lender to lender. The loans listed below were researched by our office and found to have competitive terms and features for our population of students. Lenders were rated using a weighted scale based on the following criteria:
Should you choose not to participate with one of these lenders, please feel free to contact our office for assistance in selecting a different lender that suits your needs. You may select any lender that offers an alternative educational loan and our office will not penalize you for your choice. More Information Visit the lender's website for eligibility criteria, rates, terms, or to apply online: |
Contact Information
For more information about Financial Aid at SUNY Plattsburgh, please contact:
Financial Aid Office
Phone: (518) 564-2072
Toll-Free Phone: (877) 768-5976
Fax: (518)564-4079
E-mail: finaid@plattsburgh.edu
Our mailing address:
Financial Aid OfficeSUNY Plattsburgh
101 Broad Street
Plattsburgh, NY 12901-12681