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William D. Ford Direct Student Loans
Application process for first-time Direct Loan borrowers:
- Complete Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Our school code is 009769.
- If you choose to accept your federal student loans, simply proceed to step 3. If you wish to have your loan adjusted, please contact our office at .
- Complete Entrance Counseling online at studentloans.gov
- Complete electronic Master Promissory Note (MPN), also at studentloans.gov. Our federal school code for loans is 009769.
- The federal student loan servicing center will notify our office upon successful completion of your entrance interview and MPN. We will then certify your enrollment and eligibility and process your loans.
- Funds will be disbursed directly to MCNY, and you will be notified when these funds have been applied to your account. Note that your financial aid file must be complete (all requested verification documents received and processed) before your federal student loans can be disbursed.
Amount you can request: There are limits to the amount you can borrow under the federal student loan program. The following chart estimates the maximum borrowing level based on your year in school and dependency status. Please contact us or the Department of Education for further information on annual and aggregate limits.
Federal Student Loan Limits For loans disbursed AFTER July 1, 2012
| STUDENT LEVEL and DEPENDENCY STATUS |
MAXIMUM TOTAL (combined subsidized & unsubsidized) |
MAXIMUM SUBSIDIZED |
| Annual Loan Limits for Dependent Students |
| Dependent Freshman |
$5,500 |
$3,500 |
| Dependent Sophomore |
$6,500 |
$4,500 |
| Dependent Junior or Senior |
$7,500 |
$5,500 |
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| Annual Loan Limits for Independent Students and Dependent Students whose parent is ineligible for PLUS |
| Independent Freshman |
$9,500 |
$3,500 |
| Independent Sophomore |
$10,500 |
$4,500 |
| Independent Junior or senior |
$12,500 |
$5,500 |
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| Graduate/Professional |
$20,500 |
– |
| |
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| Aggregate Limits for Stafford Loans |
SUBSIDIZED |
TOTAL (subsidized & unsubsidized) |
| Dependent Undergraduates |
$23,000 |
$31,000 |
| Independent Undergraduates and Dependent Students whose parent is ineligible for PLUS |
$23,000 |
$57,500 |
| Graduate/Professional |
– |
$138,500 |
Interest:
Undergraduate subsidized loans first disbursed between July 1, 2011 and June 30, 2012: fixed rate of 3.4%.
Graduate subsidized loans and Direct Unsubsidized Loans for all students: fixed at 6.8%
Undergraduate subsidized loans first disbursed between July 1, 2010 and June 30, 2011: fixed rate of 4.5%.
Undergraduate subsidized loans first disbursed between July 1, 2009 and June 30, 2010: fixed rate of 5.6%.
Undergraduate subsidized loans first disbursed between July 1, 2008 and June 30, 2009: fixed rate of 6.0%.
Undergraduate subsidized loans disbursed between July 1, 2006 and June 30, 2008: fixed rate of 6.8%.
Undergraduate unsubsidized loans disbursed after June 30, 2006: fixed rate of 6.8%.
Graduate subsidized and unsubsidized loans disbursed after June 30, 2006: fixed rate of 6.8%.
All federal student loans disbursed prior to July 1, 2006 have a variable interest rate capped at 8.25%.
Fees:There is an origination fee of 1.05%. This fee is deducted from the loan prior to disbursement.
Repayment: Generally, the repayment period is ten (10) years, but extended and/or income-contingent repayment plans are available to qualified borrowers. You must begin to repay your loan once you graduate, leave school, or drop below half-time status (6 credits).
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MCNY (431 Canal Street New York, NY 10013 · 529 Courtlandt Avenue
Bronx, New York 10451)
(800) 33 THINK | 212 343 1234