Student Loans

Student loans must be paid back - with interest.

Before taking out a student loan, make sure you have applied for all the scholarships and grants you are eligible to receive from the federal and state governments, your college, and organizations in your community. 

You may apply for a federal student loan by completing the Free Application for Federal Student Aid (FAFSA). If, after exhausting your federal student loan options, you find that you still have a college funding gap, you may consider a private loan to make up the difference.

Federal Loans

The financial aid offer from your college shows the federal student loans for which you are eligible. Loan fees are charged for each loan. The fee varies by type of loan. Interest rates and borrowing limits for federal student loans are determined by the U.S. Department of Education.

Direct Loan Programs (Subsidized and Unsubsidized)

Helps both undergraduate and graduate students cover the cost of higher education with loans borrowed directly from the U.S. Department of Education (ED).

Direct PLUS Loans for Parents

This loan is to help parents pay the education expenses of dependent undergraduate students. Parents may borrow up to the difference between the financial aid already received—from scholarships, grants, and student loans—and the student's cost of attendance.

Direct PLUS Loans for Graduate or Professional Students

Helps qualifying graduate students pay the difference between the financial aid already received—from scholarships, grants, and student loans—and the cost of attendance.

Private Loans

Private Loans Private student loans, sometimes known as alternative loans, are options for students to pay for college when other sources of funding, like federal and state grants, scholarships, and Direct Stafford Loans, are not available. It's important to understand all the terms associated with a loan before you choose one.
Department of Financial Services (DFS)

DFS negotiated a deal with the servicing loan industry to provide relief for student loan borrowers in New York whose loans were not covered by the CARES Act provisions for federal student loans. 

The Department’s Student Protection Unit (SPU) also reviewed and successfully resolved complaints regarding student financial products and services, including student loans, student banking products, student debt relief services, and student health insurance.

Resources

New York State Higher Education

Services Corporation

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