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Loan Information

  • Federal Direct Loan Information

    If you need a loan to help cover the cost of a college, think federal student aid first. A federal student loan is made through a loan program administered by the federal government.  SUNY Erie participates in the Federal Direct Loan Program.   

    Federal Direct Loans offer many benefits including:

    • fixed interest rates,
    • income-based repayment plans,
    • loan cancellation for certain types of employment,
    • deferment (postponement) options, and
    • interest rate reduction based on repayment method.

    For these reasons, students and parents should always exhaust federal student loan options first before considering a private loan. For more info, download direct loan basics for students.

    Federal Stafford Loans can be subsidized or unsubsidized depending upon financial need. The Office of Financial Aid will determine the type of loan you will receive based on Cost of Attendance, Expected Family Contribution and other aid received.

    Direct Subsidized Loan

    • For undergraduate students who have financial need;
    • U.S. Department of Education generally pays interest while the student is in school and during certain other periods;
    • a student must be enrolled at least half-time.
    • Interest rates for new Direct Subsidized Loans can change every year. For details and updates, visit StudentAid.gov/sub-unsub.

    Direct Unsubsidized Loan

    • For undergraduate students;
    • the borrower is responsible for interest during all periods;
    • a student must be enrolled at least halftime;
    • financial need is not required.
    • Interest rates for new Direct Unsubsidized Loans can change every year.  For details and updates, visit StudentAid.gov/sub-unsub.

    Direct Parent PLUS Loan

    • For parents of dependent undergraduate students;
    • the borrower is responsible for interest during all periods;
    • a student must be enrolled at least half-time;
    • financial need is not required;
    • the borrower must not have an adverse credit history. 
    • Interest rates for new Direct PLUS Loans can change every year. For details and updates, visit StudentAid.gov/sub-unsub.

    Eligibility

    Direct Student Loan borrowers must:
    • attend a minimum of 6 credit hours per semester
    • be admitted in a degree or certificate program
    • maintain satisfactory academic progress
    • File a Free Application for Federal Student Aid (FAFSA) each academic year

    Additionally, FIRST TIME BORROWERS must complete:

    • a Master Promissory Note
    • Loan Entrance Counseling

    These are completed at http://studentloans.gov.   Students will need their FSA ID and password to login.


    How to Apply

    SUNY Erie will offer student loans when their grants and other aid are not enough to cover their tuition and fees.  All loan offers must be accepted or rejected in WebAdvisor.
     

    Students who were not offered a loan may request one in WebAdvisor .


  • Need Help?

    Financial Aid - Visit Us

    City Campus
    Student Support Center - Room O102A
    45 Oak Street
    Buffalo, NY 14203
    M8 a.m. - 6 p.m.
    Tu-Th8 a.m. - 4 p.m.
    Fri8 a.m. - 2 p.m.
    North Campus
    Spring Student Center - Room S201
    6205 Main Street
    Williamsville, NY 14221
    M, W, Th, and F8 a.m. - 4 p.m.
    Tu8 a.m. - 6 p.m.
    South Campus
    Building 5 - Room 5206
    4041 Southwestern Blvd.
    Orchard Park, NY 14127
    M, Tu, Th, and F8 a.m. - 4 p.m.
    W8 a.m. - 6 p.m.