Loans

Student loans are a serious, long-term commitment. Apply for grants and scholarships first, to keep loan borrowing to a minimum. Students are expected to pay back loans in full, even if they don't graduate. Consider current debt and future borrowing needs when requesting loan applications.

Learn About Loans

To apply for a Direct Subsidized or Unsubsidized Student Loan

• Complete the FAFSA application at www.studentaid.gov

• Complete, sign and return the Loan Cover Sheet to the Financial Aid Office

• Go to studentaid.gov/understand-aid/types/loans to complete Entrance Counseling and electronic Master Promissory Note

Direct Loan Program:  Subsidized and Unsubsidized Loans

Dependent students can borrow up to

• $5,500 if you are a first year-student (with less than 30 college credits) enrolled in a program of study that is greater than 24 credits;

• $6,500 if you have completed your first year of study (30 or more college credits).

Independent students (or dependent students whose parents are unable to get PLUS Loans), may be able borrow up to an additional $4000 unsubsidized loan.

The loan repayment process begins 6 months after students graduate, leave school, or drop below half-time status.

Subsidized Direct Loan

Subsidized loans are awarded on the basis of financial need. The federal government "subsidizes" the interest during the period of enrollment.

Unsubsidized Direct Loan

Unsubsidized loans are not awarded on the basis of need, but cannot exceed the Cost of Attendance, including financial aid and other resources. Interest is charged from the time loans are disbursed until paid in full. If students do not make payments to their loans while enrolled, the interest will be deferred and added to the principal amount of the loan, which will increase the loan amount to be repaid.

Federal Parent Loans for Undergraduate Students (PLUS)

PLUS Loans allow parents to borrow to pay educational expenses of children who are dependent undergraduate students enrolled on at least a half-time basis. Parents will be required to pass a credit check.

The yearly limit on a PLUS Loan is equal to the student's Cost of Attendance minus any financial aid or other resources received. Parents must also meet citizenship requirements and may not be in default or owe a refund to any Student Financial Aid program. 

Alternative Loans

Alternative loans are privately-funded loans available to students and parents. We strongly recommend that students utilize federal loan eligibility before applying for private loans.

Students must be matriculated into an eligible program of study to be eligible for an alternative loan. Alternative loan certifications are processed online. SUNY Ulster does not participate with a Preferred Lender List nor endorses/recommends any particular lender or loan product over another.