Types of Aid - Loans

DIRECT LOANS

How to apply:
A student seeking a loan under the Federal Direct Stafford Loan program must first complete a Free Application for Federal Student Aid (FAFSA) to determine student eligibility. After completing the FAFSA the student must login to their CUNYfirst account to complete a Direct Loan request Form.  The Federal Direct Loan request form can be found in CUNYfirst under the Student Services Center tab.  First time borrowers must complete Entrance Counseling and the Master Promissory Note (MPN).  This should be done by visiting www.studentloans.gov.

 Please note, you may only use the Direct Loan Processing Form in CUNYfirst once during the same academic year.  If you wish to increase your loan in the same academic year, you must come into the Office of Financial Services, located in the Library Building Room 409 and complete a paper Direct Loan Processing Form and an additional loan will be processed.

 

 

FEDERAL STAFFORD LOANS

This program provides low-interest loans totaling up to $31,000 for “Dependent” students and $57,000 for “Independent” students to cover undergraduate work. An eligible Queensborough student who is enrolled at least halftime (six credits and/equated credits) may borrow up to a total of $3,500 for the freshman year and up to a total of $4,500 for the sophomore year. The amount of the loan will be determined by the student’s Expected Family Contribution (EFC). No payments are required while the student is in school. Repayments begins six months after the student graduates, withdraws, or falls below half-time (6 credits).

There are two types of Federal Stafford Loans

  1. Subsidized Federal Stafford Loan: The interest on this type of loan is paid by the Federal government while the student is attending college. In addition to the amounts above, students are eligible to borrow an additional $2,000 Unsubsidized Federal Direct Stafford Loan. Students determined to be “Independent” based on the FAFSA, are eligible to borrow an additional $6,000 Unsubsidized Federal Direct Stafford Loan. To be eligible for the Subsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) demonstrate satisfactory academic progress; (d) not be in default on a prior educational loan; (e) show financial need; and (f) file a FAFSA to determine the Expected Family Contribution (EFC).
  2. Unsubsidized Federal Stafford Loan. The interest on this type of loan is paid by the student while he or she is attending school or the interest is added to the loan. To be eligible for the Unsubsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) demonstrate satisfactory academic progress; (d) not be in default on a prior educational loan; and (e) file a FAFSA to determine the Expectedp Family Contribution (EFC).

FEDERAL PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

Parents may borrow up to the total cost of education minus other aid for each dependent child.

FEDERAL PERKINS LOAN PROGRAM (FPKL)

Queensborough Community College participates in the Federal Perkins Loan Program. Applicants may borrow up to a maximum of $5,000 during their first two years at Queensborough, provided they remain in good standing. Financial need and availability of Federal funds determine the amount a student may receive. No interest is charged during the time the borrower is enrolled as a qualified student. Upon termination of study, a period of grace extends for nine months before payments begins at 5 percent simple interest for up to a ten-year repayment period. Application is made through the Office of Student Financial Services by completing the FAFSA. To continue their eligibility, students must be enrolled at least half-time and maintain satisfactory academic progress as stated under the PELL program.

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School Codes
Federal Code
(for FAFSA)
002697
State Code
(for TAP)
1407