What is a Federal Direct Loan?
A Federal Direct Loan is a loan available for undergraduate and graduate students enrolled in college for at least 6 credits each semester. The interest rate on a Federal Direct Loan is 3.86%.
|Annual loan limits:
If you are a first time borrower at QCC you must:
- Log into https://studentloans.gov.
- Click “Sign In” located on the top left of the page.
- Utilize your pin number which is the same pin created for the FAFSA application.
In order to process your loan you must complete:
- Entrance Counseling.
- Master Promissory Note.
*Please note, you must complete these two steps on www.studentloans.gov before the loan can be successfully processed.
- Log into your CUNYfirst account.
- Click on “Self Service”.
- Scroll down to the “Finances” section.
- Click on the Direct Loan Processing Form.
- Institution: QCC01.
- Aid Year : 2015.
- Check both boxes labeled “subsidized and unsubsidized”
- Place a whole round number as your desired loan amount (example - $1,500 – do not enter cents - $1,500.45).
- In the Spring box indicate the number of credits in which you are enrolled.
- Answer the 3 questions under the section entitled “loan period”.
- Check the box that states “The applicant affirms that the information here is true and accurate”.
- Click “Save”.
- Loan processing takes 7-10 business days. Once your loan is processed you will see the loan amount show in “pending aid” in CUNYfirst. This amount can be subtracted from your tuition and fees.
- 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.