- Federal, State, & Private Loans
Student Loans
Federal Direct Stafford Loan Program
Loans are available to undergraduate and graduate students enrolled at least half time in a degree or certificate program. The Federal Direct Stafford Loan program enables students to borrow from, and repay loans directly to, the U.S. Department of Education through its servicing centers.
There are two types of Federal Direct Stafford Loans: subsidized and unsubsidized. Subsidized loan amounts are based on federal financial need, grade level, and cost of attendance. The federal government pays the interest on a subsidized loan while the student is enrolled in school for at least 6 credits, during grace periods and during authorized deferment periods. However, with an unsubsidized loan, the student is responsible for the interest while enrolled in school, during grace periods and during authorized deferment periods. During this time, students may either pay the accumulating interest or capitalize the interest. Capitalization means the unpaid interest is added to the principal balance of the loan.
Interest rates for Federal Direct Subsidized Stafford Loans during 2008-2009 is a fixed 6% for undergraduates and 6.8% for graduate students. The interest rate for all Federal Direct Unsubsidized Loans is a fixed 6.8%. There is a .5% origination fee deducted from the proceeds of the loan. Loan funds are disbursed directly to Suffolk University in equal amounts over each term of enrollment for the academic year. There is a 6-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status.
Maximum Annual Loan Limits
| Grade Level | Dependent Student | Independent Student |
| Sub* + Unsub = Total | Sub* + Unsub = Total | |
| Freshman | $3500 + $2000 = $5500 | $3500 + $6000 = $9500 |
| Sophomore | $4500 + $2000 = $6500 | $4500 + $6000 = $10500 |
| Junior | $5550 + $2000 = $7500 | $5500 + $7000 = $12500 |
| Senior | $5500 + $2000 = $7500 | $5500 + $7000 = $12500 |
| Graduate | N/A | $8500 + $12000 = $20500 |
Maximum Aggregate Loan Limits
| Dependent Undergraduate |
$31,000 - with a subsidized maximum of $23,000 |
| Independent Undergraduate |
$57,500 - with a subsidized maximum of $23,000 |
| Graduate | $138,500* - with a subsidized maximum of $65,500* *Includes undergraduate loans |
Federal Perkins Loan
This federally funded loan program offers a low interest rate (5%) to undergraduate and graduate students enrolled at least half time in a degree program. Funding is limited and recipients are selected on the basis of demonstrated financial need. Repayment begins 9 months after the student graduates, withdraws from the University, or drops to less than half-time attendance. Recipients must sign a promissory note with the Student Accounts Office before the loan will be posted to the student’s tuition account. Federal Perkins Loan limits are as follows:
| Per Year Aggregate | Total Aggregate | |
| Undergraduate | $3,000 | $15,000 |
| Graduate | $5,000 | $30,000* *Includes Undergraduate loans |
Federal Direct Graduate PLUS Loan Program
The Grad PLUS Loan is for Graduate Students only. You are required to complete a FAFSA and apply for the maximum amounts available under the Subsidized and Unsubsidized programs first. The Grad PLUS loan requires credit approval the Department of Education. There is a fixed interest rate which for 2008-09 is 7.9%. Grad PLUS loans do not have a grace period. Repayment begins 60 days after the loan has been fully disbursed for the academic year; however, you can postpone repayment while you are enrolled at least half-time. For more information regarding postponing your payments, contact the Direct Loan Servicing Center at 1-800-848-0979.
Suffolk University Low Interest Loan Program:
This institutionally funded loan program is available to full and part-time undergraduate and graduate students. The maximum award is $2500 per academic year and awards are renewable. A promissory note must be completed before the loan proceeds will be applied to the student’s tuition account.
Suffolk University Emergency Loan Program
This short-term loan program is available to full and part-time undergraduate and graduate students who encounter emergency situations. Applicants must be able to document in writing the unexpected circumstances surrounding the hardship. Amount of loan may not exceed $500 and must be repaid within 90 days. Emergency loans are not available to students with a tuition balance.
Requires separate application
back to top^President’s Incentive Loan/Grant Program
Initially awarded as a loan, this funding need not be repaid if the recipient graduates from Suffolk University. Awards are renewable each year a student is enrolled at Suffolk provided all eligibility requirements are met.New and returning students are considered for this program. Selection is based on demonstrated need (as determined by the Office of Student Financial Services) and academic achievement. This program is awarded to full-time undergraduate students.
Initially awarded as a loan, this loan/grant need not be repaid if the student graduates from Suffolk University. Recipients are selected on the basis of demonstrated financial need and merit. (Recipients must sign a promissory note with the Student Accounts Office.) Click here for more information.
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Parent Loans
Federal Direct Parent PLUS Loan
The Federal Direct PLUS Loan program enables parents to borrow from, and repay loans directly to the U.S. Department of Education through its servicing centers. PLUS Loans offer a fixed interest rate, which for 2008-09 is 7.9%. A 2.5% origination fee is automatically deducted from the loan amount prior to disbursement. Parents may borrow up to the cost of education less financial aid received. Repayment begins 60 days after the loan is fully disbursed.
Parents can choose to defer payments on a PLUS loan until 6 months after the date the student ceases to be enrolled at least half time. The interest that accrues on the loan while it is in deferment can either be paid by the parent borrower monthly or quarterly, or can be capitalized quarterly. To request a deferment, call the Direct Loan Servicing Center at (800)-848-0979. Deferments will not be approved until after the first loan disbursement has been made.
If the parent of a dependent student is denied the PLUS Loan, the dependent student may receive additional unsubsidized loan funding. The maximum eligibility is $4,000 for freshman/sophomore class levels, and $5,000 for junior/senior class levels.
For PLUS Loan pre-approval complete the Direct PLUS Loan Request Form and fax or mail to the Office of Financial Aid.
back to top^Private Student Loans
The following companies offer private educational loan programs to assist students in meeting the costs of higher education after other sources of financial aid and family resources have been exhausted. The loans are credit based, and therefore may require the student to borrow with a creditworthy co-signer.
For more information, or to apply for any of these loans, click the links below to go to the company’s web site.
MEFA Loans
Historically, hundreds of Suffolk families have borrowed through the MEFA program because terms have been so attractive. Visit the MEFA website (www.mefa.org) for information on loan products and application procedures.
Chase Select Loans
Students may be the primary borrower with this program, but normally must have a co-signer. For information on terms and application procedures, visit www.chaseselectloans.com or call 1-866-306-0868.
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Entrance/Exit Counseling for Stafford Borrowers
The Office of Financial Aid is required by law to provide Entrance and Exit Loan Counseling for Federal Stafford Loan borrowers. If you are a new borrower, entrance counseling must be completed before loan proceeds can be credited to your tuition account. If you withdraw from the University, take a leave of absence, or graduate, you must complete exit counseling. Entrance and Exit counseling is conducted at the Office of Financial Aid. You may also complete either your entrance or exit counseling online.
back to top^Deferment, Repayment, and Consolidation
Federal Direct Stafford Loan borrowers can visit the Department of Education’s Direct Loans Online site for general account information, repayment options and monthly payment calculators, as well as downloadable deferment forms. This site also links to the Direct Loan Consolidation and National Student Loan Data System (NSLDS) websites.
To access most of the above features, you will need to use your Department of Education PIN - Personal Identification Number. PIN’s are distributed to students when they file the FAFSA. If you did not receive a PIN or can’t remember yours, you can obtain a new one at the same site.
Remember, it is the student’s responsibility to obtain all deferment information and file the required forms with the appropriate office or agency.
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