Types of Student Loans

Types of Student Loans

A student looking for a loan beneath the Federal Direct Loan program should first full a Free Application for Federal Student Aid (FAFSA) to find out student eligibility. After finishing the FAFSA the student should full a Direct Loan request Form, which may be discovered beneath the Student Services Center tab on CUNYfirst. First time debtors should full Entrance Counseling and the Master Promissory Note (MPN)

Instructions on How to Apply for a Direct Loan at QCC:

A Federal Direct Loan is a loan obtainable for undergraduate students enrolled for at the very least 6 credit every semester. For loans first disbursed on or after 7/1/20 and earlier than 7/1/21, the rate of interest is 2.75%. 

If you’re a first time borrower at QCC you could:

  • Go to www.studentaid.gov
  • Log in utilizing your FSA ID and Password 
  • Complete Entrance Counseling & Master Promissory Note 

*Please be aware you could full each Entrance Counseling and Master Promissory on www.studentaid.gov earlier than the loan may be efficiently processed.

 

All Students  – Apply for a Direct Loan on CUNYfirst

  • Log into your CUNYfirst account 
  • Go to the ”Student Center” 
  • Scroll down to the “Finances” part 
  • Click on the Direct Loan Processing Form 
  • Review and Agree to the Loan Request Instructions  
  • Institution: QCC01 Aid Year: 2021 
  • Check both “subsidized and unsubsidized” or “Subsidized Only”  
  • Place a complete spherical quantity as your required loan quantity (don’t enter cents)
  • Indicate the variety of your credit you can be enrolled for in every semester that you’re requesting a loan for 

***Please be aware all loan requests are processed for the Fall/Spring semesters. The quantity you point out might be divided equally between the two semesters until you might be graduating on the finish of the Fall semester. 

Note: You could solely use the Direct Loan Processing Form in CUNYfirst as soon as throughout the identical tutorial 12 months. If you want to improve your loan in the identical tutorial 12 months, you could contact the Office of Financial Services through e-mail or cellphone:  [email protected]  (718) 631-6367

READ:   How to assert the student loan curiosity deduction [UPDATED]

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