William D. Ford Direct Stafford Loan Program:
Freshman maximum - $5,500.00
Sophomore maximum - $6,500.00
Interest Rate effective July 1, 2020
- 2.75% for the subsidized loan* Federal government pays interest while student is in
school
- 2.75% for the unsubsidized loan Student is responsible for interest while in school
- 5.3% for the PLUS (Parent Loans for Undergraduate Students)
*Federal Direct Subsidized Loans were permanently limited to 150% of the length of
a student’s academic program. Students will be limited to receiving subsidized loans
for 3 years in a 2-year program or 6 years in a 4-year program beginning July 1, 2013.
Additionally, the borrower who reaches the 150% limitation will have their interest subsidy end for all outstanding subsidized loans that were
disbursed on or after July 1, 2013. Repayment does not begin, but like unsubsidized
loans, the student (rather than the government) would become responsible for interest
accumulation at this point.
You can view your financial aid awards, read messages, accept or decline loans and determine what documents are required. Start by logging in at MyNCC.
To be considered for eligibility a student must be
- enrolled for at least 6 degree—bearing credits,
- meeting satisfactory academic progress standards
- matriculated in an approved degree or certificate program.
Important: If you choose to accept a student loan, you must then complete an Entrance counseling
session, Master Promissory Note and the Annual Student Loan Acknowledgment at studentaid.gov.
NOTE: Starting in the 2020-2021 school year, borrowers of Federal Subsidized, Unsubsidized
and PLUS loans will be required to complete the Annual Student Loan Acknowledgement
once each award year before receiving disbursement of their loan. The Annual Student Loan Acknowledgement
is an online session that allows students and parents to see how much they have borrowed,
preview what their monthly payments might be, and explain concepts such as capitalization
and the difference between federal and private loans. The goal is to help you understand
how your loans affect your financial future.
If you need to request a student loan, complete a Loan Request form
The US Department of Education will assign your loan to a Loan Servicer. Your loan
servicer is the organization that handles billing you for your loan repayment and
can assist you with any questions you may have about your loan. Visit studentaid.gov to find out who your loan servicer is.
National Student Loan Data System (NSLDS) is the central database for student aid. It receives data from schools, guaranty
agencies, the Direct Loan program and other Department of ED programs. NSLDS provides
borrowers access to information on all student loans and/or federal grant amounts,
including information on loan status, outstanding balances, and disbursements.
Remember, when a student/borrower has graduated, is enrolled in less than 6 credits
or left school, they must complete a loan Exit Counseling session for the Stafford loan. You can complete this requirement online
at studentaid.gov or come into our office for an in-person loan exit interview.
The understanding of personal finance and student loan debt are financial literacy
topics of particular importance to college students. Visit http://www.ncc.edu/admissions/financialaid/financial_literacy.shtml.
SUNY Smart Track will assist you from the time you apply and even after you graduate!
Federal Nursing Student Loan:
Restricted for students in the Nursing program only
- Maximum - $3,000.00 per year
- Interest rate - 5%
Request an application in the Financial Aid office
Remember, when a student/borrower has graduated, is enrolled in less than 6 credits
or left school, an Exit Interview must be completed for the Nursing loan. This is
separate and in addition to the Direct Stafford loan exit and is done in person in
the Student Financial Affairs office. For more information on the Nursing Loan, contact
our loan officer.
It's important to be a responsible borrower and manage your student loans.
