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Loans

Federal Stafford Loans

These loans for undergraduate or graduate students are guaranteed by the U.S. Department of Education. You must be enrolled at least half time and in a program leading to a degree or certificate.

For both the Subsidized and Unsubsidized Federal Stafford Loans, there are no payments due while you are enrolled at least half time and for six months after you leave college. The typical payment period is ten years.

Stafford Loan limits are:

In addition to the above limits, students are also eligible for $2,000 Unsubsidized Stafford Loan.

Prior to borrowing your first Stafford Loan you are required to complete a Federal Direct Stafford Loan Master Promissory Note and Stafford Loan Entrance Counseling. New students entering Elmira College should complete these requirements at www.studentloans.gov 

Subsidized Stafford Loan

If you are awarded a subsidized loan, the U.S. Department of Education pays the interest while you are enrolled in college at least half time and during deferment periods. The amount of your subsidized loan cannot exceed your financial need.

Unsubsidized Stafford Loan

If you are awarded an unsubsidized loan, you are responsible for the interest from the time the loan is disbursed to you until it is paid in full. The government does not pay your interest.

Federal Perkins Loan

This loan is awarded by the College based on financial need. No interest accrues and no payments are due while you are enrolled at least half time and for nine months after you leave college.

Federal Parent PLUS Loan

Parents can take out these loans for their dependent undergraduate children who are enrolled at least half time in a program leading to a degree or certificate. Parent PLUS loans are guaranteed through the U.S. Department of Education. The borrower cannot have an adverse credit history*. For PLUS Loans disbursed on or after July 1, 2008 parents have the option of beginning repayment either 60 days after the loan is fully disbursed to the College or requesting deferred payment until six months after your student ceases to be enrolled at least half time. The typical repayment period is ten years.

Go to www.studentloans.gov and sign in with the parent borrower’s FAFSA PIN, then click on Request a Direct PLUS Loan. You must also complete the Parent PLUS Master Promissory Note.

* To determine your credit eligibility complete the PLUS Loan application process at www.studentloans.gov