Campus-Based Federal Aid Programs

Federal Perkins Loan Program: A Federal Perkins Loan is a low-interest (5 percent) loan for graduate students with exceptional financial need, as determined by SUNYIT. The annual maximum that a graduate student may be awarded is $8,000 annually. The maximum aggregate loan amount is $60,000 for a graduate student, including loans borrowed as an undergraduate student. Repayment begins nine months after the student graduates or drops below half-time status.

Non-Campus Based Federal Aid Programs

Veterans Administration (VA) Educational Benefits: The Veterans Readjustment Act of 1966, and subsequent legislation, enables certain veterans, or sons or daughters of deceased or disabled veterans, to obtain financial assistance for a college education. Contact the local Veterans Administration Office for further educational information or call 1-800-442-4551.

U.S. Bureau of Indian Affairs Aid to Native Americans: For qualification guidelines contact Bureau of Indian Education, 1849 C Street, N.W., Mail Stop 3609 MIB, Washington, DC 20240, Tel: 202-208-6123 Fax: 202-208-3312, www.bie.edu

Federal Direct Unsubsidized Student Loans: A borrower’s unsubsidized loan amount is determined by calculating the difference between the borrower’s cost of attendance for the period of enrollment and the amount of estimated financial assistance. The maximum a student can apply for per academic year is $20,500 for graduate students. Interest is currently fixed at 6.21 percent, must be paid or capitalized by the student from the date the loan is disbursed. Payment begins six months after the student graduates or drops below half-time status.

Federal Direct Graduate PLUS Loan: Upon credit approval, graduate students are eligible to borrow under the Federal Direct Graduate PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA) and must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate PLUS Loan. Interest is fixed at 7.21 percent and must be paid or capitalized by the student from the date the loan is disbursed. Repayment of the loan begins within 60 days of the last disbursement of the funds unless a borrower contacts direct lending to arrange a deferment or forbearance.

Loan Consolidation: You may want to consider consolidating your loans to simplify repayment. By consolidating your loans, you will make only one monthly payment to cover all of your loans. For more information on the Direct Consolidation Loan, call 1-800-557-7392 or visit their site on the Internet at www.loanconsolidation.ed.gov. Borrowers wishing to consolidate education loans other than a Direct Loan should contact their lenders for consolidation information.