Metropolitan College of New York Military Friendly School
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Office of Student Financial Services

William D. Ford Direct Student Loans

Application process for first-time Direct Loan borrowers:

  1. Complete Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Our school code is 009769.
  2. If you choose to accept your federal student loans, simply proceed to step 3. If you wish to have your loan adjusted, please contact our office at .          
  3. Complete Entrance Counseling online at studentloans.gov
  4. Complete electronic Master Promissory Note (MPN), also at studentloans.gov.  Our federal school code for loans is 009769.
  5. The federal student loan servicing center will notify our office upon successful completion of your entrance interview and MPN. We will then certify your enrollment and eligibility and process your loans. 
  6. Funds will be disbursed directly to MCNY, and you will be notified when these funds have been applied to your account. Note that your financial aid file must be complete (all requested verification documents received and processed) before your federal student loans can be disbursed.

Amount you can request: There are limits to the amount you can borrow under the federal student loan program. The following chart estimates the maximum borrowing level based on your year in school and dependency status. Please contact us or the Department of Education for further information on annual and aggregate limits.

Federal Student Loan Limits For loans disbursed AFTER July 1, 2012

STUDENT LEVEL and DEPENDENCY STATUS MAXIMUM TOTAL (combined subsidized & unsubsidized) MAXIMUM SUBSIDIZED
Annual Loan Limits for Dependent Students
Dependent Freshman
$5,500
$3,500
Dependent Sophomore
$6,500
$4,500
Dependent Junior or Senior
$7,500
$5,500
 
Annual Loan Limits for Independent Students and Dependent Students whose parent is ineligible for PLUS
Independent Freshman
$9,500
$3,500
Independent Sophomore
$10,500
$4,500
Independent Junior or senior
$12,500
$5,500
 
Graduate/Professional
$20,500
     
Aggregate Limits for Stafford Loans
SUBSIDIZED
TOTAL (subsidized & unsubsidized)
Dependent Undergraduates
$23,000
$31,000
Independent Undergraduates and Dependent Students whose parent is ineligible for PLUS
$23,000
$57,500
Graduate/Professional
$138,500

Interest:

The interest rates for new Direct Loans first disbursed between July 1, 2013 and June 30, 2014 are:

  • Direct Subsidized Loans (Undergraduates): 3.86%
  • Direct Unsubsidized Loans (Undergraduates): 3.86%
  • Direct Unsubsidized Loans (Graduate or Professional Students): 5.41%

Fees:There is an origination fee of 1.05%. This fee is deducted from the loan prior to disbursement.

Repayment: Generally, the repayment period is ten (10) years, but extended and/or income-contingent repayment plans are available to qualified borrowers. You must begin to repay your loan once you graduate, leave school, or drop below half-time status (6 credits).

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Mailing Address MCNY (431 Canal Street New York, NY 10013 · 529 Courtlandt Avenue Bronx, New York 10451)
Phone Number  (800) 33 THINK | 212 343 1234