Many students use federal or private loans to pay for costs that are not covered by scholarships, grants, or other types of financial aid. Students applying for federal student loans must complete a Free Application for Federal Student Aid (FAFSA).
Deferment and Enrollment Verification
Enrollment verification is necessary for deferral of loan repayment during a student’s ongoing course of study. You may request enrollment verification online through the National Student Clearinghouse or contact the Office of the Registrar.
Please consult with your lender, guarantee agency or servicer to determine whether they require a Loan Deferment Request Form to be filed every semester or if a single request form is sufficient for the duration of your in-school enrollment.
If you are seeking to defer loan repayment for reasons other than ongoing in-school enrollment (due to economic hardship, for example), you must contact the lender or loan servicer for information about available options.
Available to parents and stepparents of dependent undergraduate students attending school at least half time (6 credits). Often lower in cost than a private loan, approval is subject to credit criteria established by the U.S. Department of Education. A PLUS loan must be repaid and it is the responsibility of parents to make these payments.
- Both the student and parent must complete the FAFSA using school code 009769.
- The parent must submit a PLUS loan promissory note (MPN) online at studentloans.gov, indicating the amount requested. By submitting the application, you are consenting to a financial credit check and permitting the Department of Education to inform MCNY of the results. Our federal school code for loans is 009769.
Graduate and professional degree students who are enrolled at least half time are eligible up to their cost of attendance, minus other estimated financial assistance. Students are required to have applied for their annual loan maximum eligibility under the Direct Student Loan Program before applying for a graduate/professional PLUS loan.
- Complete a PLUS Promissory Note and submit to a credit check online at studentloans.gov
- Complete Free Application for Federal Student Aid (FAFSA) using school code 009769.
- Apply for Graduate PLUS loan if needed by logging on to the Federal Department of Education’s website at studentloans.gov. Our federal school code for loans is 009769.
MCNY students who borrow under the federal loan programs are required to receive Entrance Counseling at www.studentloans.gov prior to borrowing and Exit Counseling at www.nslds.ed.gov/nslds_SA when they graduate, withdraw from school, or drop below half-time status (6 credits).
You can find important information about repayment rights and responsibilities, grace periods, managing your debt, and tracking your loan at studentloans.gov.
Private educational student loans can help bridge the gap between financial aid and the total cost of education. As with many private student loans, the student is the primary borrower. However, most students will require a credit-worthy U.S. citizen or permanent resident as a co-signer (does not have to be a parent).
We recommend that students first apply for financial aid and borrow with federal student loans. If additional financing is needed, alternative students loans can be an option.
Students may choose to use any eligible lender that offers private education loans. MCNY does not maintain a list of lenders that offer private education loans, nor will we endorse a particular lender. Students who need a focused resource to assist in finding a private loan may choose to use the list of private loan options developed by FinAid.