Loans

Available to meet the cost of attendance expenses, these loans require you be matriculated and enrolled for a minimum of 6 credits. Loan terms are determined by federal statute and may vary by year. You also must complete Entrance Counseling online at studentloans.gov and a Master Promissory Note (MPN) using federal school code 009769.

Awarded on the basis of need, the federal government pays interest on the loan while you are enrolled at least half time (6 credits) and for one six-month grace period after you graduate, or fall below the half-time enrollment. The repayment period begins six months after you are no longer enrolled at least half time, but interest that accrues during those six months will be your responsibility.

These loans are not based on need so you are responsible for repaying both the principal and interest. No payments are required on any federal student loan until six months after graduation or you’re no longer at least half time (6 credits).

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).

Generally, the repayment period for federal student loans is ten (10) years. Extended and/or income-contingent repayment plans are available to qualified borrowers. You must begin repaying your loan once you graduate, withdraw from school (formally or informally), 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.