PAYING FOR COLLEGE

Loans

Loan Programs

The William D. Ford Loan Program offers students subsidized and unsubsidized loans. Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need. Understand the difference between Subsidized & Unsubsidized loans here. Explore interest rates here.

Dependent students can borrow up to: 

  • $5,500 if you are a first year-student (with less than twenty-eight [28] college credits) enrolled in a program of study that is greater than twenty-four [24] credits;
  • $6,500 if you have completed your first year of study (twenty-eight [28] or more college credits).

Independent students (or dependent students whose parents are unable to get PLUS Loans), may be able to borrow up to an additional $4,000 unsubsidized loan.

The actual amount of the loan is determined by a student’s financial need and cost of education.

To apply for a Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA). SUNY Sullivan will use the information from your FAFSA to determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.

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The loan repayment process begins six months after students graduate, leave school, or drop below half-time status.

Click HERE to navigate the student loan repayment process with confidence: make payments, change repayment plans, explore options, and get help.

The Federal Direct Parent PLUS Loan program helps parents pay the education expenses of dependent undergraduate students. Parents may borrow up to the difference between the financial aid already received – from scholarships, grants and student loans – and the student's cost of attendance.

The student must be enrolled on at least a half-time basis, and must be a dependent in order to qualify for the PLUS program.

You can also authorize the school to use funds to satisfy other educationally-related charges, request a deferment, or change the loan amount specified in a previously submitted PLUS Loan application. Explore interest rates here.

Parents do not have to show need, although they have to undergo a credit analysis.

The information that you provide will be sent to SUNY Sullivan, which will use the information collected to determine your eligibility for a Direct PLUS Loan as a parent and process your application.

Repayment begins on the date of the last disbursement of the loan, and payment is made over a 10- or 20-year period. Payments may be deferred upon request. The interest rate is variable, as determined annually by the federal government.

HOW TO APPLY FOR A FEDERAL DIRECT LOAN

Explore the below steps. Should you have any additional questions, please contact the Financial Aid Office and we will be happy to assist you.

Students

Student must have already completed the Free Application for Federal Student Aid (FAFSA) along with any other requested information from the Financial Aid Office.

Complete the Federal Direct Loan Request Form (can be found HERE) and return it to the Financial Aid Office. Please print and complete all information.

An Annual Student Loan Acknowledgment must be completed on-line by every Direct Loan borrower before funds will be released. If you have problems with this webpage, call COD Applicant Services at 1-800-557-7394 for assistance.

Complete the Federal Direct Loan Master Promissory Note (MPN) by following the instructions at studentaid.gov. If you have problems with this webpage, call COD Applicant Services at 1-800-557-7394 for assistance.

All students must complete Entrance Counseling. Borrowing a student loan is a serious financial obligation and the entrance counseling will provide you with the important information you need to know to be able to make an informed decision about student loan borrowing. Entrance counseling must be completed before any loan funds will be disbursed.

The Financial Aid Office will electronically certify your loan. You will receive a Financial Aid Award Letter reflecting the amount of subsidized and/or unsubsidized loan that you are eligible to receive.

If you do not complete Steps 1 through 4, your Direct Loan cannot be processed. Borrow only what you need for your educational expenses. This is a loan that must be repaid.

Your loan funds will be credited to your Student Billing account in equal disbursements for all semesters reflected on your award letter. You will be notified when your loan funds have been credited and that you have the right to lower or cancel the amount of the loan disbursement within 14 days of receiving the notice from the school that the money was credited. You may also request that any refund that you receive be returned to the Direct Loan Program to lower the amount of your loan. At any time prior to receipt of the loan, you have the right to lower your loan amounts or to cancel any and all of your loans by notifying the Office of Financial Aid.

Federal regulations require that all student loan borrowers must complete Exit Counseling during their final semester at the college, when you leave school, or when you drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. We'll recommend a repayment strategy that best suits your future plans and goals.

Exit counseling provides students with information on: when repayment starts, various repayment plans, deferments, loan consolidation, and consequences of default.

There are several ways to repay a Federal Direct Loan:

  • A standard repayment plan has a fixed monthly repayment amount for a fixed period of time, usually 10 years
  • An extended repayment plan has a lower fixed monthly payment amount, and loan repayment can be extended beyond the usual 10 years
  • A graduated repayment plan usually begins with lower monthly payments, and payment amounts increase at specified times. Payments may be the usual 10 year period, or they may be extended beyond the usual 10 years
  • Income-contingent repayment plan sets annual repayment amounts based on the borrower's income after leaving school. The loan is repaid over and extended period of time, not to exceed 25 years

A servicing agency will be responsible for maintaining the loan account and repayments. It is the student's responsibility to maintain contact with that agency.

Students who have previously borrowed FFELP student loans through a lending institution and who are now borrowing a Federal Direct Loan are encouraged to consolidate all of their student loans into one Federal Direct Consolidation Loan. This will help the borrower avoid the situation of owing two separate loans to two different lenders. Borrowers who are interested in consolidation of all their student loans into one Consolidation Loan can contact the U.S. Department of Education for more information at studentaid.gov.

parents

Student must have already completed the Free Application for Federal Student Aid (FAFSA) along with any other requested information from the Financial Aid Office.

Complete the Federal Direct Loan PLUS Request Form (can be found HERE) and return it to the Financial Aid Office. Please print and complete all information.

An Annual Student Loan Acknowledgment must be completed online by every Direct Loan borrower before funds will be released. If you have problems with this webpage, call COD Applicant Services at 1-800-557-7394 for assistance.

Complete the Federal Direct PLUS Loan Master Promissory Note (MPN) by following the instructions and electronically sign your MPN online. If you have problems with this webpage, call COD Applicant Services at 1-800-557-7394 for assistance.

Once the Financial Aid Office receives the Federal Direct Loan PLUS Request Form, a credit check will be completed. Once approved, the Financial Aid Office will electronically certify your loan. If the credit check is denied, notification will be sent to you with the option of obtaining an endorser for the loan, documenting extenuating circumstances to the Department of Education, or the student may choose to take out an Unsubsidized Direct Loan for up to $4,000 for the academic year. (Please note, if the parent chooses an endorser or documents extenuating circumstances to the Department of Education and is granted, the parent must also complete PLUS Counseling at studentaid.gov.)

The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available from the federal government to assist parents in meeting the cost of their child’s education. These loans are made to parents of dependent undergraduate students who are registered at least half time (six (6) credits or more) who are matriculated in a degree or certificate program.

Repayment begins 60 days after the last disbursement (for example: after the spring disbursement for a Fall/Spring loan). Interest begins to accumulate at the time the first disbursement is made. Eligibility is determined by the Financial Aid Office, and the amount borrowed may not exceed the cost of attendance minus any other financial aid the student is eligible for.

To borrow a PLUS loan for a student, the parent must be the student’s biological or adoptive mother or father. A stepparent is also eligible to borrow a PLUS loan if his/her income and assets were reported on the FAFSA. A legal guardian is not considered a parent for financial aid purposes. A credit check will be completed on the parent borrower prior to approval. Students and parents must first complete the Free Application for Federal Student Aid (FAFSA) by using “FAFSA on the Web” at studentaid.gov.

If the PLUS Request is credit denied, the parent may either obtain an endorser (someone who is obligated to repay the loan, if the parent does not) or may document extenuating circumstances relating to the reason they were declined to the US Department of Education. If either an endorser is used or if the Department of Education grants the request of extenuating circumstances, the parent must also go online at studentaid.gov and complete the PLUS Counseling.

Additional information about PLUS Loans is available from the U.S. Department of Education at http://studentaid.ed.gov.

Your loan funds will be credited to the student’s Student Billing account in equal disbursements for all semesters reflected on the student’s award letter. You will be notified when your loan funds have been credited and you will also be notified that you have the right to lower or cancel the amount of the loan disbursement within 14 days of receiving the notice from the school that the money was credited. You may also request that any refund that you receive be returned to the Direct Loan Program to lower the amount of your loan. At any time prior to receipt of the loan, you have the right to lower your loan amounts or to cancel any and all of your loans by notifying the Office of Financial Aid.

The Privacy Act of 1974 (5 U.S.C. 552a) requires that the following notice be provided to you. The authority for collecting the information requested on this form is 451 et seq. of the Higher Education Act of 1965, as amended. Your disclosure of this information is voluntary. However, if you do not provide this information, you cannot be considered for a Direct PLUS Loan. The information on this form will be used to determine your eligibility for a Direct PLUS Loan. The information in your file may be disclosed to third parties as authorized under routine uses in the Privacy Act notices called “Title IV Program Files” (originally published on April 12, 1994, Federal Register, Vol. 59 p. 17351) and “National Student Loan Data System” (originally published on December 20, 1994, Federal Register, Vol. 59 p. 65532). Thus, this information may be disclosed to federal and state agencies, private parties such as relatives, present and former employers and creditors, and contractors of the Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for litigation where such disclosure is compatible with the purposes for which the records were collected, for use by federal , state, local, or foreign agencies in connection with employment matters or the issuance of a license, grant, or other benefit, for use in any employee grievance or discipline proceeding in which the Federal Government is a party, for use in connection with audits or other investigations, for research purposes, for purposes of determining whether particular records are required to be disclosed under the Freedom of Information Act, and to a Member of Congress in response to an inquiry from the congressional office made at your written request.
Because we request your social security number (SSN), we must inform you that we collect your SSN on a voluntary basis, but section 484(a)(4) of the HEA (20 U.S.C. 1091(a)(4)) provides that, in order to receive any grant, loan, or work assistance under Title IV of the HEA, a student must provide his or her SSN. Your SSN is used to verify your identity, and as an account number (identifier) throughout the life of your loan(s) so that data may be recorded accurately.

Financial Aid Office

finaid@sunysullivan.edu
FAX: 845-434-0014

Hours

Monday-Friday: 8:30 a.m.-5 p.m.
Saturday-Sunday: Closed

FINANCIAL AID AWARD QUESTIONS & APPEALS

Students with questions about their financial aid award or who are dissatisfied with the type or amount of aid offered, may appeal, in writing, to:

Keri Whitehead
Director of Financial Aid
SUNY Sullivan
112 College Road
Loch Sheldrake, NY 12759

Meet the Financial Aid Team

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Keri Whitehead

DIRECTOR

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Adam Linko

Financial Aid Officer

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Ashley Weintraub

Financial Aid Officer

MISSION STATEMENT OF THE FINANCIAL AID OFFICE

The Office of Financial Aid at SUNY Sullivan is comprised of a team of dedicated professionals committed to assisting students and their families in obtaining financial resources to help meet their financial obligation to the college while assuring compliance with Federal, State and Institutional regulations. The Office of Financial Aid provides quality customer service in delivering information on federal, state, institutional and alternative sources of financial aid, and debt management while in college and thereafter. In pursuing our mission, we provide accurate and accessible information to the campus community recognizing that only together we can achieve our common goal to enhance enrollment, retention and the academic success of our students 

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