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Financial Aid

Federal Direct Unsubsidized Loan

Allows you to borrow money for your education in addition to the amounts allowed in direct subsidized loan funds.

Federal Direct Unsubsidized Stafford Loan Q&A

Who may get a direct unsubsidized loan?


How do I apply?
How much can I borrow?
Are there other limitations on the amount I may borrow?
What is the interest rate on my unsubsidized loan?
Am I charged interest on this loan while going to school?
Is there a charge for this loan?
When and how do I pay back my loan?

Who may get a direct unsubsidized loan?

To get a direct unsubsidized loan, you must meet the same general eligibility requirements as for a direct subsidized loan, except that you do not have to demonstrate financial need.

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How do I apply?

Follow the same application and disbursement process as you would for a direct subsidized loan.

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How much can I borrow?

Dependent Undergraduate Students
First year total $5,500 (maximum $3,500 subsidized)
Second year total $6,500 (maximum $4,500 subsidized)
Third year and beyond $7,500 (maximum $5,000 subsidized)

Independent Undergraduate Students
First year total $9,500 (maximum $3,500 subsidized)
Second year total $10,500 (maximum $4,500 subsidized)
Third year and beyond $12,500 (maximum $5,500 subsidized)

Graduate and Professional Students
Total amount each year $20,500

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Are there other limitations on the amount I may borrow?

Yes. You may not borrow more than your cost of attendance at Queens College, minus any other financial aid you may be receiving. Also, if your period of enrollment is less than a full academic year, the amount of loan assistance you are entitled to may be lower than the maximum amounts listed above. Furthermore, the federal government may restrict how frequently you may request or receive the maximum loan amount. Finally, the Office of Financial Aid Services may refuse to process your loan request or may otherwise reduce the amount of your loan, if it provides you with a written explanation for its decision.

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What is the interest rate on my unsubsidized loan?

Unsubsidized loans have the same variable interest rate as subsidized loans. If you first received a FFELP or direct loan on or after July 1, 1994, your rate of interest will never exceed 8.25%. The interest rate for your loan is adjusted each year on July 1 and is calculated according to a federal formula. The currect interest rate for 2016-2017, is 3.76% for undergraduate students and 5.31% for gradaute students.  You will be notified of interest rate changes throughout the life of the loan.

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Am I charged interest on this loan while going to school?

Yes. These loans are called unsubsidized because the federal government does not pay the interest charges. You are charged interest from the day your loan is disbursed until it is fully repaid, including all in-school, grace, and deferment periods. You have the option of either paying the interest as you go or allowing it to accumulate. If you allow the interest to accumulate, it will be capitalized, or added to the principal amount of the loan, thereby increasing the total amount you will have to repay.

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Is there a charge for this loan?

Yes. You'll pay a fee of up to 4 percent which will be deducted proportionately from each disbursement. Some of this fee will go to the federal government to help offset the administrative costs of the loan.

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When and how do I pay back my loan?

Grace periods, repayment options, deferments, and forbearance procedures are the same for unsubsidized loans as they are for subsidized loans, except that you are charged interest during the entire attendance and repayment period, including any grace or deferment periods. Please refer to the previous section on direct subsidized loans to review your repayment and deferment options.

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 Office Information

 
Office Hours:
 
Mondays - Thursdays: 9:00 a.m. - 4:30 p.m. 
Fridays: Closed
 
Location: 202 Jefferson Hall
Phone: 718-997-5102
Fax: 718-997-5122 

Assistance with the aid process is available in the One Stop Service Center in the Dining Hall. For more on the One Stop, visit www.qc.cuny.edu/onestop.

College Codes
FAFSA College Code - 002690
TAP College Code - 1416


Our Mission Statement

  • NEWS
  • NYSACAC College Fair - click here​ for Financial Aid Presentation
  • ​Spring 2017 - Important Date & Deadlines 
    • The last day to add courses is February 5, 2017. Your registration as of February 5th will be used to determine your maximum financial aid eligibility for the semester (grants, loans and work-study).

    • 7th Day Lock in for Financial Aid Certification

    • February 21st, is the last day to declare a major for TAP/APTS eligibility for Spring 2017.

    • March 6th, is the last day to apply for APTS.

    • April 27th, is the last day to apply for a Direct Loan.

 

  • Fall 2016 - Important Dates & Deadlines
    • Last day to submit a Fall ONLY loan is Monday, December 5, 2016.
    • URGENT Th​e last day to add courses is August 31st, 2016Your registration as of August 31st will be used to determine your maximum financial aid eligibility for the semester (grants, l​o​ans, and work-study).
    • 7th Day Lock in for Financial Aid Certification
    • September 14th​ is the Last day to declare a major for TAP/APTS eligibility for Fall 2016​
    • October 1st is the last day to apply for APTS.

 

 

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 Applying for Financial Aid

 
 

 Useful Telephone Numbers

 

FAFSA Application Status 1-800-433-3243


FAFSA Technical Assistance 1-800-433-3243
NYS TAP Processing/Status 1-888-697-4372
Direct Loan Inquiries 1-800-848-0979
Selective Service 1-847-688-6888
Internal Revenue Service 1-800-829-1040
TuitionPay Payment Plan 1-800-635-0120

 

 
 
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