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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 (maximum subsidized $8,500)
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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 Financial Aid Office 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. 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

 
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

ECSI College Code - F5

Our Mission Statement


NEWS
  • Please note that the Financial Aid tab on CUNYfirst will be active for Queens College students for Summer 2014 and following beginning on April 14, 2014.  
  • File all aid applications now with our college code and be sure to complete your CUNYFirst financial aid To Do List early.
  • It is now important that you complete your Fall 2014 registration before September 3rd.
  • The Last Day to submit a Direct Loan Application for the 2013-2014 Academic Year is April 24, 2014

 

 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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