WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM
Four separate programs provide federally insured, low-interest, long-term loans to you or your parents to help you cover the costs of attending college. The federal government--not a bank or other lending institution--is your lender and makes the loan directly to you or your parents through the school. The school determines your eligibility, calculates the loan amount, and disburses the money. Once the loan is made, it is managed and collected by the U.S. Department of Education. Your direct loan is money that is borrowed and must be repaid after you leave school.
Federal Direct Subsidized Loan -- Eligibility for this loan is based on the information you provided on your FAFSA. The federal government pays the interest on the loan while you are in school and during other deferment periods. AS OF 2012-2013, students in graduate degree programs are no longer eligible for the Subsidized Direct Loan.
Federal Direct Unsubsidized Loan -- Allows you to borrow money in addition to any subsidized loan amounts for which you may be eligible. You will be charged interest from the time an unsubsidized loan is disbursed until you pay the loan in full.
Federal Direct PLUS Loan -- Allows the parents of dependent students to borrow up to the cost of attendance at Queens College. The federal government charges your parents interest from the date of the first disbursement until the loan is paid in full. Please note: Any graduate student inquiring about the PLUS loan should contact the Financial Aid Office.
Federal Direct Consolidation Loan -- Allows you to combine loans borrowed from different federal loan programs into one new loan with a new (possibly lower) interest rate and repayment schedule.
Queens College Direct Loan Application / Direct Loan Request Papers -- available from our FORMS page. The Financial Aid Office will start accepting loan applications for the 2012-2013 academic year after June 4, 2012. A 2012-2013 FAFSA application needs to already be filed with no pending corrections.
After your FAFSA is submitted and cleared, there are two additional steps in the application process for Direct Loans.
- Complete your Direct Loan Electronic Mater Promissory Note (eMPN) AND entrance counseling on the web.
- You may complete and submit our Direct Loan Request Papers to us after: 1) you receive the SAR and resolve any problems, 2) your TAP award is determined, 3) you have been evaluated for other aid, AND 4) you have registered for at least 6 credits for the first semester of the loan period. Call first to confirm when we will start accepting requests for the new year.
The last day to submit a Direct Loan Application for the 2011-2012 academic year is April 19, 2012.
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