Federal Pell grants and New York TAP grants are not available to graduate student. There are limited TEACH grants available to eligible students pursuing teaching degrees. For scholarships please click here.
Currently the rates for federal student loans for graduate students are:
|Unsubsidized Stafford Loan||6.21%|
|PLUS Loans for Graduate Students||7.21%.|
Maximum Annual Loan Limits:
|Loan Programs||Yearly Award Maximum||Maximum annual total award||Application Eligibility|
|Unsubsidized Federal Direct Loans||$20,500||138,500 combined Undergraduate and Graduate*||FAFSA: General eligibility|
|Federal Perkins Loans||$8,000**||$60,000||FAFSA: Financial Need***|
|Graduate PLUS||The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.||FAFSA: General eligibility and credit check|
* Total aggregate borrowing for Undergraduate and Graduate study is $138,500
**Typically CUNY grants $3,000-$4,000.
***Financial need = the Cost of Attendance – Financial Aid – EFC
Frequently Asked Questions on PLUS Loans:
You must be enrolled at least half-time in a graduate or professional program (for example, a program that leads to a Master’s Degree or to a law or medical degree) at a school that participates in the William D. Ford Federal Direct Loan (Direct Loan) Program, and must meet all of the other general eligibility requirements for the Federal Student Aid programs. In addition, you must not have an adverse credit history (a credit-check will be done).
You may still receive a Direct PLUS Loan if you obtain an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the loan if you do not repay it.
Before your loan money is disbursed (paid out), you may cancel all or part of the loan by notifying your school. After your loan money is disbursed, you may cancel all or part of your loan within certain timeframes. For details, refer to the Borrower’s Rights and Responsibilities Statement that accompanies your PLUS MPN.
No. You must sign a PLUS MPN.
No. You must sign a separate PLUS MPN to borrow for yourself.
There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including Direct Loans, scholarships, and certain fellowships).
No. Only Direct Unsubsidized Loans count toward the $138,500 aggregate.receive (including Direct Loans, scholarships, and certain fellowships).
Yes. However, if you have exceeded the $138,500 aggregate, you must either repay the excess loan amount or make satisfactory arrangements to repay it before you can receive any additional Federal Student Aid, including Direct PLUS Loans.
No. If you are not eligible for a Direct PLUS Loan, the regular Direct Unsubsidized Loan annual loan limit for graduate and professional students applies. You may not borrow more than $20,500 for an academic year.
Your first payment will be due within 60 days after the loan is fully disbursed. This will generally be while you are still in school. There is no grace period.
Yes. While you are enrolled in school on at least a half-time basis, you are eligible for an in-school deferment that allows you to postpone payments on your Direct PLUS Loan until you graduate or drop below half-time status.
You must submit an In-School Deferment Request form to the Direct Loan Servicing Center. (You must apply separately for an in-school deferment on your Direct PLUS Loans, even if you have automatically received an in-school deferment on your Unsubsidized Loans. You may obtain an In-School Deferment Request form from your school’s financial aid office, or from your loan servicer. Your school must certify your enrollment status on the deferment request form.
Generally, the school that certifies your deferment request will report your expected graduation date on the form. The in-school deferment on your Direct PLUS Loan will then remain in effect until you graduate or drop below half-time enrollment status, and you will not have to reapply each year.
Your first payment will be due within 45 days after the deferment end date. The Direct Loan Servicing Center will notify you 60 days before your deferment ends.
If you are unable to make payments on your Direct PLUS Loan after you leave school and your in-school deferment ends, you may request a forbearance that will allow you to temporarily postpone payments. You will have to explain why you are unable to make payments. To request forbearance, contact the Direct Loan Servicing Center.
Yes. Interest is charged on a Direct PLUS Loan beginning on the date of the first loan disbursement, and it continues to be charged during periods of deferment or forbearance. You may either pay the interest as it accrues (the Direct Loan Servicing Center will send you a quarterly interest statement), or you may allow the interest to be capitalized (added to your loan principal balance) at the end of the deferment or forbearance. Capitalization increases the total loan amount that you must repay.
You will be able to choose from a variety of repayment plans that are designed to meet your individual needs. Your loan servicer will provide you with information on available repayment plans.
Your monthly payment amount on a Direct PLUS Loan will vary depending on the repayment plan that you choose and how much you borrowed. The table below shows estimated monthly payment amounts under the Standard Repayment Plan (fixed monthly payments over a 10-year repayment period) at various debt levels, based on the Direct PLUS Loan interest rate of 6.41%.
Direct PLUS Loan Amount Owed When You Enter Repayment:
|Standard Repayment Plan||Monthly Payment||Total Amount Paid|
You can obtain estimated monthly payment amounts for different debt levels or for other repayment plans by contacting the Direct Loan Servicing Center.
You may consolidate your Direct PLUS Loans with your other eligible student loans into a single consolidation loan after you leave school. Note that the repayment period for a consolidation loan begins as soon as the loan is made, there is no grace period. Therefore, if you want to consolidate your Direct PLUS Loans with your other student loans that have a grace period, you should wait to do so until shortly before the end of the grace period on the other loans.