Loan Programs


Students and others who apply for loans must always be aware that they are taking on a financial responsibility and have promised to pay the money back with interest. Student's eligibility for federal loans (the Federal Direct subsidized and unsubsidized loans) is determined by completing the Free Application for Federal Student Aid (FAFSA).

Parents who are interested in a Federal Parent Loan for Undergraduate Students (PLUS) must complete a credit check and promissory note. Private student loans are available from various banks. Each loan has separate application, interest and repayment terms. It is important that students and borrowers read the terms carefully before borrowing. Your financial aid counselor can answer questions about the following loan programs:
Federal Perkins Loans **This program has ended**

The Federal Direct Subsidized Loan is a federal educational loan with a low interest rate and extended repayment. Eligibility for the Federal Direct Subsidized Loan is on the same basis as other need-based student financial aid. Interest does not accrue during in-college periods.

The Federal Direct Unsubsidized Loan (Unsub) also has low interest and extended repayment, but accrues interest while the student is in school.

The Federal Direct Parent Loan (PLUS) is a federal loan for parents of dependent students. SUNY Oneonta automatically packages PLUS in aid packages and lets parents decide whether and how much to borrow based on their eligibility. The parent's credit history is considered by Federal Direct Loans before approving the loan. In the event a parent does not qualify for this loan, the student may become eligible for additional aid through the Federal Unsubsidized Loan.

Special Note about Federal Direct Loans: Students and parents who borrow in the Federal Direct Loan program(s) complete an Electronic Master Promissory Note (e-MPN), which remains in effect throughout the student's college career (with exceptions). This procedure eliminates the need to complete subsequent promissory notes each award year.  Previous Federal Direct Loan borrowers who negotiated an e-MPN do not need to complete a new one.

*Students must be enrolled at least half time (6 credits or more) to be eligible for federal loans*

Click here for information on Private Educational Loans

Click here for the College Loan Code of Conduct