Helpful guide on how to accept your student loans on myHeliotrope


Federal Direct Student Loans

Direct Loans are low-interest loans for eligible students to help cover the cost of attendance. Eligible students borrow directly from the U.S. Department of Education and are assigned to a loan servicer. Undergraduate students must be enrolled for at least 6 credits and Graduate students must be enrolled for at least 5 credits to be eligible for Direct Student Loans.

Current Interest Rate 
How is interest calculated?

Current Origination Fee

Repayment Information

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Accept all or a portion of the award on myHeliotrope
  3. If you accept a Student Direct Loan, you must complete the following steps:

Subsidized vs. Unsubsidized

Subsidized

  • Available to undergraduate students only who are enrolled in at least 6 credits.
  • Must have financial need
  • Interest does not accrue while in school at least half-time (6 credits or more) and/or during a period of deferment

Unsubsidized

How much can I borrow?

Dependent Undergraduate Students

YEAR IN SCHOOL

(credits)

Annual MAXIMUM Subsidized (if eligible)

ANNUAL MAXIMUM –

Subsidized and Unsubsidized combined

Freshmen (0-29)

$3,500

$5,500

Sophomore (31-59)

$4,500

$6,500

Junior (60-89)

$5,500

$7,500

Senior (90+)

$5,500

$7,500

Independent Undergraduate Students and

Dependent Undergraduate Students whose parents are denied the Federal Parent PLUS Loan

YEAR IN SCHOOL

(credits)

Annual MAXIMUM Subsidized (if eligible)

ANNUAL MAXIMUM –

Subsidized and Unsubsidized combined

Freshmen (0-29)

$3,500

$9,500

Sophomore (31-59)

$4,500

$10,500

Junior (60-89)

$5,500

$12,500

Senior (90+)

$5,500

$12,500

Aggregate Federal Subsidized & Unsubsidized Stafford Loan Limits:

 

AGGREGATE MAXIMUM Subsidized

ANNUAL MAXIMUM –

Subsidized and Unsubsidized combined

Dependent, Undergraduate Students

$23,000

$31,000

Independent, Undergraduate Students & Dependent Undergraduate Students whose parents are denied the Federal PLUS Loan

$23,000

$57,500

Graduate Students

$65,500

$138,500

Graduate Students

ANNUAL MAXIMUM –Unsubsidized Direct Loan

(*For loan periods beginning after July 1, 2012)

$20,500


Federal Perkins Loans

Perkins is a low-interest federal student loan program. Funds are limited and not guaranteed from year to year. The loan is awarded through Purchase and the loan servicer is the Student Loan Servicing Center (SLSC).

  • The interest rate is fixed at 5.0%
  • Must have financial need
  • No origination fee
  • Repayment begins 9 months after leaving school

Federal Parent Loans for Undergraduate Students (Parent PLUS)

PLUS loan is meant to assist families in covering costs beyond any student financial aid. PLUS Loans are borrowed through the Department of Education and assigned to a loan servicer.

Current Interest Rate

Current Origination Fee

Repayment Information

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. The parent must log-in and apply on StudentLoans.gov or complete a Direct PLUS Loan Application with Purchase College’s financial aid office.
  • Remember that the PARENT is the borrower and STUDENT is the student.
  • When logging into StudentLoans.gov, the parent must “Apply for a Direct PLUS Loan.” A credit decision is immediate.
  • If approved, complete the Master Promissory Note (MPN) on the same site.
  • If denied, three options are available:
    • Request a credit appeal.
    • Provide an endorser.
    • Not pursue the PLUS Loan: The student may use additional Direct Unsubsidized Loan. Additional Unsubsidized Stafford loan funding is available up to $4,000/academic year for 1st and 2nd year students (59 or less credit hours earned); and up to $5,000/academic year for 3rd and 4th year students (60 or more credit hours earned).

Federal Direct PLUS for Graduate Students

A Graduate PLUS loan is only available for graduate students working toward their Master’s or other Professional Degree. Unsubsidized Direct Loan should be used first.  

Current Interest Rate

Current Origination Fee

Repayment Information

How to apply:

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Graduate students must log-in and apply on StudentLoans.gov
  3. Select the option “Apply for a Direct PLUS Loan.”
  • A credit decision is immediate.
  • If approved, complete the Master Promissory Note and Entrance Counseling on the same site.
    • Select the MPN and Entrance Counseling option for the Graduate PLUS Loan.
    • If denied, two options are available:
      • Request a credit appeal.
      • Provide an endorser.

PRIVATE LOANS

Most experts believe that federal student loans are better than private education loan in terms of repayment options and interest rates. Purchase College’s policy is that it will not certify a private loan that is greater than a student’s Cost of Attendance. We do not steer or influence students in regards to private loan lenders.