Use the repayment estimator to estimate your monthly payment and compare available repayment plan options for when you enter repayment.

In order to limit the amount you borrow in student loans, it is important to complete your degree in eight semesters and avoid withdrawing from classes.

Federal Direct Student Loans

Federal Direct Student 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 six credits (half-time), while graduate students must be enrolled for at least five credits to be eligible for Direct Student Loans.

Important Information
  • 2019-20 Undergraduate Subsidized and Unsubsidized Direct Loans interest rate: 4.53%
  • 2019-20 Graduate Unsubsidized Direct Loans interest rate: 6.08%
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:
Direct Subsidized Stafford Loan
  • Available to undergraduate students only who are enrolled in at least six credits (half-time).
  • Must have financial need, the difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.
  • Interest does not accrue while in school at least half-time (six credits or more) and/or during a period of deferment, a temporary postponement of payment on a loan that is allowed under certain conditions and during which interest generally does not accrue on Direct Subsidized Loans, the subsidized portion of Direct Consolidation Loans, Subsidized Federal Stafford Loans, the subsidized portion of FFEL Consolidation Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).
  • Learn more about Direct Subsidized Stafford Loans on studentaid.ed.gov.
Direct Unsubsidized Stafford Loan
  • Available to undergraduate and graduate students.
  • Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out.
  • Interest payments are recommended while you are in school, during a period of grace, deferment/forbearance, a period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loan(s), increasing the total amount you owe.
  • Interest will accrue and be capitalized if you choose not to pay the interest.
  • Learn more about Direct Unsubsidized Stafford Loans on studentaid.ed.gov.
Entrance Counseling

All Purchase College students borrowing Federal Direct Subsidized and/or Unsubsidized Loan(s) for the first time must complete Federal Direct Loan Entrance Counseling prior to the disbursement of funds. To complete the Federal Direct Loan Entrance Counseling, please visit studentloans.gov.

The Department of Education will notify Purchase College within two to three days after the entrance counseling is completed online.

Entrance Counseling provides to each first-time Federal Direct Loan borrower (other than borrowers of consolidated or Parent PLUS loans) access to information regarding the terms and conditions of the loan and of the borrower’s responsibilities, including:

  • the effect of the loan on the eligibility of the borrower for other forms of aid;
  • an explanation of the use of the Master Promissory Note;
  • the seriousness and importance of the student’s repayment obligation;
  • information on the accrual and capitalization of interest;
  • borrowers of Unsubsidized loans have the option of paying interest while in school;
  • definition of half-time enrollment and the consequences of not maintaining half-time enrollment;
  • importance of contacting appropriate offices if student withdraws prior to completion of program of study;
  • sample monthly repayment amounts;
  • obligation of the borrower to repay the full amount of the loan regardless of whether the borrower completes program or completes within regular time for completion, is unable to obtain employment upon completion, or is otherwise dissatisfied with or does not receive the education or other services the borrower purchased from the school;
  • the consequences of default;
  • information about the National Student Loan Database (NSLDS) to access borrower’s records; and
  • name and contact information for individual the borrower may contact with questions about the borrower’s rights and responsibilities or the terms and conditions of the loan.
Master Promissory Note (MPN/Loan Agreement)

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. The MPN gives detailed descriptions on the terms and conditions of your loan(s). It includes information on how interest is calculated as well as deferment and repayments options available to you.

Generally the Federal Direct Subsidized and Unsubsidized MPN is valid for a period of 10 years. This means you should only need to complete the MPN once while attending Purchase College. Please be aware, you must have a valid MPN on file with the U.S. Department of Education prior to receiving any federal loan disbursement. Monitor the items listed on your MyHeliotrope account under Eligibility to determine if the MPN is needed.

To complete the MPN electronically, please visit studentloans.gov. Note, you need your Federal Student Aid ID (FSA ID) to sign the MPN.

The process takes approximately 30 minutes to complete and consists of the following four steps:

  1. Enter your personal information and school information.
  2. Enter information about two references who you have known for at least three years.
  3. Read all terms and conditions.
  4. Review, electronically sign (using FSA ID), and submit the MPN.

How much can I borrow?

Dependent Undergraduate Students
Freshman (0-29 credits)
  • $3,500 Annual Maximum Subsidized (if eligible)
  • $5,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $3,500 Subsidized and $2,000 Unsubsidized would total to $5,500
Sophomore (30-59 credits)
  • $4,500 Annual Maximum Subsidized (if eligible)
  • $6,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $4,500 Subsidized and $2,000 Unsubsidized would total to $6,500
Junior (60-89 credits)
  • $5,500 Annual Maximum Subsidized (if eligible)
  • $7,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $1,000 Subsidized and $6,500 Unsubsidized would total to $7,500
Senior (90+ credits)
  • $5,500 Annual Maximum Subsidized (if eligible)
  • $7,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $0 Subsidized and $7,500 Unsubsidized
Independent Undergraduate Students (and Dependent Undergraduate Students whose parents are denied the Federal Direct PLUS Loan)
Freshman (0-29 credits)
  • $3,500 Annual Maximum Subsidized (if eligible)
  • $9,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $3,500 Subsidized and $6,500 Unsubsidized would total to $9,500
Sophomore (30-59 credits)
  • $4,500 Annual Maximum Subsidized (if eligible)
  • $10,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $2,500 Subsidized and $8,000 Unsubsidized would total to $10,500
Junior (60-89 credits)
  • $5,500 Annual Maximum Subsidized (if eligible)
  • $12,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $5,500 Subsidized and $7,000 Unsubsidized would total to $12,500
Senior (90+ credits)
  • $5,500 Annual Maximum Subsidized (if eligible)
  • $12,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $0 Subsidized and $12,500 Unsubsidized
Graduate Students

Annual maximum—Unsubsidized Loan only: $20,500 (for loans disbursed after July 1, 2012)

Additional loan money for Graduate students could be applied for through a Graduate PLUS Loan.

Aggregate Federal Subsidized & Unsubsidized Stafford Loan Limits
Dependent, Undergraduate Students
  • $23,000 Aggregate Maximum Subsidized
  • $31,000 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $23,000 Subsidized and $8,000 Unsubsidized would total to $31,000
Independent, Undergraduate Students & Dependent Undergraduate Students whose parents are denied the Federal PLUS Loan
  • $23,000 Annual Maximum Subsidized
  • $57,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $23,000 Subsidized and $34,500 Unsubsidized would total to $57,500
Graduate Students
  • $65,500 Annual Maximum Subsidized
  • $138,500 Annual Maximum Subsidized and/or Unsubsidized
    • Example: $65,500 Subsidized and $73,000 Unsubsidized would total to $138,500

Federal Direct Parent PLUS Loan

A 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.

Important Information
  • 2019-20 Direct PLUS loan for Parents and Graduate Students interest rate: 7.08%
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 first and second year students (59 or less credit hours earned); and up to $5,000/academic year for third and fourth 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.

Important Information
  • 2019-2020 Interest Rate is 7.08%
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.

Federal Perkins Loans (Program is Cancelled)

Important: the Federal Perkins Loan Program has been cancelled by the federal government as of July 1, 2018.

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 percent.
  • Must have financial need.
  • No origination fee.
  • Repayment begins nine months after leaving school.

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. Student Financial Services at Purchase College does not steer or influence students in regards to private loan lenders and cannot give out suggested lenders.

Private loans are education credit based loans that are offered by several financial lending institutions. Not everyone will credit qualify for these loans. Private loans are designed to finance your remaining cost of attendance after all other sources of federal aid are exhausted.

Purchase College strongly encourages you to complete your Free Application for Federal Student Aid (FAFSA) in order to receive the Federal Direct Loans. Qualified Federal Direct borrowers can receive Federal Direct loans regardless of need.

Shortly after receipt of your FAFSA form, you will receive an email instructing you to view your award letter which itemizes your financial aid eligibility. If you still feel that it is necessary to borrow a private loan once your financial aid package is awarded to you, research any financial lending institution of your choice to cover your remaining educational expenses.

Also, when deciding upon how much to borrow, practice smart borrowing techniques and only borrow those funds that you need. A refund from your private loan may be nice up front, but could be very costly down the road!

Lastly, if possible, have a cosigner (parent, grandparent, aunt, uncle, etc.) apply for the loan with you. Often lenders require the use of cosigners, and it can be very cost effective for the primary borrower to use a cosigner as interest rates will most likely be drastically reduced.

View a detailed comparison of alternative loans and federal student loans.

Private Loan Disclosures

In accordance with the Truth in Lending Act (TILA), financial lending institutions are required to provide students with three loan disclosures. Each disclosure informs the borrower of specific information regarding the loan.

  1. Application Disclosure: the Application Disclosure is generally presented to the borrower along with the loan application. If the disclosure is not provided with the initial loan application, the lender will be required to mail an Application Disclosure to the borrower within three days after an application is received.

    The Application Disclosure contains pertinent information about:

    • the range of rates
    • fees
    • other terms that apply
    • total cost of the loan
    • federal student loan options

    Please be aware the Application Disclosure must be accepted and signed by the borrower and cosigner in order to proceed through the application process.

  2. Approval Disclosure: the Approval Disclosure is provided to the borrower electronically or by mail when the lender has conditionally approved or approved the borrower for a loan.

    The borrower and cosigner will receive the Approval Disclosure as part of the application process before the promissory note is signed. The Approval Disclosure must be accepted by both the borrower and cosigner within 30 calendar days of the credit offer. The Approval Disclosure must state the acceptance date deadline and the manner in which the lender requires the borrower to accept the terms of the loan. If any permissible changes (i.e. changes made to accommodate a borrower request) are made to the loan, a new disclosure and 30 day acceptance period is required to accept new terms.

    Remember that the Approval Disclosure must be accepted and signed by the borrower and cosigner (if applicable) prior to continuation of the application process.

  3. Final Disclosure: the Final Disclosure is presented to the borrower after the loan terms have been accepted. A three day recession period occurs after the Final Disclosure is presented to the borrower.

    The Final Disclosure will note the borrowers’ right to cancel the loan, state the deadline for cancellation, and the methods in which a lender accepts a cancellation request.

    Lastly, the Final Disclosure provides the borrower with the final information on the cost of their loan.

Federal Student Loan Management & Repayment

Payments on your federal student loans will begin once you drop below half time, leave school, or graduate. Federal subsidized and unsubsidized loan borrowers are given a grace period of six months before repayment begins. Keep in mind any previous gaps in your enrollment (other than summer) may have used part of or all of your grace period.

The National Student Loan Data System (NSLDS) provides a centralized view of your Federal loan borrowing history including contact information for your loan servicer(s). Your loan servicer is your main point of contact for all loan related questions. It is important you contact them if you have any changes to your address, contact information or if you are having difficulty making your loan payments.

Leaving Purchase College

When you are preparing to leave Purchase (at the completion of your degree, when you withdraw from classes, including taking a leave of absence, or transfer to another school), it is important that you make sure all financial aid requirements have been satisfied.

Use the following checklist as a guide to confirm your requirements have been met:

  • Review your current financial aid package to make sure all funds have disbursed to your account.
  • Check your account to make sure your balance has been paid in full.
  • If you are a Direct Loan borrower you will be required to complete exit counseling which will provide you with the information you need to select the appropriate repayment plan and keep your loan in good standing.
  • Important: Whether a student withdraws from the College, takes a leave of absence, or graduates, their enrollment status is reported to their loan servicer as “no longer enrolled” and they will be entered into their grace period. In terms of reporting enrollment status for student loans, there is essentially no difference between withdrawal and a leave of absence—once a student is no longer enrolled in classes; “no longer enrolled” becomes the status.
Repayment Knowledge is Important

Purchase College wants all student loan borrowers to be informed as to what their options are for repayment. The federal government currently offers eight different repayment plans for students paying back their federal student loans.

Be aware that a Standard Repayment Plan is what most students use and it tends to result in less interest being paid back in the end. This is because the Standard Repayment Plan limits you to 10 years to repay your loans. Other plans start off with lower payments at first and then increase over time.

A few plans allow for what is called Public Service Loan Forgiveness, where certain payments can be wiped out if the student is employed in specific fields and the correct number of on-time payments are made. In all cases of repayment, student borrowers need to work closely with their loan servicers, the companies that are handling the payments on these loans.

How to Choose a Repayment Plan

Dealing with debt can be overwhelming but there are various repayment plans available for federal student loans. Your loan servicer can help answer questions about deferment, forbearance, consolidation, and various payment plans.

While no single repayment plan can be a “perfect fit” for everyone, we recommend that you should examine each one carefully. In deciding which repayment plan is right for them, students should look closely at the overall interest being paid back, monthly payment amounts and how long the payments will last. Also consider what amount of income is being earned at this point versus what is expected in the future.

For detailed information on Income Driven Repayment plans, studentaid.gov provides this thorough document which can be accessed by clicking here.

To estimate your payments under each repayment plan, the federal government offers this repayment estimator on their website.

All students can check who their servicers are by going to this federal government website known as the National Student Loan Data System (NSLDS) and also by signing into studentloans.gov.

Once you’ve settled on a repayment plan, get in touch with your loan servicer to let them know.

Contact your loan servicer immediately if you are experiencing trouble making your monthly payments. Your loan servicer will be able to determine if you qualify for loan deferment or forbearance which would temporarily postpone or reduce your payments. By working with your loan servicer you could avoid default on your student loans.

Finally, Federal Student Aid is a great resource for general loan management and repayment information. For questions and information regarding your loans contact your loan servicer directly.

Exit Counseling

Exit Counseling is an online educational course for borrowers of Federal Stafford Loan and/or Federal Grad PLUS loan funding. The counseling is required for all borrowers who are no longer attending, or are currently registered for less than six credits at Purchase College. Exit Counseling needs to be completed even if you are planning to continue your education at another institution and even if you are taking a Leave of Absence and/or plan to return to Purchase College.

How do I complete Exit Counseling?

Complete your Exit Counseling online by visiting studentloans.gov and click on the “Sign In” button. Then, click the option to “Complete Loan Counseling.”

What will the Exit Counseling cover?

Exit Counseling will explain your rights and responsibilities as a federal loan borrower. It also provides information and terms to help you make the right choices about repayment. During the counseling you will review your total federal student loan debt. As you complete the Exit Counseling, pay special attention to:

  • Loan consolidation
  • Loan deferment
  • Payment options (standard repayment, extended repayment, graduated repayment, and income contingent repayment)
  • Loan forbearance
How long will the Exit Counseling take?

Exit Counseling will take 20-30 minutes to complete. You will need your Federal Student Aid ID credentials (FSA ID) and the session will also ask you to select your school:

Purchase College, SUNY (G06791).

Do I need to let Purchase College know when I have completed the Exit Counseling?

You do not need to notify us once you have completed the Exit Counseling. Student Financial Services will receive electronic confirmation once you complete your Exit Counseling.

When should I complete the Exit Counseling?

If you are graduating, you should complete the Exit Counseling within thirty (30) days prior to your graduation date. If you are no longer attending or have dropped below half-time attendance, you should complete the Exit Counseling within thirty (30) days from the last date of at least half-time attendance.

Do I need to complete Exit Counseling if I am going on to another school or enrolling in a new degree program?

Yes, you should complete Exit Counseling even if you are planning to continue your education. The Exit Counseling will assist you in knowing your rights and regulations about your current loan(s) grace period and repayment period.

It provides important information you’ll need as you prepare to repay your federal student loan(s). You’ll learn how to understand and repay your loans, how to avoid default, and how to make your finances a priority.


National Student Loan Data System (NSLDS)

Disclosure Requirement: Information provided to borrowers

HEOA Sec. 489 amended HEA Sec. 485B(d)(4) (20 U.S.C. 1092b)

Students and parents of students are advised that if they enter into a Title IV, HEA loan, the loan data will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. 13

The NSLDS Privacy Impact Assessment may be accessed on this webpage.

Additional information regarding the National Student Loan Data System may be accessed on their webpage.

If you are unable to locate the information you need from the links set forth above, Purchase College Financial Aid Counselors may be contacted directly at:

Student Financial Services
Email: financialservices@purchase.edu
Phone: (914) 251-7000, opt. 2
Fax: (914) 251-6356
Fax: (914) 251-6099