Due to COVID-19 there has been a suspension of loan payments, collections, and waiver of interest on ED-held student loans. Loan repayments begin after June 30, 2023 . Read more on the Federal Student Aid website.
To limit the amount borrowed in student loans, complete your degree in eight semesters and avoid withdrawing from classes.
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.
- Parents of dependent, undergraduate students may apply for the Parent PLUS.
- The student must be eligible for federal student aid and enrolled for at least six credit hours.
- The loan is credit-based, therefore, the parent must not have adverse credit history
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.
- The student must be eligible for federal student aid and enrolled for at least five credit hours.
- The loan is credit-based, therefore, the student must not have adverse credit history.
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.
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.
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
Phone: (914) 251-6080
Fax: (914) 251-6356
Fax: (914) 251-6099