Federal Direct Stafford Loan Program

Stafford Loan Process

Helpful Links

Master Promissory Note
e-MPN
800.557.7394

Entrance Counseling
https://studentloans.gov

Exit Counseling
https://studentloans.gov/
myDirectLoan/index.action
 

Direct Loan Applicant Services
Phone No: 800.557.7394
Email: CODsupport@acs-inc.com
Fax: 877.623.5082

Direct Loan Borrower Services
StudentLoans.gov

National Student Loan Data System
National Student Loan
Data System (NSLDS)

Direct Loan Consolidation
800.557.7392
https://studentaid.ed.gov/sa/repay-loans/consolidation

Federal Direct Stafford Loan Borrower Instructions

  1.  You are required to accept the Federal Direct Stafford Loan via YOUR CONNECTIONClick here for instructions on accepting / declining your aid.
  2. All first-time borrowers at Fredonia must complete Entrance Counseling.  Click here and sign in using your FSA ID used to sign the FAFSA.  Then click on "Complete Loan Counseling (Entrance, Financial Awareness, Exit)."  Click the "Start" Button that appears to the right of Entrance Counseling.
  3. All first-time borrowers at Fredonia MUST complete a new Federal Direct Electronic Master Promissory Note (eMPN).  Click here and sign in using your FSA ID used to sign the FAFSA.  Then click on "Complete Loan Agreement (Master Promissory Note)."  Click the "Start" Button that appears to the right of MPN for Subsidized/ Unsubsidized Loans.

ALL STAFFORD LOAN BORROWERS MUST COMPLETE A NEW ELECTRONIC MASTER PROMISSORY NOTE 

Please allow 2-3 weeks processing time from the point of accepting your Stafford loans.

All steps listed above must be completed in order for your Stafford Loan to be applied to your account.

Federal Direct Subsidized Stafford Loan

You are eligible for a subsidized Stafford Loan if you are in school at least half-time and have financial need.  With a subsidized Stafford Loan, the federal government will pay the interest while you're enrolled at least half-time.  Loans disbursed on or after July 1, 2012 will not be eligible for the interest subsidy for Direct Subsidized Loans during the grace period.

150% Subsidized Usage Limit
Please note, there is a limit on the maximum period of time (measured in academic years) that a First-Time Borrower on or after July 1, 2013 can borrow in a Direct Subsidized Stafford Loan.  In general, a First-Time Borrower on or after July 1, 2013 may not receive Direct Subsidized Loans for more than 150% of the published length of the academic program.

Federal Direct Unsubsidized Stafford Loan

Unsubsidized Stafford loans are for students who do not have financial need.  With an unsubsidized Stafford Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.

Origination Fees

First Disbursed
On or After

Origination Fee
Loans with 1st disbursement after 10/1/2015

 1.068%

Loans with 1st disbursement after 10/1/2016  1.069%
*The Up-front Interest Rebate percentage is the amount given to borrowers after the Origination Fee has been deducted from each loan disbursed.  Students must make all of the first 12 required monthly payments on time or the rebate amount will be added back to the principal balance of the loan.

Interest Rates

1st Disbursed
On or After

And Before Interest Rate
July 1, 2016 July 1, 2017

3.76% Subsidized / 3.76% Unsubsidized 

* All Graduate Direct Unsubsidized Loans have a 5.31% interest rate for the 2016 - 2017 academic year.  As of July 1, 2012 graduate students will only be eligible for Unsubsidized Stafford loans.

Annual Loan Limits

Year/Classification Base Amount Additional Unsubsidized Loan Total
Dependent Students      
First-Year $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior or Senior $5,500 $2,000 $7,500
Independent Students      
First-Year $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500
Junior or Senior $5,500 $7,000 $12,500
Graduate Students $8,500 $12,000 $20,500

 

Aggregate Loan Limits

  • Undergraduate Dependent Students: $31,000 (no more than $23,000 Subsidized Stafford Loan)
  • Undergraduate Independent Students: $57,500 (no more than $23,000 Subsidized Stafford Loan)
  • Graduate Students: $138,500 (no more than $65,500 Subsidized Stafford Loan)

 

Office Hours:
Academic Year
8:30 a.m. - 5:00 p.m.
Summer Hours
8:00 a.m. - 4:00 p.m.

Walk In Hours:
Monday         1 p.m. - 4:30 p.m.
Tuesday        1 p.m -  4:30 p.m.
Wednesday  1 p.m. - 4:30 p.m.
Thursday       1 p.m -  4:30 p.m.
 Friday            1 p.m. - 4:30 p.m.

 

Financial Aid Office

209 Maytum Hall
State University of New York at Fredonia
Fredonia, NY 14063
(716) 673-3253
(716) 673-3785 Fax