- Faculty & Staff
Stafford Loan Process
Federal Direct Stafford Loan Borrower Instructions
- You are required to accept the Federal Direct Stafford Loan via YOUR CONNECTION. Click here for instructions on accepting / declining your aid.
- All first-time borrowers at Fredonia must complete Entrance Counseling. Click here and at the top right of the page click on the green "Log In" button and sign in using your 4 digit pin used to sign the FAFSA. Then click on "Complete Counseling".
- All first-time borrowers at Fredonia MUST complete a new Federal Direct Electronic Master Promissory Note (eMPN). Click here and at the top right of the page click on the green "Log In" button under and sign in using your 4 digit pin used to sign the FAFSA. Then click on "Complete Master Promissory Note".
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.
Please note: You must use Windows Explorer 7.0 or Firefox 3.6.3 to complete entrance counseling and the e-MPN. The Department of Education currently does not support Safari. 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.
|Loans disbursed on or after Oct 1, 2014 and before Oct 1, 2015||
|Loans with 1st disbursement after 10/1/2015||
*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.
|And Before||Interest Rate|
|July 1, 2015||July 1, 2016||
4.29% Subsidized / 4.29% Unsubsidized
* All Graduate Direct Unsubsidized Loans have a 5.84% interest rate for the 2015 - 2016 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|
|Junior or Senior||$5,500||$2,000||$7,500|
|Junior or Senior||$5,500||$7,000||$12,500|
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)
Financial Aid Office
209 Maytum Hall
State University of New York at Fredonia
Fredonia, NY 14063
8:30 a.m. - 5:00 p.m.
8:00 a.m. - 4:00 p.m.
(716) 673-3785 Fax