The Direct Loan is not a Grant; it must be Repaid

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1 WILLIAM D. FORD FEDERAL DIRECT LOANS Academic Year The Direct Loan is not a Grant; it must be Repaid Direct Loan Interest Rates for Subsidized Loans & Unsubsidized Loans Interest rate: % fixed Fees: 1.05% origination fee Loan Limits Dependent Undergraduates Subsidized and/or Unsubsidized Additional Unsubsidized First Year $5,500 (no more than $3,500 may be subsidized) N/A Second Year $6,500 (no more than $4,500 may be subsidized) N/A Third Year & Beyond $7,500 (no more than $5,500 may be subsidized) N/A Dependent Undergraduates whose parent is not eligible to borrow a Parent PLUS Loan First Year $5,500 (no more than $3,500 may be subsidized) $4,000 Second Year $6,500 (no more than $4,500 may be subsidized) $4,000 Third Year & Beyond $7,500 (no more than $5,500 may be subsidized) $5,000 Independent Undergraduates First Year $5,500 (no more than $3,500 may be subsidized) $4,000 Second Year $6,500 (no more than $4,500 may be subsidized) $4,000 Third Year & Beyond $7,500 (no more than $5,500 may be subsidized) $5,000 New Changes to Subsidized Eligibility: (undergraduate students) The U.S. Department of Education has established a limit of how many years a student may receive Subsidized Direct loans. This applies to new borrowers who receive loans on or after July 1, When a student has received subsidized loans for 150% of the published time of his academic program, the student may not receive any additional subsidized loans. For example, if the borrower is enrolled in a two year Associate s Degree program, the borrower is limited to 3 years of subsidized loan eligibility. If the borrower is enrolled in a four year Bachelor s Degree program, the borrower is limited to 6 years of subsidized loan eligibility. Once the borrower reaches the limit on subsidized loan eligibility, he will only be eligible for Direct Unsubsidized Loans. Remember: All students must be enrolled for at least 6 credits or equivalent hours and should remain in those credits or hours until the end of the respective semester.

2 Aggregate Limits (cap the total amount of Federal Direct Loans a student can accumulate) Dependent Undergraduates $31,000 (no more than $23,000 may be subsidized) Independent Undergraduates $57,500 (no more than $23,000 may be subsidized) Once a student has reached the maximum aggregate loan limits, he is no longer eligible to receive federal student loans, and may instead consider a private student loan. REMEMBER: As a borrower, you are obligated to repay the full amounts of your loans, plus interest, even if you do not complete your program of study. Even if you Do not like the school or program; or do not obtain employment after completing your program of study. You are required to abide by the terms of the loan. No loan will be certified for an amount greater than your cost of education. If your enrollment drops below half-time (6 credits) enrollment, but you are not fully withdrawn, you may not be eligible for payment. If you withdraw from all of your classes during the semester, your loan will be Pro-rated, based on your length of enrollment. Once you drop below half-time (6 credits) enrollment, it is your responsibility to complete an Exit Interview online.(www.studentloans.gov) Important: You should keep the Direct Loan Servicing Center and the Office of Financial Aid informed of any changes to your name, address, telephone number, social security number, employer, or enrollment status that might occur during the life of your loans. If you have any questions, you can call the center at , or contact Ms. Wells the Direct Loan Coordinator at the Office of Financial Aid at or contact her at

3 Private Education Loan Programs Alternative Loans (Private Education Loans) are offered through private lenders and are meant to provide additional educational funding only after a student and his/her family have exhausted all other sources of funding such as federal and state aid. These loans are not guaranteed by the federal government and may carry high interest rates and origination fees. All the loans require a credit check and most will require a cosigner if the borrower has little or negative credit history. CUNY does not recommend any specific lender/programs. Contact the lenders of your choice for details about their program and application process. Certification for Private Loans will be handled in the following manner: 1. All students must file and receive a response to the Free Application for Federal Student Aid (FAFSA). (note: all problems must be resolved) 2. Must be enrolled in a program of study for at least 6 credits/equated credits. 3. If eligible, the student should apply for loans through the William D. Ford Direct Loan Program. 4. Choose your lender and apply by using the lender's website and complete the Self Certification Form. 5. The lender will notify you of the results of your credit check and, if approved, will notify the school of your loan request and approved credit. 6. In determining loan amounts, no amount can exceed the cost of attendance minus other aid for the loan period. (The amount may be different from the amount the lender approved) 7. The Financial Aid Office will then certify your loan and communicate with the lender directly. If the loan is not certified, we will notify you/your lender of the reason(s). 8. The loan will be disbursed in two equal payments per semester. Summer disbursements will be paid when the student has completed 6 credits.

4 William D. Ford Federal Direct Loans ACADEMIC YEAR Summer Sessions (1-4) 2013 Fall 2013 and Spring 2014 LOAN PROCESSING PACKAGE Before you decide to borrow, we urge you to go to the web-site and read Direct Loan Counseling Guide For Borrowers that will provide you with information about Direct Loans. If you have any questions, please see a Financial Aid Counselor at the service window. If you are interested in applying for a Direct Loan for Summer 2013, Fall 2013, and Spring 2014, you must use the attached processing form and follow the procedures below: 1. File the Free Application for Federal Student Aid (FAFSA). When the FAFSA is processed, CITY TECH will receive an electronic record of your information. You may be required to verify information and submit documentation before the loan can be processed. 2. ALL questions must be completed, or the processing of your application will be delayed! Drop the completed form in the Direct Loans Drop Box located outside the Financial Aid office Room, NG-13, or the application can be faxed to the Financial Aid office. WHAT WILL HAPPEN UPON RECEIPT OF YOUR LOAN FORM? If you have satisfied all of the requirements, within 14 business days, you will receive a Loan Disclosure Statement letter. New borrowers must sign The Master Promissory Note on line. If there are problems with your form, you will be sent one of the following notices advising you of your status: NOTICE NO. 1: If you did not complete the Entrance Interview Online, please refer to the fact sheet on the next page for instructions. NOTICE NO. 3: You will be advised that PROBLEMS EXIST with your data. The problems must be resolved before we can process your loan, or you will be advised that we HAVE NOT received your FAFSA data authorizing us to process your loan. We will continue to check the federal file on a weekly basis. Once the information is received and finalized, we will continue the processing of your loan.

5 William D. Ford Federal Direct Loans Fact Sheet New York City College of Technology participates in the Federal Direct Loans Program in which the lender is the United States Department of Education. If you are eligible for a loan, the government will lend money directly to you through the City University of New York. Unlike the Federal Stafford Loan Program, banks are not involved. DIRECT LOANS PROCESSING REQUIREMENTS: 1. You must first file and receive a response to the Free Application for Federal Student Aid (FAFSA). All problems must be resolved. 2. You must be enrolled for at least 6 credits or equivalent hours and should remain in 6 credits or equivalent hours, until the end of the respective semester. Students who have attempted 30 remedial hours must register for at least 6 nonremedial credits to qualify for a Direct Loan. 3. You are required to maintain the college satisfactory academic standards. 4. You must complete a Direct Loan Entrance Interview for City Tech, by going to: and proceed as follows: Click on Take Entrance Counseling Session Print out the confirmation page and bring it to the Office of Financial Aid (If you completed an entrance interview on-line for another college, you must go on-line and add New York City College of Technology to your school list (use lower-case letters only). Remember: Annual Loan limits include Summer 2013, Fall 2013 and Spring If you choose to use your maximum annual loan limits in one semester (for example: Summer 2013) you will Not be Eligible for additional funds for the Academic Year.

6 MASTER PROMISSORY NOTE REQUIREMENTS FIRST TIME BORROWERS AT CITY TECH: Upon origination of your Direct Loan, you will receive a Loan Disclosure Statement in the mail. The Loan Disclosure statement will indicate the loan amount, loan periods, type of loan, and the anticipated disbursement dates. Next, you will need to sign The Master Promissory Note on-line. (for both the Direct Subsidized and Unsubsidized loans) Please go to: and follow the 9 steps to complete the process. PREVIOUS BORROWERS: When your Direct Loans are originated, you will only receive a Disclosure Statement from the Direct Loans Servicing Center. The disclosure statement will indicate the loan amount, loan period, type of loan and the anticipated disbursement dates. Your Master Promissory Note previously on file with Direct Loans will satisfy any additional Direct Loans you take at City Tech. **HOW TO MAKE CHANGES TO YOUR LOAN Information** (Please Submit ONLY one Loan Processing Form per Academic Year) If you need to request an increase, reduction, cancellation, or a change of the loan type, you must complete our Direct Loans Status Change Form (located on the shelf outside the Financial Aid Office NG-13). Please Note - No duplicate Loan processing forms will be accepted within the academic year. You can submit the form to the Financial Aid Office or mail/fax the form to the Financial Aid Office, room NG-13 at 300 Jay Street, Brooklyn, New York Current Interest Rates Both Subsidized and Unsubsidized loans are at a fixed 6.8 percent interest Rate for borrowers whose first disbursement is made on or after July 1,2013. This change does not affect the interest rate for Subsidized loans first disbursed prior to July 1,2013. Alternative Private Loans: If eligible, you must first complete the requirements we have outlined for Direct Loan Borrowers. Then refer to our handout, located on the Direct Loan shelves outside the Office of Financial Aid. Be careful! Private loans are consumer loans, and are a very expensive ways of financing your education.

7 Academic year Direct Loan Processing Form Borrower Information To Be Completed By Student (You must PRINT this information legibly) 1. Name:(Last) (First) 2. SS#: - - CUNYFIRST ID# address: 3. Telephone: ( ) Birth Date: / / 4. Permanent Address: Apt: 5. City: State: Zip: 6.References: Please provide two persons that reside in the U.S. with different Addresses, who will know your whereabouts for at least three years. Name Street Address City, State, Zip Code Telephone number Loan Types There are two types of William D. Ford Federal Direct Loans: The Subsidized is based on your financial need, and The Unsubsidized is not based on need. You will automatically be considered for the Subsidized Loan. To be considered for the Unsubsidized Loan, you must check the box below. Interest will be charged on your Direct unsubsidized loan from the day the loan is disbursed until the loan is paid in full. 7. Direct Subsidized X Direct Unsubsidized Loan Amount Requested: Have you ever borrowed a Direct Loan from CityTech? Will you be enrolled at CityTech for at least 6 credits in the Summer 2013 semester? Will you be enrolled at CityTech for at least 6 credits in the Fall 2013 semester? Will you be enrolled at CityTech for at least 6 credits in the Spring 2014 semester? Yes Yes Yes Yes No No No No 8. Will you be graduating at the end of the Summer13? Yes No (or)fall13? Yes No (or) Spring14? Yes No 9. Which semester or semesters are you requesting your loan to be processed for? Summer 2013 (funds will disbursed when 6 credits have been completed) Fall 2013 Spring 2014 Processing Certification: Your signature below certifies that you understand that this processing form is not a Promissory Note. First time borrowers must sign The Master Promissory note on-line. Please note, that the Office of Financial Aid will determine eligibility for the William D. Ford Direct Loans based on Federal Law. Student s Signature: Date: / /

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