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UNDERGRADUATE LOAN INFORMATION |
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For
many students, a portion of education expenses is met by student and/or
parent educational loans. This page provides information, comparison
charts, and application instructions for the various educational loans
available.
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Before
making any borrowing decisions, you should:
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Loan
Disbursements
- Loans are sent in two disbursements, half in the fall and half in
the spring (no earlier than one week before the semester begins).
If the loan is being borrowed for only one semester, the funds are
disbursed in full at the beginning of the semester.
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Application
Deadlines -
You must reapply for your loans by completing the FAFSA each academic
year. You may apply for a Federal Loan at any point throughout the
term for which you want the loan, but you cannot borrow a federal
loan for a term that has already ended. For example:
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- Loan for
Spring 2010 or full 2009-10 academic year: 4/22/10
- Loan for
Fall 2009: 12/7/09
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Loan Eligibility -
To be considered eligible for a Federal loan, you must: |
- Be matriculated
and making academic progress in a program leading to a degree,
certificate or diploma at Syracuse University.
- Be a U.S.
citizen or eligible non-citizen.
- Be enrolled
for 6 or more credit hours.
- Not be in
default on any previous federal student loan or grant program.
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TYPES
OF LOANS AVAILABLE FOR DEPENDENT UNDERGRADUATE STUDENTS |
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Syracuse
University offers the following types of educational loans. Click
on the loan name on the chart for full details.
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Borrower |
Student |
Student |
Parent |
Student
(with parent co-signer) |
Interest
Rate |
5.6%
fixed
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6.8%
fixed |
8.5%
fixed |
Varies
by loan product and credit score |
Loan
Fees |
1.5% |
1.5% |
4% |
Varies
by loan product |
Credit
Check |
No |
No |
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Yes
(credit requirement
set by lender) |
Cosigner
Required |
No |
No |
No |
Varies
by lender but usually yes |
Annual
Loan Limit |
0-23
Credits (Freshmen)
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$3,500 |
$2,000
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Cost
of Attendance
less other financial aid
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Cost
of Attendance
less other
financial aid
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24-53
credits (Sophomores)
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$4,500 |
$2,000 |
| 54+
credits
(Juniors/Seniors) |
$5,500 |
$2,000 |
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$31,000
(of which no more than $23,000 can be subsidized)
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None |
Varies
by loan product |
Repayment
Begins |
6
months after graduation (or drop to less than half-time enrollment) |
6
months after graduation (or drop to less than half-time enrollment) |
60
days after final disbursement or parent can contact lender
for deferment until student graduates |
Varies
by loan product |
Repayment
Terms |
10-25
yrs based on balance owed |
10-25
yrs based on balance owed |
10-25
yrs based on balance owed |
Varies
by loan product |
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Yes |
Yes |
Yes |
No |
Eligible
for Federal Consolidation |
Yes |
Yes |
Yes |
No |
Interest
Pmts Eligible for Federal Tax Deduction |
Yes |
Yes |
Yes |
Consult
tax advisor |
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Yes |
Yes |
Yes |
No |
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TYPES
OF LOANS AVAILABLE FOR INDEPENDENT UNDERGRADUATE STUDENTS
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Syracuse
University offers the following types of educational loans. Click
on the loan name on the chart for full details.
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Borrower |
Student |
Student |
Student |
Student
(with parent co-signer) |
Interest
Rate |
5.6%
fixed
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6.8%
fixed |
6.8%
fixed |
Varies
by loan product and credit score |
Loan
Fees |
1.5% |
1.5% |
1.5% |
Varies
by loan product |
Credit
Check |
No |
No |
No |
Yes
(credit requirement
set by lender) |
Cosigner
Required |
No |
No |
No |
Varies
by lender but usually yes |
Annual
Loan Limit |
0-23
Credits (Freshmen)
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$3,500 |
$2,000 |
$4,000
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Cost
of Attendance
less other
financial aid
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24-53
credits (Sophomores)
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$4,500 |
$2,000 |
$4,000 |
| 54+
credits
(Jrs/Srs) |
$5,500 |
$2,000 |
$5,000 |
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$31,000
(of which no more than $23,000 can be subsidized)
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$57,500
(of which no more than $23,000 can be subsidized)
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Varies
by loan product |
Repayment
Begins |
6
months after graduation (or drop to less than half-time enrollment) |
6
months after graduation (or drop to less than half-time enrollment) |
6
months after graduation (or drop to less than half-time enrollment) |
Varies
by loan product |
Repayment
Terms |
10-25
yrs based on balance owed |
10-25
yrs based on balance owed |
10-25
yrs based on balance owed |
Varies
by loan product |
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Yes |
Yes |
Yes |
No |
Eligible
for Federal Consolidation |
Yes |
Yes |
Yes |
No |
Interest
Pmts Eligible for Federal Tax Deduction |
Yes |
Yes |
Yes |
Consult
tax advisor |
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Yes |
Yes |
Yes |
No |
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SELECTING
A LENDER FOR YOUR FEDERAL STAFFORD
OR PLUS LOAN |
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You
may borrow your Federal Stafford or PLUS Loan through any lender
who participates in the Federal Family Education Loan (FFEL) Program.
For example, click here for the various Stafford lenders for 07-08
and 08-09 or PLUS
lenders for 07-08 and
08-09 that SU students
have borrowed through.
All participating lenders must adhere to established Federal guidelines
regarding annual and lifetime loan limits, interest rates, and repayment
terms. However, there are differences between lenders, so we encourage
you to compare lenders and choose one whose repayment services and
benefits meet your needs.
We offer examples of issues that may be important
to you when selecting a lender.
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OTHER
LOAN INFORMATION
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