SU- Grad Loans

GRADUATE LOAN INFORMATION

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.

BEFORE YOU BORROW

Before making any borrowing decisions, you should:

Federal 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. (If you will be enrolled for less than 6 credit hours, but plan on applying for full-time certification, you must complete the Certification of Full-time Status Form. Please use the link to go to the Graduate School's full-time information page and to download the certification form).
Not be in default on any previous federal student loan or grant program.

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:

Loan for Spring 2008 or full 2007-08 academic year: 5/2/08
Loan for Fall 2008: 12/4/08
Loan for Spring 2009 or full 2008-09 academic year: 4/27/09

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.

Many graduate students receive a refund from their loan funds for living expenses. You may request a refund at myslice.syr.edu under Student Services or by contacting the Bursar's office.

TYPES OF LOANS AVAILABLE

Syracuse University offers the following types of educational loans to Graduate students. Click on the loan name on the chart for full details.

	Federal Stafford Loans	Federal Graduate PLUS Loans	Alternative/Private Student Loans
Borrower	Student	Student	Student
Interest Rate	6.8% fixed	8.5% fixed	Varies by loan product and credit score
Loan Fees	2.5% (2% beginning fall 2008)	4%	Varies by loan product
Credit Check	No	Yes (no adverse credit)	Yes (credit requirement set by lender)
Cosigner Required	No	No	Varies by lender
Annual Loan Limit	$20,500 (of which up to $8500 can be Subsidized)	Cost of Attendance less other financial aid	Cost of Attendance less other financial aid
Aggregate Loan Limit	$138,500 (of which up to $65,500 can be Subsidized) This includes loans borrowed as an Undergraduate	None	Varies by loan product
Repayment Begins	6 months after graduation (or drop to less than half-time enrollment)	Student will receive in-school deferment & may be eligible for 6 month forbearance to align entry into repayment with Stafford loans	Varies by loan product
Repayment Terms	10-25 yrs based on balance owed	10-25 yrs based on balance owed	Varies by loan product
Eligible for Federal Loan Deferments or Forbearances	Yes	Yes	No
Eligible for Federal Consolidation	Yes	Yes	No
Interest Pmts Eligible for Federal Tax Deduction	Yes	Yes	No
Eligible for Federal Loan Forgiveness	Yes	Yes	No

SELECTING A LENDER FOR YOUR FEDERAL STAFFORD OR GRADUATE PLUS LOAN

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 or PLUS lenders that SU students have borrowed through in the past.

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.

OTHER LOAN INFORMATION

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For comments on this web site, please contact sbluke@syr.edu