If you are interested in applying for Federal Direct Loans (U.S. citizens and eligible non-citizens only), you should not wait for an admission decision before applying.
You should file the Free Application for Federal Student Aid (FAFSA) as soon as possible after October 1* and prior to June 30 for aid for the following academic year.
*For the 2024-25 academic year, the FAFSA did not open until the end of December 2023.
Federal
- Federal Direct Subsidized Loan
- Federal Direct Unsubsidized Loan
- Federal Direct Parent PLUS Loan (for parents)
- Federal Direct Graduate PLUS Loan
- Federal Direct Consolidation Loan
Accept/Reduce/Decline Federal Student Loans
- Accept/Reduce/Decline Loans
- Master Promissory Note
- Loan Entrance Counseling
- Adjustments to Loans After Disbursement
Alternative
Federal Direct Subsidized Loan
Direct Subsidized Loans are for undergraduate students to help pay for the cost of his or her education after high school. The lender is the U.S. Department of Education. Eligibility for Federal Direct Subsidized and Unsubsidized Loans is determined by the information you submit on the Free Application for Federal Student Aid (FAFSA) and according to U.S. Department of Education regulations.
- Federal Direct Subsidized Loans are based on need.
- No interest is charged while the student is enrolled at least half-time.
- The U.S. Government charges a small fee, which will reduce the amount of the loan disbursed to your account.
- Repayment begins six months after you cease to be enrolled at least half-time.
| Interest Rate* | Loan with first disbursement 6.533% (7/1/24 – 6/30/25) 5.50% (7/1/23 – 6/30/24) |
|---|---|
| Loan Fees | 1.057% (10/1/20 – 9/30/25) |
| Credit Check | No |
| Eligibility | Must be enrolled at least half-time (six or more credits per semester) |
| Annual Loan Maximum | Freshman (0-29 credits): $3,500 Sophomores (30-59 credits): $4,500 Juniors and Seniors (60-90+ credits): $5,500 |
| Lifetime Loan Maximum | Undergraduate students: $23,000 |
| Repayment Begins | The principal is not due while the student is enrolled at least half-time. Payments begin following a six-month grace period after graduation or if enrollment falls below half-time. |
| Repayment Terms | Repayment Terms 10 years (income-based repayment plans are available, click here to find out more) |
| Eligible for Federal Loan Deferments, Forbearances, or Loan Forgiveness | Yes |
| Eligible for Federal Consolidation | Yes |
| Interest Payments Eligible for Federal Tax Deduction | Yes |
Federal Direct Unsubsidized Loan
Unsubsidized Direct Loans are for students to help pay for the cost of his or her education after high school. The lender is the U.S. Department of Education. Eligibility for Unsubsidized Loans is determined by the information you submit on the Free Application for Federal Student Aid (FAFSA) and according to U.S. Department of Education regulations.
- An unsubsidized Federal Direct Loan is not based on need.
- Interest is charged while you are enrolled at least half-time.
- You may choose to defer the interest, but if this option is selected, the interest will be capitalized (added to the principal amount).
- The U.S. Government charges a small fee, which will reduce the amount of the loan disbursed to your account.
| Interest Rate | Loan with first disbursement Undergraduate Fixed: 6.533% (7/1/24 – 6/30/25) 5.50% (7/1/23 – 6/30/24) Graduate Fixed: 8.083% (7/1/24 – 6/30/25) 7.05% (7/1/23 – 6/30/24) |
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|---|---|---|---|---|---|---|---|---|---|---|
| Loan Fees | 1.057% (10/1/20 – 9/30/25) | |||||||||
| Credit Check | No | |||||||||
| Eligibility | Must be at least half-time (six or more credits per semester)**Quarter-based online graduate students must be enrolled at least half-time (three or more credits per term). (See Academic Rules) | |||||||||
| Annual Loan Maximum* | Dependent Students: Freshman (0-29 credits): $5,500 (of which, no more than $3,500 can be subsidized) Sophomores (30-59 credits): $6,500 (of which, no more than $4,500 can be subsidized) Juniors and Seniors (60-90+ credits): $7,500 (of which, no more than $5,500 can be subsidized) Independent Students: Freshman (0-29 credits): $9,500 (of which, no more than $3,500 can be subsidized) Sophomores (30-59 credits): $10,500 (of which, no more than $4,500 can be subsidized) Juniors and Seniors (60-90+ credits): $12,500 (of which, no more than $5,500 can be subsidized)Graduate: up to $20,500 |
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| Lifetime Loan Maximum | Dependent Students: $31,000 Independent Students: $57,500 (of which no more than $23,000 can be subsidized) Graduate Students: $138,500 (of which no more than $65,500 can be subsidized loans). This total includes undergraduate borrowing. |
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| Repayment Begins | The principal is not due while the student is enrolled at least half-time or during the six-month grace period. Interest is due while in school, but can be deferred. If the interest is deferred, it will be capitalized (added to the principal). | |||||||||
| Repayment Terms | Repayment Terms 10 years (income-based repayment plans are available, click here to find out more) | |||||||||
| Eligible for Federal Loan: Deferments, Forbearances, or Loan Forgiveness | Yes | |||||||||
| Eligible for Federal Consolidation | Yes | |||||||||
| Interest Payments Eligible for Federal Tax Deduction | Yes | |||||||||
| *Most undergraduate students are eligible to receive up to $2,000 in unsubsidized Federal Direct Loans. Students who do not receive full eligibility for subsidized loans (based on need and student’s academic level) may receive the difference in unsubsidized Federal Direct Loans. Graduate students may be eligible for up to $20,500 in unsubsidized Federal Direct Loans. Undergraduate students whose parents are denied the Federal Direct Parent PLUS Loan may apply for an additional unsubsidized Federal Direct Loan; the maximum amount is: Freshmen and sophomores with 0-59 credits – $4,000. Junior and senior with 60+ credits – $5,000 | ||||||||||
Federal Direct Parent PLUS Loan (for parents)
The Federal Direct PLUS (FPLUS) is a type of loan a parent can obtain to help pay for the cost of education for their dependent undergraduate children. A Free Application for Federal Student Aid (FAFSA) must be filed to apply. The loan funds are borrowed from the federal government.
Parents may apply for an FPLUS loan at any time during the academic year. Parents are encouraged to budget their costs for the entire academic year to determine the FPLUS loan needed and then submit an FPLUS application to cover those costs. Parents must reapply for an FPLUS loan each year their child is an undergraduate student.
Parents who wish to apply for an FPLUS loan will be subject to a credit check as part of the application process. Payment of principal and interest begins 60 days after the loan is fully disbursed. Upon request, payment deferment privileges may be available with some restrictions.
Please note: the definition of ‘parent’ for FPLUS loan is:
- any biological or adoptive parent, or
- the parent’s spouse who reported income and assets on the Free Application for Federal Student Aid (FAFSA).
| Interest Rate | Loan with first disbursement 9.083% (7/1/24 – 6/30/25) 8.05% (7/1/23 – 6/30/24) |
|---|---|
| Loan Fees | 4.228% (10/1/20 – 9/30/25) |
| Credit Check | Yes (no adverse credit) |
| Eligibility | Must be at least half-time (six or more credits per semester) |
| Annual Loan Maximum | Total cost of attendance minus all aid resources and loans received. |
| Lifetime Loan Maximum | None |
| Repayment Begins | 60 days after the loan is fully disbursed. Requests to defer payments while the student is enrolled may be made during the application process. |
| Repayment Terms | Repayment Terms 10 years (income-based repayment plans are available, click here to find out more) |
| Eligible for Federal Loan: Deferments, Forbearances, or Loan Forgiveness | Yes |
| Eligible for Federal Consolidation | Yes |
| Interest Payments Eligible for Federal Tax Deduction | Yes |
To Apply for a Federal PLUS Loan:
- Determine the amount of FPLUS loan that you wish to borrow using our Loan Worksheet.
- Go to studentaid.gov.
- After signing in, select
- Apply for “I am the Parent of a Student.”
- On the next page, you will need to log in with your FSA ID
- Follow steps 1 – 5 to complete the online credit check
- To transmit your Parent PLUS information to Syracuse University, please enter our school code: 002882 in the “School Information” section.
- Upon completing step 5, a credit decision will be displayed.
- Syracuse University will transmit the final loan approval and disbursement request to the Department of Education.
To Decline Your Federal PLUS Loan or Reduce the PLUS Loan Amount:
To reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the Loan Reduction/Cancellation Form.
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan is a long-term, fixed-rate loan borrowed by graduate students to bridge the financial gap between their educational cost of attendance and their other financial aid.
- Students must borrow their maximum eligibility in Federal Direct Loans before they may apply for this loan program.
- Eligibility is calculated by the Cost of Attendance minus other financial aid.
| Interest Rate | Loan with first disbursement 9.083& (7/1/24 – 6/3025) 8.05% (7/1/23 – 6/30/24) |
|---|---|
| Loan Fees | 4.228% (10/1/20 – 9/30/25) |
| Credit Check | Yes (no adverse credit) |
| Eligibility | Must be at least half-time (six or more credits per semester)**Quarter-based online graduate students must be enrolled at least half-time (three or more credits per term). (See Academic Rules) |
| Annual Loan Maximum | Total cost of attendance minus all aid resources and loans received. |
| Lifetime Loan Maximum | None |
| Repayment Begins | Payment of principal and interest begins once the loan is fully disbursed. The loan will be placed into deferment for graduate students while you are enrolled at least half-time. |
| Repayment Terms | Repayment Terms 10 years (income-based repayment plans are available, click here to find out more) |
| Eligible for Federal Loan: Deferments, Forbearances, or Loan Forgiveness | Yes |
| Eligible for Federal Consolidation | Yes |
| Interest Payments Eligible for Federal Tax Deduction | Yes |
To Apply for a Federal Direct Graduate PLUS Loan:
- Determine the amount of FPLUS loan that you wish to borrow using our Loan Worksheet.
- Go online to studentaid.gov and click on “Login to Start”
- After signing in:
- Follow steps 1 – 4 to complete the online credit check
- Be sure to enter Syracuse’s school code: 002882, so that SU receives your PLUS Loan information.
- Upon completing step 4, a credit decision will be displayed.
- Complete the Federal Direct Graduate PLUS Loan master promissory note.
- Complete the Annual Student Loan Acknowledgement.
- Follow steps 1 – 4 to complete the online credit check
- Syracuse University will transmit the final loan approval and disbursement request to the Department of Education.
- For new borrowers, an entrance counseling or loan counseling session must be completed on studentloans.gov.
To Decline Your Federal Graduate PLUS Loan or Reduce the Graduate PLUS Loan Amount:
To reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the:
Accept/Reduce/Decline Federal Student Loans
Accept/Reduce/Decline Loans
The Federal student loan funding will be awarded to students in Offer status in MySlice. Students must login to MySlice, select the Financial Aid button, click on the relevant aid year, and then select the Accept/Decline tab. Students will then have the option to Accept, Reduce, or Decline the Federal student loan amounts in MySlice.
Master Promissory Note
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). Once you have accepted your loan amounts in MySlice, you will need to complete the MPN requirements on your MySlice Financial Aid To Do List.
Loan Entrance Counseling
Entrance Counseling ensures you understand the terms and conditions of your loan(s) and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default. Once you have accepted your loan amounts in MySlice, you will need to complete the Entrance Counseling requirements on your MySlice Financial Aid To Do List.
Adjustments to Loans After Disbursement
If your loan(s) have disbursed to your Bursar’s account and you would like to reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the:
Choosing an Alternative (Private) Loan
Alternative education loans are offered through banks, many credit unions, and states to help bridge the gap between financial aid and the cost of education. Alternative loans are not federally sponsored or guaranteed; therefore, the FAFSA is not required. Students should apply for alternative loans only if additional funding is needed after applying for all federal student and parent loans.
Prospective borrowers may qualify for loans or other assistance under Title IV and HEA programs. The terms and conditions of these loans may be more favorable than the provisions of private education loans.
Alternative loans must be certified or approved by the Office of Financial Aid and Scholarship Programs to ensure the loan does not exceed the cost of attendance minus all other financial aid.
International Students: You may find a lender using the Elm Select List of lenders. Some loans may require U.S. cosigners.
Graduate Students: You are eligible to borrow up to the full cost of attendance by using a combination of Federal Direct and Federal Direct Graduate PLUS loans. This makes alternative loans (with varying fees and limited forgiveness opportunities) unnecessary for most students.
| Interest Rate | Varies by lender |
|---|---|
| Loan Fees | Varies by lender |
| Credit Check | Yes |
| Cosigner Required | Varies by lender, but usually yes |
| Annual Loan Maximum | Total cost of attendance minus all aid resources and loans received. |
| Lifetime Loan Maximum | Varies by lender |
| Repayment Begins | Varies by lender |
| Repayment Terms | Varies by lender |
| Eligible for Loan Deferments or Forbearances | Varies by lender |
| Eligible for Federal Consolidation | No |
| Eligible for Alternative/Private Loan Consolidation | Varies by lender |
| Interest Payments Eligible for Federal Tax Deduction | Check with a tax advisor |
To assist you in making your borrowing decision:
Review and compare alternative lenders, and the products they offer, on the ELM Select List.
This list represents lenders that Syracuse University students have used in the past. Syracuse University does not endorse any particular loan program; you may select a lender that does not appear on this list. Lending institutions are solely responsible for posting and updating their information on ELM Select.
If you select a lender on the list by selecting their link, you will be connected to the lender’s website and application. Once your completed application has been credit approved, your lender will electronically transmit it to our office for certification.
Once the Financial Aid Office has approved your application, the amount of your loan will appear on MySlice under My Financial Aid.
As part of the application process, your lender will require that you complete a Private Education Loan Application Self-Certification form . The form can be submitted by fax, paper, or electronically depending on your lender. It requires you to list your cost of attendance, estimated financial assistance, and the difference between both. This information can be found on your MySlice under My Financial Aid. Submit this form directly to your lender, not to Syracuse University.
Decline Your Alternative Loan or Reduce the Alternative Loan Amount:
To reduce the loan amount or decline the loan completely, students must notify the Office of Financial Aid and Scholarship Programs by completing the Loan Reduction/Cancellation Form.