William D. Ford Federal Direct Loans
Federal Direct Student Loans are either "subsidized" or "unsubsidized". The federal government pays the interest on subsidized loans while a student is enrolled for six or more credits. Eligibility for a subsidized loan is based on "financial need". Unsubsidized loans are available regardless of financial need. Interest is charged to the student or the parent, (see PLUS Loans) even while the student is in school. Students may borrow up to the applicable maximum for each "academic year". An academic year at City College is Summer, Fall and Spring.
William D Ford Direct Loan
Accepting offer / Reducing Offer or Cancelling Original Loan Offers
Login to CUNYfirst and follow the steps below or CF Guide:
- Select "Student Center"
- Select "Financial Aid"
- Confirm the financial aid year that you wish to review at the top left section of the page. Students will only have the option to accept, reduce, or decline Direct Loan offers. All grant aid and scholarships are automatically packaged as offered and accepted and do not require action on this page.
- Navigate to Awards on the left sidebar to open the drop down menu, click on Accept/Decline.
- Click on the Pencil icon to activate the Submit and Actions buttons.
- Click on the drop down option under the Award Decision Column.
- The Reset option allows you to start over again before you finalize your submission.
- The Decline option allows you to set the offer to $0.
- The Actions button will allow you to accept all, decline all or reset all.
- From the drop down you can choose to accept, decline, or reset. If you want to reduce the Award you must first select the Accept option from the drop down menu (this will activate the Reduce check box) and then click on the Reduce check box. The dollar amount will be adjustable in the accepted column and allow you to lower the amount.
- Click the Submit button to finalize your decision.
REMINDER
- If you are a first-time borrower at The City College of New York, you must complete the Entrance Counseling session and sign the Master Promissory Note (MPN) on www.studentaid.gov.
- At the time of submission of your loan request, ensure you are admitted to a degree granting program and are/or will be registered for a minimum of 6 credits/units.
- Additional information and guidance can be accessed by clicking on the following link: CUNYfirst Student Reference Guide
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How to request the 2024-2025 William D. Ford Federal Direct Loan Applications on Student Forms.
Parent PLUS Application
Instructions on how to secure a Direct Parent Plus Application within Student Forms
The student must Log in to "Student Forms" account to begin the PARENT PLUS APPLICATION process. The Student will use their CUNYfirst User Id and password to Log into "Student Forms". The student will be logging in to "Student Forms" to access the 2024-2025 PLUS Loan Application for the parent. Once completed by the parent, the student will upload the fully completed and signed PLUS Loan Application into Student Forms portal.
Below is the hyperlink to log into your Student Forms Account.
Graduate PLUS Application
Instructions on how to secure a Direct Graduate PLUS Application within Student Forms.
The student must Log in to "Student Forms" account to begin the GRADUATE PLUS APPLICATION process. The Student will use their CUNYfirst User Id and password to Log into "Student Forms". The student will be logging in to "Student Forms" to access the 2024-2025 Graduate PLUS Loan Application. Once completed, the student will upload the fully completed and signed PLUS Loan Application into Student Forms portal.
Direct Loan Change Application
Instructions on how to request a Loan changes or Adjustments
The student must Log in to "Student Forms" account to begin any loan change request process. The Student will use their CUNYfirst User Id and password to Log into "Student Forms". The student will be logging in to "Student Forms" to access the 2024-2025 loan change forms. Once completed, the student will upload the fully completed Loan change form into Student Forms portal.
Undergraduate Amounts
The academic year maximums for Subsidized and/or Unsubsidized student loans are:
Dependent (Any combination of Subsidized and/or Unsubsidized)
| Grade Level | Subsidized | Unsubsidized |
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Junior/Senior | $5,500 | $2,000 |
Independent (Any combination of Subsidized and/or Unsubsidized)
| Grade Level | Subsidized | Unsubsidized |
| Freshman | $3,500 | $6,000 |
| Sophomore | $4,500 | $6,000 |
| Junior/Senior | $5,500 | $7,000 |
Grade Levels:
Freshman = 0-29.9 credits earned
Sophomore = 30-59.9 credits earned
Junior/Senior = 60+ credits earned
Graduate Amount
1. Unsubsidized: $20,500 - Graduate students do not have to request an unsubsidized loan. When their FAFSA is received and required documents (if any), are received they will automatically be packaged on CUNYfirst with an unsubsidized loan. Graduate students will need to "Accept' or "Decline" their loan on CUNYfirst under Finances.
Steps:
- Login to CUNYfirst
- Select "Student Center"
- Select "Financial Aid"
- Select "Award"
- Select "Accept/Decline Awards"
2. Grad PLUS: This is a credit based, unsubsidized loan for Graduate and Doctoral students.
Maximum = The CUNY estimated "Cost of Attendance" less all other financial aid.
- At the time you accept/decline your loan, ensure you are admitted to a degree granting program and are/or will be registered for a minimum of 6 credits/units.
Loan Application Deadlines
| Semester | Date | Semester | Date |
| Summer Only | Aug. 1, 2024 | Fall Only | Dec. 5, 2024 |
| Summer/Fall | Dec. 5, 2024 | Fall/Spring | May 1, 2025 |
| Summer/Fall/Spring | May 1, 2025 | Spring Only | May 1, 2025 |
Approximate Processing Time
Allow 4-6 weeks for processing. Your loan application will be reviewed, processed, and electronically transmitted to the federal processor for approval. Reminder, check your CCNY email address for any notifications.
Interest Rates
Interest Rates for Direct Subsidized Loans, Direct Unsubsidzed Loans, and Direct PLUS Loans:
First Disbursed on or after 7/1/2024 and before 6/30/2025:
Undergraduate Subsidized - 6.53%
Undergraduate Unsubsidized - 6.53%
Graduate Unsubsidized - 8.08%
Graduate and Parent Plus Loan - 9.08%
First Disbursed on or after 7/1/2023 and before 6/30/2024:
Undergraduate. Subsidized - 5.50%
Undergraduate Unsubsidized - 5.50%
Graduate Unsubsidized - 7.05%
Graduate and Parent Plus Loan - 8.05%
Loan Fees
Loans first disbursed on or after 10/1/20 and before 10/1/24:
Undergrad. Subsidized - 1.057%
Undergrad. Unsubsidized - 1.057%
Grad. Unsubsidized - 1.057%
Plus Loan - 4.228%
Entrance Counseling
Ensure you have completed a student loan entrance counseling. Entrance counseling is intended to help borrowers better understand the responsibilities that they will be taking on with this federal loan. The entrance counseling will walk borrowers through the importance of repayment, and the consequences of failing to do so. It will also discuss important points like how interest accrues and is capitalized. Finally, it will discuss repayment options for students and resources they have access to as borrowers.
How long will it take?
Most people complete counseling in 20-30 minutes. The entire counseling process must be completed in a single session.
Exit Counseling
Exit counseling provides important information to prepare you to repay your federal student loan(s).
If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the Federal Family Education Loan Program, you must complete the exit counseling each time you graduate, leave school or drop below half-time enrollment.
Exit loan counseling is completed online at: https://studentaid.gov/exit-counseling/
The entire counseling process must be complete in a single session. Exit counseling may take up to 20 minutes or more to complete.
For a complete and detailed history of a student's loan debt, as well as federal grants received, a student can use their FSA ID to log in to the National Student Loan Data System (NSLDS) website.
Disbursement / Repayment
Disbursement - When the eMPN has been accepted by the federal processor, a loan payment will be made to the college on the next scheduled [weekly] disbursement date. When the college receives the disbursement, the Bursar automatically deducts unpaid tuition and fees and then refunds any leftover loan amount to the student. Loan refunds are disbursed once a week, on Fridays, either via a check sent in the mail or direct deposit into a bank account (according to the student preference indicated in CUNYfirst).
All loan payments (disbursements) are issued by the CUNY Controller's office. Deductions will be made automatically for unpaid tuition and fees. Loan checks will be mailed to the student's address of record unless direct deposit (strongly recommended) or CUNY Scholar card arrangements have been made. Direct deposit can be setup at the bursars department.
Repayment - Repayment on the student's loans begins six months after either the student’s graduation, termination of attendance, or registration for fewer than six credits while in attendance.
Last Updated: 01/29/2025 17:56