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.
2023-2024 Federal Direct Loan Forms
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.
Loan Application Deadlines
| Semester | Date | Semester | Date |
| Summer Only | Aug. 1, 2023 | Fall Only | Dec. 5, 2023 |
| Summer/Fall | Dec. 5, 2023 | Fall/Spring | May 1, 2024 |
| Summer/Fall/Spring | May 1, 2024 | Spring Only | May 1, 2024 |
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.
To Apply for a William D. Ford Federal Direct Loan:
Follow the instructions below:
- You must have completed the FAFSA application.
- As a first time borrower at City College of New York, ensure you completed the Entrance Counseling session and signed the Master Promissory Note (MPN) online.
- 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.
Steps:
- Login to CUNYfirst
- Select "Student Center"
- Select "Financial aid"
- On the left hand side, Click "Direct Loan Processing Form"
- Based on your academic level and dependency status, indicate the amount you wish to apply for.
- Indicate the number of credits you are taking for the semester you wish to apply for. (Do not apply for the semester under 6 credits)
- Allow 4-6 weeks for processing.
- Information on Federal Direct Loans is available on the CCNY Financial Aid webpage and at www.studentaid.gov
CCNY Towers residents should submit a photocopy of their "Housing Lease Agreement: After they have submitted a loan application).
Federal Direct PLUS Loan
This is a credit based, unsubsidized loan for parents of dependent undergraduate students. The application must be printed from the "Forms & Resources" page. The completed application should be submitted to the Financial Aid Office.
- Maximum = The CUNY "Cost of Attendance" less all other student financial aid.
- Click to view Direct PLUS Loan Basics for Parents
- 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.
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. The application must be printed from the "Forms & Resources" page. Students should submit the completed application to the Financial Aid Office.
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.
Interest Rates
Interest Rates for Direct Subsidized Loans, Direct Unsubsidzed Loans, and Direct PLUS Loans:
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%
First Disbursed on or after 7/1/2022 and before 6/30/2023:
Undergraduate Subsidized - 4.99%
Undergraduate Unsubsidized - 4.99%
Graduate Unsubsidized - 6.54%
Graduate and Parent Plus Loan - 7.54%
Loan Fees
Loans first disbursed on or after 10/1/20 and before 10/1/23:
Undergrad. Subsidized - 1.057%
Undergrad. Unsubsidized - 1.057%
Grad. Unsubsidized - 1.057%
Plus Loan - 4.228%
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.
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.
Last Updated: 05/24/2023 11:40