Bookmark and Share

Student Loans

New borrowers, as well as students and parents who previously got loans through the Federal Family Education Loan (FFEL)/Stafford program, will now borrow through the William D. Ford Federal Direct Loan program. 

The program offers the same types of loans as the FFEL/Stafford, and generally has the same terms and conditions, but instead of a bank lending the money, the U.S. Department of Education lends the money directly to students and parents through the student's school. These three available loans types meet different needs:

Federal Student Loans go to degree-seeking students enrolled at least half time (six credit hours per semester for undergraduates and three credit hours for masters).  You must fill out the Free Application for Federal Student Aid (FAFSA) to get funding. For undergraduate students with financial need, interest may be subsidized for a portion of your loans (the U.S. government pays the interest while you're enrolled at least half time (six credit hours) and for six months after graduation or when attendance drops to less than half time). Students with no financial need can borrow an unsubsidized federal loan and interest will begin accruing when the loan(s) is disbursed.  Loan funds are disbursed equally across all periods of enrollment.  For most undergraduate and graduate students, this means their annual loan award will be disbursed in two installments, one in the fall term and one in the spring term.

Federal Parent PLUS Loan Program lets parents borrow for each dependent enrolled in school at least half time as a degree-seeking student. Parents can finance up to the full cost of their child's education each academic year, minus grants and other financial aid the student gets. (Although parents don't have to prove financial need, credit checks are required. Applicants with bad credit histories may not be eligible for PLUS loans.) Repayment on these loans usually starts within 60 days after full disbursement. If the PLUS application is denied, the dependent may be able to borrow more money through the Unsubsidized Federal Loan Program. To get funding, the student and his or her parent(s) must fill out the Free Application for Federal Student Aid (FAFSA).

Federal Graduate/Professional PLUS Loan Program lets degree-seeking graduate students borrow up to their cost of attendance minus other financial assistance. The terms and conditions are the same as those of the Parent PLUS Loans, including a good credit history and repayment after full loan disbursement. Applicants must fill out the Free Application for Federal Student Aid (FAFSA), and have already applied for their annual loan-maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program. Interest rates reset each year on July first for the upcoming academic year for all Federal Direct Loans.

Remember this step: First-time recipients of direct loans must fill out a Direct Loan Master Promissory Note (MPN) before they can get loan money.  If you decide to borrow the money awarded to you, you must immediately follow the steps below to complete your Direct Loan MPN and Entrance Counseling to avoid delays in getting your loan money.

Student Borrower

1.     Go to
2.     Sign in using your FSA ID and Password (the same one you used to sign your FAFSA).
3.     Click on "Complete Entrance Counseling."
4.     Fill out entrance counseling and print a confirmation for your records.
5.     Click on "Complete Master Promissory Note."
6.     Fully fill out and sign the MPN.

Remember: you will be awarded the total loan amount you are eligible for based on your enrollment.  Only take the loans that you need - talk to your SFS Counselor today to reduce or cancel unnecessary loans.

Want to understand your loan debt?  Queens provides free access for its students to SALT, a financial literacy program that includes your specific federal loan information, debt calculations and repayment options as well as access to a live financial planner.  Use your Queens email to log on to today.

Parent Borrower

1.     Go to
2.     Sign in using your FSA ID and Password (the same one you used to sign your FAFSA).
3.     Click on "Start PLUS Application Process."
4.     Fill out and sign the MPN.
5.     Fill out additional steps as instructed, i.e., provide an endorser.

Need more information?

For more details about direct loans, contact Queens' Office of Student Financial Services at

  • Facebook
  • YouTube
  • Twitter
  • LinkedIn
Latest Tweet