Grants, scholarships, federal and state programs, and monthly payment plans may be available to you and these options, plus out of pocket commitments, should be fully explored prior to applying for education loans. Education loans must be repaid, with interest. In most cases (excluding Stafford Subsidized and Perkins loans), interest accrues from the date of disbursement to a student's account.
Federal regulations require us to advise you of all federal aid options and federal loan types. The Financial Aid Administration office encourages all students to file and renew each year the Free Application for Federal Student Aid (FAFSA) and be considered for all aid programs and federal loan programs before utilizing private loans. The total of your awarded financial aid cannot exceed the cost of attendance. You can borrow up to the cost of attendance minus any financial aid and other resources, including outside scholarships. Loans borrowed at Manhattan College must be used for educational purposes.
- For undergraduate students: Federal Direct Stafford and Federal Perkins loans (no special action needed; Financial Aid Administration reviews all students for eligibility)
- For parents: Federal Direct Parent PLUS loans
- For graduate students: Federal Direct Stafford Unsubsidized Loans, Federal Direct Graduate PLUS loans
- For undergraduate students with a credit-worthy cosigner
- For credit-worthy graduate students, or those with a credit-worthy cosigner
- Read more about private loans.
It's Never Too Early to Plan Ahead
We encourage you to keep student loan debt borrowing to a minimum by only borrowing what you need, and when possible, making optional loan payments during your education at the College. Federal and private loans can be repaid in full, prior to repayment, without penalty. Students can even ask Financial Aid Administration to return loan funds instead of requesting a refund or rolling over a credit balance toward future tuition charges.
Our office also strongly recommends that students learn personal financial management skills to better manage student loan repayment.
Our emphasis on responsible borrowing reflects the College's excellent standing on the Official Cohort Default Rates for Schools, as reported by the U.S. Department of Education. As of FY2011, we are pleased to report that the College default rate (4.0%) is significantly lower than current national and state averages, allowing students the privilege to receive single and non-delayed disbursements on loans earlier than most institutions, and permitting funds to be used toward eligible study abroad programs, as defined in Section 428G(e) of the Higher Education Act.