Graduate Stafford Loans

Other than any departmental scholarships/fellowships or outside scholarships the only type of aid available on the Graduate Level is a Direct Stafford Unsubsidized Loan.                    Beginning on July 1, 2012, graduate students are able to only borrow unsubsidized Stafford Loans:   
  • Unsubsidized means that interest will accrue from the date the funds disburse to your student account. You, the student, can choose to defer your interest payments until after graduation or separation from the College, or you may pay the interest while attending school.
  • This loan type has a 5.84% fixed interest rate.
  • For loans borrowed between 10/01/14 - 10/01/15 - A 1.073% origination fee will be deducted from your loan by the U.S. Department of Education before the funds disburse to your student account at Manhattan College. 

Application Instructions:

1. A FSA ID is required by the student before borrowing Federal Direct Stafford loan and/or Federal Direct PLUS loan. Create or recover yours at

2. File the Free Application for Federal Student Aid (FAFSA) for your intended aid year.

3. Complete an online application at You must complete two steps:

  • Entrance Counseling - must be recompleted as a graduate student, even if you borrowed a Stafford loan last year at Manhattan College.
  • Master Promissory Note - must be completed only if you did not borrow a Stafford loan last year at Manhattan College.

4. Complete the form with your intended enrollment plans* and submit the applicable form below:

*Student loan borrowers are responsible for contacting a financial aid counselor if their enrollment changes for any reason, including but not limited to registering for less or more credits than anticipated, drop or withdrawal from a course, etc. A recalculation of student eligibility will be determined at that time, with or without receiving student communication to comply with federal regulations in the event of the aforementioned occurring. Similarly, loan funds are based on the enrolled credits designated on the Graduate Loan Form in conjunction with student instructions and may not cover a balance in full if enrollment changes are not communicated to the Financial Aid Administration office.

Stafford Loan Borrowing Limits 

The amount you can borrow each year for Direct Unsubsidized Stafford Loans depends on several factors, including the aggregate limit and other financial aid or tuition benefits received. Student loans are for educational purposes and can never exceed the cost of your attendance (determined by Financial Aid Administration) less any other aid. Qualifying graduate or professional students (enrolled for six credits per term and based on Cost of Attendance) may borrow a maximum of $20,500 per academic year ($10,250 per term), unsubsidized only.

Sample Repayment Schedule

Loan Balance: $20,500.00
Loan Interest Rate (graduate): 5.84%
Loan Fees: 1.073%
Loan Term: 10 years
Minimum Payment: $50.00
Enrollment Status: In Repayment
Degree Program: Master's Degree
Monthly Loan Payment: $232.25
Number of Payments: 120
Cumulative Payments: $27,870.33
Total Interest Paid: $7,370.33

Note: The monthly loan payment was calculated at 119 payments of $232.25 plus a final payment of $232.58.

The loan balance was adjusted to yield $20,500.00 after deducting the 1.073% loan fees.

It is estimated that you will need an annual salary of at least $27,870.00 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $18,580.00, but you may experience some financial difficulty. This corresponds to a debt-to-income ratio of 1.1.


  • The loan amount is calculated using the information provided on the Free Application for Federal Student Aid (FAFSA) and one's annual cost of attendance minus any departmental scholarships, fellowships or assistantships, outside scholarships or grants and less any Federal Work Study, if eligible.
  • Students must register for a minimum of 6 credits per term, be matriculated, and not in default on any previously borrowed loans. 
  • A student can receive up to $20,500 in one academic year (or up to $10,250 per term). In some cases, a lease with other documentation may be requested before determining if a student can borrow loans to support education-related living expenses. 
  • The academic year consists of Summer III/Fall/Spring/Summer I/II. Consult with a financial aid counselor to determine whether your intended summer enrollment will require you to complete steps for aid eligibility in the following academic year. 
  • Students who use the entire $20,500 amount available to them through Stafford Loans, but still anticipate owing a balance should contact a financial aid counselor to discuss additional payment options, including Direct Graduate PLUS or private/alternative loans.

A careful calculation of your personal need (tuition and living expenses) is the key to determining how much to borrow. Establishing a budget with a financial aid counselor is essential to keeping debt to a minimum.  After certifying your loans, funds will disburse on particular disbursement dates as registered with the U.S. Department of Education. When the funds arrive at Manhattan College, some additional processing time is required before the monies are available.

2015-2016 Net Stafford Amounts 

Disbursed to the student account after the mandated federal government origination fee and rounded to the dollar. Net amounts are subject to change and depend upon finalized figures from the federal government during processing.

Maximum annual loan limit Fall or Spring loan amount
Disbursed 10/01/14 and before 10/01/15 Disbursed 10/01/14 and before 10/01/15
$20,500 = $20,282 $10,141

Aggregate Loan Limits

If the total of your borrowed federal loans reach the aggregate loan limit,
you are not eligible for additional federal loans unless you have
repaid a portion of the outstanding balance.  Please contact the
Financial Aid Administration office at for more guidance as needed.

Dependent undergraduates independent undergraduates (or with documented proof of a Federal Direct Parent PLUS Loan denial) graduate students
$31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans. $138,500
for graduate or professional students—No more than $65,500 of this
amount may be in subsidized loans. The graduate aggregate limit includes
all federal loans received for undergraduate study.

Other Payment Options

Our flexible options allow you to create a payment arrangement affordable for you. You may: