Graduate Stafford Loans
Beginning on July 1, 2012, graduate students will only be able to 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 5.41% fixed interest rate.
- A 1.072% 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.
1. Create or retrieve a duplicate copy of your federal PIN at pin.ed.gov. This is a numerical password used to log in to the FAFSA and Direct loan application websites.
2. File the Free Application for Federal Student Aid (FAFSA) for your intended aid year.
3. Complete an online application at StudentLoans.gov. 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 a Graduate Loan Form to the Financial Aid Administration office. Graduate students enrolled in the School of Continuing & Professional Studies (SCPS) program must submit a SCPS Financial Aid Form instead.
A FAFSA PIN number is required by the student to borrow Federal Direct Stafford loans, and by a parent to borrow a Federal Direct PLUS loan. If you need to create or request a duplicate PIN number, visit pin.ed.gov.
*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.
- 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 ($20,282 after the 1.072% origination fee) 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.
Other Payment Options
Our flexible options allow you to create a payment arrangement affordable for you. You may:
- Submit out-of-pocket payments in combination with or excluding loans
- Pay out-of-pocket for the entirety of their costs
- Enroll in a 10-month payment plan with Tuition Management Systems.