If you are an undergraduate student and have financial need you are eligible for a subsidized Direct Loan.
How To Apply
- Log onto your CUNYfirst account and click on “Student Center”
- On the Student Center page, navigate to the Direct Loan Processing form and click the link.
- Fill out the Direct Loan Processing form.
- 1 Is it better to accept subsidized or unsubsidized loans?
- 2 How can getting a subsidized loan help you while you are in school?
- 3 Should I accept all of my financial aid?
- 4 What are the 4 types of student loans?
- 5 How do I qualify for a subsidized loan?
- 6 What do you need to complete in order to qualify for a federal student loan?
- 7 Who is eligible for unsubsidized student loans?
- 8 Do student loans go away after 7 years?
- 9 Can you use fafsa money to buy a car?
- 10 What happens if I don’t accept financial aid?
- 11 Where do I apply for student loans for college?
- 12 Is it better to pay off student loans fast?
Is it better to accept subsidized or unsubsidized loans?
You should accept the subsidized loan first because it has more benefits. If you have to accept an unsubsidized loan, remember that you’re responsible for all the interest that accrues on that loan.
How can getting a subsidized loan help you while you are in school?
With a subsidized direct loan, the bank, or the government (for Federal Direct Subsidized Loans, also known as Subsidized Stafford Loans) is paying the interest for you while you’re in school (a minimum of half time), during your post-graduation grace period, and if you need a loan deferment.
Should I accept all of my financial aid?
It’s important to know that you’re under no obligation to accept all the federal student loan money made available to you. You can accept all, some or none of the federal student loans you’re offered. Your award letter may also include scholarships or grants, which is genuinely free money you never have to pay back.
What are the 4 types of student loans?
There are four types of federal student loans available:
- Direct subsidized loans.
- Direct unsubsidized loans.
- Direct PLUS loans.
- Direct consolidation loans.
How do I qualify for a subsidized loan?
To be eligible for a subsidized loan, you must:
- Be an undergraduate student.
- Be able to prove financial need.
- Be enrolled at a school at least half-time.
- Be enrolled in a program that can lead to a degree or certificate awarded by the school.
What do you need to complete in order to qualify for a federal student loan?
At minimum, you must:
- Be a U.S. citizen or an eligible noncitizen (including a U.S. national or permanent resident) and have a valid Social Security number.
- Have a high school diploma or GED certificate.
- Be enrolled or accepted as a student in an eligible degree or certificate program.
Who is eligible for unsubsidized student loans?
Direct Unsubsidized Loans are available to undergraduate, graduate, or professional degree students enrolled at least half-time at a school that participates in the Direct Loan Program. Financial need is not required to qualify.
Do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
Can you use fafsa money to buy a car?
You cannot use student loans to buy a car. You also can’t pay for the purchase of a car with financial aid funds. In particular, a qualified education loan is used solely to pay for qualified higher education expenses, which are limited to the cost of attendance as determined by the college or university.
What happens if I don’t accept financial aid?
Your school will still send you a refund check in this case, but keep in mind that the money you receive is still borrowed money. You will accrue interest on it, and you will have to repay that principal amount.
Where do I apply for student loans for college?
To apply for federal student aid, first complete and submit the Free Application for Federal Student Aid ( FAFSA® ) form. Based on the results of the FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loan(s).
Is it better to pay off student loans fast?
Yes, paying off your student loans early is a good idea. If you do have high-interest debt, you can make your money work harder for you by refinancing your student loans. With a stable income and good credit score, you could qualify for a low interest rate, helping you save more and become debt-free faster.