Financial Aid & Scholarships:
Loans for Education
You are about to apply for a loan that must be repaid.
Federal Direct Loan Program Information
All students who are borrowing loans at York College for the first time must complete a Direct Loan Master Promissory Note (MPN) and must also complete Entrance Counseling.
Please follow these instructions to complete the MPN:
To complete a Direct PLUS Loan application, you will need:
The PLUS loan application must be completed in one sitting (approximately 30 minutes), so please have all the necessary information before beginning.
Direct Loan General Information
Types of Loans
Subsidized Direct Loans: loans awarded on the basis of financial need, as determined by the results of the FAFSA. No interest accumulates: 1) while you maintain an enrollment status of at least half-time, or 2) during periods of deferment.
Unsubsidized Direct Loans: loans awarded based on Cost of Attendance minus all other aid awarded. Interest accumulates from the time the loan is disbursed until it is paid in full.
Fees and Interest Rates
Interest rates are set by federal regulation, effective as of July 1 of the academic year. Origination fees may be assessed.
Amounts listed on award letters do not have the origination fee deducted.
Direct loans disbursed prior to July 1, 2006 have variable interest rates and are subject to change annually. Check with your lender for the most current interest rate information.
* This reduced interest rate has been extended until July 1, 2013. Beginning July 1, 2013, the rate will increase to 6.8%.
Annual Loan Limits for Dependent Undergraduate Students
Annual Loan Limits for Independent Undergraduate Students
Annual Loan Limits for Graduate Students
For Direct Loans made for periods of enrollment beginning on or after July 1, 2012, subsidized Direct Loans are no longer available for graduate students and professional students.
Loans for loan periods beginning on or after July 1, 2012
Aggregate Loan Limits for Direct Loans
* Beginning July 1, 2013, subsidized loan eligibility will be limited to 150 percent of the length of the student's academic program.
Department of Education Direct Lending Website
National Student Loan Data System (NLDS) Website
Direct Loan Consolidation Website
Common Alternative Loan (Private Loan) Lenders
Private student loans (also known as alternative student loans or private student loans) can help you pay for college. You should only use private student loans as supplemental funding after you have exhausted all other sources of financial aid, including Grants, scholarships, work-study, and federal student loans. These loans are non-federal loans and are usually not subsidized and carry variable interest rates. These loans are usually not able to be consolidated with federal loans.
Sallie Mae Trust
Students are expected to pay interest on this loan while they are enrolled in school.
Students attending York College or families of such students, do not have to borrow from lenders on these lists.
You must have names and addresses for 2 personal references and your driver's license number.
This list is provided for convenience to the student only. York College has no agreements with any of these lenders. Lenders on these lists based upon student loan volume over the last three years. York College has no preference as to which lender, on or off of this list, is used. These lenders have no known affiliation with one another.