Student Loans – Types of Financial Aid
Federal Perkins Loan Program:
Federal Perkins Loan is a low interest (5%) loan awarded by CUNY to help meet student's educational expenses. A Federal Perkins Loan is money that is borrowed and must be repaid with interest. It is not a grant. To receive a Perkins Loan, a student must meet the Student Eligibility requirements for federal financial aid.
To be considered for a Federal Perkins Loan, a student must complete the Free Application for Federal Student Aid (FAFSA). File early to be considered. How to Apply?
Unlike the Federal Direct Loan Program, a student cannot request to borrow a specific amount of money in Federal Perkins Loan. The amount awarded will be determined by CUNY based on a student financial need and the amount of money available for the program. The annual maximum amount awarded is $2000.00.
Repaying a Loan:
Postpone Repaying a Loan:
Trouble Making Payments:
Federal Direct Loan Program:
The Federal Direct Loan Program provides federally insured, low-interest, long-term loans to help you or your parents cover the costs of attending college. The federal government is your lender, not a bank or other lending institution. The loans are made directly to you or your parents through the college. The college determines your eligibility, calculates the loan amount, and disburses the money. Once the loan is made, it is managed and collected by the U.S. Department of Education. Your direct loan is money that is borrowed and must be repaid with interest after you leave school.
A student is required to first file a FAFSA. How to Apply?
Before picking up a loan check, a student must complete Direct Loan Entrance and Exit Counseling. A student must sign a Direct Loan Master Promissory Note. A promissory note is a binding legal document that lists the terms and conditions under which you are borrowing and agreeing to pay back the money. Financial Aid Disbursement Schedule. .