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Graduate Stafford Loans
Subsidized Stafford Loan
Subsidized Stafford Loans for Graduate students disbursed after July 1, 2009 will be set at a fixed rate of 6.8%. Principal and interest are repayable beginning six months after graduation, or after the student ceases to be enrolled at least half-time. Interest on this loan is paid by the Federal Government while the student is enrolled full-time in a degree program. Subsidized Stafford Loans are awarded to students with financial need determined by the FAFSA (Free Application For Federal Student Aid) form. The FAFSA must be completed before a Subsidized Stafford Loan can be awarded.
Unsubsidized Stafford Loan
For the Unsubsidized Stafford Loans, the student is responsible for interest payments while in school. (You have the option to defer payments of interest and principal until after you graduate.) The interest rate for this loan is set at a fixed rate of 6.8%. Repayment begins six months after graduation, or after you cease to be enrolled at least half-time. Students are awarded an Unsubsidized Stafford Loan if their FAFSA information determines they have no financial need. The FAFSA must be completed before an Unsubsidized Stafford Loan can be awarded.
Important Stafford Loan Information:
- If you complete a Stafford Loan (MPN), during your first semester at Marist you may not have to complete another application for 10 years, or until you enter another College.
- The Stafford Loan Master Promissory Note (MPN) is a promissory note under which you may receive multiple subsidized and unsubsidized Stafford Loans over a maximum ten-year period.
- All Stafford Loans are subject to origination and guarantee fees (up to 2.0 percent). The fees will be deducted from the loan proceeds prior to disbursement. Disbursements are sent directly to Marist College, two per loan period.
- Stafford Loan funds will be transferred electronically to your college account. These funds must be credited to your account in the Office of Student Financial Services within 3 days of disbursement to the college or your loan will be canceled and your funds returned to the lender.
- First-time borrowers of a Stafford Loan must complete an entrance counseling session before you receive your loan. This ensures that you have received loan counseling and understand your responsibilities.
- All borrowers of a Stafford Loan must complete an exit counseling session prior to withdrawal, transfer, leave of absence, or graduation from the college. This ensures that you have received loan counseling and understand your responsibilities.
- Please remember that a Stafford Loan is a loan, not a grant. You must repay the funds you borrow, plus interest and fees. If you have any questions, do not hesitate to contact the Office of Student Financial Services.
- Your loan is automatically processed for the amount shown as part of your financial aid package, unless you notify the Office of Student Financial Services otherwise.
- Please review the new Stafford Loan Limits effective for Stafford loans first disbursed on or after July 1, 2008
GRADUATE STAFFORD LOAN APPLICATION PROCESS
Step 1:
First time Marist borrowers must complete the Graduate Stafford Loan Entrance Counseling. Please click on the link below to complete this requirement online.
Step 2:
If you are offered a loan as part of your financial aid award, you have the right to select any lender that participates in the loan program(s) specified in your package. To help students and their families evaluate their lender options, Marist utilizes ELM Select, a website that provides comparative information on Marist's recommended lenders and their loan products. The choice of a lender is not in any way limited to Marist's recommended list. If students and their parents choose another lender, they will not be penalized in any way for selecting the lender of their choice.
To view Marist College's Lender List and complete the Master Promissory Note, please click the link below where you will be directed to ELM Select. When you log onto ELM Select, read and accept the User Agreement. To access Marist's recommended lender list, select New York from the state list and Marist College from the college list.
