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Admission & Financial Aid

Types of Loans

Federal Direct Loans

Marist College will participate in the William D. Ford Direct Lending Program.  The lender is the U.S. Department of Education.   The FAFSA must be completed before a Direct Subsidized or Unsubsidized Loan can be awarded.  

Federal Direct Subsidized Loan

The Interest rate for the Direct Subsidized Loan is always fixed for the life of that loan. However, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Please visit www.studentloans.gov for the most current interest rates. 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 at least half time in a degree program. Federal provisions eliminates the interest subsidy provided during the six-month grace period for Direct Subsidized Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.Students receiving a subsidized loan during this timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added (capitalized) to the principal amount of their loan when the grace period ends.

Direct Subsidized Loans are awarded to students with financial need determined by the FAFSA (Free Application For Federal Student Aid) form.

Federal Direct Unsubsidized Loan

For the Direct Unsubsidized 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 the Direct Unsubsidized Loan is always fixed for the life of that loan. However, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Please visit www.studentloans.gov for the most current interest rates. Repayment begins six months after graduation, or after you cease to be enrolled at least half-time. Students are awarded a Direct Unsubsidized Loan if their FAFSA information determines they have no financial need.

Important Direct Loan Information:

  • A student must be at least half time status (6 credits) at all times to be eligible for this loan.
  • If you complete a Direct Loan Master Promissory Note (MPN), as a freshman or during your first semester at Marist you may not have to complete another application for 10 years, or until you enter another College.
  • The Direct Loan Master Promissory Note (MPN) is a promissory note under which you may receive multiple subsidized and unsubsidized loans over a maximum ten-year period.
  • All Direct Loans are subject to fees. Loans first disbursed  on or after Dec. 1, 2016 and before Oct. 1, 2017 are subject to a 1.069% loan fee. Loans first disbursed on or after Oct. 1, 2017 and before Oct. 1, 2018 are subject to a 1.066% loan fee. The fees will be deducted from the loan proceeds prior to disbursement. Disbursements are sent directly to Marist College, two per loan period.
  • Direct 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 Department of Education.
  • First-time borrowers of a Direct 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 Direct 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 rights and responsibilities.
  • Students changing from a Freshmen to Sophomore or from Sophomore to Junior status may be entitled to additional loan monies as per the Federal Direct Loan Limits.  Please contact the Office of Student Financial Services for further information regarding this increase.
  • If you choose to withdraw or take a leave of absence from Marist College, you must notify the appropriate offices.  Please contact the Center for Advising and Academic Services to complete an official withdrawal/leave of absence form and then contact the Office of Student Financial Services to cancel your financial aid or complete a Title IV calculation, if eligible.  Please also notify the housing department if you have a housing arrangement and the Registrar for official transcripts, if necessary.  
  • Please remember that a Federal Direct 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.
  • The U.S. Department of Education's National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.gov.  All Title Iv loans are reported to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. 
  • Your Federal Direct 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.

Maximum Eligibility Period to Receive Direct Subsidized Loans

There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your “maximum eligibility period”. You can usually find the published length of any program of study in your school’s catalog. For example, if you are enrolled in a 4 -year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years).

Your maximum eligibility period is based on the published length of your current program. This means that your maximum eligibility period can change if you change programs. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count against your new maximum eligibility period.

Federal Direct Parent PLUS Loans

Parents will be required to complete their Application & Master Promissory Note with the Department of Education. 
Please Note: There are 2 parts to the PLUS Loan Process.

  • Complete the PLUS Loan Application: Runs the parents credit and gives the school information they need to create your Direct PLUS Loan. The parent does need to be credit approved in order to borrow this loan.
  • Complete the Master Promissory Note: On the www.studentloans.gov website, click "Complete MPN (Master Promissory Note)" then choose the option for "Parent PLUS".  This MPN is your legal loan agreement, which explains the terms and conditions of your loan. 
  • PLUS Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.
  • PLUS Counseling can be completed voluntarily at any time. If PLUS Counseling is completed voluntarily and you are determined to have an adverse credit history by the U.S. Department of Education within 30 days of PLUS Counseling completion, your PLUS Counseling requirement will be considered to be fulfilled.

Marist College participates in the William D. Ford Direct Lending Program. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. Marist College policy states that the FAFSA must be completed before a Direct PLUS Loan can be awarded. This change will require all new borrowers to complete Master Promissory Notes with the Department of Education.

Direct PLUS Loans are unsubsidized loans for the parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance.  Parents of all income levels are eligible; however, regulations require a credit worthiness evaluation.

  • Marist College policy states that the FAFSA (Free Application for Federal Student Aid) must be filed for that school year and the dependent student must be enrolled in an undergraduate degree program in order for Marist to certify the PLUS Loan.
  • Borrowing limit is the Cost of Attendance minus any other aid.
  • The Interest rate for the PLUS Loan is always fixed for the life of that loan. However, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Please visit www.studentloans.gov for the most current interest rates. You may opt to have all payments deferred until after the student's graduation.
  • All Direct Loans are subject to fees. Loans first disbursed  on or after Oct. 1, 2016 and before Oct. 1, 2017 are subject to a 4.276% loan fee. Loans disbursed between Oct. 1, 2017 and Oct. 1, 2018 will be subject to a 4.264% loan fee. Loan fees will be determined every October. The fees will be deducted from the loan proceeds prior to disbursement. Disbursements are sent directly to Marist College, two per loan period.
  • PLUS Loan Increase Policy: If the credit check has not expired on an existing loan application, the parent can request an increase of their loan via email to studentfinancialservices@marist.edu. The email must come from the parents email address listed on the initial application. If the credit has expired (over 90 days), parents should initiate a new application for the increased loan funds at www.studentloans.gov.
  • Repayment begins 60 days after the 2nd disbursement with up to 10 years to repay depending on amount borrowed.  Parents who are interested in deferment for payments should contact their lender directly.
  • Loan Forgiveness for the death or permanent disability of either the borrower or the student. (This is not available with Private Loan Financing)
  • The U.S. Department of Education's National Student Loan Data System (NSLDS) provides information on your federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all your loans. To access NSLDS, go to www.nslds.ed.gov.  All Title Iv loans are reported to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. 

Parent Eligibility Requirements for a Direct PLUS Loan

You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is considered "dependent" if he or she is under 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid is submitted. (Exceptions are made for veterans, wards of court, and other special circumstances.) If a student is considered dependent, then the income and the assets of the parent have to be reported on the FAFSA.

Applying for a PLUS Loan and the Master Promissory Note (MPN)

To take out a Direct Loan for the first time, you must complete the FAFSA, a PLUS Application, and master promissory note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).

If you are borrowing Direct PLUS Loans for more than one student, you'll need to complete a separate MPN for each one. To complete an MPN online, you will be required to use your Department of Education-issued PIN (not your child's). If you do not have a PIN, you may request one from the official PIN site.

Private Loans

To help students and their families evaluate their lender options, Marist utilizes ELM Select, a website that provides comparative information on lenders and their loan products. Marist College offers Citizens Bank, Discover Student Loans and Wells Fargo for our private loan options. Marist chooses to participate in a preferred lender arrangement with each lender so we may better assist our students and families in a more personal fashion.  Marist chooses these lenders based on their commitment to the industry, payment and origination or other fees on behalf of the borrower, highly competitive interest rates and terms and conditions, high quality servicing customer service and additional competitive borrower benefits for the student.  The choice of a lender is not in any way limited to Marist's suggested list. If students and their parents choose another lender, they will not be penalized in any way for selecting the lender of their choice.

Private loans are available to assist students in paying for Marist College. The maximum amount you may borrow on an private loan each academic year per student is the cost of attendance minus other financial aid received. For most private loans the lender requires the student to be at least 18 years of age. A credit check is required and income verification may also be required for certain lenders. 

Federal Regulation as of February 2010*
Federal regulations now require the completion of the Private Education Loan Applicant Self-Certification form for all private education loans. The lender MUST receive the signed form from all students borrowing from the alternative loan program before they will approve/disburse the loan.  Please complete this form accordingly and mail it to your lender of choice. 

Marist College does not endorse or recommend the below mentioned lenders.  

Student Private Loans

Loan Disclosures can be viewed in the Borrower Benefits section of the ELM Select lender list page, by clicking the link below.

Lender Name Loan Disclosures
Citizens Bank Citizens Bank Citizens Bank Loan Disclosures
Citizens Bank is not an affiliate of the other lenders on the list 
College Ave Student Loans College Ave Student Loan Disclosures
College Ave is not an affiliate of the other lenders on the list 
Discover 

Discover Student Loan Disclosures
Discover Student Loans is not an affiliate of the other lenders on the list

Sallie Mae

Sallie Mae Loan Disclosures
Sallie Mae is not an affiliate of the other lenders on the list

Wells Fargo Wells Fargo Loan Disclosures
Wells Fargo is not an affiliate of the other lenders on the list

To select a lender and complete the Master Promissory Note, please click the link below and you will be directed to ELM Select. When you log onto ELM Select, read and accept the User Agreement. To access Marist's suggested lender list, select New York from the state list and Marist College from the college list.

Private Loan Lender List/Application