Below you’ll find more information on these options, as well as links for completing the application processes. You should always be sure to take advantage of all your federal options before applying for alternative loans.
Does your package include a Direct Federal Stafford Loan? If you have never had a Federal Stafford Loan, you can complete the required Entrance Counseling and Master Promissory Note online – your loan cannot be processed until you have completed both of these items. You will need your FSA ID to complete the Federal Direct Stafford Loan.
First-time Federal Nursing Loan borrowers need to complete entrance counseling and a master promissory note. Here’s how:
Previous borrowers of the Federal Nursing Loans have completed a Master Promissory Note (MPN), which is applicable for all future borrowing.
Direct Federal PLUS Loan parent borrowers may complete the online Master Promissory Note (MPN) here. Note: A denial of the Direct Federal Parent PLUS Loan qualifies a student for additional unsubsidized Stafford Loan funds ($4,000 for first- and second-year students; $5,000 for third- through fifth-year students). The denial must be applied for and received every year before the Stafford funds can be certified.
After exhausting all your federal loan options, you may also apply for a variety of alternative or private student loans to cover costs. Because credit approvals are typically good for 90 days, you should apply no earlier than 90 days prior to the start of the semester. For students who have previously borrowed an alternative student loan, we recommend you renew your application with your current lender.
Other financing options to cover the cost of attendance include the Tuition Payment Plan.
Your FSA ID can give you access to the National Student Loan Data System, where you can check status of your previous loans.
Borrowing money to finance your education can be a wise investment in your future. You should always borrow from the federal student loan programs before you apply for alternative or private loans. Federal loans, such as the Direct Federal Stafford or Direct Federal PLUS loans, usually offer lower interest rates and an overall lower cost of borrowing.
Private loans can be used for all education related expenses. You can borrow up to the cost of attendance less any other financial aid. Private loans typically allow students to apply for a loan with a creditworthy cosigner, such as parents or other relative, which can increase a student’s chance of being approved and obtaining a better interest rate.
For more information on private loans and a list of products available in the marketplace today, please visit HESC.ny.gov.
Providing the link for HESC.ny.gov on this site does not imply endorsement. Neither Hartwick College nor any of its employees receive benefits from any of the lenders included on HESC.ny.gov.
Additionally, Hartwick College does not engage in nor support any of the following practices:
