- Rights and Responsibilities of Student Loan Borrowers

- Federal Stafford Loan

- Parent Loan for Undergraduate Students (PLUS)

- Graduate PLUS Loan

- Federal Perkins Loan

- Nursing Student Loan (NSL)

- Federal Consolidation Loan

- Alternative Loans

Students who are recipients of a federal Stafford loan, a Grad PLUS loan, federal Nursing loan or a federal Perkins loan who withdraw, drop below six (6) credits, or graduate must complete an exit counseling session at http://mappingyourfuture.org.



Federal Stafford Loan
A Stafford Loan is a low-interest loan available to students enrolled in a minimum of 6 credits per semester. These loans are made by a lender, such as a bank, credit union, or savings and loan association, and are guaranteed by the federal government. Depending on the student's need, as calculated by the U.S. Department of Education, these loans are either made on a subsidized basis, where the federal government pays the interest during the enrollment period, or on an unsubsidized basis, where the student pays the interest.

Application Process: Application for a Stafford Loan may be made by completing the FAFSA. Students should complete and file the FAFSA as soon as possible after January 1 each year.

Range of Awards: Upon receipt of the processed FAFSA (approximately 4-6 weeks after the FAFSA is submitted), the University will determine your eligibility to participate in this federal loan program.

To determine your loan eligibility, we will assume the same enrollment status (full-time, 3⁄4 time, 1⁄2 time) for both the fall and spring semesters based upon the anticipated enrollment information you provided on your FAFSA.

On May 7, 2008 President Bush signed into law HR 5715 which, in part, increases the Stafford Loan limits for students beginning July 1, 2008. Under these new rules all undergraduate students will now be eligible to borrow up to an additional $2,000 annually in an Unsubsidized Stafford loan. This Unsubsidized loan has a fixed interest rate of 6.8% and payment of the principle is deferred until six months after you fall below half-time status (6 credits) or graduate. Interest on Unsubsidized loans accrues from the time the loan is disbursed. We recommend that you contact your lender to arrange to pay the interest while you are in school. If you are unable to make the interest payments while you are in school, the interest will be capitalized. If you do NOT wish to receive these additional Unsubsidized Stafford loan funds, you must contact New York State Higher Education Services Corporation (HESC) the Guarantor of your loans, at 1-888-697-4372 to cancel the additional $2,000 Unsubsidized loan.

Maximum loan amounts for dependent students are:

0 - 29 credits $5,500 per year
30 - 59 credits $6,500 per year
60 or more credits $7,500 per year

Maximum loan amounts for independent students are

0 - 29 credits $9,500 per year
30 - 59 credits $10,500 per year
60 or more credits $12,500 per year

Maximum loan amounts for graduate students are $20,500 per year.

Special Provisions: For disbursements made after July1, 2008 the interest rate for undergraduate Stafford loans is a fixed 6.00%.  Undergraduate Stafford unsubsidized and Graduate Stafford subsidized and unsubsidized loans have a fixed rate of 6.80%. Repayment of the loan begins six months after the student ceases to be enrolled at least half-time (6 credits).

Notification: Upon receipt of the processed FAFSA (approximately 4-6 weeks after the FAFSA is submitted), the University will determine your eligibility to participate in all federal, state, and institutional financial assistance programs. A financial assistance award summary will then be sent to each student, approximately 8-10 weeks after you submit your FAFSA.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

Lender Selection: When it comes to choosing a lender, the ultimate decision is yours, as Adelphi will process a loan for any lender you choose. Borrowers have the right and ability to select the loan provider of their choice, are not required to use any of these recommended lenders, and will not be liable for a penalty in
choosing another lender. The decision to include the recommended lenders listed below is made annually with the best interest of our students in mind. The order of our recommended list is rotated annually. Our recommended lenders generally do not sell their loans to unaffiliated lenders, however if they should sell a loan the sale will be disclosed to the borrower and the advertised borrower benefits will continue. We are confident that you will receive efficient, dependable service from the lenders listed below.

The Selection Process for Adelphi's Recommended Lender List by the Office of Student Financial Services includes:

• An annual review of borrower benefits made by comparing current preferred lenders and other lenders based on a $10,000 loan over the standard, 10 year repayment.
• A summary of each lender’s loan products – Stafford and Plus loans calculating the total savings to students by loan type.
• A comparison of front-end and back-end benefits and a review of the reasonableness of students achieving these benefits.
• A review of student comments during the past loan borrowing period to identify excellent or poor student customer service experiences, particularly with students who are now in repayment.
• Reviews of lender correspondence to insure that it is in a student friendly speak so that students do not default.
• Consideration of the lenders’ commitment to loan default prevention and financial literacy.
• A review of timeliness, efficiency and accuracy of the lenders’ ability to deliver the loan disbursement to the students

Lenders who do not meet our high customer service standards and competitive borrower benefits are removed from the list as these two criteria are ranked with the greatest importance in our selection criteria. All other selection criteria is of equal importance. Comparison information is available upon request in the Office of Student Financial Services.

Graduate Plus Loan: As of July 1, 2006 eligibility for PLUS loans was extended to graduate and professional students.  The new loan program may be a low-cost, fixed rate alternative to private and alternative loans which graduate students have used previously to finance their graduate education.

Students must file the FAFSA and meet all other federal eligibility criteria including federal verification requirements.  Students have the ability to borrow up to the cost of attendance less other financial aid and a fixed interest rate of 8.5 percent.

Click on the link for one of our preferred lenders to gain more information or to begin the new Graduate PLUS process.

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A PLUS loan is available to parents of dependent students who require additional loan assistance to help finance their child's education.

Application Process: PLUS loan applications should be completed electronically via your lender's Web site. Credit worthiness is a factor in granting this loan. Loan applications are available at any participating lender by accessing the lender's Web site.

Adelphi requires students to have filed a FAFSA in order to be eligible for PLUS loans.

Award Amount: A parent may borrow up to the cost of education for each academic year, less any other financial aid.

Special Provisions: As of July 1, 2006 PLUS loans carry a fixed Interest Rate of 8.5%

Notification: The lender will notify you of loan approval.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

Recommended annual figures based on 8 percent of income available for student loan repayment. Generally, manageable student loan payments range between 5 and 15 percent of income.

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Application Process: Application for a Perkins Loan may be made by completing the FAFSA. Students should complete and file the FAFSA as soon as possible after January 1, but no later than February 15 to ensure maximum eligibility. Upon receipt of the processed FAFSA (approximately 4-6 weeks after the FAFSA is submitted), the University will determine your eligibility to participate in this federal loan program.

Range of Awards: Loan amounts will vary depending on individual financial circumstances, with a maximum of $4,000 per year.

Special Provisions: Loans must be repaid to Adelphi University. Repayment begins after a grace period of nine months following graduation or after you cease to be enrolled in at least 6 credits per semester in the nursing program. Your monthly payment is determined by your total indebtedness and the length of the repayment period, i.e, ten years.

Notification: Eligible students will receive an e-mail at their Adelphi University e-mail address about e-Signing their Federal Perkins Loan Master Promissory Note.  Go to Account Information and Bill Payment to review your financial aid to see if you were awarded a Federal Perkins Loan.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

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Application Process: You are automatically considered for an FNL loan by completing the FAFSA. Students should complete and file FAFSA as soon as possible after January 1, but no later than February 15 to ensure maximum eligibility.

Range of Awards: Loan amounts will vary depending on individual financial circumstances, with a maximum of $4,000 per year.

Special Provisions: Loans must be repaid to Adelphi University. Repayment begins after a grace period of nine months following graduation or after you cease to be enrolled in at least 6 credits per semester. Your monthly payments will depend on your total indebtedness and the length of the repayment period.

Notification: Eligible students will receive an e-mail at their Adelphi University e-mail address about e-Signing their Federal Perkins Loan Master Promissory Note. Go to Account Information and Bill Payment to review your financial aid to see if you were awarded a Federal Nursing Loan.

For further information: Contact Adelphi University Office of Student Financial Services, 516.877.3080.

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Application Process: The Office of Student Financial Services has alternative loan brochures, but please contact your lender of choice directly for more information.

For further information: Contact Adelphi University Office of Student Financial Services at 516.877.3080 or at financialservices@adelphi.edu.