Loan Programs 2012-2013 

In addition to scholarships and grants, students may be eligible for loans. The most advantageous loan programs are those that are offered by the Federal government, such as the Federal Stafford and PLUS loan programs.  Additional loans may be borrowed through lenders under the Alternative Loan program. Please follow the links below to find out the specific criteria for eligibility, application process, loan amounts, special provisions, and notification schedule.

- Rights and Responsibilities of Student Loan Borrowers
- Federal Stafford Loan
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Federal Direct Graduate PLUS Loan
- Federal Perkins Loan
- Nursing Student Loan
- Nurse Faculty Student Loan
- Federal Consolidation Loan
- Alternative Loans
- Title IV Code of Conduct Requirements

Rights and Responsibilities of a Student Loan Borrower

In accordance with federal regulations, first-time Stafford loan and graduate PLUS borrowers must complete entrance counseling on the web at studentloans.gov. During this counseling you will learn about the terms of the loan. No loans can be credited to a student's account until entrance counseling is complete.

Exit Counseling
Students who are recipients of a Federal Stafford Loan, a Graduate PLUS Loan, a Federal Nursing Loan or a Federal Perkins Loan who withdraw, drop below six (6) credits, or graduate must complete an exit counseling session.

Federal Stafford Loans and Graduate PLUS Loans

• Go to nslds.ed.gov to complete exit counseling. You will be able to  review your federal loan history, find out who will service your loan and learn about deferment and repayment options
• Visit the Repayment Plans and Calculators page at studentloans.gov to learn about repayment plans.

Federal Nursing Loans, Federal Perkins Loans or Federal Nurse Faculty Student Loans

• Go to ecsi.net to complete your exit counseling. You will be able to review your loan history and learn about deferment and repayment options

Federal Direct Stafford Loan

A Stafford loan is a low-interest loan available to students enrolled and actively attending a minimum of 6 credits per semester. These loans are originated and guaranteed by the federal government. Depending on the need of the student as calculated by the Department of Education, these loans are either made on a subsidized basis, where the federal government pays the interest during the enrollment period, or an unsubsidized basis, where the student is responsible for such interest.

Application Process: Application for a Federal Stafford Loan may be made by completing the FAFSA which must be completed each academic year. Students should complete and file the FAFSA as soon as possible after January 1 each year.  New borrowers must complete an electronic master promissory note (MPN) and entrance interview at studentloans.gov.

Eligibility: The University will use the Federal formula to determine your eligibility to participate in the Stafford Loan program.  Components of this formula include your Expected Family Contribution (EFC) as calculated by the federal government, your housing plans, as well as your expected enrollment status.  To determine your loan eligibility, we will use the information that was provided by the student to Admissions upon applying to the University. For continuing students we will use the student’s prior semester enrollment status, not including summer, to determine eligibility. We will assume that your enrollment status (full-time 12 credits or more, 3/4 time 9-11 credits, 1/2 time 6-8 credits) will be the same for both the fall and spring semesters.

Range of Awards: Maximum loan eligibility is based upon a student’s grade level as well as the federal dependency status as determined on your FAFSA.

Maximum loan amounts for dependent students are based upon your class level and are as follows:

Freshman (0 - 29 credits) $3,500* per year
Sophomores (30 - 59 credits) $4,500* per year
Juniors and seniors (60 or more credits) $5,500* per year

Maximum loan amounts for independent students are based upon your class level and are as follows:

Freshman (0 - 29 credits) $7,500* per year
Sophomores (30 - 59 credits) $8,500* per year
Juniors and seniors (60 or more credits) $10,500* per year

*plus an additional $2,000 in unsubsidized funds

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

Please note: The Federal Government will withhold a loan origination fee of 1% on both Subsidized and Unsubsidized Loans.

General Provisions:
Effective July 1, 2012, the in-school interest rate and the repayment rate for Undergraduate students borrowing the Subsidized Federal Stafford Loan is 3.4%. New Subsidized Stafford Loans made from 7/1/12 - 6/30/14 will not be eligible for subsidized interest benefits during the six-month grace period after a student graduates or falls below half-time enrollment. Interest will accrue during the grace period and will be capitalized if unpaid by the borrower.

• Unsubsidized Stafford Loans between 7/1/12 - 6/30/13 the interest rate is 6.8%
• NOTE: Graduate Students are no longer eligible to receive Direct Subsidized Stafford Loans
• Parent and Graduate PLUS Loans between 7/1/12 - 6/30/13 the interest rate is 7.9%

Repayment of these loans begins six months after the student ceases to be enrolled at least halftime (6 credits).

Repayment: The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose. Visit the Repayment Plans and Calculators page at studentloans.gov to learn about repayment plans.

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.

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A PLUS loan is available to parents of dependent children enrolled in a minimum of 6 credits per semester. A parent may borrow up to the cost of education, less any other financial assistance, each academic year. Credit worthiness is a factor in obtaining this loan. PLUS loans carry variable interest rates, set each June. The interest rate as of July 1, 2012, is 7.9%. Repayment of the loan begins within 60 days of when the loan is disbursed unless special deferment conditions apply.

PLUS loan applications are available at studentloans.gov.  At the time of application, a credit check will be performed to assess eligibility.  All approved parent applicants must complete a parent PLUS master promissory note (MPN) also available on this website. Upon applying for the Federal Direct Parent Loan parents can indicate the specific loan period. A particular loan amount may also be requested. If a change or adjustment needs to be processed please contact the Office of Student Financial Services for guidance. 

Please note: The Federal Government will withhold a loan origination fee of 4%.

In the event that a PLUS application is denied, the student will be awarded the maximum unsubsidized Stafford loan amount for which they are eligible.  Any credit balance created by the disbursal of parent PLUS funding will be refunded to the parent borrower.

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Federal Direct Graduate Plus Loan

Graduate PLUS loans are available to graduate students who feel they need to borrow additional funding above their Stafford Loan amounts.  Applicants of graduate PLUS loans must file the FAFSA and meet all federal eligibility criteria.  Credits worthiness is a factor in receiving these unsubsidized loans; the current interest rate is 7.9%.  Applicants may borrow up to the cost of attendance less other financial aid, including awarded Direct Stafford loan amounts.

Graduate PLUS loan applications are available at studentloans.gov. All applicants must complete a graduate PLUS master promissory note (MPN) as well as graduate PLUS entrance counseling using their federal PIN at studentloans.gov. Because credit checks expire after (90) days, it is recommended that applicants do not complete their PLUS application until their eligibility for this loan has been determined by the Office of Student Financial Services. Upon applying for the Federal Direct Graduate Plus students can indicate the specific loan period. A particular loan amount may also be requested.  If a change or adjustment needs to be processed please contact the Office of Student Financial Services for guidance. 

Please note: The Federal Government will withhold a loan origination fee of 4%.

Visit the Repayment Plans and Calculators page at studentloans.gov to learn about repayment plans.

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

Student Loan Repayment Interest Rate Tables (PDF 193KB)


Frequently asked Direct Loan Questions

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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 $5,500 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 email from ECSI (our billing service) at their Adelphi University email address regarding e-Signing their Federal Perkins Loan Master Promissory Note.

Follow the steps below:

• Login to ECampus/C.L.A.S.S.
• Click My Financial Aid
• Select current year
• Select awards or loans to review your financial aid  

If you were awarded a Federal Perkins Loan there will be a link to e-sign your Master Promissory Note.

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 $3,300 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., 10 years.

Notification: Eligible students will receive an email from ECSI (our billing service) at their Adelphi University email address regarding e-Signing their Federal Perkins Loan Master Promissory Note.

Follow the steps below:

• Log in to eCampus and choose C.L.A.S.S. from the Services tab
• Click My Financial Aid
• Select current year
• Select awards or loans to review your financial aid.

If you were awarded a Federal Nursing Student Loan there will be a link to e-sign your Master Promissory Note.

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

Federal Nurse Faculty Student Loan

The Nurse Faculty Loan Program is a low-interest Federal loan repayment program offered by the U.S. Department of Health & Human Services: Health Resources and Services Administration (HRSA). Schools of Nursing who offer MSN  and doctoral degrees with specific Nurse Educator tracks can apply for the grant.  Awards are distributed to qualified students in the form of low-interest loans. After the student graduates and begins working as full-time faculty, up to 85% of the Nurse Faculty Student loan may be completely forgiven.

Application process:  Application for the Federal Nurse Faculty Student Loan needs to be made by completing the FAFSA which must be completed each academic year

Eligibility: In order to borrow funds through the Federal Nurse Faculty Student Loan a student must be a U.S. citizen and enrolled for a minimum of ;3 credits each semester in a graduate degree program offered through the School of Nursing at Adelphi University. Students enrolled in a post master's certificate program are not eligible to participate in the NFLP Program.

Range of Awards: Funds are limited and availability of funds varies from year-to-year. This is not a need-based loan program.

Notification: Eligible students will receive an e-mail from ECSI (our billing service) at their Adelphi University e-mail address regarding e-Signing their Federal Nurse Faculty Student Loan Master Promissory Note.  

Follow the steps below:

• Log in to eCampus/CLASS
• Click "My Financial Aid"
• Select current year
• Select awards or loans to review your financial aid
• If you were awarded a Federal Nurse Faculty Student Loan there will be a link to e-sign your Master Promissory Note.

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

Federal Consolidation Loan

Consolidation loans make repayment easier by merging several student loans into a single, new loan with an extended repayment period. Even those with only one student loan can consolidate to take advantage of the longer repayment term. Choosing a longer repayment period potentially reduces your monthly payments. For more information about loan consolidation For more information about loan consolidation please visit studentloans.gov.

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Alternative Loans are private education loans available through various lenders. These loans are designed to assist students and their families who need additional educational financing, but are not eligible for federal grant and loan funds for example: when enrollment is less than six credits or if a family owes a balance for a prior semester or for those who have educational costs greater than the total financial aid received.  Loan approval is generally based on credit worthiness and ability to pay. Rates vary by lender and by credit rating with more favorable interest rates and higher approval rates generally being obtained when using a co-signer.

The interest rate on most alternative loans is a variable rate that is adjusted as often as quarterly

Interest on most alternative loans accrues while the student is in school. However, it can be deferred (in most cases) until after graduation or until the student ceases to be enrolled at least half time. Please be aware that in many instances the terms and conditions of loans made in the Federal loan programs may be more favorable than those of alternative loans.

 Alternative loans may carry a higher interest rate and offer fewer benefits than federal loans.
Therefore, students are strongly advised to carefully compare the differences between private and federal loans. However for some students and families, alternative loans may be a very valuable source of funding.

In order to provide assistance in comparing private loans click on the link finaid.org/loans/privateloan.phtml. We strongly encourage you to review each of the lender’s information to determine which benefits and terms are best for you.

Adelphi University does not prefer, recommend, promote, endorse, or suggest any of these lenders. You are not required to borrow from any of the lenders appearing on these lists and there is no penalty for selecting a different lender, if you prefer.

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1. A ban on revenue-sharing arrangements with any lender. This is defined as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officer, employees or agents, as a result of the school recommending the lender to its students or families of those students.
   
   
2. A ban on employees of the financial aid office receiving gifts from any lender, guaranty agency or loan servicer. This is not limited just to those providers of Title IV loans. The statutory language refers to lenders of educational loans thus private education loans offered to students at your institution are covered in this provision as well. The law does provide for some exceptions related to specific types of activities or literature. This includes:
3. 1. Brochures or training material related to default aversion or financial literacy.
   2. Food, training or informational materials as part of training as long as that training contributes to the professional development of those individuals attending the training.
   3. Favorable terms and benefits to the student employed by the institution as long as those same terms are provided to all students at the institution.
   4. Entrance and exit counseling as long as the institution's staff are in control and they do not promote the services of a specific lender.
   5. Philanthropic contributions from a lender, GA or servicer unrelated to education loans.
   6. State education, grants, scholarships, or financial aid funds administered by or on behalf of the State.
      
      
4. A ban on contracting arrangements whereby any employee of the school's financial aid office may not accept any fee, payment or financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
   
   
5. A prohibition against steering borrowers to particular lenders, or delaying loan certifications. This includes assigning any first-time borrowers loan to a particular lender as part of their award packaging or other methods.
   
   
6. A prohibition on offers of funds for private loans. Schools may not request or accept such offers. This includes any offer of funds for loans to students at the institution, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list. U. S. Department of Education April–June 2009 Reauthorization Webinar HEOA Changes to FFEL and Direct Loan Programs 20
   
   
7. A ban on staffing assistance from a lender. Schools may not request or accept any assistance with call center staffing or financial aid office staffing. However, the law does not prohibit schools from requesting or accepting assistance from a lender related to:
8. 1. Professional development training for financial aid administrators.
   2. Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials.
   3. Staffing services on a short-term, nonrecurring basis to assist the school with financial aid-related functions during emergencies, including State-declared or federally declared natural disasters, and other localized disasters and emergencies identified by the Secretary.
      
      
9. A ban on advisory board compensation. Employees of the institution may not receive anything of value from a lender, guarantor, or group in exchange for serving in this capacity. They may, however, accept reimbursement for reasonable expenses incurred while serving in this capacity.