William D. Ford Federal Direct Loans

Disbursement - When the eMPN has been accepted by the federal processor, a loan payment will be made to the college on the next scheduled [weekly] disbursement date. When the college receives the disbursement, the Bursar automatically deducts unpaid tuition and fees and then refunds any leftover loan amount to the student. Loan refunds are disbursed once a week, on Fridays, either via a check sent in the mail or direct deposit into a bank account (according to the student preference indicated in CUNYfirst).

All loan payments (disbursements) are issued by the CUNY Controller's office. Deductions will be made automatically for unpaid tuition and fees. Loan checks will be mailed to the student's address of record unless direct deposit (strongly recommended) or CUNY Scholar card arrangements have been made. Direct deposit can be setup at the bursars department.
 

Repayment - Repayment on the student's loans begins six months after either the student’s graduation, termination of attendance, or registration for fewer than six credits while in attendance.

<p>Ensure you have completed a student loan entrance counseling.&nbsp; Entrance Counseling is intended to help borrowers better understand the responsibilities that they will be taking on with this federal loan.</p>

<p>The entrance counseling will walk borrowers through the importance of repayment, and the consequences of failing to do so.</p>

<p>It will also discuss important points like how interest accrues and is capitalized. Finally, it will discuss repayment options for students and resources they have access to as borrowers.</p>

<p><strong>How long will it take?</strong> <img alt="" src="https://studentaid.gov/app/images/icons/clock.png" /></p>

<p>The entire counseling process must be completed in a single session. Most people complete counseling in 20-30 minutes.</p>

<p><strong>What do I need?</strong></p>

<ul>
    <li>Verified FAFSA ID</li>
    <li>School Name</li>
    <li>Details on your income, financial aid, and living expenses</li>
</ul>

<p><a href="https://studentaid.gov/entrance-counseling/" title="Direct Loan Entrance Counseling">Complete&nbsp;your Entrance Counseling Session today</a></p>

Exit counseling provides important information to prepare you to repay your federal student loan(s).

If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the Federal Family Education Loan Program, you must complete exit counseling each time you:

• Graduate
• Leave school
• Drop below half-time enrollment

Exit Loan Counseling is completed online at: Federal Student Aid The entire counseling process must be completed in a single session. Exit counseling may take up to 20 minutes or more to complete.

To complete Exit Counseling you will need:

• A verified FAFSA ID
• Details on your income, financial aid, and living expenses
• Names, addresses, e-mail addresses and phone numbers of two references, preferably at least one next of kin (close relative).

For a complete and detailed history of a student's loan debt, as well as federal grants received, a student can use their FSA ID to log in to the National Student Loan Data System (NSLDS).

* For 2022 - 2023 federal financial aid a student is considered independent if he or she can answer "Yes" to any one of thirteen questions: (Students may be required to provide supportive documentation.) The first eight questions are:

1. Were you born before January 1, 1999?
2. As of today are you married? (answer "Yes" if you are separated but not divorced.)
3. At the beginning of the 2022-23 school year, will you be working on a master's or doctorate program (such as MA, MBA, MD, JD, Ph.D., Ed.D., graduate certificate etc.?)
4. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
5. Are you a veteran of the U.S. Armed Forces?
6. Do you have or will you have children who receive more than half of their support from you between July 1, 2022 and June 30, 2023?

Do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now through June 30, 2022?

1. At any time since you turned age 13, were both parents deceased, were you in foster care or were you a dependent or ward of the court?

For the other five dependency questions go to: Am I independent?

Dependent students with unusual family circumstances may request to be declared independent. An "Independence Appeal" form is available via the "Printable Office Forms" link.  (Note: The federal government does not consider a student who is "self-supporting" to be an "unusual" circumstance.)

Note:

• All first-time borrowers (no previous Direct loan at any other college) must fulfill the "Direct Loan Entrance Counseling" requirement: Online loan counseling
• First-time borrowers who have not completed one year of college will receive their first loan disbursement after the 30th day of the semester.
• Not all students will qualify for the academic year maximum. Total loan amounts cannot exceed the predetermined CUNY "cost of attendance". (For "cost of attendance" examples go to #3 in "Frequently Asked Questions")
• All other financial aid awards, scholarships and reimbursements will be subtracted from the CUNY "Cost of Attendance", in order to determine a student's Direct Loan eligibility.
• At the time of submission of your loan request, ensure you are admitted to a degree granting program and are/or will be registered for a minimum of 6 credits/units.