Federal Loan Programs

Undergraduate Students

The Federal Direct Stafford Loan Program is available to students who have filed a FAFSA and who are enrolled at least half time (six or more credits per semester) in an eligible program.

There are two types of Federal Direct Stafford loans:

Subsidized loans

Subsidized loans are based upon demonstrated financial need. Students are not charged any interest while enrolled in school at least half time (six or more credits per semester). The federal government subsidizes the interest. The interest rate for Federal Subsidized Loans for the 2023-2024 academic year is 5.50%. 

Unsubsidized loans

Unsubsidized loans are not awarded on the basis of financial need. The loan accrues interest from the time it is disbursed until it is paid in full. If you allow the interest to accrue while you are in school or during repayment periods, this interest will be capitalized. Interest that is capitalized will be added to the principal amount of your loan, and additional interest will be based on the higher amount. The interest rate for Federal Unsubsidized Loans for the 2023-2024 academic year is 5.50% for undergraduate students. Note: Students can pay the interest on their unsubsidized Stafford loan while in school.  Students interested in making payments should contact their servicer directly. 

For loans first disbursed on or after October 1, 2020 and before October 1, 2023 the loan fee is 1.057%, which will be deducted from each loan disbursement.

GRADUATE STUDENTS

Graduate students are eligible for the Unsubdsidized Stafford Loan program. Under this program, students are charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue while you are in school or during repayment periods, this interest will be capitalized. Interest that is capitalized will be added to the principal amount of your loan, and additional interest will be based on the higher amount. The interest rate for 2023-2024 Federal Direct Unsubsidized Stafford loans is 7.05%. Maximum eligibility per year is $20,500. 
Note: Students can pay the interest on their federal unsubsidized Stafford loan while in school. Students interested in making payments should contact their servicer directly.

• Once you have completed the Direct Loan Application process, your loan funds (loan amount minus 1.057% loan fee) will be electronically disbursed to your Siena College student account in two installments, at the beginning of each semester.
• Important - The Federal Direct Stafford Loan is in the student's name. Therefore the MPN and Entrance Counseling must be completed by the student. When logging into the studentloans.gov website, the student will need their SSN, Date of Birth and FAFSA Pin. 
• Your Federal Direct Stafford loan will not be processed by the Financial Aid Office until you have completed ALL requirements outlined above.

Other Loans

FEDERAL GRADUATE PLUS LOAN

The Federal Direct Graduate PLUS Loan Program allows students to borrow up to the cost of attendance minus financial aid (including federal Stafford loans).  Loan approval requires a credit check and entrance counseling. The 2023-2024 annual interest rate is fixed at 8.05% . 

Loan repayment typically begins 60 days after the loan has been disbursed.  If you contact your lender, a deferment option may be available to allow payments to begin after graduation as long as you maintain at least half-time enrollment status.

Students are encouraged to apply for full-year loans (fall and spring) to avoid multiple applications throughout the academic year.
Note: Students are encouraged to utilize their full Stafford loan limit before applying for a Graduate PLUS loan.

PARENT PLUS LOAN

Parents of dependent undergraduate students borrow the Parent PLUS Loan to help their children pay for college or career school. The Parent PLUS Loan offers a fixed interest rate and flexible loan limits. The maximum amount that parents are allowed to borrow through a Parent PLUS Loan is the total cost of attendance minus all financial aid (including other Federal loans). The Direct Parent PLUS interest rate for the 2023-2024 is fixed at 8.05% (an additional .25% interest rate reduction is applied to the loan when using auto-debit for repayment). An origination fee of 4.228% is automatically deducted from the loan amount.

Parents apply for a Parent PLUS Loan directly through the Department of Education.