Graduate PLUS Loans
In addition to a Federal Stafford Student Loan, graduate students may be eligible for a Federal Graduate PLUS Loan. Generally, the $20,500 annual maximum Federal Stafford Loan is sufficient for almost all of the graduate students at SUNY Cortland, but students being charged out-of-state tuition and/or attending full time summer, fall, and spring may need a bigger loan.
The terms and conditions of the Federal Graduate PLUS Loan are the same as for the Federal Undergraduate Parent PLUS Loan, except that the parent is not involved. Student applicants for the Federal Graduate PLUS Loan must meet credit-check requirements in addition to the general eligibility requirements for Federal Student Aid. The interest rate is fixed at 8.25% and up-front fees total 4%, although some lenders may offer discounts from these rates.
Since so few students at Cortland have need for a Graduate PLUS loan, we do not offer a suggested lender list for this program. For more information, contact your Advisor in the Financial Advisement Office. We can explain your borrowing options and help to match you with the lowest-cost options available to you.
Alternative Loans for Graduate Students
You’ve probably seen commercials and web advertisements for “private” or “alternative” student loans. These lenders usually advertise that you’ll get your money in “as little as two weeks”. What they don’t mention is that the cost of these loans is much higher than the cost of a Federal Stafford Loan, and that the variable rate on a private loan may increase over the life of the loan, and that private loans do not offer the same borrower protections as the federal loans (death, disability, economic hardship or unemployment).
With recent expansion of the Federal loan eligibility for graduate students, these private (alternative) loans are probably NOT a good idea for most graduate students at SUNY Cortland. If your fixed-rate Federal Stafford Loan isn’t enough to meet your needs, talk to your Advisor in the Financial Advisement Office. We can explain your options and probably find a lower-cost Federal student loan to meet your needs.
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