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Undergraduate Student Loans

PLEASE NOTE: The last day to submit an application for a 2017-2018 Federal Direct Loan is May 12th, 2018.


If you wish to apply for scholarships, federal or state financial aid at Hunter College, you must file a Free Application for Federal Student Aid (FAFSA). You are also required to complete a FAFSA to receive any federal funding, such as the William D. Ford Direct Loan Program.

  • When submitting your FAFSA, please be sure to list Hunter College (Federal Code #002689) in the list of schools you'd like to receive your FAFSA information.
  • Once processed, you will receive a Student Aid Report (SAR) in the mail and the Office of Financial Aid at Hunter College will receive an electronic record of your application.
  • Some students who file a FAFSA will have their application selected by the U.S. Department of Education for a process called verification. If you are selected, you must provide copies of your (and your spouse’s, if applicable) federal income tax returns and additional household information to the Office of Financial Aid. Students are to review their CUNYfirst “To Do List” in the Student Center for a list of the information requested.

 

William D. Ford Federal Direct Loan Program (Undergraduate Students)

How much can I borrow?

How do I request a Federal Direct Loan at Hunter College?

Entrance Counseling

Completing the Master Promissory Note (MPN)

Do I have to wait until my loan request is approved, and a Direct Loan is originated by the Office of Financial Aid at Hunter College, before completing my Electronic MPN?

What To Have On Hand When Completing the Electronic MPN online

How to complete the Electronic MPN

Federal Loan Consolidation

Lower Interest Rate For In-School and In-Grace Consolidation

One Lender and One Monthly Payment

Flexible Repayment Options

No Minimum or Maximum Loan Amounts or Fees

Retention of Subsidy Benefits

To learn more about Direct Loan Consolidation

Federal Student Loan Consolidation

Exit Counseling


William D. Ford Federal Direct Loan Program (Undergraduate Students)

The William D. Ford Federal Direct Loan Program makes funds available directly from the U.S. Government to undergraduate and graduate students. Direct Loans are either subsidized or unsubsidized.

A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before beginning repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. You may allow the interest to accumulate and to be capitalized--that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount.

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How much can I borrow?

Below are the maximum Annual Loan Limits for Direct Subsidized Loans and Direct Unsubsidized Loans:

Grade Level Subsidized Federal Direct Loan Unsubsidized Federal Direct Loan Total Federal Direct Loan
First Year
(Freshman or 0-29.9 credits)
$3,500 Dependent = $2,000
Independent = $6,000
Dependent = $5,500
Independent = $9,500
Second Year
(Sophomore or 30-59.9 credits)
$4,500 Dependent = $2,000
Independent = $6,000
Dependent = $6,500
Independent = $10,500
Third Year and Beyond
(Junior or 60+ credits)
$5,500 Dependent = $2,000
Independent = $7,000
Dependent = $7,500
Independent = $12,500

Aggregate Loan Limits: Maximum Total Outstanding Loan Debt

Subsidized Federal Direct Loan Unsubsidized Federal Direct Loan Total Federal Direct Loan
Undergraduate $23,000 Dependent = $8,000
Independent = $34,500
Dependent = $31,000
Independent = $57,500

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How do I request a Federal Direct Loan at Hunter College?

Undergraduate students must submit a Direct Loan Application via CUNYfirst. In order to navigate and complete the application you must have a FAFSA on file for the corresponding year.

  • Log onto your CUNYfirst account and click on "Student Center"
  • On the Student Center page, navigate to the Direct Loan Processing form and link
  • Fill out a Direct Loan Processing form

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Entrance Counseling

First time borrowers who want to apply for a William D. Ford Federal Direct Loan at Hunter College must complete an Entrance Counseling session. The entrance counseling is a mandatory requirement for the Federal Direct Loan program and will detail all rights and responsibilities for request a loan. The Entrance Counseling is intended to measure your comprehension of the loan program so that you have a clear understanding of the loan and subsequent repayment process.

The Direct Loan Entrance Counseling Session can be found off-site at https://studentloans.gov/myDirectLoan/index.action.

Important: When you get to the section of the Entrance Counseling Session that asks for Selected Schools, you must type in Hunter College to proceed. Your loan will not disburse if this is incomplete.

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Completing the Master Promissory Note (MPN)

Students who are borrowing for the first time through the Federal Direct Loan program must complete a Master Promissory Note corresponding to the loan request. Your loan will not disburse if this is incomplete.

Continue below to find out how to complete the MPN.

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Do I have to wait until my loan request is approved, and a Direct Loan is originated by the Office of Financial Aid at Hunter College, before completing my Electronic MPN?

No. You can complete the Electronic MPN as soon as you decide that you want to borrow a Federal Direct Loan. The most common delay in the delivery of Federal Direct Loan funds is not signing the MPN on time. Completing the Electronic MPN early will help prevent a delay in the delivery of your loan funds.

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What To Have On Hand When Completing the Electronic MPN online:

  • An FSA ID*
  • Your social security number
  • Permanent address and telephone number to complete references
  • Driver license number (if applicable)

* To complete the Electronic MPN on the Web, you'll need to use your FSA ID (As of May 10, 2015, the Federal PIN was replaced by the FSA ID). If you do not already have an FSA ID, you should apply for one immediately at www.fsaid.ed.gov. It takes approximately 1-3 days for your FSA ID information to be confirmed with the social security administration. Once your FSA ID has been verified, you will receive an email notification from the U.S. Department of Education.

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How to complete the Electronic MPN:

Before completing the MPN online at www.studentloans.gov, it is extremely important to review the What You Need and What to Expect sections of the Web site to be sure that you have a compatible browser and the correct settings for Adobe Acrobat Reader.

We encourage you to complete the MPN online at www.studentloans.gov in order to receive your Direct Loan funds in a timely manner. When you complete the MPN online, you will receive a confirmation number, verifying that the federal government (the lender) has received and accepted your MPN instantaneously. If you request that a paper copy of the MPN be sent to you for completion, there are more steps involved in approving and disbursing your Direct Loan, possibly causing delays in receiving your funds.

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Federal Loan Consolidation

A Direct Loan Consolidation allows you to combine one or more of your federal education loans into a new loan that offers several advantages. Loans eligible for consolidation include Federal Perkins Loans, Federal Stafford Loans, Guaranteed Student Loans, and Federal Direct Loans. If a Direct Consolidation Loan offers you a lower rate than your current loans, you may want to consolidate.

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Lower Interest Rate For In-School and In-Grace Consolidation

If you consolidate while in school or during your grace period, you may receive a lower interest rate. In-school consolidations can save you money, but are only offered via a Direct Consolidation Loan.

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One Lender and One Monthly Payment

With only one lender to deal with and one monthly bill, you will find it easier than ever to manage your debt. The Department of Education will always be your sole lender.

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Flexible Repayment Options

Direct Consolidation Loans provide four convenient and hassle-free ways to repay your loans, including an income-contingent repayment plan. These flexible plans are designed to meet the different and changing needs of borrowers. With a Direct Consolidation Loan, you can switch your repayment plan at any time.

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No Minimum or Maximum Loan Amounts or Fees

Direct Consolidation Loans do not exclude anyone based on the size of their loan debt! In addition, the consolidation service is FREE.

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Retention of Subsidy Benefits

Borrowers retain the subsidy benefits of the subsidized loans that are consolidated.

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To learn more about Direct Loan Consolidation:

Call toll-free: 1-800-557-7392
Or call the toll-free TDD number: 1-800-557-7395
Or visit the federal government's loan consolidation web site at https://studentaid.ed.gov/sa/repay-loans/consolidation.

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Federal Student Loan Consolidation

If you want to consolidate your federal education loans through a lender other than the Direct Loan Program, please visit https://studentaid.ed.gov/sa/repay-loans/consolidation for more information.

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Exit Counseling

All students who have borrowed loans and are no longer enrolled in Hunter College must go through the Exit Counseling process in order to update their record. This process is mandatory for all students who have:

  • Graduated
  • Stopped attending Hunter College
  • Registered for less than six (6) credits
  • Filed a Degree Audit application for graduation

You may complete the Exit Counseling requirement online at www.studentloans.gov.

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