Student Loans

Student loans are another source of financial aid that must be repaid with interest. Borrowing for education is an important decision. Please consider carefully before borrowing from any loan program. Complete the FAFSA to be considered for the loans listed below.

 


Direct Subsidized Loans

Eligibility for a direct subsidized loan is determined based on financial need to meet educational expenses. This type of loan does not accrue interest while you are enrolled in school at least half-time, during a grace period, and when the loan is in deferment.


Direct Unsubsidized Loans

Unsubsidized loans are not need-based, but must be used for educational expenses. This type of loan accrues interest while you are in school.


Parent PLUS Loans

Parents may borrow money to help pay for their student’s education by applying for a credit-based PLUS loan. The PLUS loan application can be completed after the FAFSA has been submitted. Learn more about PLUS loans before applying.


Private/Alternative Loans

This type of loan is serviced through private lenders such as banks. Do your research to determine if alternative/private education loans are a good choice for you.


How do I accept my federal loans?

In addition to accepting your federal student loans in your Self-Service Account though WebAccess, you will have to complete a few additional steps.

Entrance Counseling

If this is your first time borrowing a student loan at OCC, you will be required to complete Entrance Counseling before any part of your direct subsidized or unsubsidized loan(s) will disburse. Entrance Counseling will help you understand the responsibilities that come with borrowing.

Unsure if you have already completed Entrance Counseling? Check out your Self Service Account through WebAdvisor. Entrance Counseling will show as completed on your Checklist if you have already done it!

Master Promissory Note (MPN)

In addition to Entrance Counseling, students borrowing direct subsidized or unsubsidized loans and parents borrowing PLUS loans for the first time at OCC need to sign a Master Promissory Note (MPN). Signing the MPN shows you are agreeing to the terms of your loan.

Unsure if you have already signed an MPN? Check out your Self Service Account through WebAdvisor. Master Promissory Note will show as completed on your checklist if you have already done it!


What else should I know about loans?

Interest Rates

All student loans must be repaid with interest. The fixed interest rate of your direct subsidized/unsubsidized loan depends on when the loan was first disbursed.

First Disbursement Date Fixed Interest Rate
July 1, 2017 - June 30, 2018 4.45%
July 1, 2016 - June 30, 2017 3.76%
July 1, 2015 - June 30, 2016 4.29%

Parent PLUS loans have fixed interest rates based on when the loan was first disbursed.

First Disbursement Date Fixed Interest Rate
July 1, 2017 - June 30, 2018 7.00%
July 1, 2016 - June 30, 2017 6.31%
July 1, 2015 - June 30, 2016 6.84%
Origination Fees

Direct subsidized/unsubsidized loans have fees that are a percentage of the total loan amount. The fee is taken out prior to each disbursement of the loan.

First Disbursement Date Loan Fee
On or after Oct. 1, 2017, and before Oct. 1, 2018
Not yet determined
On or after Oct. 1, 2016, and before Oct. 1, 2017
1.069%
On or after Oct. 1, 2015, and before Oct. 1, 2016 1.068%

Parent PLUS loans are charged a fee based on when the loan is disbursed.

First Disbursement Date Loan Fee
On or after Oct. 1st, 2017 and before Oct. 1, 2018
Not yet determined
On or after Oct. 1st, 2016 and before Oct. 1, 2017
4.292%
On or after Oct. 1, 2015, and before Oct. 1, 2016 4.272%

Loan Repayment

If you have borrowed direct subsidized or unsubsidized student loans while attending OCC, you will be required to complete Exit Counseling once you graduate or are enrolled less than half-time. Exit Counseling will help you prepare for repayment of your loans. Learn more about loan repayment, and contact the Financial Aid Office if you have questions.


OCC's Student Loan Code of Conduct

View Onondaga Community College's Student Loan Code of Conduct.


Penalties for Drug Violations

Federal law prohibits students who have been convicted of possession or sale of a controlled substance to receive federal financial aid for a prescribed period (generally 1-2 years, depending on the offense) following the conviction, unless the student has successfully completed an approved drug rehabilitation program.