../templates_2009/images/random_pagetops/img-7.jpg; ../templates_2009/images/random_pagetops/pic-1.jpg; ../templates_2009/images/random_pagetops/pic-3.jpg; ../templates_2009/images/random_pagetops/pic-6.jpg; ../templates_2009/images/random_pagetops/pic-8.jpg; ../templates_2009/images/random_pagetops/pic-9.jpg; ../templates_2009/images/random_pagetops/pic-11.jpg;
 

The Office of Financial Aid

 

Direct Loan Interest Rates and Origination Fees

The 2016-2017 Direct Loan Interest Rates and Origination Fees chart provides:
  • Interest rates For Direct Loans first disbursed on or after July 1, 2016 and through
    June 30, 2017.
  • Origination Fees for Direct Loans First Disbursed on or After October 1, 2015.
2016-2017 Direct Loan Interest Rates and Origination Fees
Loan Type Borrower Type Interest Rate Origination Fee
Direct Subsidized Loans Undergraduate 3.76% 1.068%
Direct Unsubsidized Loans Undergraduate 3.76% 1.068%
Direct Unsubsidized Loans Graduate 5.31% 1.068%
Direct PLUS Loans Parents and Graduate 6.31% 4.272%

Please note, these fixed interest rates apply to the period of July 1, 2016 to June 30, 2017. Fixed interest rates on subsequent loans for 2017 - 2018 and thereafter are subject to change.


UAlbany Scholarship Applications

University at Albany Foundation Endowed Scholarships Priority Date: July 15, 2016

Students who are awarded a University at Albany Foundation endowed scholarship will be notified via email.


Additional Direct Loan Eligibility for Change in Grade Level

Based on changes in the number of credit hours a student completes over the course of a semester a student's grade level may increase which would increase their loan eligibility for the academic year. For example, if a sophomore completes enough credits in the fall semester making them a junior in the spring semester of the same academic year they may be eligible for a loan increase if they have not already received aid up to the cost of attendance.

Please refer to the annual borrowing limits to see if you have progressed to the next grade level.

If you have determined that you are eligible for additional loans based on a grade level increase please complete the Federal Direct Loan Adjustment Request Form selecting "Grade Level Change" for the adjustment reason.


FAFSA Renewal Email Notification

As you are aware, the 2016-17 Free Application for Federal Student Aid is available in January, 2016. In preparation to be eligible to file the renewal FAFSA for the 2016-2017 year, we encourage you to log into your FAFSA for 2015-16 and ensure your email address is current and valid. Once you have verified your FAFSA has your correct email address, monitor your email for future communications from Federal Student Aid.


New Borrower Alert

Have you completed your Direct Stafford Entrance Counseling?

Direct Stafford Loan Entrance Counseling is mandatory for all first time borrowers attending UAlbany. Please be aware Entrance Counseling is different than the Financial Awareness Counseling Tool (FACT). Completion of FACT does not satisfy Entrance Counseling requirements. You must complete Entrance Counseling at www.studentloans.gov. Refer to your "to-do" items to determine if Entrance Counseling needs completion.

Have you completed your Direct Stafford Loan Master Promissory Note (MPN)?

The Direct Stafford Loan MPN is mandatory for all first time Direct Loan borrowers attending UAlbany. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees. The MPN explains the terms and conditions of your loan(s). Your MPN is valid for 10 years, so you will most likely need to complete this only once while attending UAlbany. The MPN must be completed at www.studentloans.gov. Refer to your "to-do" items to determine if the MPN needs completion.


Change in Direct Loan Origination Fees

Direct Loans disbursed for the first time on or after October 01, 2015 will be subject to the following origination fees:

  • Direct Subsidized (Undergraduates) - 1.068%
  • Direct Unsubsidized (Undergraduates) - 1.068%
  • Direct Unsubsidized (Graduates) - 1.068%
  • Direct PLUS (Parents/Graduates) - 4.72%

Please note, these new origination fees apply to the period of October 01, 2015 to September 30, 2016. Origination fees on subsequent loans first disbursed on or after October 01, 2016 are subject to change.


2015-2016 Direct Loan Interest Rates

For Direct Loans first disbursed on or after July 01, 2015 and through June 30, 2016, the interest rates are scheduled to be the following:

  • Direct Subsidized (Undergraduates) - 4.29%
  • Direct Unsubsidized (Undergraduates) - 4.29%
  • Direct Unsubsidized (Graduates) - 5.84%
  • Direct PLUS (Parents/Graduates) - 6.84%

Please note, these fixed interest rates apply to the period of July 01, 2015 to June 30, 2016. Fixed interest rates on subsequent loans for 2016 - 2017 and thereafter are subject to change.


Changes to the Federal Direct PLUS loan

Effective March 29, 2015 the U.S. Department of Education implemented the following changes to the Federal Direct PLUS loan program:

  • Credit check(s) processed on or after March 29, 2015 will be valid for 180 days.
  • Applicants with adverse credit history that qualify for the PLUS loan by documenting extenuating circumstances or by obtaining an endorser will be required to complete PLUS counseling prior to funds being disbursed.


  • *Please Note: * If you submitted an application for any previous academic year you can use the same password to access and revise the 2015-2016 application.
  • * Scholarship funds are limited. Meeting the application requirements and scholarship criteria does not imply that you will necessarily receive a scholarship.
  • * Students who are awarded a University at Albany Foundation endowed scholarship will be notified via email.

FAFSA Filing Dates

Available every year after January 1st, the FAFSA should be completed and submitted on-line through www.fafsa.ed.gov.

Prospective students wishing to receive priority consideration for aid administered by the Office of Financial Aid must have completed the FAFSA and received an official expected family contribution from the Department of Education by March 1st.

Continuing students wishing to receive priority consideration for aid administered by the Office of Financial Aid must have completed the FAFSA and received an official expected family contribution from the Department of Education by April 1st.


Helpful FAFSA Filing Resources

Department of Education FAFSA Telephone Support

The Department of Education provides telephone support to FAFSA applicants who have questions about how to complete or make corrections to the FAFSA.  Contact the Department of Education support line at (800) 433-3243.


FAFSA Filers: Use the IRS Data Retrieval Tool

Students and parents who have filed their 2015 federal tax returns will be able to select the IRS Data Retrieval option on the FAFSA to transfer their tax information directly from their federal tax return to their FAFSA application. Federal Tax Returns must be electronically filed at least two weeks (or 6-8 weeks if filing paper returns) before using the IRS Data Retrieval process.

We strongly encourage you and your parents to use the IRS Data Retrieval Tool which is the fastest and easiest way to provide accurate tax information. The IRS tax information can be reviewed first before being transferred directly into your FAFSA.


SUNY Smart Track Financial Literacy Tool

University at Albany is pleased to announce a SUNY wide interactive financial literacy tool to help students get on the Smart Track for every financial decision from paying your tuition, to purchasing a home. Click the button below to begin your Smart Track experience!

Attention Smart Track Users

We have been made aware there is an incompatibility issue with Internet Explorer 11 (IE 11) and Flash. Until Microsoft resolves the issue, we recommend using a different browser such as Firefox or Chrome, or a lower version of Internet Explorer.


 

Useful College Planning Tools

Below are four consumer information tools students and families will find helpful in assessing college costs and comparing important college information.

The College Scorecard includes essential information about a particular college's cost, its graduation rates and the average amount its students borrow. The College Scorecard is a planning tool and resource to assist students and families as they evaluate options in selecting a school.

College Navigator is an interactive website that allows you to explore and compare features of different institutions, including tuition and fees, retention and graduation rates, use of financial aid and student loan default rates. The College Navigator also features a cost calculator and school comparison tool.

The Financial Aid Shopping Sheet is a model financial aid award letter designed to simplify the information prospective students receive about costs and financial aid. Many colleges and universities have adapted a Shopping Sheet. This tool is designed to provide an easy way to make clear comparisons among institutions and make informed decisions about where to attend school.

The Paying for College webpage can be used by prospective students to enter the names and actual financial aid award information to compare up to three schools.



FAFSA Filing Dates

Available every year after January 1st, the FAFSA should be completed and submitted on-line through www.fafsa.ed.gov.

Prospective students wishing to receive priority consideration for aid administered by the Office of Financial Aid must have completed the FAFSA and received an official expected family contribution from the Department of Education by March 1st.

Continuing students wishing to receive priority consideration for aid administered by the Office of Financial Aid must have completed the FAFSA and received an official expected family contribution from the Department of Education by April 15th.



Use the IRS Data Retrieval Tool

Starting in February, students and parents who have filed their 2013 federal tax returns will be able to select the IRS Data Retrieval option on the FAFSA to transfer tax information to the FAFSA. Federal Tax Returns must be electronically filed at least two weeks (or 6-8 weeks if filing paper returns) before using the IRS Data Retrieval process.

We strongly encourage you and your parents to use the IRS Data Retrieval Tool which is the fastest and easiest way to provide accurate tax information. The IRS tax information can be reviewed first before being transferred directly into your FAFSA.

 
 

The Office of Financial Aid is responsible for the administration of state, federal and institutional financial aid programs.  In conjunction with the Student Financial Center, the Office of Financial Aid assists students and families in navigating the financial aid process.

For assistance, visit the Student Financial Center located in the Campus Center G26, or call the Student Financial Center at (518) 442-3202.