New Spring Student Award Processing Begins November 20, 2013.
New Spring Student Award Processing Begins November 20, 2013. Students with questions about financial aid should visit the
UAlbany Financial Aid website.
To speak to a financial aid counselor, please contact the the Student Financial Center (SFC).
For more information about the University of Albany, please visit the
University at Albany Welcome Website.
Did You Know?
Are you aware there are seven different federal loan repayment plans available? Did you know in some circumstances you can have your federal loan forgiven, cancelled, or discharged? Are you confused by consolidation and determining whether or not it is the right option for you? Get all the information you need to answer these questions and more by visiting the
Repaying Your Loans page of the Federal Student Aid website.
Understanding the repayment process will help build a solid financial foundation!
Federal Direct Loan Interest Rates - Update 8/21/2013
As of August 9, 2013 The Bipartisan Student Loan Certainty Act has been approved. For Direct Loans first disbursed on or after July 01, 2013 and June 30, 2014, the interest rates are as follows.
- Direct Subsidized - 3.86%
- Direct Unsubsidized (Undergraduates) - 3.86%
- Direct Unsubsidized (Graduates) - 5.41%
- Direct PLUS (Parents/Graduates) - 6.41%
Please note, these fixed interest rates are only for July 01, 2013 to June 30, 2014. Fixed interest rates on subsequent loans for 2014 - 2015 and thereafter are subject to change.
For additional information please refer to
Recent Change to the Direct Subsidized Loan Program
If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time you can receive Direct Subsidized Loans. Please visit the following link for additional information on this recent change to the Direct Subsidized Loan program.
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.