You may be eligible for federal aid from the United States Department of Education
Are enrolled in a degree or certificate program
Are a U.S. citizen or an eligible non-citizen
Have a high school diploma or GED
Demonstrate satisfactory academic progress
Are not in default on a Perkins Loan, Direct Loan, Stafford Loan, PLUS or SLS Loan
at any institution
Do not owe a refund of any federal financial aid at any institution
Are registered with Selective Service, if required
Have never been convicted of a drug-related offense
Have completed necessary entrance counseling for first-time borrowers of federal Direct
These loans are available if you need financial assistance and are attending Dutchess
Community College at least half-time (six credits or more per semester).
Dependent first-year students may be eligible to borrow up to $5,500 per academic
year. Up to $3,500 of these funds may be subsidized.
Dependent students who have completed at least 30 credit hours may be eligible to
borrow up to $6,500 per academic year. Up to $4,500 of these funds may be subsidized.
Independent first-year students may be eligible to borrow up to $9,500 per academic
year. Up to $3,500 of these funds may be subsidized.
Independent students who have completed at least 30 credit hours may be eligible to
borrow up to $10,500 per academic year. Up to $4,500 of these funds may be subsidized.
Direct Loans can be a mix of subsidized and unsubsidized funds. (see below)
To apply, you will need to complete your FAFSA listing the college code 002864. An origination fee will be deducted from your loan amount. Loans are disbursed in two separate payments
over the loan period. You must begin repayment six months after termination of study
or if you drop below six credits. You will need to complete a promissory note online, and first-time borrowers must complete online entrance counseling. [See videos here.]
Federal Direct Subsidized Loans
Direct Subsidized Loans are for students with financial need. The Office of Financial
Aid will review the results of your Free Application for Federal Student Aid (FAFSA)
and determine the amount you can borrow. You are not charged interest while you're
in school at least half-time and during grace periods and deferment periods.
Federal Direct Unsubsidized Loans
You are not required to demonstrate financial need to receive a Direct Unsubsidized
Loan. Like subsidized loans, the Office of Financial Aid will determine the amount
you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time
it's first disbursed. You can pay the interest while you are in school and during
grace periods and deferment and forbearance periods, or you can allow it to accrue
and be capitalized (that is added to the principal amount of your loan). If you choose
not to pay the interest as it accrues, this will increase the total amount that you
have to repay because you will be charged interest on a higher principal amount.
Federal PLUS Loan
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available from
the federal government to assist parents in meeting the cost of their child's education.
An origination fee is deducted from the total loan proceeds. These loans are made to parents of dependent
undergraduate students who are registered at least half time (six credits or more)
who are matriculated in a degree or certificate program.
The standard repayment plan begins 60 days after the last disbursement (for example:
after the spring disbursement for a fall/spring loan). For additional repayment options,
including deferring repayment until after the student graduates or drop below 6 credits,
parents may contact the loan servicer.
Eligibility is determined by the Office of Financial Aid, and the amount borrowed
may not exceed the cost of attendance less any other financial aid the student is
eligible to receive.
To borrow a PLUS loan for a student, the parent must be the student's biological or
adoptive mother or father. A stepparent is also eligible to borrow a PLUS loan if
his/her income and assets were reported on the FAFSA. A legal guardian is not considered
a parent for financial aid purposes. The Federal Direct Loan Servicer will complete
a credit check on the parent borrower prior to approval. Parent borrows who are denied
the loan based on the credit check will have the option to appeal the decision or
the student may be eligible for additional unsubsidized loan funds.
Step 1. Students and parents must first complete the Free Application for Federal Student
Aid (FAFSA) by using www.studentaid.gov. Once the FAFSA has been completed, you may apply for the Federal Direct Parent Loan
(PLUS) as follows:
Step 2. To apply for a PLUS loan, parents must go to www.studentaid.gov. Once there, a parent will need to sign in using their FSA ID. When signed in, the
parent will then select “Start PLUS Application Process.”
Step 3. First-time parent borrowers must also complete and sign a Federal Direct PLUS Loan
Master Promissory Note (MPN). If you have already signed a Federal Direct PLUS MPN
previously for DCC or another Federal Direct Loan college (online or paper), you do
not need to complete a new PLUS MPN. A Federal Direct PLUS MPN can be completed at
the www.studentaid.gov website.