A wide variety of loans are available to help students and their families cover costs.
Many federal loans offer low interest rates. While some loans offer payment deferment plans, others must be repaid upon graduation.
If you are interested in applying for a federal or private loan, we urge you to speak with a financial aid counselor to make sure you understand your obligations.
Maximum Annual Award: $1,000
Available to students who demonstrate exceptional financial need, Perkins Loans are available at a 5% interest rate and administered through Touro College. Borrowers are allowed up to ten years to repay their loans to the school.
1st Year Maximum Annual Award: $5,500/$9,500 (dependent/independent) -$3500 max as subsidized
2nd Year Maximum Annual Award: $6,500/$10,500 (dependent/independent) - $4500 max as subsidized
3rd and 4th Year Maximum Annual Award: $7,500/$12,500 (dependent/independent) - $5500 max as subsidized
The most widely used, low cost education loans sponsored by the federal government, Stafford Loans are available to students enrolled on at least a half time basis.
Subsidized loans are need-based and available interest-free while borrowers are enrolled.
Unsubsidized loans are not need-based, and interest accumulates on them as soon as they are initiated.
You can learn more about Stafford Loans on the Federal Student Aid website.
Federal PLUS Loans (for parents)
Parents with good credit histories are eligible for Federal PLUS loans, which are available up to the total cost of education, minus any other financial aid the student receives. Interest rates are capped at 9%. PLUS Loans are by far a preferable option to liquidating investments or paying out of pocket.
Contact the Financial Aid Office at (718) 252-7800 x 258 for more information.