Federal Direct Stafford Loans

These federal loans are for matriculated students who are enrolled at least half-time (six credits). They have a low fixed interest rate and repayment begins six months after the student graduates or falls below half-time enrollment. The two types of Federal Stafford Loans are subsidized and unsubsidized. The Financial Aid Office will determine the type of loan you will receive based on your estimated cost of attendance, other aid received and financial eligibility. Loan limits are annual and aggregate.

Federal Subsidized Stafford Loan

A Federal Subsidized Stafford Loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays interest on the loan while you are enrolled at least half-time (6 credits).

Federal Unsubsidized Stafford Loan

A Federal Unsubsidized Stafford Loan is not awarded on the basis of need. If you qualify for an unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate. If you allow the interest to accumulate, it will be capitalized -- that is, the interest will be added to the principal amount of your loan and will increase the amount you have to repay. If you pay the interest as it accumulates, you will repay less in the long run.


Students must be: attending at least 6 credits in their degree program, matriculated, in good academic standing, and be a U.S. citizen or eligible non-citizen.


Freshman: $5500 (0-31 credits earned)

Sophomores: $6500 (32+ credits earned)

If you are an independent student or a dependent student whose parents are unable to qualify for a Federal Direct PLUS loan, you can borrow up to an additional $4000 unsubsidized loan annually.

Note: The amounts given above are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans. You cannot borrow more than your cost of attendance minus any other financial aid for which you are eligible. This means that you may receive less than the annual maximum amounts.

Maximum Total Debt for Undergraduate Students (Aggregate Loan Limits)

  • $31,000 as a dependent undergraduate student (only $23,000 of this may be in subsidized loans).
  • $57,500 as an independent undergraduate student (only $23,000 of this amount may be in subsidized loans).

Maximum Eligibility Period to Receive Direct Subsidized Loans: Adobe Acrobat, PDF

  • For first-time loan borrowers on or after July 1, 2013


For loans disbursed on or after July 1, 2015 and before July 1, 2016, the interest rate is 4.29%.


There is a fee of 1.068% that will be deducted proportionately from each disbursement of your loan.

How To Apply:

To apply for a Federal Direct Stafford Loan, all applicants must first file a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. All students will automatically be offered a student loan when their financial aid awards are packaged. Students will need to accept the loan online in WebAdvisor at http://webadvisor.flcc.edu. Students will also need to (1) complete a Direct Loan Master Promissory Note (MPN). If you are transferring from a Direct Loan school and previously borrowed at that institution, you should NOT need to complete a new Direct Loan MPN. All students will also need to (2) complete an online Direct Loan Entrance Counseling session. The Entrance Counseling session is an online tutorial which reviews your rights and responsibilities as a Federal Direct Loan borrower. Once the MPN and Entrance Counseling session are completed, the FLCC Financial Aid Office will receive an electronic confirmation. Students should print the confirmation form at the end and keep it for their records.


The U.S. Department of Education will pay your student loan funds through Finger Lakes Community College. Your loans will be disbursed in two equal installments, 6 weeks after the start of each term. If you are receiving a single semester loan, you will receive two disbursements in the term. The first will come 6 weeks after the start of the term and the second will come after the mid-term of the semester*. Your loan money must first be applied to your school account to pay for tuition and fees, and other school charges. If loan money remains, the Student Accounts Office at FLCC will send your disbursement to BankMobile Disbursements, a financial services and payment company. BankMobile will then send you your refund depending on the disbursement method (BankMobile Vibe card, paper check or ACH transaction into an existing bank account) you selected with them.

*Note: If you are taking late starting classes, disbursements may be held until you begin six(6) credit hours.


Repayment on the principle of the loan begins 6 months after you drop below 6 credit hours. Payment must be made to the U.S. Department of Education or its servicer. Borrowers that drop below 6 credits are also REQUIRED to complete an Exit Counseling session at www.nslds.ed.gov. This online tutorial will review your rights and responsibilities as a loan borrower.

For more information on repayment of your student loans, visit the Repayment section of the Federal Student Aid website.

If during repayment you have a dispute with your loan servicer that cannot be resolved, you may want to reach out to the U.S. Department of Education Student Loan Ombudsman's Office. They can be reached by calling (877)557-2575 or faxing (606)396-4821. The Ombudsman Group is a neutral, informal and confidential resource to help resolve disputes about your federal student loans.

Please note:

If you have previous Federal Stafford Loans through a private lender or lenders (ie. Citizens Bank, Sallie Mae, M&T Bank etc.) AND you have Federal Direct Stafford Loans, you will be repaying two or more different loan servicers. If you want to check the current holders of your Federal Stafford Loans, go to the National Student Loan Database System. After you graduate or stop attending college, you may be able to consolidate your loans into a single Federal Consolidation Loan.

Payment Calculator

Use these calculators to estimate your future loan payments.

*Student borrowing and indebtedness are very serious considerations and we want to do all we can to help students make informed choices that will allow them to fund their education.  FLCC promotes responsible borrowing. We encourage students/parents to only borrow what they need. Borrowers must replay all loans or face serious consequences.