The Center for Student Services encourages students to explore various grants and scholarship opportunities and to evaluate loan options carefully. Borrow only what is really needed and remember that loans must be repaid.
Students matriculated in a degree program and enrolled at least half-time (6 credits) with a valid FAFSA on file may qualify for federal loans. Federal Aid including loans will be processed based on enrollment in courses applicable towards the student’s degree. Marymount Manhattan College in accordance with federal regulations reports all loan borrowing, student enrollment status, and changes in enrollment status to the Clearinghouse and National Student Loan Data System (NSLDS).
Federal Direct Loans
Federal Direct loans are one form of student aid from the federal government that you may be offered on your award letter. Under the Federal Direct loan program, students borrow money for school from the federal government. Loans are a major form of self-help aid for students. You must be enrolled at least half-time status (6 credits +) per semester to qualify for federal loans. A loan must be repaid in full, including any interest and fees. Student loans have long repayment periods and generally repayment will not begin until you leave school. Interest rates vary, depending on the type of loan you borrow. The promissory note you sign will contain the exact terms of the loan you are borrowing. Keep your copy for reference. To help secure your financial future, regularly visit the National Student Loan Data System (NSLDS) to monitor the status of your loans and your repayment history. When you start repayment of your loans it is important to check the NSLDS system for servicer contact information.
A Federal Direct Subsidized loan is awarded on the basis of financial need. A student will not be charged any interest while enrolled in school for at least half-time status (6 credits or more). Repayment begins six months after a student graduates, is no longer enrolled or has dropped below half-time status. Subsidized loans first disbursed on or after July 1, 2012 and before July 1, 2014, will not have the interest subsidy provided during the 6 month grace period. Students receiving a subsidized loan during this timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added (capitalized) to the principal amount of their loan when the grace period ends.
A Federal Direct Unsubsidized loan is not based on financial need. Interest is charged from the time the loan is disbursed until it is paid in full. Interest accumulates while the student is in school and during grace and deferment periods. If a student does not repay the interest while in school it will be capitalized - that is, the interest will be added to the principal amount of the loan
Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013
As of July 1, 2013, first-time borrowers may only receive Subsidized Direct Student loans for 150% of the published time of the academic program, which equals 6 years of subsidized loan eligibility at Marymount Manhattan College. Students who continue enrollment on at least a half-time basis in the same program or enroll in another program of the same or shorter length will no longer be eligible to receive additional subsidized student loans. Furthermore, students will lose the interest subsidy on all prior subsidized loans. Borrower responsibility for interest will be triggered from the date of continued or subsequent (at least half-time) enrollment in an eligible undergraduate program of equal or lesser length. All unpaid accrued interest is capitalized in the same manner as unsubsidized loans. Eligibility on lost interest subsidy cannot be regained. The Federal Department of Education provides a guide for conditions, terms, and charts to understand Direct Subsidized Loan Time Limitation Eligibility. To read more on this click here.
Federal Direct Loan Fees
Federal Direct Student Loans are assessed an origination fee of 1.068% of the total loan. The net disbursement will reflect these fees; the amount credited to the student’s account will be the gross amount of the loan less the origination fee. This fee is determined by the U.S. Department of Education.
How much can I borrow?
Year in School
Base Subsidized/ Unsubsidized Amount
Additional Unsubsidized Amount
Total Amount
Freshmen (0-29 credits)
$3,500
$2,000
$5,500
Sophomores (30-59 credits)
$4,500
$2,000
$6,500
Juniors/Seniors (60 credits and above)
$5,500
$2,000
$7,500
Year in School
Base Subsidized/ Unsubsidized Amount
Additional Unsubsidized Amount
Total Amount
Freshmen (0-29 credits)
$3,500
$6,000
$9,500
Sophomores (30-59 credits)
$4,500
$6,000
$10,500
Juniors/Seniors (60 credits and above)
$5,500
$7,000
$12,500
How do I apply for a Federal Loan?
Borrowers will need an FSA ID.
As of May 10, 2015, you must have a verified FSA ID (Username & Password) instead of a Federal PIN to log in to the Studentloans.gov website. If you have not already created your FSA ID, you can create your FSA ID here.
Computer browser compatibility
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Step 1: All students who wish to borrow a Federal Direct Stafford Loan must complete a Federal Student Loan Entrance Counseling Session in accordance with federal regulations.
Click “Sign In” you will need your FSA ID (username and password) in order to complete.
If you do not have an FSA ID or cannot recall it, you can request your FSA ID here.
Click on Entrance Counseling. (When selecting a school during entrance counseling, search for “Marymount Manhattan College” without using abbreviations.)
Generally, a loan will be for a full academic year and MMC will make at least two disbursements. Disbursements will be applied each semester of the academic year at the end of the add/drop period. MMC will disburse the loan money by crediting it to the student’s account to pay tuition, fees, room, board, and other authorized charges. If the loan disbursement amount exceeds the student’s school charges, the school will pay the remaining balance of the disbursement directly to the student borrower. MMC will notify the borrower in writing each time disbursement of loan funds is made and will provide information about how to cancel all or part of the disbursement.
Students attending the Study Abroad program will have their Student loan funds disbursed in two equal disbursements each semester. Disbursements will be applied each semester of the academic year at the end of the add/drop period and at the midpoint of each semester.
The rate for loans disbursed prior to July 1, 2006 is variable (subject to change each year) but does not exceed 8.25%. Variable interest rates for these loans are adjusted each year on July 1. You will be notified of variable interest rate changes throughout the life of your loan.
As stated in the Federal Student Aid publication “Your Federal Student Loans - Learn the Basics and Manage Your Debt. “REMEMBER: Federal student loans are real loans, just like car loans or mortgage loans. You must repay a student loan even if your financial circumstances become difficult. Federal student loans usually can’t be written off in bankruptcy. they can’t be canceled because you didn’t get the education or job you expected, and they can’t be canceled because you didn’t complete your education (unless you couldn’t complete your education because your school closed).”
Borrowers should first attempt to resolve complaints by contacting the school, company, agency, or office directly involved. If a borrower has made a reasonable effort to resolve the problem through the normal processes and has been unsuccessful, he or she should contact the FSA Ombudsman.