Graduate Loans

Direct Unsubsidized Loans are awarded to students in an offered status. Students should review their financial aid awards and decide if they need or want the loans that have been offered to them. Loans will not be originated and disbursed unless the student has accepted the loan in their Banner Self-service account. Students may accept their loans in full, reduce the amount, or decline loans completely. 

How to Accept Aid In Banner

How to View and Resolve Requirements

All students borrowing a Federal Direct Unsubsidized Loan must complete the Master Promissory Note and Entrance Counseling. When completing, please select Buffalo State so we can view your results. We are listed as SUNY COLLEGE AT BUFFALO and the school code is 002842.

Master Promissory Note (MPN) is a binding legal document that the student must sign before a federal loan disbursing. The MPN can be used to make one or more loans for one or more academic years (up to 10 years).

• Lists the terms and conditions under which the student agrees to repay the loan and explains their rights and responsibilities as a borrower. 
• It is important to read and save the MPN and refer to it later when the student begins repaying their loan(s) or at other times when information is needed regarding the loan. 

Entrance Counseling is an online session required for all first-time federal loan borrowers. Entrance counseling explains the student's rights and responsibilities as a student borrower. Students are educated on topics such as interest rates, interest charges, responsible borrowing, budgeting, repayment plans, and avoiding default.

• Students should set aside approximately one hour to complete this task.

Graduate students may borrow up to $20,500 annually

Graduate students may borrow up to $138,500. 

The graduate aggregate limit includes all federal loans received for undergraduate study.

Loans are generally awarded for the full academic year (except when a student will only be in attendance for one semester) with two equal disbursements one in the fall semester and one in the spring semester. Disbursement of funds does not begin until after the first week of the semester or when schedule adjustment is over. Funds are disbursed directly to the college and are applied to a student’s account to cover applicable outstanding charges such as tuition, fees, room and board. Any loan funds above a student’s charges will be refunded to the student by the Student Accounts Office via direct deposit or paper check.

If a student wants to change the amount of a loan that they have accepted or declined in Banner, they will need to submit a Loan Revision Request Form that can be found on the Forms page. If a student wants to return all or a portion of a loan that has already been disbursed, they will need to return the refund or remit payment to the Student Accounts Office. All requests for a revision or return of loan funds must be within regulatory guidelines.

Once your loan has been originated by our office, the Department of Education will assign your loan to a federal servicer. The servicer assigned to your loan(s) will send you correspondence including disclosure statements that contain loan amounts, interest rates and disbursement dates, repayment information, and options regarding loan consolidation. Always notify your loan servicer of any changes to your personal information such as name, address, or phone number, and feel free to contact them with any questions regarding your loans.  

You can find who your loan servicer is at StudentAid.gov.

Students must complete exit counseling when they leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure students understand their student loan obligations and are prepared for repayment. It is required even if the student transfers to another institution and enrolls half-time there. 

Students will learn about what your federal student loan payments may look like when you enter repayment. You will also be able to create a repayment strategy that best suits your future plans and goals.

You can complete your Exit Counseling at StudentAid.gov.

The Graduate PLUS Loan is an option for students who need additional loan funding to cover their direct or indirect charges. Federal Direct PLUS loans are guaranteed and regulated by the Department of Education. Credit approval is required before loan origination. 

Students should accept all available Direct Unsubsidized Loans available to them before applying for a Graduate PLUS Loan.

Credit approval will be given to any student who does not have adverse credit; it is not based on low income, the amount of loan requested, the amount of debt a student has, or a student’s FICO score. It is possible for students who do not have a credit history to be approved. A student will generally be approved for a PLUS loan as long as they do not have adverse credit as defined below.

 A Graduate PLUS loan applicant has an adverse credit history if, in addition to other conditions (e.g., bankruptcy, foreclosure, tax lien, or a default determination) the applicant has one or more debts that:

• Are 90 or more days delinquent;
• Are in collections or have been charged off during the two years preceding the date of the applicant’s credit report; and
• The total combined outstanding balance of those debts is greater than $2,085

 The following options are available for students whose Graduate PLUS application is denied:

• Use a credit-approved endorser
• Request an appeal of the credit decision based on extenuating circumstances
• Request reconsideration if it is offered to you
• Choose not to pursue the Graduate PLUS loan; no additional action will be taken on the credit decision and the school will be notified of the denial 

Students who are approved for a Graduate PLUS loan using an endorser, or who are approved following an appeal or reconsideration, must complete PLUS COUNSELING at https://studentaid.gov before the loan can be originated. PLUS Counseling is not the same as the Entrance Counseling requirement for first-time borrowers of a Graduate PLUS Loan. PLUS Counseling would be required in addition to Entrance Counseling if the loan was approved with an endorser or through an appeal.

You can apply for a Graduate PLUS Loan at studentaid.gov.

You must also complete a Direct PLUS Loan Master Promissory Note before you can receive Direct PLUS Loan funds.

• The Direct PLUS Loan MPN explains all of the terms and conditions of Direct PLUS Loans and is your legally binding agreement to repay all Direct PLUS Loans you receive under the Direct PLUS Loan MPN.
• If you have not previously completed a Direct PLUS Loan MPN, you will have an opportunity to do so after you complete this Direct PLUS Loan application.