Introduction
Graduate Students must file the FAFSA to determine eligibility for the Federal Direct Unsubsidized Student Loan and Graduate PLUS loan programs. These loans have a loan origination fee and accrue interest from the time of disbursement. The Graduate PLUS loan also requires passing a credit check and has a higher interest rate and loan origination fee.
This guide outlines the steps for the graduate student federal direct loan process. It also includes resources such as videos and links to more information and other guides to help you navigate the student loan process and the CUNYfirst system.
Note that the Brooklyn College Office of Financial Aid recommends that if you borrow, you limit it only to what you need!
Federal Direct Unsubsidized and Graduate PLUS Loans
Step 1 – Complete the FAFSA
Before you can be considered for a Federal Direct Loan (unsubsidized or Graduate PLUS) you must first file and submit the FAFSA to determine that you meet the basic eligibility criteria for federal student financial aid programs. The FAFSA you file should reflect the academic year that you are planning to attend. For example if you are planning to enroll in the Fall 2024 and spring 2025 terms then you should file the 2024-2025 FAFSA.
Step 2 – Review Your CUNYfirst Financial Aid “TO-DO LIST” Items
If your FAFSA requires additional documentation, CUNYfirst will alert you by listing items on the Tasks tile in your Student Center. You must complete these items before any offered or accepted loan will be able to disburse to you. To view your “To-Do List” log onto your CUNYfirst account at https://home.cunyfirst.cuny.edu
Step 3 – Review Your COST OF ATTENDANCE (Financial Aid Budget)
Your Cost of Attendance (which includes direct and indirect costs of your education) is used to determine the maximum amount of financial aid (scholarships and loans) you may receive during an academic year. It is important to review your cost of attendance before borrowing so that you understand borrowing limitations. You cannot borrow or receive aid that is in excess of your Cost Of Attendance.
View your Cost of Attendance:
- Access the Financial Aid tile in your CUNYfirst Student Center.
- Confirm the appropriate aid year in the top left of the page (use the Change button if the current aid year is not the default). Note: the screenshot example below shows costs for the 2021-2022 year.
- Under the “Financial Aid Summary menu” on the sidebar select “Cost of Attendance”.
Step 4 – Enroll For Courses (at least 6 Credits)
You must be matriculated in an eligible graduate degree program and enroll for at least 6 credits of graduate coursework in the term(s) for which you are seeking the loan to be eligible for the loan.
Graduate programs ineligible for Federal Student Loans are: Non-Degree and Advanced Certificate programs not on this list.
Step 5 – Complete an Entrance Counseling Session and Sign your eMPN,
Entrance Counseling
If this is your first time borrowing a Federal Direct Student Loan at Brooklyn College, you must complete the below requirements before your loan will disburse to you:
Using your FSA ID, sign into the Federal Student Aid portal to complete the ENTRANCE COUNSELING SESSION. Be sure to select CUNY Brooklyn College as a school to notify. If you have already completed one in the past you only need to change the school code to Brooklyn College.
eMPN- Promissory Note
On the Federal Student Aid portal sign the LOAN MASTER PROMISSORY NOTE (MPN) for graduate students. If you have signed an MPN for the particular loan type within the last decade then you would not need to sign a new one. If you are unsure of how long it has been since you last signed one it is recommended to sign a new one to avoid a disbursement delay due to an expiring promissory note.
NOTE: Make sure you are signing the correct type of promissory note for the type of loan you are borrowing. The unsubsidized loan and the Graduate PLUS loan have separate and different promissory notes because the terms of the loans are different. If you are utilizing both you will need to sign two promissory notes.
Financial Aid TV- Loan Entrance and Promissory Note Video
Step 6 – Accept, Reduce, or Decline your Unsubsidized Loan on CUNYfirst
All graduate students who filed a FAFSA and are in an eligible degree program will have a Federal Direct Unsubsidized Direct Loan of up to $20,500 offered on their aid package.
The loan will not disburse if it has not been accepted or if the steps above have not been completed.
The loan is offered as a fall/spring loan. This means that the loan amount will be divided evenly between the fall and spring terms. Depending on your tuition charges this may not be sufficient to cover your full balance.
You can accept, reduce, and then accept, or decline the annual loan award by following the steps outlined in the CUNYfirst Student Financial Aid Guide on or Information Guides page (refer to pages 11-12 in the guide).
NOTE: If you are seeking to borrow a semester only loan you should decline the offered loan and use the Federal Direct Loan Change Form (scroll down to loan section of the page to find the form) to request a semester only loan.
Graduate Plus Loan
Students who need to borrow more than the maximum unsubsidized loan of $20,500 (or those who have already met the lifetime limit on federal direct loan borrowing) to meet their educational costs may request an additional loan by applying for a Graduate PLUS loan. The Graduate PLUS loan allows students to borrow up to the full annual cost of attendance (COA) minus other financial aid received (scholarships, federal student loans, private loans etc.).
A credit check will be performed by the U.S. Department of Education during the origination process to determine your credit eligibility for the Graduate PLUS loan. The PLUS loan has a higher loan fee and interest rate.
If you are interested in applying, follow the steps below:
- Accept and be approved for the maximum annual limit of $20,500 in unsubsidized loans for the academic year. (This step does not apply if you have reached your federal direct loan lifetime borrowing limit.) NOTE: Federal law requires that your eligibility for the unsubsidized loan be determined first before you can request a PLUS loan.
- Sign the Graduate PLUS Master Promissory Note (MPN) at studentaid.gov (you may also need to update your entrance counseling if you previously did it only for subsidized and/or unsubsidized loans).
- Complete and submit the electronic Graduate Plus Loan Application on the Financial Aid Office Forms Page (scroll down to the Federal Direct Loan section).
- Pass the credit check (if you fail the credit check you may either obtain an endorser or appeal the decision. If you fail the credit check you must also complete PLUS Credit counseling even if you obtain an endorser or appeal the decision).
- Enroll for at least 6 credits and attend classes.
Pending Aid in CUNYfirst
After you have accepted your unsubsidized loan, and completed all the necessary steps above allow a 3-5 business days for the loan to authorize. Once authorized, the loan will show on your CUNYfirst Student Center under the “Financial Account” tile as pending financial aid. Navigate to “Account Balance” on the menu sidebar to see your total charges, pending financial aid and how much you still owe (if anything). Pending financial aid means that it is approved but pending to disburse on the next available disbursement date.
For detailed steps on how to view pending financial aid refer to the CUNYfirst Student Financial Aid guide.
Loan Disclosure and Disbursement
You will receive an official disclosure statement via email from the Direct Loan Servicing Center confirming your approved award and anticipated disbursement dates. Federal loans are issued in two separate disbursements. Initial Disbursement dates for the loan are indicated below. Disbursements occur each Monday (excepting legal holidays) following the initial disbursement date. Any disbursement that is in excess of the tuition and fees liability will refund on the Friday after the disbursement date via check or direct deposit.
Fall 2024 – September 4th*
Spring 2025 – February 3rd**
*Graduate students who are enrolled in Session II, but not Session I, of an 8 week School of Business program have an initial fall disbursement date of November 4th 2024
**Graduate students who are enrolled in Session II, but not Session I, of an 8 week School of Business program have an initial spring disbursement date of March 24th 2025
Additional Resources
Federal Direct Loan Program Interest Rates and Loan Origination Fees
View your Federal Student Loan History
Federal Direct Loan Exit Counseling
Financial Aid TV – Loan Videos
Financial Aid TV Videos: Loan Overview
Financial Aid TV Videos: Loan Programs
Financial Aid TV Videos: Loan Repayment
Need More Help?
Review our Financial Aid Services page for more information on how to speak with a representative or schedule a financial aid planning session with a financial aid advisor.
General email inquiries may be sent to finaid@brooklyn.cuny.edu
General inquires by phone: Student Financial Services Call Center (718)-951-5051