Loans

Taking on debt is stressful, but investing in your education might mean taking out some small loans.
  1. Admissions and financial aid
  2. Financial aid and scholarships
  3. Loans
Financial Aid & Scholarships

There are two main type of loans — federal and private. 

SUNY Adirondack does not recommend or endorse any specific lender. Students and families have the right and ability to select the private education loan lender of their choice. Please note that some lenders may not work with community college students. The borrower chooses the lender and submits the application through that lender. The lender will communicate to SUNY Adirondack and we will notify the lender of the amount you are eligible to borrow and update your award package.

Things to consider 

  • Repayment terms: When does repayment begin? How many years does the student have to repay the loan? Are students required to pay interest while enrolled in school? Are there different repayment plans (i.e. based on income)? What are the criteria for deferring payments?
  • Interest rates: Is the interest rate fixed or variable? If variable, what is the maximum percentage?
  • Loan benefits: Does the lender offer a principal or interest rate reduction if specific criteria are met? Does the lender offer interest rate reductions if an automatic payment from a checking or saving account is established? Does the lender release the co-signer once the borrower has made a number of on-time consecutive payments?

Loan information

  • Private education loans are not associated with the federal government. 
  • The borrower is the student; a credit-worthy co-signer is required in most cases.
  • Interest rates are typically variable, and will generally start to accrue after the first disbursement.
  • Interest payments may be required while the student is enrolled in school.
  • Can be used to cover the cost of attendance minus all other financial aid each academic year.
  • Some can be used to pay for prior (usually within one year) balances.
  • Those who lose eligibility for federal and/or state aid may apply.

There are two types of Federal Direct Loans, subsidized and unsubsidized. 

  • Subsidized federal loans require students take a minimum of six credits a semester. The government pays on interest while enrolled, based on financial need as determined by FAFSA.
  • In unsubsidized federal loans, interest begins accruing from the time of first disbursement.

First-year dependent students can borrow up to $5,500 total; no more than $3,500 can be subsidized. First-year independent students can borrow up to $9,500, with. no more than $3,500 subsidized.

Second-year dependent students can borrow up to $6,500, with no more than $4,500 subsidized; second-year independent students up to $10,500, with no more than $4,500 subsidized.

Beginning in the 2026-27 academic year, your loan amount will be adjusted based on the number of credits you are taking each term. Students taking fewer credits will receive a reduced loan amount. Your loan eligibility is now directly tied to how many credits required for your program you are taking; students enrolled in 6-11 credits will have reduced loan eligibility. 

  • This change applies to students who are enrolled less than full time AND have not borrowed a federal student loan before July 1, 2026. Full-time enrollment is 12+ credits per semester. If you are enrolled in 6 to 11 credits, your loan amount may be reduced. 
  • If the following requirements are met, you can borrow under the prior rules for the lesser of three academic years or the remainder of your expected time to degree completion: 
    • Received a federal student loan disbursement before July 1, 2026; 
    • Continuously enrolled with no break in attendance; 
    • Enrolled in the same program of study and degree type (A.A.S., A.O.S., A.S) at the same institution
  • You must be enrolled in at least 6 credits at the time your loan is disbursed. If you are enrolled in 12+ credits, you are a full-time student and your loan will not be adjusted.
  • Your loan amount might change if your enrollment changes. If you add or drop classes, your loan eligibility might be recalculated. 
     


 

  • Will I still get a loan if I am taking 6 credits? 
    Yes. Students enrolled in at least 6 credits remain eligible to borrow, but the loan amount might be reduced for those enrolled in 6-11 credits. 
  • What happens if I change my classes after my loan is awarded? 
    Your loan might be adjusted based on your updated enrollment. This could affect future disbursements. 
  • Do I need to do anything different? 
    No additional steps are required, but it is important to understand that your loan amount depends on your enrollment level. Keep in mind that changes to your class schedule could result in a change to your loan amount.
  • How will I know if my loan was adjusted? 
    Every time we update your financial aid award, you will receive an email notification.  
  • Have more questions or need assistance? 
    If you have questions about how this change affects your financial aid, please contact the Financial Aid Office at 518-743-2223 or finaidoffice@sunyacc.edu. We are here to help!
     

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