Manhattanville Reid Castle In the Spring


Federal Direct Loan Programs (DL)

This loan assists students in paying their educational expenses. If the loan is made to the student, the student is directly responsible for repayment of this debt. If the loan is made to the parent, the parent is directly responsible for repayment of the debt.  Eligibility is contingent upon completion and submission of the appropriate application documents. The Stafford Loan carries a fixed interest rate and repayment of principal begins six months after you cease to be a student enrolled on at least a half-time basis (6 credits for an undergraduate student).


Federal Stafford Loans (Subsidized and Unsubsidized)

There are two types of Stafford Loans. If you demonstrate sufficient financial need, you will qualify for the Subsidized Stafford Loan. The federal government pays the interest on this loan while you maintain at least half-time status. If you do not qualify for the full Subsidized Stafford Loan, you may borrow an Unsubsidized Stafford Loan; however, you must pay the interest on this loan while you are in school or opt to capitalize the interest and pay it, along with the principal, upon ceasing to be enrolled on a half-time or greater basis.

Stafford Loan funds are borrowed directly from the Department of Education (DOE). Mandatory repayment is made directly to the DOE (or their designee) at the end of the six-month grace period. The amount of your Stafford loan depends on the number of credits you have successfully completed. If you are a new student or have completed fewer than 28 credits, you are eligible for an annual maximum of up to $3,500. If you have completed or transferred in with between 28 and 59 credits, you are eligible for an annual maximum of up to $4,500. Once you have completed or transferred in with at least 60 credits, you are eligible for an annual maximum of up to $5,500. Graduate Students may borrow up to a maximum of $20,500.

Stafford Loan eligibility is determined by the Financial Aid Office. To apply for and receive such a loan, you must complete an Entrance Interview online at and a Stafford Loan Master Promissory Note also online at  If you are an incoming or a continuing student whose file is complete, you will also need to complete these items online before the Stafford Loan can be processed.

In either case, you will need to complete an e-MPN for loan processing. After your  e-MPN  has been received, your loan will be electronically certified by the College and the Student Accounts Office will receive the loan and credit it to your account, half in each semester. The FAFSA is the annual application for a Federal Stafford Loan.


Federal Perkins Loans

Funded by the federal government and administered by the College, Federal Perkins Loans are awarded based on financial need and availability of funds. Eligibility is re-evaluated each year. Repayment begins nine months after the student ceases at least half-time enrollment (6 credits for an undergraduate). The interest rate on this loan is 5%. Eligible students must sign a promissory note with the Student Accounts Office before Perkins Loan funds can be credited to a student's account.


Federal Parent Loans (PLUS)

If you are a dependent student, your parent may borrow up to the cost of your education, less any financial aid received. Approval is contingent upon a successful credit check. Loan proceeds (minus a 4% origination fee) are disbursed directly to your account, half in each semester. Your parent will need to go to to complete your electronic PLUS Master Promissory Note (e-MPN).

Upon approval, the college will electronically certify the loan and schedule the disbursements. To use PLUS loan proceeds for the Fall bill, this process must be completed no later than June 1st. The PLUS loan carries a fixed interest rate. If you need further assistance, please do not hesitate to contact our office directly.

For further information about Federal PLUS Loans please follow this link to the U.S. Department of Education website

Information about Parent PLUS Loans


Alternative Loans

Alternative loans are private loans made through lending institutions and are not part of federal government loan programs. Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted. Research all possibilities for scholarships, grants, work-study, and federal loan programs before borrowing from an alternative loan program. Choose the loan that best suits your needs and remember to borrow only what you need!

Manhattanville College does not maintain a list of preferred loan lenders.

Code of Conduct for Education Loans

Manhattanville College is a Direct Lending School and does not offer private loans or participate in private or alternative loan programs.  The Higher Education Opportunity Act of 2008 (HEOA) requires institutions of higher education that are participating in the administration of educational loan programs to develpop and publish a Code of Conduct.  Any Manhattanville College employee that has responsibilities with respect to student educational loans is required to comply with this Code of Conduct.

Our Code of Conduct prohibits us from:

  • Entering in to a partnership or revenue sharing arrangement with any lender.
  • Receiving gifts from a lender, guarantor, or loan servicing agency.
  • Contracting agreement providing financial benefit from any lender or affiliate of a lender.
  • Directing borrowers to a particular lender or refusing or delaying loan certification from lenders.
  • Offering funds for private loans.
  • Providing call center or financial aid office staffing assistance.
  • Accepting compensation for serving on an advisory board for a lender, servicer or guarantee agency.