Farmingdale State College ranks #46 among 500 U.S. academic institutions in Parent PLUS Loan debt, according to LendEDU's annual report that evaluates more than 1,000 U.S. colleges and universities to determine which schools limit the amount of student loan debt taken on by parents.
The data found that the average Parent PLUS Loan amount at Farmingdale was a more-than-affordable $191.85 - the lowest on Long Island and within SUNY.
"We are very fortunate at Farmingdale State College that with the majority of our more than 10,000 students working, fewer than 1% living on campus, and the affordability of SUNY tuition, the vast majority of our students and their families are able to manage their college expenses without the additional burden of borrowing PLUS loans," said Diane Kazanecki Kempter, Director of Student Financial Services.
A Parent PLUS Loan is a loan offered to parents of students enrolled at least half time in eligible programs at participating and eligible post-secondary institutions. It's designed for students who can't afford to pay for school and whose parents can't afford to contribute to those remaining costs. The loan is geared to allow parents to help fill the gap when additional funds are needed after scholarships, grants, and other student loans.
Under the Parent PLUS loan the federal government is the lender, which means the loan is administered by one of the servicing companies contracted by the Department of Education.