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Federal Aid Programs

Listed below are the different types of federal student aid programs available to degree seeking students. Once you have filed your FAFSA form, we will notify you of your eligibility. All federal aid programs (including loans) require students to maintain satisfactory academic progress each semester.

FEDERAL NEED BASED PROGRAMS

FEDERAL PELL GRANTS

The Federal Pell Grant Program is an entitlement program. As a grant program, no repayment is required. Eligibility and award amount are determined based on financial need calculated by the U.S. Department of Education. Highlights of the program include:

• Awards range from $0 to $7,395 for the 2024-2025 academic year.
• Awards are available for Summer, Fall, and Spring semesters.
• Award amount is adjusted for part-time enrollment status.
• Student must maintain Satisfactory Academic Progress.
• Student cannot be in default on a prior student loan.
• Student cannot owe a refund on any federal grants.
• Students who have already earned a bachelor's degree are ineligible.
• Students are limited to 12 full-time semesters of eligibility (or equivalent).

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG)

Recipients of the Federal Pell Grant may be eligible for this additional grant based on available funding. The applicant must be in high financial need and enrolled at least half-time. As a grant program, no repayment is required. To be considered your FAFSA should be filed by our priority deadline. Funds are limited and awarded on a first-come, first-served basis. We tend to run out of funds quickly and if not awarded you may request to be placed on a wait-list in case more funds become available.

• Awards range from $0 to $1500.
• Awards are available for Fall and Spring semesters.
• Student must be eligible for the Federal Pell Grant.

FEDERAL WORK-STUDY PROGRAM (FWS)

Through the FWS Program, the College makes employment reasonably available to eligible students who have demonstrated that they are in need of financial assistance. In the event that more students are eligible for FWS than there are funds available, preference is given to students on a first-come, first-served basis. To be considered your FAFSA should be filed by our priority deadline. We tend to run out of funds quickly and if not awarded you may request to be placed on a wait-list in case more funds become available.

• Paid for number of hours worked.
• Pay rate is minimum wage in New York State. The current rate is $15.00/hour as of 1/1/2024.
• Paid on a bi-weekly basis.
• Awards range from $0 to $2,000 for the academic year.
• Approximately 5 hours per week to earn the full amount.
• Student must maintain Satisfactory Academic Progress.
• Awards are available for Summer, Fall, and Spring semesters.

FEDERAL DIRECT SUBSIDIZED LOAN

This is a guaranteed student loan program that allows students to borrow funds from the federal government. As a guaranteed loan, students are determined eligible based on financial need and not credit worthiness. We will notify you of your eligibility once your FAFSA has been received.

• Amount of annual award is based on class year and degree program. Freshman $3,500, Sophomore $4,500, Junior/Senior $5,500
• Fixed interest rate of 6.533% for the life of the loan (for 2024-2025 year).
• Student must maintain Satisfactory Academic Progress.
• Interest will begin to accrue as soon as enrollment drops below half-time.
• No repayment until 6 months after enrollment drops below half-time.
• Standard repayment plan is 10 years.
• No penalty for early repayment.

If you accept this loan, you must complete a Master Promissory Note (MPN) and Entrance Counseling Session. You will receive disclosure notices on your loan directly from the Common Origination and Disbursement (COD) center. After your first Direct Loan is fully processed you will receive a welcome packet from your Direct Loan Servicer. They will provide you with instructions on how to access your account online to view and/or make payments.

Once enrollment ceases, all Direct Loan recipients are required to complete an Exit Counseling Session. Like the entrance counseling session, the purpose is to inform the student of their rights and responsibilities concerning the loan, to ensure the student is aware of what borrowing entails, to be sure the student understands the consequences of not repaying the loan, to be sure that the student is clear on the repayment terms of the loan and who the loan will be repaid to, as well as the amount of any loans borrowed.

FEDERAL NON-NEED BASED PROGRAMS

FEDERAL DIRECT UNSUBSIDIZED LOAN

This is a guaranteed student loan program that allows students to borrow funds from the federal government. As a guaranteed loan, students are determined eligible based on cost of attendance and not credit worthiness. We will notify you of your eligibility once your FAFSA has been received.

• Annual amount based on dependency status, class year and cost of attendance.
• Dependent students are eligible for up to:
  Freshman $5,500, Sophomore $6,500, Junior/Senior $7,500 minus the amount of Federal Direct Subsidized Loan.
• Independent students are eligible for up to:
  Freshman $9,500, Sophomore $10,500, Junior/Senior $12,500 minus the amount of Federal Direct Subsidized Loan.
• Fixed interest rate of 6.533% for the life of the loan (for 2024-2025 year).
• Student must maintain Satisfactory Academic Progress.
• Interest accrues while enrolled in classes.
• No repayment until 6 months after enrollment drops below half-time.
• Standard repayment plan is 10 years.
• No penalty for early repayment.

If you accept this loan, you must complete a Master Promissory Note (MPN) and Entrance Counseling Session. You will receive disclosure notices on your loan directly from the the Common Origination and Disbursement (COD) center. After your first Direct Loan is fully processed you will receive a welcome packet from your Direct Loan Servicer. They will provide you with instructions on how to access your account online to view and/or make payments.

Once enrollment ceases, all Direct Loan recipients are required to complete an Exit Counseling Session. Like the entrance counseling session, the purpose is to inform the student of their rights and responsibilities concerning the loan, to ensure the student is aware of what borrowing entails, to be sure the student understands the consequences of not repaying the loan, to be sure that the student is clear on the repayment terms of the loan and who the loan will be repaid to, as well as the amount of any loans borrowed.

FEDERAL DIRECT PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

This is a program that allows parents to borrow funds from the federal government to help pay for their child's education. Highlights of the program include:

• The loan is borrowed and repaid by a parent.
• The parent must be a U.S. Citizen or eligible non-citizen.
• The parent cannot be in default on a prior federal student or parent loan.
• A separate application must be submitted by a parent.
• A credit check will be performed at time of application.
• Maximum loan amount up to the full cost of attendance minus any other financial aid received.
• Fixed interest rate of 9.083% for the life of the loan (for 2024-2025 year).
• Repayment begins 60 days after 2nd disbursement unless deferment option selected in application. A request that repayment be deferred until after the student's enrollment ceases or falls below half-time may be made (interest will still accrue on the loan).
• Student must maintain Satisfactory Academic Progress.

This is not a guaranteed student loan. The parent must apply and be credit approved.

If the parent is approved, they must complete a Master Promissory Note (MPN). They will receive disclosure notices on the loan directly from the Common Origination and Disbursement (COD) center. After the first Direct Parent Loan is fully processed the parent will receive a welcome packet from their Direct Loan Servicer. The Servicer will provide instructions on how to access their account online to view and/or make payments.

If the parent is denied, they may add a co-borrower to the loan and retry for approval. Or, they have the option to allow the student to replace the parent loan with a Federal Direct Unsubsidized Loan of up to $4,000 for a Freshman/Sophomore and $5,000 for a Junior/Senior per academic year. Note: the parent loan amount may be higher than the student loan.