Federal Pell Grant
Determined based on the student’s financial need and awarded only to students who have not earned a prior bachelor’s degree.
Federal Supplemental Educational Opportunity Grant (SEOG)
This grant is awarded to students that show exceptional financial need. Funds are limited and awarded on a first-come, first-serve basis.
Federal Work Study
Work study is offered to students that show financial need. Students are given the opportunity to maintain a part-time job while on campus. Students work approximately five hours a week at NYS minimum wage. Pay checks are issued to students every two weeks based on hours that they have worked. Funds for this program are limited, and not all students will be eligible. These funds are not applied directly to tuition and fees. Satisfactory academic progress must be maintained. Students will no longer be eligible if their semester GPA falls below a 2.0.
Federal Direct Subsidized Loan
Offered to students based on their financial need. Recipients are not required to start repayment until six months after they graduate or stop attending. Interest does not start accruing until the student graduates. Maximum loan amount offered to first-years – $3,500 – and sophomores – $4,500. As of July 1, 2024, the interest rate is fixed at 6.53 percent. Loans are subject to a 1.057 percent origination fee.
Federal Direct Unsubsidized Loan
Offered to students regardless of their financial need. Recipients are not required to start repayment until six months after they graduate or stop attending. Interest begins to accrue immediately after the loan has been disbursed. Maximum loan amount ranges from $2,000 to $10,500. As of July 1, 2024, the interest rate is fixed at 6.53 percent. Loans are subject to a 1.057 percent origination fee.
Loan Requirements
All Federal Direct Student Loan borrowers are required to complete a Loan Entrance Counseling Session that explains what a loan is, how interest accrues, repayment options, and how to avoid delinquency and default. A Master Promissory Note (MPN) is also required when applying for a Federal Direct Student Loan (subsidized or unsubsidized). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan. The MPN is valid for 10 years from the time that the student originally signs and submits.
Federal Loan Repayment
All federal student loans are assigned to a federal loan servicer after disbursement. The loan servicer will assist the student with the loan repayment process and options. Students can access all of their loans and servicer information via their StudentAid.gov dashboard.
Six months after graduation or when ceasing at least half-time enrollment (six credit hours), the borrower must make arrangements with the federal loan servicer to begin repayment. Standard loan repayment is 10-25 years, depending on the chosen loan repayment plan. A list of available student loan repayment plans can be found at StudentAid.gov.
Recipients may repay all or part of their student loan at any time without penalty.
Federal Direct Parent PLUS Loan
Offered to parents that need assistance paying for their student’s college tuition and expenses. The loan requires a separate application process, including a credit check. Parents have the option to begin repayment 60 days after the loan has been disbursed or when the student has graduated or stopped attending. Award amounts vary up to the student’s cost of attendance. As of July 1, 2024, the interest rate is fixed at 9.08 percent, and all loan amounts are subject to a 4.228 percent origination fee.
