Financial Aid Programs

GRANTS:

~ Federal Pell Grant:
A federal grant to undergraduate students who have not yet earned a bachelor's or professional degree. To determine if you are eligible, apply on the FAFSA. At this time, the maximum Pell Grant for full-time students for 2011-2012 is $5550. Part-time students receive a lesser amount. Pell grant amounts could change due to the final approved 2011-2012 federal budget. New information will be posted here when received. The Expected Family Contribution (EFC) and the student's enrollment status determine the amount of the award. Students must meet all eligibility criteria.

Students may not receive Pell Grant funds from more than one school at a time.

Transfer Students
If student received 100% of the first scheduled award at prior school(s), the assumption will be made that the student completed the first academic year.
If student received less than 100% of the first scheduled award, the following ratio will be applied:

Amount disbursed at prior school x hrs. in current school academic yr. = hrs. considered completed
Amount of scheduled award at prior school

Special Circumstances
If you have special circumstances beyond your control that precluded you from meeting the acceleration requirement, please contact the Student Financial Aid office.

*** Note: This is tentative legislation. We continue to receive additional clarification and implementation guidance from the Department of Education, so please check this page for the latest updates.

~ Federal Supplemental Educational Opportunity Grant (SEOG):
A federal grant for undergraduates with exceptional financial need - students with the lowest EFC's who demonstrate financial need and who receive Federal Pell Grants. Funds are limited, so students should complete the FAFSA by the priority deadline (May 15 for Fall and November 15 for Spring).

~ New York State Tuition Assistance Program (TAP):
A New York State grant for full and part-time matriculated students who are residents of NYS and meet all eligibility criteria (www.hesc.org). Eligible students can receive annual awards ranging from $500 up to the cost of tuition.

~ New York State Aid for Part-time Study (APTS):
A New York State grant for part-time matriculated students taking at least 3 college credits. APTS applications are available by clicking here, or at the Financial Aid Office. The Fall 2010 application deadline is August 6, 2010 and the Spring 2011 application deadline is, January 14, 2011. Award amounts are determined by enrollment and funds available. Students must meet all eligibility requirements.

~ New York State Educational Opportunity Grant (EOP):
SUNY Ulster's Educational Opportunity Program provides academic support and financial aid to students who show promise for mastering college-level work. Offered primarily to full-time students who are New York State residents, EOP accepts students who qualify academically and financially for the program.

Eligibility:
To be eligible for admission to EOP, a student must be:

A New York State resident for 12 months prior to enrollment
Ineligible for admission under traditional standards, but demonstrate potential for completing a college program

In need of financial assistance within established income guidelines.

In selecting students for the program, priority is given to full-time applicants from historically disadvantaged backgrounds. If in the year prior to enrollment a family's income falls within EOP guidelines due to unemployment, separation, divorce or death of a parent, etc. a student may qualify for EOP.

Required Records:
As part of the EOP admission process, high school records and test scores will be reviewed. This information will help the EOP counselors evaluate a student's potential for success in a college program.

Support Services:
EOP students receive special services regarding tutoring, academic, career, and personal counseling.

Transfers:
Transfer student may be eligible for EOP if they were enrolled in EOP, HEOP, College Discovery, SEEK, or a similar program at a previous college. Students must have prior college(s) complete EOP Transfer Forms.

Income Guidelines:
The table below lists financial eligibility requirements for EOP admission during the 2011-2012 academic year. To be economically disadvantaged, a student must belong to a household that is defined in Category A, B, or C, or the exceptions noted below.

EOP FINANCIAL ELIGIBILITY
HOUSEHOLD SIZE (including head of household)	TOTAL ANNUAL INCOME IN PREVIOUS CALENDAR YEAR*
HOUSEHOLD SIZE (including head of household)	Category A	Category B	Category C
1	$16,060	$21,630	$24,420
2	$21,630	$27,200	$29,990
3	$27,210	$32,780	$35,570
4	$32,790	$38,360	$41,150
5	$38,360	$43,930	$46,720
6	$43,960	$49,530	$52,320
7	$49,500*	$55,070*	$57,860*
*Add $5,570 for each additional family member

Household Categories:

A. Supported by one or more individuals whose combined income is from Social Security or sources other than employment.
B. Supported by more than one or more worker(s) receiving income from employment.
C. Supported by one worker with two or more employers.
Exceptions to Income Guidelines:
The student's family is the recipient of Family Assistance or Safety Net payments through the New York State Office of Temporary and Disability Assistance; through a county Department of Social Services; or Family Day Care payments through the New York State Office of Children and Family Assistance
The student lives with foster parents who do not provide support for college and the student's natural parents provide no such support;
The student is a ward of the state or county.

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LOANS:

To apply for a Direct Subsidized or Unsubsidized Student Loan:

Complete the FAFSA application at www.fafsa.gov
Complete, sign and return the Direct Loan Cover Sheet to the Financial Aid Office
Go to www.studentloans.gov to complete Entrance Counseling and electronic Master Promissory Note

Borrow Sensibly:
Student loans are a serious, long-term commitment. Apply for grants and scholarships first, to keep loan borrowing to a minimum. Students are expected to pay back loans in full, even if they don't graduate. Consider current debt and future borrowing needs when requesting loan applications.

Direct Loan Program:

~ Subsidized and Unsubsidized Loans
Dependent students can borrow up to:

$5500 if you are a first year-student (with less than 30 college credits) enrolled in a program of study that is greater than 24 credits;
$6500 if you have completed your first year of study (30 or more college credits).

Independent students (or dependent students whose parents are unable to get PLUS Loans), may be able borrow up to an additional $4000 unsubsidized loan.

The loan repayment process begins 6 months after students graduate, leave school, or drop below half-time status.

~ Subsidized Direct Loan:
Subsidized loans are awarded on the basis of financial need. Interest is not charged. The federal government "subsidizes" the interest during the period of enrollment.

~ Unsubsidized Direct Loan:
Unsubsidized loans are not awarded on the basis of need, but cannot exceed the Cost of Attendance, including financial aid and other resources. Interest is charged from the time loans are disbursed until paid in full. Students can "capitalize" the interest which means that interest will be deferred and added to the principal amount of the loan, which will increase the loan amount to be repaid.

~ Federal Parent Loans for Undergraduate Students (PLUS):
PLUS Loans enable parents to borrow to pay educational expenses of children whoare dependent undergraduate students enrolled on at least a half-time basis. Parents will be required to pass a credit check.

The yearly limit on a PLUS Loan is equal to the student's Cost of Attendance minus any financial aid or other resources received. Parents must also meet citizenship requirements and may not be in default or owe a refund to any Student Financial Aid program. If parents are denied the PLUS Loan, students may be eligible for an additional $4,000 in Unsubsidized Loan money. Documentation is required.

~ Loan Repayment:

The Direct Loan Program offers loan repayment plans designed to meet the needs of almost every borrower. Direct Loans are funded by the U.S. Department of Education through your school and are managed by the Direct Loan Servicing Center, under the supervision of the Department. The Direct Loan Program allows you to choose your repayment plan and to switch your plan if your needs change.

To find out more about repayment options before receiving a Direct Loan, borrowers may contact their school's financial aid office or the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). If you currently have a Direct Loan and would like the exact payment amount on your loan, you can find it out online at the website for the Direct Loan Servicing Center or you can call the center at 1-888-447-4460.

Direct PLUS Loan borrowers may only choose from the standard, extended, or graduated options. However, beginning July 1, 2009, student Direct PLUS Loan borrowers may choose the income contingent repayment plan or the income-based repayment plan.

~ While you're in repayment:

Generally, you'll have from 10 to 25 years to repay your loan, depending on which repayment plan (there are several) you choose.

The Direct Loan Servicing Center will notify you of the date your first payment is due. If you do not choose a repayment plan, you will be placed on the Standard Repayment Plan, with fixed monthly payments for up to 10 years. Most Direct Loan borrowers choose to stay with the Standard Repayment Plan, but there are other options for borrowers who may need more time to repay or who need to make lower payments at the beginning of the repayment period.

You can change repayment plans at any time by going to the Direct Loan website and logging in to your account.

~ Trouble making payments

If you're having trouble making payments on your loans, contact the Direct Loan Servicing Center as soon as possible. The Direct Loan Servicing Center staff will work with you to determine the best option for you. Options include:

Changing repayment plans.
Deferment, if you meet certain requirements. A deferment allows you to temporarily stop making payments on your loan.
Forbearance, if you don't meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments.

If you stop making payments and don't get a deferment or forbearance, your loan could go into default, which has serious consequences.
Your loan first becomes "delinquent" if your monthly payment is not received by the due date. If you fail to make a payment, you’ll be sent a reminder that your payment is late. If your account remains delinquent, we'll send you warning notices reminding you of your obligation to repay your loans and the consequences of default.

If you are delinquent on your loan payments, contact the Direct Loan Servicing Center immediately to find out how to bring your account current. Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.

~ Consequences of default

If you default:

You will be required to immediately repay the entire unpaid amount of your loan.
You may be subject to collection of part of your federal and state tax refunds and other federal or state payments, and/or garnishing your wages so that your employer is required to send part of your salary to pay off your loan.
You will be required to pay reasonable collection fees and costs, plus court costs and attorney fees.
You may be denied a professional license.
You will lose eligibility for other federal student aid and assistance under most federal benefit programs.
You will lose eligibility for loan deferments.
Your default will be reported to national consumer reporting agencies (credit bureaus).

*Please note if that you have previous Stafford Loans under the Federal Family Education Loan Program you may be making payments to a different agency for those loans.

~ Alternative Loans:
Alternative loans exist as an additional means to pay for a college education. These loans are often used as a supplement to existing financial aid packages, or for students ineligible for federal and/or state financial aid.

Alternative loans come from banks or lenders. They are personal loans used for educational expenses. Students may choose to use any lender. The ability to obtain alternative loans is largely based on creditworthiness and current aggregate indebtedness. Having a creditworthy co-signer may decrease the fees and/or interest rate.

Students can borrow any amount up to the difference between financial aid received and the cost of attendance established by the Financial Aid Office. It usually takes two to three weeks for an alternative loan to be processed and pay your student account.

Most alternative loan certifications are processed online. A Financial Aid counselor will certify alternative loans at the request of lenders or students. Students should notify the financial aid office when applications have been initiated.

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EMPLOYMENT:
Income from working part-time can provide students with a source of money while in school. Students can earn $1000 or more working part-time during the academic year. Working can also provide long-term benefits that will help careers.

Working

Working is an excellent way to meet people. Supervisors and coworkers can provide contacts for jobs after graduation. Future employers credit attributes such as organizational skills, responsibility, ambition, and maturity to supervised part-time work experience.
While the benefits are many, working has disadvantages as well. While in school, working too many hours can cause students to overextend. Too much time spent away from studies can impact grades. Education is still the primary goal. Most students with part-time jobs work up to 15 hours per week.
Student jobs are available both on and off-campus. Job opportunities are posted in Career Services located in the Student Development Center, VAN 119. All student employees are paid biweekly based on timesheets submitted. Student payroll checks are available on scheduled pay dates in the Financial Aid Office, VAN 105. Students are paid at least federal minimum wage.

Federal College Work-Study:

The Federal Work-Study Program provides jobs for students with financial need. This allows them to earn money to help pay education expenses. The program encourages community service work and work related to a student's course of study. The amount of funds that students can earn is based on the FWS award amount.

Student Aide:

Students who are not eligible for Federal Work-Study funding may work as student aides in various positions on campus. The amount of funds available that students can earn is based on the college departmental budget.

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SCHOLARSHIPS:

Exploring Scholarship Opportunities
To view, or download and print, a copy of this 9 page booklet which contains helpful information and lists of scholarships, click here for a PDF version.

(Note: Adobe Acrobat Reader is needed to download the PDF versions. If you do not have it installed on your computer, click here to download a free copy.)

Ulster Community College Foundation:
SUNY Ulster offers scholarship opportunities through the Ulster Community College Foundation, Inc. For complete information about the scholarships offered and how to apply, click here.

Outside scholarships:
Private scholarships (also known as outside awards) are monies provided by donors outside the college. Such awards may range from a few hundred dollars given by a local service club, to several thousand dollars awarded by a corporation. Numerous scholarships are also available to full and part-time students.

BEWARE OF SCHOLARSHIP SCAMS!

Do not waste your money on fee-based scholarship matching services. You will not get any better information than you can get from the free services available on the Web. Scholarships that sound too good to be true usually are. Learn how to recognize and protect yourself from the most common scholarship scams.
The Number One Tip: If you have to pay money to get money, it is probably a scam.

If you receive a scholarship from a group or individual, inform them of your gratitude and your progress. A letter of thanks goes a long way toward encouraging renewal of these awards. You can find out more about the availability of private scholarships by doing a little research. The SUNY Ulster Mcdonald DeWitt Library maintains a list of library sources for scholarships. Click here to view the selected resources and links on Financial Aid.

Online resources include:

www.mapping-your-future.org

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Financial Aid Office
Vanderlyn Hall Room 105
SUNY Ulster County Community College
Stone Ridge, New York 12484
(845) 687-5058 FAX (845) 687-5172
financialaid@sunyulster.edu