NEW TUITION DUE DATE SET FOR FALL 2003
Please note that the tuition due date for the fall 2003 semester is July 15. This is two weeks earlier than in previous years.

Students are strongly encouraged to file early for financial aid in order to insure that their financial aid is processed by the new tuition due date.

The MCC Financial Aid Office will be offering filing workshops over the next few months to assist students with electronic filing. Check the MCC Financial Aid Web page for dates and times. www.monroecc.edu/go/finaid

GOVERNOR PROPOSES CHANGES TO TAP
With the 2003-2004 Executive Budget Proposal, Governor Pataki is recommending significant changes to the NYS Tuition Assistance Program (TAP). The Governor’s plan calls for:

• TAP awards to be divided in to two components -- a "base" award equivalent to two-thirds of the current TAP award, and a "performance" award equivalent to the remaining one-third.
• The "base" component to be paid consistent with the current payment schedules of TAP awards to students.
• The "performance" component will be paid upon students' successful completion of their degree programs. Performance award payments will be equal to the amounts of students' deferred TAP awards, plus any accrued interest on loans they may have used in financing their performance awards.
• Pending receipt of their "performance" awards, students will be expected to finance these costs through Federal loans. State loans will be available for students who have exhausted their Federal loans.

What this means is that a student who currently receives a TAP award of $1250 for a semester, would for the next academic year receive 2/3rd of that amount ($825) up front for their tuition and then receive the remaining 1/3rd ($425) after they complete their degree. To make up any shortfall the student would be expected to make up the difference using other forms of financial aid, including student loans.

The rationale for these changes is to encourage students to stay in school and earn their degrees. However, the existing TAP program already has in its regulations incentives for students to complete their degree requirements in a timely fashion. Students are eligible for a total of only eight semesters of TAP and there are satisfactory academic progress requirements that when not met, result in a loss of TAP eligibility.

Both NYSFAAA and SUNYFAP, statewide financial aid professional organizations, strongly oppose the Governor’s proposal for TAP and advocate that the state maintain the current level of funding for the TAP program. Students and parents opposed to these changes should voice their concerns to the Governor and their NYS legislators.

E-SIGNATURE & MASTER PROMISSORY NOTE FOR DIRECT STUDENT LOANS
Beginning with the 2003-2004 academic year, MCC will begin implementing the Electronic Signature and Master Promissory Note process for students receiving a Federal Direct Student Loan.

With the Electronic Signature, students will no longer be required to sign a paper promissory note. Instead, students will have the option be to sign their Federal Direct Loan promissory note online, using their Federal PIN.

In addition, the Master Promissory Note is a new process in which student loan recipients will be required to sign a promissory note only once, for any loans they borrow while attending MCC.

Specific details regarding the E-Signature and the Master Promissory Note processes will be announced later this year.


SUMMER FINANCIAL AID
Summer financial aid is available and is based on the 2003-2004 financial aid application process. The following types are available to those who meet the eligibility guidelines:

• Federal PELL Grant- Based on need, must file 2003-2004 FAFSA. NOTE: Any PELL used in summer may reduce PELL in Spring 2004 if full time Fall 2003.
• Federal Direct Student Loans- Must be enrolled in at least six credit hours. Students must file 2003-2004 FAFSA and submit request for Summer 2003 Student Loan.
• New York State TAP- Based on need, student must be in at least six credit hours and full time either Spring 2003 or Fall 2003. Students must file 2003-2004 FAFSA and 2003-2004 Express TAP Application. NOTE: Due to New York State budgetary procedures, TAP would not be available to pay for summer charges prior to the semester. In fact, students who intend to use TAP should make other payment arrangements, and are usually reimbursed approximately one year later when New York State makes summer TAP funds available to schools from the previous year. Also, utilizing TAP for summer school may be a disadvantage to students planning to pursue a bachelor’s degree due to the limited number of TAP awards a student can receive.
• Federal Work Study- Based on need, students must file FAFSA for 2003-2004 and employment would begin July 1, 2003. Priority would be given to full time students.
  
  Any student applying for student aid for summer must:

• Be Matriculated in a Degree Program.
• Be in Good Academic Standing at the end of the Spring 2003 semester.

Students can apply for a deferment of summer tuition if they have filed 2003-2004 FAFSA and a 2003 Summer Financial Aid application, and can demonstrate eligibility to the Financial Aid Office.

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