Federal Financial Aid Programs
Federal Financial Aid Programs **
|Who is Eligible?||Eligibility Criteria||Award Amounts *||Application Instructions|
|Federal Pell Grant||Undergraduate students who are pursuing their first bachelor's degree and meet federal need criteria. There is a lifetime limit of equivalent of 12 full time semesters effective July 1, 2012.||An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress.||Annual awards may range from $598 to $5,815, depending on the cost of attendance and the amount of money appropriated in the federal budget.||Must file the Free Application for Federal Student Aid. (FAFSA) available on-line at www.fafsa.ed.gov.|
|Federal Supplemental Educational Opportunity Grant (FSEOG)||Undergraduate students who are pursuing their first bachelor's degree, and meet federal need criteria.||Students with high financial need. (Normally those who qualify for Federal Pell Grant.)||Awards may range from $100 to $2,000, depending on the cost of attendance and the amount of need per student.||Must file the FAFSA.|
|Federal Work-Study Program||College students in degree programs with financial need. Most jobs provided through departments on campus.||An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress.||Varies, depending on hours and wage rate. MCC wage scale begins at minimum wage.||Must file the FAFSA. Eligible students will be offered Work Study on their award letters with instructions on how to accept and find a job.|
|Federal Direct Loan Program|
|Based on demonstrated need. There is no interest charged while you attend school on at least a half-time basis and for six months afterward (grace period). Interest rate is available at www.studentloans.gov||An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress.||Undergraduates limited to $3.500 for first year (0-23 credits), $4,500 for second year (24 + credits); cumulative borrowing limit of $23,000. Independent undergraduates may have additional unsubsidized eligibility of $4,000 for first and second years.||Must file a FAFSA and indicate interest in a student loan on the FAFSA ; eligible students will be offered loans in the award letter with instructions to accept and sign a promissory note.|
|(2) Unsubsidized||Available to those unable to demonstrate need, but will accumulate interest during periods of enrollment. Current interest rate is available at www.studentloans.gov.||Cost of attendance minus other financial aid.||Undergraduates limited to $3,500 for first year or $4,500 for second year minus subsidized loan. Dependent students can borrow an additional $2,000 annually (cumulative limit of $31,000 minus subsidized). Independent students can borrow an additional $6,000 annually (cumulative limit of $57,500 minus subsidized).||Must file a FAFSA and indicate interest in a student loan on the FAFSA ; eligible students will be offered loans in the award letter with instructions to accept and sign a promissory note.|
|Federal Direct Parent Loan for Undergraduate Students (PLUS)||Parents of dependent undergraduate students. Interest rate is 7.9%.||Good credit histories.||Student's total cost of attendance minus financial aid.||Go to www.monroecc.edu/go/|
finaid/ forms to download a Federal Direct Parent Loan Request Form.
|Veterans Administration & Montgomery G.I. Bill||Eligible veterans and children of deceased veterans or service-connected|
|Contact any regional Veterans Administration Office for information, details and forms or contact MCC's Veterans Counselor at 292-2294.||Varies.||Contact any regional Veterans Administration|
Office in your area or call 1-888-838-7697.
|Aid to Native American Indians||U.S. Bureau of Indian Affairs offers grants to needy applicants who are at least 1/4 American Indian, Eskimo or Aleut.||Must meet eligibility requirements.||Awards may vary depending on need and availability of funds.||Applications are available from: U.S. Department of Interior, Bureau of Indian Affairs, Federal Bldg.|
Room 523, 100 South Clinton Street, Syracuse, New York 13202
** Additional information covering Federal Financial Aid Programs is provided in U.S. Department of Education Student Guide.