Federal Programs

Federal Pell Grants


Application Procedures: Application is made through the Free Application for Federal Student Aid. Based upon this information, the amount of the applicant’s award is determined by the College. Upon enrollment, funds are credited to her institutional account. The Pell Grant Program is an entitlement program. Scholastic accomplishment has no bearing on eligibility, but the student must maintain satisfactory academic progress for financial aid.  Pell is limited to 12 semesters as of July 1, 2012 this includes all Pell received.

 

Selection of Recipients and Allocation of Awards: The applicant must be enrolled as an undergraduate student in an approved post-secondary institution and must need financial assistance to continue her education. Financial need is determined by a formula applied to all applicants. It was developed by the U.S. Office of Education and is reviewed annually by Congress. The family contribution is calculated by this formula. The lower the family contribution, the higher the Pell Grant will be.

Federal Pell Grants are awarded for the period normally required to complete a first baccalaureate degree.  Pell is limited to 12 semesters as of July 1, 2012 this includes all Pell received.

 

Award Schedule: Current awards range up to $5,500. The amount of the award will be affected by costs of attendance and full- or part-time enrollment status. The Federal Pell Grant is not duplicative of State awards.

 

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in the program in which she is enrolled. The student must not owe any refunds on Pell Grants or other award paid, or be in default on repayment of any student loan used to attend CNR or any other institution.



Federal Supplemental Educational Opportunity Grants (SEOG)


Application Procedures:
Application is made through the College’s Financial Aid Office, which is responsible for determining who may receive a Federal Supplemental Grant, as well as the amount.

Selection of Recipients and Allocation of Awards: The applicant must be:

1. in financial need, to the extent that without the Supplemental Grant her education could not be continued;

2. enrolled at least half time as an undergraduate student in an approved post-secondary institution;

3. be a Pell recipient.

 

Students who satisfy these conditions and who have the lowest family contributions will be awarded SEOG funds from the SEOG pool apportioned to the College. Each year, the College will determine an expected family contribution (EFC) threshold, based on historical and other relevant data. Students whose EFC is below that threshold who meet the conditions in the above paragraph will be awarded SEOG funds, and students whose EFC is above that threshold will not be awarded SEOG funds.

If, during the course of that year, it appears that SEOG funds may be available after all students at that threshold have been awarded this aid, the College may increase the EFC threshold. The initial EFC threshold used in determining a first selection category for awarding SEOG funds is $3,000, and it is expected that no SEOG funds will be left over for non-Pell Grant eligible students. However, should there be SEOG funds left over after awards to Pell Grant eligible students are made, such funds will be awarded to non-Pell Grant eligible students with the lowest expected family contribution.

 

Award Schedule: The award ranges from $100 to $4,000. Normally, an award may be made annually to a maximum of four years.

 

Rights and Responsibilities of Recipients: The student must continue to make satisfactory

academic progress.

 


 

Federal Perkins Loan Program


Application Procedures: Application is made through the College Financial Aid Office. Forms, as well as specialized information on loan cancellation provisions for borrowers who go into certain fields of teaching or specified military duty, are available in the Financial Affairs Office.

 

Selection of Recipients and Allocation of Awards: Loans are available to students enrolled at least half time in approved post-secondary institutions. In awarding Perkins Loan funds, the College will give priority to students with “exceptional need.”

 

Award Schedule: The amount which may be borrowed is up to $20,000 for undergraduate study.

 

Rights and Responsibilities of Recipients: The current interest rate, payable during the repayment period, is five percent of the unpaid principal. Repayment begins nine months after graduation or leaving school and may extend over a 10-year period, and may be deferred for up to three years. Borrowers who work in certain fields such as early intervention, teachers at designated low-income schools, full-time nurses, and Peace Corps, VISTA or other national volunteers may be eligible for cancellation of the loan. A professional internship deferral is limited to two years.

 


 

Federal College Work-Study Program (CWS)


Application Procedures: Application is made through the College Financial Aid Office.

 

Selection of Recipients and Allocation of Awards: Work is available to students enrolled at least half time. College Work-Study funds will be awarded to students with remaining unmet need after Federal Perkins Loan (if awarded), and outside scholarships are considered. The College ordinarily will award Federal Work-Study funds to students who meet the “exceptional need” criteria. The College will award the funds based on either the statement of preference on financial aid application or a personal interview with a Financial Aid Counselor.

 

The applicant must:

1. be a U.S. citizen or eligible noncitizen;

2. be enrolled in an undergraduate, graduate or first-professional program as a matriculated student at an institution participating in the federal campus-based programs;

3. not be in default or refund status for any federal Title IV aid at any institution;

4. if applicable, be registered with the Selective Service; 

5. demonstrate financial need.

The College makes employment reasonably available to all eligible students in the institution who are in need of financial aid and are suitable for the work program. In the event that more students are eligible for CWS than there are funds available, preference is given to students who have greater financial need and who must earn part of their educational expenses. The College arranges jobs on campus for up to a maximum of 30 hours per week.

 

Factors considered by the Financial Aid Office in determining whether and how many hours the applicant may work under this program are: financial need, class schedule, academic progress, health status, and employment skills. Minimum salary level is $7.15 per hour.

 

Rights and Responsibilities of Recipients: Satisfactory academic progress must be maintained.

 


 

Federal Direct Student Loan Program


The College has been selected to participate in the Federal Government’s Direct Lending Program. Students are able to receive these new subsidized and/or unsubsidized Stafford Loans faster, with less paperwork, and with more repayment options. The conditions of eligibility and loan amounts are the same as the former loan programs.

 

Application Procedures: Application is made through the College Financial Aid Office.

 

Selection of Recipients and Allocation of Awards: To be eligible for a Federal Direct Student Loan, a student must be:

1. a U.S. citizen or permanent resident alien;

2. enrolled in or admitted as a matriculated student, on at least a half-time (six-credit) basis;

3. not be in default or refund status for any federal Title IV program at any institution;

4. have been determined to be eligible or ineligible for a Pell Grant;

5. if applicable, be registered with the Selective Service;

6. have a Social Security number;

7. demonstrate financial need;

8. attend a loan entrance workshop.

 

Loan funds may not be disbursed earlier than ten days before the first day of classes. However, the first installment of a loan to any student who is entering the first year of a program of undergraduate study at CNR, who has not previously received a loan, may not be disbursed earlier than 30 days into the start of classes. Two-semester loans will be disbursed separately for each semester. Single-semester loans will also be disbursed in two parts.

 

Award Schedule: The student may borrow up to $3,500 as a freshman and $4,500 as a sophomore and $5,500 in each remaining undergraduate years, with total borrowing limited to $23,000.

 

Rights and Responsibilities of Recipients: There are two types of Federal Direct Loans, subsidized and unsubsidized. Federal Direct Subsidized Loans are subsidized, meaning that no interest must be paid on the loan while the student is in school, or during a 6-month grace period after the student leaves the school. Additional payment deferrals are available. For further information, contact the College. Repayment begins after the student leaves school or drops below half-time enrollment in any semester.

The interest rate is a variable rate, adjusted annually based on the 91-day Treasury bill plus 3.1% with a cap of 8.25%. The loans are subject to a 1.5% origination and insurance fee. These fees will be subtracted from the amount that is actually credited to the student’s college account; however, the student will be responsible for repayment of the full amount borrowed.

The loan will be divided into at least two parts even if the loan is for only one semester. Students may choose one of four repayment options: the standard 10-year repayment schedule, the extended plan, which requires fixed payments over a 12-to-30 year repayment schedule, the graduated plan, which requires smaller payments initially and larger ones in succeeding years, and the income contingent plan, under which loans are paid back as a portion of a borrower’s income.

Students who have previously signed a promissory note at CNR for either a Subsidized or Unsubsidized Direct Loan will not be asked to sign an additional note. Promissory notes are now good for multiple years. Students will continue to be notified of their loan eligibility by a financial aid award letter. The award letter should be signed and returned to the Financial Aid Office.


Federal Direct Unsubsidized Loan
terms and conditions are the same as the Subsidized Loan, except the student is responsible for interest payments while in school and during deferment periods. The accrued interest may be paid or capitalized, that is, the interest which should be paid can be added to the original amount of the loan.

Students who have already taken out Subsidized or Unsubsidized Stafford Loans under the old program may change these loans to the new program so that they may benefit from the expanded repayment options. Further information may be obtained from the College, original lenders, and the Department of Education.


 

Federal Parents’ Loans for Undergraduate Students (PLUS)


Application Procedures: Applications can be obtained from a participating lending institution (bank, credit union, etc.). The completed application is presented to the Financial Aid Office at the College. The application is then routed to the lending institution and the New York State Higher Education Services Corporation.


Selection of Recipients and Allocation of Awards:
To be eligible for a PLUS loan, a parent must be:

1. a U.S. citizen or permanent resident alien;

2. the natural or adoptive parent or guardian of a dependent full-time undergraduate student.


Award Schedule:
The maximum annual borrowing amount is the total cost of education less any financial aid that the student is receiving. In order to receive this aid the parent must submit a PLUS application to the school. Parents can be denied access to a PLUS due to adverse credit histories. Tardiness in paying bills is not considered an adverse credit history.


Rights and Responsibilities of Recipients:
An origination fee of 3% will be assessed. The interest rate is based on the 52-week Treasury bill plus 3.1% and adjusted annually. The interest rate is capped at 9%. Repayment begins shortly after disbursement of the check. Deferments are based on the parent’s in-school status not the student’s.