Federal Financial Aid
To make college more affordable, the federal government offers a variety of need-based grants and loans for qualified students.
Monroe's Federal Financial Aid school code is 004799.
The Federal Pell Grant is an entitlement program which grants awards to students for the academic year that range from $400 to $4310. The amount of the grant depends on a family's financial status (determined by a Federal formula), the cost of attending the school, and a student's enrollment status. Go to
www.fafsa.ed.gov to fill out a FAFSA online.
Eligibility for an FSEOG award is determined by a standardized needs analysis in conjunction with Monroe's packaging guidelines. FSEOG awards will be awarded to students who are matriculated Pell recipients, with EFCs between 0 and 300, and who have met the requirements of satisfactory academic progress.
First Year ACG (0to 23 credits)
A federal grant for first-year, full-time undergraduate students who are US citizens and Pell eligible. Students must have completed a rigorous high school program and graduated from high school after January 2006. The maximum ACG award for the first academic year is $750. Students must submit their high school transcript to determine eligibility.
Second Year ACG (24-48 credits)
Second year full-time undergraduate students who graduated after January 1 2005, meet the criteria for the first year ACG and have a cumulative GPA of 3.0 may receive up to $1300 per academic year.
A Federal Grant for full-time undergraduate BBA students who are in their 3rd (60-89 credits) year and/or 4th year (90-120 credits), are enrolled in program 150 (Computer Information Systems) and have a cumulative GPA of 3.0. Students must be US citizens and Pell eligible.
Transfer students who transfer in 60 or more credits and are majoring in program 150 may request that the grades of their transfer credits be computed to determine their GPA for SMART Grant purposes only. The maximum SMART Grant is $4000 per academic year.
FWS grants enable students to work in order to earn funds to help pay for their educational expenses. The Financial Aid Office will determine if a student qualifies for this grant. In addition to the general Title IV eligibility requirements a student must meet, employment and the amount a student can earn will also depend on the availability of funds and available job sites. Continued eligibility for FWS employment is also contingent upon continued satisfactory academic progress, attendance, and job performance. Both FWS jobs and funds are limited. Students who are interested must apply at the Financial Aid Office at the start of the semester.
The Federal Family Educational Loan Program is an entitlement program which enables eligible applicants to obtain student loans to meet their school related expenses. Federal regulations require that students must be matriculated, in good academic standing, and enrolled in a minimum of two classes. Students must complete a FAFSA application before applying for student loans. Before the loan process is completed, the student must also meet with a Loan Officer to complete an Entrance Interview and a
Master Promissory Note.
A Federal Subsidized Student Loan is a low-interest loan authorized by the federal government to help pay for students' college costs. Freshmen may qualify for $3,500 for their first academic year. Students who have completed two semesters and earned 24 credits or more may qualify for up to $4,500 for their second academic year. Juniors and seniors may qualify for $5,500. The interest rate of 6.80% is established by the federal government. The federal government pays the interest due the lender while students are matriculated and enrolled at least half -time in college and until repayment of the loan begins six months after students graduate or withdraw from the college. Undergraduate students may not borrow more than a total of $23,000 for all of their undergraduate studies.
The Federal Unsubsidized Student Loan Program allows independent undergraduate students to borrow up to $4,000 per academic year. Independent students or, in some special circumstances, dependent students can combine subsidized and unsubsidized loans for a total limit of $7,500 as a Freshman and $8,500 as a Sophomore. As a Junior or Senior, the borrowing limit is $10,500. The terms for an unsubsidized loan are the same as for a subsidized loan except for the interest payment: the government does not pay the interest of 6.80% on unsubsidized loans. Students must pay all the interest that accrues on this loan during the time they are enrolled in school, during the grace period, and during periods of authorized deferment and forbearance. Undergraduate students may not borrow more than a total of $23,000 for all of their undergraduate studies.
Federal Parent Loans for students are available to parents of dependent students to help meet their children's educational expenses. Application forms are available from participating lenders and the Financial Aid Office. Student eligibility criteria are the same as those for Federal Stafford Loans; however, students do not have to complete a FAFSA application if a PLUS loan will be their only form of Financial Aid. PLUS loan borrowers are subject to credit checks.
All PLUS loan borrowers have a loan origination fee and insurance premium fee equal to 3% of the loan amount, which is deducted from the loan before it is disbursed. The loan is disbursed in two or more payments. The maximum PLUS loan is equal to the cost of a student's education minus other expected financial aid. Federal PLUS loans carry an interest rate of 8.50%; repayment must begin sixty days after the loan is disbursed.
Federal Graduate Plus Loans are for Graduate/Professional students enrolled at least half-time in a matriculated program. This is not a need-base loan. Students may borrow up to the cost of sttendance less any other financial aid received. Their is a minimal credit check. For loans disburse on or after July 1st 2006, the interest rate is fixed at 8.50%.
Repayment of principal and interest begins within 60 days after the loan has been fully disbursed. There are options to postpone repayment of the Graduate PLUS Loan including periods during which students are enrolled in school.
Monroe College has identified alternative lenders who have established a positive track record. Interest rates are variable for most alternative loans. Students should consider interest rates, fees, and customer services when seeking an alternative loan for their education. Comparison information is available from the Office of Student Financial Services.
Generally speaking, however, the best rates are secured by having a co-signer and/or a superior credit rating. Students should resolve any outstanding credit issues before applying for an alternative loan.
Additional Alternative Loans (Global, Opportunity)
To assure that disadvantaged students who would not otherwise qualify for private loans, have the chance to attend college, other alternative loans may be considered. These loans are designed to provide an opportunity for students who experience a shortfall between the cost of school attendance and available financial aid. Additional Alternative Loans should be viewed as a last resort for students who have no alternative options for the financial assiatance needed to continue the pursuit of their academic goals.
Student Loan Policy and Practices/ Preferred Lenders/ Guarantee Agencies
Monroe College is devoted to providing its students and their families with the most vigorous level of support possible in assisting them in meeting their college expenses. Through Monroe’s Student Financial Services Office assistance in applying for and securing educational grants, work study, college grants, and scholarships, loan services, payment plans and personal financial counseling is provided by a professional staff.
To provide the highest level of assistance and support for students, Monroe conducts exhaustive research to identify a range of financing options that offer highly competitive rates and choice of payment plans and benefits, customer service and convenience to our students.
For students contemplating student loans, a list of preferred lenders is developed annually to assist families in selecting the most effective and suitable lending options. This list may be obtained from the Financial Aid Office.
Although this list may prove to be a helpful tool, it should be noted that Monroe will certify a loan from ANY Title IV participating lender a student or parent chooses.
To be selected as a preferred lender, the lending institution must be solidly established and have a proven, reputable record of meeting student loan needs. Further, they must provide Monroe students with:
- Quality products and features with no hidden fees;
- Outstanding customer service;
- Quick responses to resolving any student’s loan issues;
- A toll free customer service number;
- Electronic processing of loans;
- Dedicated account representatives.
In addition, prior to the beginning of each academic year, extensive documentation relative to these criteria is requested from a broad array of lending organizations. Those lending institutions which appear to most closely meet the above criteria are subsequently interviewed by the College’s Loan Committee. Based on this data, the lending institutions which receive the highest rating by the college are placed on the preferred lenders list. An easy comparison outlining the features and benefits among them is developed and made available to students.
The college utilizes New York Higher State Education Services Corporation (HESC) as the primary guarantor. These loans are processed through the HESC electronic fund transfer system. Students, however, have the right to choose a guarantor other than HESC. In such cases, students must speak to their Financial Aid Counselor.
Monroe College Preferred Lender List
