Federal Financial Aid
Satisfactory Academic Progress Standards for federal financial aid are more restrictive.
If a student does not meet the satisfactory academic progress standards the student will be ineligible for the Pell Grant, SEOG, Federal Work-Study and Federal Direct Student Loans. Students who demonstrate exceptional or extenuating circumstances resulted in your failure to meet satisfy academic progress requirements may appeal to receive federal funding. The student’s academic adviser must submit an “academic action plan” that indicates it will be possible for the student to regain eligibility for the next semester or term.
For more information on Financial Aid Eligibility and Satisfactory Academic progress please see below:
Federal Pell Grant eligibility is restricted to a maximum of 12 full-time semesters (600%).
The calculation of the duration of your Pell grant eligibility will include ALL years you received Federal Pell grant funding. Your Pell grant duration will be determined by adding together each of your annual percentages of the scheduled award that were disbursed to you. A student enrolled full-time throughout the fall and spring semesters would earn 100% of their Pell Grant each year.
Federal Supplement Educational Opportunity Grants (FSEOG)
FSEOG assists exceptionally needy students and is intended to supplement other forms of financial aid for undergraduate students. Award amounts vary according to the availability of the program. Once the full amount of the school’s FSEOG funds have been awarded to students, no more FSEOG awards can be made for that year. The FSEOG funds are credited directly to the student’s CUNYfirst account.
In order to qualify for the FSEOG, you must apply for the Free Application for Federal Student Aid (FAFSA) and meet the general financial aid eligibility requirements.
Iraq and Afghanistan Service Grants
The Iraq and Afghanistan Service Grants are awarded to undergraduate students in order to provide money to help pay their education expenses. In order to qualify for the Iraq and Afghanistan Service Grant, you must meet the following requirements:
Apply for the Free Application for Federal Student Aid (FAFSA)
Meet the general financial aid eligibility requirements including, be ineligible for a Federal Pell Grant on the basis of your Expected Family Contribution (EFC) but meet the remaining Federal Pell Grant eligibility requirements
Your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11. You were under 24 years old or enrolled in college at least part-time at the time of your parent’s or guardian’s death. The award amount for the Iraq and Afghanistan Service Grant can be equal to the maximum Federal Pell Grant amount for that year but cannot exceed your Cost of Attendance.
Federal Work-Study is a program that provides part-time jobs to undergraduate and graduate students who need additional financial aid. The Work-Study program allows students to earn the money needed to help pay for education-related expenses. Jobs are available both on and off-campus and include community service work.
William D. Ford Federal Direct Loan Program
The William D. Ford Federal Direct Loan Program makes funds available directly from the U.S. Government to undergraduate and graduate students. Direct Loans are either subsidized or unsubsidized.
A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before beginning repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. You may allow the interest to accumulate and to be capitalized–that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount.
Undergraduate Direct Subsidized loan interest rate
Effective July 1, 2019 the Federal Direct Stafford subsidized loan will remain interest-free while undergraduate students are enrolled in school at least half-time, however the interest rate will be 4.53%.
Subsidized loans for graduate students are no longer available.
Graduate students are no longer eligible for subsidized loans. While the total annual loan limit that students can borrow will remain at $20,500, the full amount will be unsubsidized, accruing a 6.08% interest while in school.