Federal Pell Grant

• Eligibility for and the amount of the Pell Grant is determined by the Expected Family Contribution (EFC) provided to the school by the Federal Government based on information you provide on the FAFSA.

Federal Academic Competitiveness Grant (ACG)

• The Federal Academic Competitiveness Grant is a grant from the Federal Government for undergraduate students who are eligible for a Federal Pell Grant. The Federal Academic Competitiveness Grant was available for the first time for the 2006-2007 school year for first and second year students who meet the requirements as determined by the Federal Government. Please contact the Student Financial Services Office to determine your eligibility.

Federal SMART Grant

• The Federal Smart Grant is a grant from the Federal Government for undergraduate students--who haven't earned a bachelor's degree--with financial need. The National SMART Grant is available for the first time for the 2006-2007 school year for full-time, third and fourth year undergraduate students who meet the requirements as determined by the Federal Government. Please contact the Student Financial Services Office to determine your eligibility. The National SMART Grant is awarded in addition to the student's Federal Pell Grant.

Federal Family Education Loan Program (FFELP)

• In the case of the FFELP, the government guarantees the loan that you borrow. Loans included in FFELP are Subsidized and Unsubsidized Federal Stafford Loans and Parent Plus Loans.
• Federal Subsidized Stafford loans are made available to you from commercial and savings banks and is guaranteed by the Federal Government. The maximum loan is $3500 per year for Freshmen, $4500 peryear for Sophomores, $5500 for Juniors and Seniors, and $8500 per year for Graduate Students. No interest will accrue while you remain enrolled at least halftime. Repayment begins six months after graduation from school or if you drop below half time enrollment.
• Federal Unsubsidized Stafford loans can be made in conjunction with a Federal Subsidized Stafford Loan as long as the maximum annual or aggregate loan limits for Federal Stafford Loans have not been exceeded. Both principal and interest can be postponed while the student is in school. If interest is deferred it will be capitalized (added to the principal). Students can choose to pay only the interest while in school. The loan limits and interest rates are the same as for Subsidized Federal Stafford Loans.
• Federal Parent (PLUS) loans are often utilised by parents wishing to extend their payments for education through the use of loans. Federal PLUS loans are subject to credit approval based on a parent's credit history. A Master Promissory Note (MPN) must be completed by first time PLUS loan borrowers. NYHESC generates the MPN and the borrower may e-sign it on line at NYHESC. If a parent is denied a PLUS loan by a lender, the student may borrow a Federal Unsubsidized Loan in the amount of: $4000 for freshmen and sophomores; $5000 for juniors and seniors.
• Federal Grad (PLUS) loans allow you to cover your entire education costs minus financial aid already awarded or supplement your Stafford Loan funding. It's an affordable alternative to using savings, income, or private loans for education costs. Students must complete a FAFSA to determine eligibility, must be a U.S. citizen or resident non-citizen, and have satisfactory credit history.