Federal Student Aid Programs
The College administers the full range of Title IV Federal Student Aid Programs. These include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (SEOG), the Federal Perkins Loan, the Federal Work Study Program, and the Federal Direct Loan Programs (Subsidized, Unsubsidized and PLUS Loans). To be considered for funding from these programs, a student must submit the Free Application for Federal Student Aid (FAFSA) indicating The College of Saint Rose Federal School Code (002705).
To be considered for SEOG, the Perkins Loan or Federal Work Study, the Institutional Student Information Report (ISIR), which is generated by the filing of the FAFSA, must be received by the College no later than February 1 for the summer and fall semesters or November 1 for the spring semester. The FAFSA should be completed on the World Wide Web and submitted electronically at www.fafsa.gov.
The Federal Student Aid Programs and New York State Aid Programs are closely regulated, and those regulations are subject to change. The College of Saint Rose will abide by the Federal and/or State regulations, policies, and statutes in effect at the time for awarding and disbursing these program funds.
Additional information about Title IV programs is available at www.studentaid.ed.gov.
Verification
The U.S. Department of Education automatically selects approximately one-third of all applications for Federal Student Aid for a review process called Verification. Also, the College may select an application for Verification if additional information is needed to accurately determine financial aid eligibility. Verification is the process of reconciling data reported on the FAFSA with documentation of the actual data.
If an application is selected for Verification, the Financial Aid Office is required by law to obtain specific documentation to complete the process. The Financial Aid Office will notify selected students exactly what documentation is required. Failure to submit the requested documents will prevent an applicant from receiving disbursements of institutional and Federal financial aid awards.
The Verification process must be completed within sixty (60) days of notification. If the Verification process is not completed in this timeframe, an applicant will be considered ineligible for Federal or institutional financial aid, including Federal student loans. As a result of the Verification process, the data reported on the FAFSA may need to be adjusted. In this case, the Financial Aid Office will electronically submit corrections to the ISIR. If financial aid eligibility changes as a result of the Verification process, the Financial Aid Office will notify the applicant.
Federal Pell Grant
Matriculated undergraduate students will be considered for Federal Pell Grant eligibility if a FAFSA is submitted within the deadlines stated on the FAFSA. To allow the College to disburse a Pell Grant to an eligible student, our Federal School Code (002705) must be indicated on the FAFSA. FAFSAs should be submitted electronically at www.fafsa.gov. Pell Grant eligibility is based upon student/family income and assets, the Cost of Attendance, family size, and enrollment status. The range of annual award amounts for the Pell Grant for full-time study during the 2014-2015 academic year was $650 to $5,730. Undergraduate students may receive a Pell Grant to assist in paying the cost of study toward a first bachelor’s degree. When a bachelor’s degree has been conferred, a student is no longer eligible for a Pell Grant.
Federal Supplemental Educational Opportunity Grant (SEOG)
Grants from this federally funded program are available to undergraduate students who are enrolled at least half-time (six credits per semester) and show financial need. In order to be considered for an SEOG Grant, the student must be eligible to receive a Federal Pell Grant. Awards, generally in the amount of $1,000 per academic year, are determined by the Financial Aid Office and are based on the need analysis results from the Free Application for Federal Student Aid (FAFSA).
Federal Work Study Program (FWS)
The FWS Program provides part-time employment to matriculated students enrolled at least half-time (six credits per semester). To be eligible, a student must demonstrate financial need through submission of the FAFSA. FWS employees typically work from six to ten hours per week and are paid the current minimum wage. Students awarded FWS cannot earn wages in excess of their award amount.
The College of Saint Rose participates in the U.S. Department of Education’s America Reads Challenge. Through this program, some of our FWS employees are able to gain employment as reading tutors in the Albany City School District.
Federal Perkins Loan Program
This federally funded program provides loans at the rate of 5% simple interest for students enrolled at least half-time who demonstrate financial need. Amounts are determined by the Financial Aid Office and cannot exceed $5,500 each year, or $27,500 for an entire program leading to a bachelor’s degree. No repayment of principal or interest is required while a borrower remains enrolled at least half-time; repayment begins nine months after the student stops attending school at least half-time. Deferments may be granted to those who are experiencing certain hardship conditions, such as rehabilitation training; unemployment up to three years; economic hardship or a period of time engaged in community service. A Free Application for Federal Student Aid (FAFSA) demonstrating financial need must be filed by February 1.
In addition, a student who is a first-time Federal Perkins Loan borrower at The College of Saint Rose is required to complete a Federal Perkins Loan Entrance Interview. At the Entrance Interview, students will be informed of their rights and responsibilities as Federal Perkins Loan borrowers. All new Perkins Loan borrowers must complete a Master Promissory Note (MPN). The Office of Financial Aid will notify borrowers of the procedures for completing Entrance Counseling and the MPN.
If students leave the College, graduate, or drop below six credits, they will be required to complete a Federal Perkins Loan Exit Interview. At the Exit Interview, students will, again, be informed of their rights and responsibilities as Federal Perkins Loan borrowers. If a student fails to complete an Exit Interview prior to leaving the College, graduating, or dropping below six credits per semester, Exit Interview instructions will be mailed to the student.