2018-2019 Financial Aid Information
At O/N BOCES, we know that the cost of a college education and the financial assistance available to help meet those costs are crucial considerations in choosing a college. This guide will help answer most of your questions about financial aid and assist you with your college enrollment decision. If you have further questions, please feel free to contact the Financial Aid Office at (716) 731-6800 ext. 4006.
APPLICATIONS AND ELIGIBILITY:
Financial aid refers to funding intended to help the student pay for their educational expenses including tuition and fees, living expenses, books and supplies, etc. Major forms of financial aid include grants, scholarships and student loans. To determine a student’s eligibility for financial aid, the following form must be completed:
- FAFSA (Free Application for Federal Student Aid) 2018-2019 www.fafsa.gov –The federal school is: 015546
All recipients of federal student aid must meet the following requirements:
Be a US citizen or permanent resident
Have earned a high school diploma or GED
Make “Satisfactory Academic Progress” toward completion of your certificate or degree
Not be in default on any federal student loan or owe a refund on a federal grant or loan
Complete the 2018-2019 Free Application for Federal Student Aid (FAFSA) with your 2016 Tax Return
Provide all required documents (including income verification, if required) to the Financial Aid Office
HOW FINANCIAL AID IS AWARDED:
Financial aid is designed to help individuals meet their educational expenses when their own resources are not enough. Typically, Federal and State financial aid is based on income and is available to families who demonstrate financial need as determined by the need analysis formula (see diagram):
COST OF ATTENDANCE:
Cost of Attendance
– Expected Family Contribution (EFC)
– Other Financial Resources (private scholarships, etc.)
= Eligibility for Need-Based Financial Aid
The cost of attendance is the estimated cost of attending the program for an academic year (not the entire program), including estimated amounts for tuition and fees, books and supplies, housing, transportation, plus a modest allowance for personal/miscellaneous expenses. The following are the estimated expenses you might incur while enrolled at O/N BOCES. Your actual expenses may be different depending on your personal situation.
To meet, as closely as possible, your financial need, the financial aid office first awards any federal grants and scholarships for which you are eligible (e.g., Pell Grants,). If needed, Federal Direct Loans are then added to your aid package to help cover tuition, fees and eligible educational expenses. Your total financial aid package, including grants, scholarships, tuition reimbursements, and loans may not exceed your total cost of attendance.
Estimated Your Total Cost of Attending Full-Time for an Academic Year
Tuition & Fees-
Books & Supplies*
*These items are indirect expenses. Indirect expenses are not billed by the school but rather are expenses that you might expect to pay to outside entities while attending school.
TYPES OF FINANCIAL AID AWARDS:
Grants & Scholarships
Money that does not have to be repaid and is usually based on financial need
Federal Pell Grant
The Federal Pell Grant is a federally funded program awarded to students who demonstrate financial need as defined by the federal government. To determine eligibility, students must complete the FAFSA. The federal processor analyzes your family size, number in college, income, and assets to derive your Expected Family Contribution (EFC) and determine your financial need for a Pell Grant. The amount of the award depends on your EFC and enrollment status. For the 2018-2019 academic year, the maximum full-time Pell Grant award is $6,095. Students are limited to twelve full-time terms of Pell for their entire undergraduate education.
Scholarships are funds you may have received from outside sources, including, but not limited to, private scholarships offered to you from your church or community, benefits you have earned, or your parents have earned, through military service (VA Benefits), employer tuition reimbursements or awards and scholarships from your state. Generally, scholarships do not have to be repaid, however, under certain circumstances; they may require you to agree to a period of service after graduation, among other service obligations.
There are several outside scholarship resources that our students have had success with in the past. The Workforce New York initiative provides funding to income eligible students enrolled in programs that lead to a certificate or degree in a field that is considered to have a high need for employees. For more information on these programs, contact your county Workforce Office: Orleans County (585) 589-2820. Niagara County (716) 278-8108.
The Western New York Rural Area Health Education Center receives funding from the NYSDOL/DOH’s Health Care Workforce Retraining Initiative (HWRI). Students who currently work at a healthcare facility in Western New York (Orleans, Niagara, Erie, or Genesee County) may qualify for funding. For more information about HWRI funding through WNY Rural AHEC, call (585)786-6275.
If you are a member of 1199SEIU, you may be eligible for Tuition Assistance. For information on Tuition Assistance, please contact the Field Coordinator at your health care facility for more information.
Money that must be repaid with interest
Direct Federal Student Loan
If you find that you will need to borrow money to pay for some of the costs of your education, there are federal loans available to you. Direct Stafford loans are guaranteed and require no
credit check. Just like any other loan, these loans must be repaid with interest. A Direct Stafford loan is federally funded.
Estimated Loan Eligibility
The current fixed rate (7/1/17 – 6/30/18) is 4.45 percent. The student is required to begin repayment six months after he/she leaves school or drops below half-time. Approximately 1.066 percent in origination and/or default fees may be deducted from each disbursement. To be eligible for a Direct Stafford Loan, students must complete the FAFSA.
If you borrow a loan, you will be required to complete Entrance Counseling (or demonstrate you completed it at a prior school) and an electronic Master Promissory Note (e-MPN) at www.studentloans.gov. You will be provided with detailed information regarding the e-MPN and Entrance Counseling when you receive your award letter.
Sample Repayment Schedule- 4.45 percent
# of Monthly Payments
Total Amount Paid
The subsidized Direct Stafford Loan is for students who demonstrate financial need. The federal government pays the interest while the student is in school and during authorized periods of deferment.
The unsubsidized Direct Stafford Loan is for students who are not eligible to borrow some or all the subsidized federal Stafford Loan as determined by their financial need. The difference is that the student, rather than the federal government, is responsible for the interest payments while in school. The student has the option to pay the interest while attending school, or to capitalize the interest and add it to the loan balance and defer payment on the combined amount until after graduation. Detailed information on all Direct Loans may be found at www.studentloans.gov.
Once in repayment, there are several repayment plans, deferment and forgiveness options available to students. For more information on repayment, postponing repayment, and loan cancellation and forgiveness, please visit www.studentaid.ed.gov, or contact your Direct Loan servicer.
Direct Federal Parent PLUS Loan
Parents can finance their dependent child’s education through the federally funded Parent Loan for Undergraduate Students (PLUS) program. The lender is the U.S. Department of Education rather than a bank or financial institution. The interest rate (7/1/17 – 6/30/18) is fixed at 7.00 percent, and approximately 4.264 percent in origination and/or default fees may be deducted from each disbursement. Repayment begins 60 days after final disbursement for the academic year, or may be deferred until six months after the student leaves school or drops below half-time. Deferred payment arrangements can be made by contacting the loan servicer. Accruing interest can either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.
To qualify for a PLUS Loan, a parent’s credit history will be reviewed. The parent must complete a PLUS Loan application, which is available in the financial aid office, a credit check and electronic Master Promissory Note (e-MPN) online before the loan can be disbursed to the students billing account. (The parent will need to use their FAFSA PIN to complete the e- MPN.) Maximum eligibility along with other sources of aid may not exceed the cost of attendance, and will be determined by the Financial Aid Office. If a PLUS Loan is denied, the parent has the option of applying with an endorser (a credit worthy co-signer) or the financial aid office may provide the student with additional unsubsidized Stafford Loan eligibility. Detailed information on all Direct Loans may be found at www.studentloans.gov.
MAINTAINING FINANCIAL AID ELIGIBILITY:
Satisfactory Academic Process
Once you receive financial aid, you must meet certain standards to maintain your eligibility in future payment periods. For federal financial aid (Federal Pell Grant and/or Direct Federal Stafford Loans) you must meet the following standards at the end of each payment period:
- Earn a cumulative grade point average of at least 75%.
Satisfactorily complete at least 67% of the hours you attempt each payment period. You successfully complete hours when you earn a grade of at least 75%. The following grades do not count toward your completed units (however, they do count toward attempted units): F (0%), W, I.
Complete your educational program within a reasonable timeframe. All students must complete their program requirements within 150% of the time it normally takes to complete the certificate program. The published length of the LPN certificate at the O/N BOCES is 54 weeks; therefore, students must complete all hours required for their certificate within 81 weeks. Transfer credits that are accepted toward a student’s educational program are counted as both attempted and completed hours for SAP. If at any point, the financial aid office determines it is no longer mathematically possible to achieve graduation requirements by the end of the maximum timeframe, the student become ineligible for Title IV aid.
Students who receive financial aid and do not meet federal SAP requirements will be placed on a one-time warning period for the subsequent payment period. Students who fail to make SAP while in a warning status are ineligible for their next aid payment. If you are not making Satisfactory Academic Progress, in the absence of mitigating circumstances, you can regain eligibility for federal student aid only by making up your academic deficiencies through attendance without the benefit of financial aid.
For more information about the O/N BOCES SAP policy, please see the Student Handbook.
Payment Period Progression
Additionally, clock hour programs require that the student successfully complete the hours in each payment period before additional disbursements of financial aid can be made, to that end; attendance is of the utmost importance. Before financial aid can be disbursed for each payment period, the FA office must verify that the student attended at least 95% of the scheduled hours for the period. If the student does not meet the requisite number of hours, financial aid disbursements may be delayed or reduced.
FINANCIAL AID AND YOUR BILL:
Students will be charged tuition at the beginning of each payment period. Payment in full is due prior to the first day of each payment period. Students who have completed all necessary paperwork and have confirmed financial aid will be allowed to defer payment of each terms charges in this order:
1. Any grant intended solely for tuition
4 Subsidized Stafford Loan
2. Federal Pell Grant
5. Unsubsidized Stafford Loan
3. Outside grants/scholarships received
6. Parent PLUS Loan/Private Loan
Provided all required paperwork is complete, federal financial aid awards are usually disbursed to the student’s account approximately 30 days after the start of each payment period. Federal regulations require that O/N BOCES disburse loans for payment period 3 only in two disbursements: One 30 days after the start of the term; another once the student completes 50% of the scheduled hours and weeks in the term. Students with Title IV credit balances will be issued refund checks within approximately 14 days of the school’s receipt of funds from the Department of Education (disbursement). If you withdraw before completing the payment, your aid will be adjusted in accordance with federal regulations.
IMPACT OF WITHDRAWAL ON TUITION AND FINANCIAL AID:
Tuition and fees are refunded in full if registration is cancelled prior to the first day of classes. On or after the first day of classes, students are subject to the refund schedule published in the Student Handbook. After the start of classes, all fees are non-refundable. Contact the financial aid office for more information.
Federal Student Aid funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student ceases attendance, the student may no longer be eligible for the full amount of financial aid funds that the student was originally scheduled to receive. If a recipient of federal Student Aid grant or loan funds withdraws from a school after beginning attendance, the amount of Title IV grant or loan assistance earned by the student must be determined by performing a Title IV Refund Calculation. A Title IV Refund Calculation is necessary only if the student completely terminates enrollment (i.e., cancels his/her registration, withdraws, or is dismissed) or stops attending classes before completing more than 60 percent of the enrollment period.
Any time a student withdraws or ceases attendance, they are no longer considered to be making Satisfactory Academic Progress and could potentially be ineligible for financial aid should they decide to return to the program later. Prior to withdrawing, contact the financial aid office to discuss the potential impactions of withdrawal on your aid eligibility.
Financial Aid Links
A great site for comprehensive financial aid information: http://www.finaid.org.
US Department of Education’s site for financial aid information: www.studentaid.ed.gov.
Complete, correct, or check FAFSA: http://www.fafsa.ed.gov
Complete or check status of MPN and/or Entrance Counseling for Federal Direct Stafford or Parent loan: www.studentloans.gov. Can also review all past student loans through this site.
Scholarship search: www.fastweb.org.