Types of Financial Aid
Once your financial need is calculated (using your Free Application for Federal Financial Aid), SUNY Geneseo awards grants first, then work study, and finally loans.
The awards on your Financial Aid Award Letter may change if your FAFSA information is updated, you receive aid from other resources, your cost of attendance changes or you are not making satisfactory academic progress.
Geneseo also offers scholarships for new and existing students, and has dedicated additional funds for the 23-24 year toward scholarships for students with great financial need.
Grants (Need-Based and Not Repaid)
Federal Pell Grant—available to students who have demonstrated high calculated need. The expected family contribution calculated from the FAFSA determines this award. Students may be eligible to receive Pell for less than full-time enrollment.
Federal Supplemental Educational Opportunity Grant (SEOG)—available only to those students who demonstrate the highest level of financial need. While the amount is determined by the Office of Financial Aid, it may be awarded to you only if you are eligible for a Federal Pell Grant and if funding is still available.
NYS Excelsior Scholarship - This scholarship will help to cover the cost of tuition (less the Federal Pell Grant, NYS TAP, SUNY Tuition Credit and other awards not designated as non-tuition based) for qualifying students. For more information or to apply, go to New York State Higher Education Services Corporation. You may also sign up to be notified when the application does become available.
NYS Tuition Assistance Program (TAP) - This is a New York State grant that is determined by your family's New York State net taxable income. You must file a separate application with the New York State Higher Education Services Corporation (NYSHESC) which, in turn, will issue you an official award notice. The TAP amount that appears on the Financial Aid Award Notice is only an estimated award until NYS determines your actual award amount and sends the information to the school.
SUNY Tuition Credit (SUNYTC) - This is a grant awarded to supplement TAP awards. It is automatically awarded to students receiving the TAP Grant. The SUNYTC is also estimated until an actual TAP award is sent to SUNY Geneseo. The amount is calculated based on the actual NYS TAP award.
Educational Opportunity Program (EOP) - This New York State grant is specifically designed for students who have demonstrated both educational and economic disadvantages. Only students admitted to the College through EOP may be awarded this grant.
Federal TEACH Grant- The Federal TEACH Grant is a financial aid option for students in education majors that prepare them to become teachers in high need fields. In exchange for the grant, the student must meet a service obligation by teaching in one of these fields, and at a school that serves low-income students. For more information, click here. Please note that due to the mandatory spending cuts by the federal government through sequestration, TEACH funds may be reduced and/or canceled. If a revision is made to your award, we will send a new award notice.
Loans (Must be Repaid)
Federal Direct Loans - The interest rate for Direct Subsidized & Unsubsidized Loans will be set on July 1. Interest rates are fixed for the year, in accordance with the US 10-year Treasury Note. Funds are borrowed directly from the U.S. Department of Education. The Department of Education charges a small* origination fee (1.057%). For example, a $3,500 loan pays to your account as $3,463. Repayment will begin 6 months after you cease being at least a half-time student. All first-time borrowers need to complete Entrance Loan Counseling and a Master Promissory Note. Additional information will be sent to new borrowers after May 1st.
Federal Direct Subsidized Loan - This is a need-based student loan. Interest does not accrue while the student is attending school at least half-time (6 credits or more).
Federal Direct Unsubsidized Loan - This is not a need-based loan. Interest accrues while the student is attending school and during repayment.
Federal Direct Parent Loan for Undergraduate Students (PLUS) - A PLUS Loan can be used to cover any shortfall between the cost of attendance and financial aid offered to the student. Interest rates are fixed for the year, in accordance with the U.S. 10-year Treasury Note. Funds are borrowed directly from the U.S. Department of Education. The Department of Education charges a 4.228%* origination fee. For example, a $13,000 loan pays to your account as $12,450. Parents have the option of making the monthly payments immediately or deferring payments while the student is enrolled. The Direct Parent PLUS Loan require a credit check and a separate application on www.studentaid.gov after May 1.
* Direct Loan interest rates and origination fees may change without notice due to Federal legislation.
Federal Perkins Loan - As of October 1, 2017, the Perkins Program has been eliminated, therefore funding is no longer available from this source. The interest rate was fixed at 5%, but interest does not accrue while you are enrolled at least half-time (6 credits or more). Repayment begins 9 months, after you cease being at least a half-time student.
Private Student Loans - As an alternative to the Parent PLUS Loan, private student loans may be available for creditworthy borrowers/co-borrowers. Private student loans are offered by some banks and lending institutions to assist in paying for college - they should only be considered if you need additional funds beyond the federal and state financial aid programs. Please go to http://www.elmselect.com for a list of lenders that our students have commonly used. Each lender's loan program may be different; however, commonalities include:
Loans are in the student's name, with an eligible cosigner (a credit check is done)
Option of a variable or fixed interest rate
Interest rates and loan fees may vary based on the cosigner's creditworthiness
Interest accrues on the loan while the student is in college
Geneseo will certify the loan amount up to the cost of attendance less any other financial aid
Alternative student loans should be chosen carefully. Since they are not federal student loans, terms and conditions can vary widely. These loans will only be added to your financial aid package once you apply and are approved by the lender.
Work ("College Work-Study Job")
Federal Work Study - This program allows students to work on a part-time basis to earn money to pay for indirect costs. Funding is extremely limited. Students must be eligible for need-based financial aid AND have their application submitted in a timely manner to be considered for Federal Work-Study.
Earnings are not paid to the student's bill, but received in a paycheck/direct deposit to your bank account. If you are awarded and accept a Federal Work Study position, you will work between 5-6 hours per week, usually in an on-campus job. You will be paid every two weeks.
If you are not awarded work study, but still wish to seek part-time employment, go to Geneseo's Student Employment web page.