Types of Financial Aid
Once the financial need is calculated, SUNY Geneseo first awards grants, then work-study and finally, loans. The awards on your Financial Aid Award Notice may change if your FAFSA information is updated, you receive aid from other resources, your cost of attendance changes, or you are not meeting satisfactory academic progress (see chart in the Undergraduate Bulletin).
GRANTS (need-based and not repaid)
Federal Pell Grant - This grant is available to students who have demonstrated high calculated need. The expected family contribution calculated from the FAFSA determines this award. Maximum full-time award for 2013-14 is $5,645 for the year. Students may be eligible to receive Pell for less than full-time enrollment.
Federal Supplemental Educational Opportunity Grant (SEOG) - This award is designed for only 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. Please note that due to the mandatory spending cuts by the federal government through sequestration, SEOG funds may be reduced and/or canceled. If a revision is made to your award, we will send a new award notice.
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 Perkins Loan - This is a need-based loan awarded by the Office of Financial Aid to eligible students. Funds are limited, therefore, priority is given to students who file the FAFSA by the recommended deadlines and demonstrate a high level of financial need. The interest rate is 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. Before your Federal Perkins Loan can be disbursed to the College, you will have to complete an online Perkins Entrance Interview and Promissory Note. You will be notified when this step must be completed.
Federal Direct Loans- The interest rate for 2014-15 Direct Subsidized & Unsubsidized Loans is scheduled to be fixed at 4.66%*. Funds are borrowed directly from the U.S. Department of Education. The Department of Education charges a 1.073%* origination fee. For example, a $3,500 loan pays to your account as $3,462. Repayment will begin 6 months after you cease being at least a half-time student. If accepted, we will notify you with additional information and instructions in early June.
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 Parent PLUS Loan is included in the financial aid award to reflect the difference between the cost of attendance and offered student financial aid that may still be needed. The interest rate is fixed at 7.21%, with about 4.292%* origination fee that is taken off the top of the loan. 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.StudentLoans.gov after May 1st.
* Direct Loan interest rates and origination fees may change without notice due to Federal legislation.
Private Student Loans - As an alternative to the Parent PLUS Loan, private student loans may be available. 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 suggested lenders. 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 credit worthiness
- 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. Please note that due to the mandatory spending cuts by the federal government through sequestration, Federal Work-Study funds may be reduced and/or canceled. If a revision is made to your award, we will send a new award notice.
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 ten and twelve 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, Geneseo's Office of Student Employment, located in Blake A Room 104, will assist you in locating either on-campus or off-campus employment.