Federal Financial Aid Programs

Federal Pell Grant

The Federal Pell Grant is awarded to eligible full and part-time undergraduate students. The amount of the award is determined by the student’s financial need. The Federal Pell Grant may be used for any college related expenses and, as a grant, does not have to be repaid (unless the student stops attending classes and it is determined that the student has been overpaid). Students who have already completed their first baccalaureate (four-year) degree are ineligible to receive a Federal Pell Grant.

All students may receive Pell grants for up to 12 semesters, measured by percentage of Scheduled Award(s) disbursed (“Lifetime Eligibility Used,” or “LEU” field in COD up to 600%). Award Schedule: Federal Pell Grant awards for the 2024-2025 academic year range from $740 to $7,395. The amount of the award will be affected by the (SAI) Student Aid Index, student’s cost of attendance and enrollment intensity.

Application Procedures: Complete the Free Application for Federal Student Aid (FAFSA) annually and submit the application for processing. After the application has been processed, the student will receive a FAFSA Submission Summary. Based on the summary information, the Financial Aid Office will determine the student’s eligibility for Federal student aid. Once the award is determined, the Federal Pell Grant will be credited to the student’s account and will be disbursed according to the College’s disbursement policy.

Year-Round Federal Pell Grants

In certain situations, an eligible student can receive up to 150 percent of his or her scheduled Pell Grant award for an award year. For example, if you are eligible for a $2,000 Pell Grant for the award year and are enrolled full-time for both the fall and spring semesters, you’ll likely receive $1,000 in the fall and $1,000 in the spring. However, under certain circumstances, you may be eligible to receive an additional $1,000 in the summer semester (resulting in your receiving 150% of your original award).

Federal Supplemental Educational Opportunity Grant (FSEOG)

This Federal grant is awarded to eligible full and part-time undergraduate students. The amount of the award is determined by the student’s financial need, and by the amount of funding available to the College. FSEOG may be used for any college-related expenses and, as a grant, does not have to be repaid (unless the student stops attending classes and it is determined that the student has been overpaid).

Application Procedures: Eligibility for FSEOG is automatically determined for all students who complete the Free Application for Federal Student Aid (FAFSA).

Selection of Recipients and Allocation of Awards: To be eligible for FSEOG, the student must: (1) be in exceptional financial need determined by the Student Aid Index (SAI) (2) be matriculated in an eligible degree program (3) not owe any refunds from the Federal Pell Grant or any other award program, and (4) the student must not be in default on any student loan.

Award Schedule: Awards range from $100 to

$1,000 depending upon the student’s financial need, the availability of FSEOG funds at C- GCC, and the amount of any other financial aid.

Federal College Work Study Programs (FCWS)

The Federal College Work-Study Program is financed by federal & institutional funds. This program gives the student the opportunity to pay for part of his/her educational expenses by working a part-time job either on- or off- campus.

Application Procedures: Eligibility for FCWS is determined for all students who complete the FAFSA, indicate an interest in Work-Study, and complete a work study contract.

Selection of Recipients and Allocation of Awards: In order for a student to be eligible for FCWS, the student must be matriculated, enrolled at least half time in an eligible degree program and demonstrate financial need. Financial need is determined by the information provided on the student’s FAFSA. The college makes employment reasonably available to all eligible students. In the event that more students are eligible for FCWS than there are funds and/or positions available, preference is given to students on a first-come, first-served basis.

William D. Ford Direct Loan Program

Direct Stafford Loans are a way for the student to borrow money from the Department of Education to help finance his/her education. The student may authorize the college to use loan proceeds to pay for college charges, and balances will be refunded to the student to be used for other educational expenses. There are three types of Direct Student Loans:

Direct Subsidized Stafford Loans – A Subsidized loan is based on financial need. Interest will be deferred while the student is in college.
Direct Unsubsidized Stafford Loan – An Unsubsidized loan is not based on financial need. Interest starts accruing at the time the loan is disbursed and continues until it is paid in full.
Direct Parent PLUS loan – A PLUS loan is for parent(s) of eligible dependent students to assist with their child’s educational expenses. Repayment begins 60 days after the loan is disbursed.

Application Procedures: Eligibility for the Federal Direct Subsidized and Unsubsidized loans is automatically determined for all students who complete the Free Application for Federal Student Aid (FAFSA). If the student chooses to borrow a loan, he/she must submit a Federal Direct Student Loan Application. The student will be required to sign an online master promissory note and complete an online entrance interview as part of the application. The forms can be found at https://studentaid.gov.

Selection of Recipients and Allocation of Awards: To be eligible for a Federal Direct Loan, the student must: (1) be a U.S. citizen or permanent resident alien; (2) be enrolled in at least six degree-applicable credit hours and be matriculated in an eligible degree program; and (3) not owe any refunds from the Federal Pell Grant or any other award program and must not be in default on any student loan.

Loan Schedule: A first-year undergraduate student (defined as less than 30 Degree hours earned) may borrow up to $3,500 per year. Eligibility increases to $4,500 for students defined as second-year students (30+ earned degree hours). Students may qualify for additional unsubsidized federal direct Stafford funds depending on their dependency status. An undergraduate may borrow up to an aggregate limit of $31,000 or $57,500 if the student is considered independent for federal financial aid purposes. C-GCC is required to delay the first disbursement of all federal loans for first-time freshman borrowers until the 31st day of the term.

Repayment Terms: The interest rate for the Federal Direct Subsidized Loan program is fixed at 5.50 percent. The interest rate for the Federal Direct Unsubsidized Loan program is fixed at 5.50 percent. The interest rate for the Federal Direct PLUS Loan is fixed at 8.05 percent. Additionally, all Federal Direct Subsidized and Unsubsidized Loans borrowers are charged an origination fee of 1.057 percent. Direct PLUS borrowers are charged a 4.228 percent origination fee.

There are several different ways to repay a Federal Direct Loan:

A standard repayment plan has a fixed monthly repayment amount for a fixed period of time, usually 10 years.
An extended repayment plan has a lower fixed monthly payment amount, and loan repayment can be extended beyond the usual ten years.
A graduated repayment plan usually begins with lower monthly payments, and payment amounts increase at specified times. Payments may be for the usual ten-year period, or they may be extended beyond 10 years.
An income-based repayment plan sets an annual repayment amount based on the borrower’s income after leaving school. The loan is repaid over an extended period of time, not to exceed 25 years.
Pay as you Earn Repayment Plan (PAYE) has a maximum monthly payment of 10 percent of discretionary income and are recalculated each year.
The Saving on A Valuable Education (SAVE) Plan has a maximum monthly payment of 10 percent of your discretionary income and the payments are recalculated each year. Good option if you are seeking the Public Service Loan Forgiveness plan.
Income-Contingent Repayment Plan is the payments will be lesser of 20 percent of discretionary income and recalculated each year.

The Direct Loan Servicing Center will be responsible for maintaining the student’s loan account and repayments. It is the student’s responsibility to maintain contact with that agency. The student will receive information at both the entrance and exit interviews.

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in his/her program. The student must not owe any refunds from the Federal Pell Grant or any other award program and must not be in default on any student loan. The student must be enrolled in degree-applicable credit hours and continue to attend classes regularly.

Title IV Disbursement Policy Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) and Direct Student Loans

After tuition and other charges (such as Café Cash, bookstore, day care and emergency loans) due to Columbia-Greene Community College are deducted, the remaining financial aid will be refunded to the student.