Students attending Monroe College may be eligible for one or more types of
financial aid in the form of government grants, federally guaranteed loans, work-study programs, college grants, loans, and scholarships. Students may also research outside
scholarship sources through a variety of computer
programs found in the main branch of the public
library and on the Internet.
Financial aid funds are awarded according to the stu-dent’s financial needs
as defined by a federal government formula, Monroe’s
equity packaging, the availability of funds, and
meeting all state and federal eligibility requirements. Such funds must be used for school-related expenses.
Each program has its own eligibility requirements based on either federal or
state regulations and/or Monroe College policies.
To establish eligibility for aid, students must
complete the necessary applications and upon request,
provide documentation of income, family size,
and eligibility. Dependent students will also
need to supply their parent(s)’ social security number(s) and date(s) of birth.
All applicants to Monroe College will have the opportunity to meet with a counselor
to review the Free Federal Application for Federal
Student Aid (FAFSA). Proof of eligibility and all income information from the previous year will be necessary
for completion of the FAFSA. Estimates of aid
will be discussed at this time.
Continuing students can meet, as needed, with a Financial Aid Counselor each
new application year (generally around February or March) to complete a new Free FAFSA and discuss their
financial aid estimates for the upcoming award
year. Students are encouraged to utilize the Department
of Education’s WEB site (FAFSA on the WEB). Monroe
College provides the necessary computer access
and support in order to assist the student in
expediting this process. The student should have a Federal PIN from the previous
year. If not, the student and parents of dependent students should apply for a PIN via www.pin.ed.gov. Continuing
students seeking financial aid for the Spring
and/or Fall semesters need to complete their applications
before the start of the Spring semester. Students
who begin Monroe College in the Spring semester
must file their application for financial aid
for the Fall semester prior to July 14th.
The Free Application for Federal Student Aid (FAFSA) is used to determine eligibility
for all federal grants, loans and work study programs. New York State will also use it to finalize the student’s
TAP award or to prepare an Express TAP Application
(ETA), which will be sent to students and must be returned to the Financial Aid Office within a week of its receipt.
FEDERAL FINANCIAL AID PROGRAMS (TITLE IV)
FEDERAL PELL GRANT PROGRAM
The Federal Pell Grant is an entitlement program that grants awards to matriculated
students in good standing based on their financial
need. In the 2005–2006 academic year awards for full-time students will range from $400 to $4,050 per year.
Students attending less than full time remain
eligible for Pell at a prorated rate. The
amount of the grant depends on a family’s
financial status (determined by a Federal formula), the cost of attendance at the school chosen and
a student’s enrollment status.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
Eligibility for FSEOG awards is determined by a standardized needs analysis in conjunction with Monroe’s packaging guidelines. FSEOG
awards will be awarded to students who are
matriculated Pell recipients, with EFCs between
0 and 300, and who have met the requirements
of satisfactory academic progress.
Award Schedule: The total FSEOG award may typically range from $50 to $800 a semester. Exceptional
circumstances may be considered for increasing awards. The “neediest” students (as
determined by needs analysis) will be considered
first for FSEOG funds. Award amounts are determined
by a needs analysis and the availability of
funds.
In order to ensure consideration for FSEOG, the following deadlines must be met:
Fall Semester:
- Students already enrolled must file their FAFSA by June 30th.
- Spring starts must file their FAFSA by July 16th.
- Readmit students must be authorized and file their FAFSA by July 14th.
- Freshmen must be authorized and file their FAFSA by July 28th.
