College Catalog
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Aid

Federal Programs

The following federal student aid programs are administered by the Financial Aid Office. For policies that affect financial aid eligibility, please see section M.

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Federal Work-Study Programs

Federal Direct Student Loan

Summer Federal Pell Grants

Title IV Disbursement Policy

U. S. Department of Veterans Affairs (VA) Educational Benefits

 


Federal Pell Grant
The Federal Pell Grant is awarded to eligible full- and part-time undergraduate students who have not yet earned a bachelor's degree. 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). An undergraduate student can receive 12 semesters (or its equivalent) of full-time Pell Grant funds.

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 Student Aid Report (SAR). Based on the SAR 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.

Selection of Recipients and Allocation of Awards:In order to be eligible for a Federal Pell Grant, the student must be matriculated in an eligible degree program taking degree-applicable credit hours, in good academic standing and making satisfactory academic progress.

Financial need is determined by the information provided on the student’s FAFSA. A formula developed by the U.S. Department of Education and approved by Congress is applied to the application during processing. The formula calculates the student’s Estimated Family Contribution (EFC), on which Pell eligibility is based.

Award Schedule: Federal Pell Grant awards range from $574 to $5,645. The amount of the award will be affected by the student’s cost of attendance and enrollment status. The Pell Grant award is not duplicative of state awards.

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in his/her program. (See Academic Progress requirements). The student must not owe any refunds from the Federal Pell Grant or any other Federal student aid program, and must not be in default on any student loan. The student must be enrolled in degree-applicable credit hours and continue to participate in classes regularly. The student must not have previously earned the equivalent of a bachelor’s degree.

Please refer to the "Guide to Your Financial Aid Awards" brochure available online at www.hvcc.edu/finaid or from the Mastrangelo Financial Aid Center for Pell disbursement information.

What is a Pell Grant?

 

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Federal Supplemental Educational Opportunity Grant (SEOG)
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. SEOG 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 SEOG 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 SEOG, the student must: (1) be in exceptional financial need to the extent that without SEOG the student’s education could not be continued; (2) be matriculated in an eligible degree program and enrolled for six or more credits; (3) not owe any refunds from the Federal Pell Grant or any other Federal student aid program, and 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 SEOG funds at Hudson Valley Community College, and the amount of any other financial aid. The average award at Hudson Valley is $100 per semester.

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in his/her program. (see Academic Progress requirements). The student must not owe any refunds from the Federal Pell Grant or any other Federal student aid program, and must not be in default on any student loan. The student must be enrolled in degree-applicable credit hours and continue to participate in classes regularly. The student must not have previously earned the equivalent of a bachelor’s degree.

Please refer to the "Guide to Your Financial Aid Awards" brochure available online at www.hvcc.edu/finaid or from the Mastrangelo Financial Aid Center for Pell disbursement information.

What is the Federal Supplemental Educational Opportunity Grant?

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

Application Procedures: Eligibility for Work-Study is automatically determined for all students who complete the FAFSA.

Selection of Recipients and Allocation of Awards: In order for a student to be eligible for Work-Study, the student must be matriculated, and enrolled at least half time in an eligible degree program.

Financial need is determined by the information provided on the student’s FAFSA and the cost of attendance at Hudson Valley. A formula developed by the U.S. Department of Education and approved by Congress is applied to the application during processing. The formula calculates the student’s Estimated Family Contribution (EFC). Eligibility for FWS is based on these factors.

The college makes employment reasonably available to all eligible students. Students must apply for FWS after eligibility is confirmed by the Financial Aid Office. All applications are received by the Center for Careers and Employment. Qualified applicants are interviewed for a possible placement.

Award Schedule: The Financial Aid Office and the Center for Careers and Employment will work with the student to arrange a job for up to 20 hours per week during enrollment periods and up to 35 hours per week during non-enrollment periods. Many factors, including, but not limited to, financial need, the student’s class schedule, academic progress and health status, are considered by the Financial Aid Office when determining the student’s work schedule.

Students are paid $8 per hour and receive a paycheck every two weeks.

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

What is a Federal Work Study Job?

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Federal Direct Student Loan
Federal Direct Student Loans are a way for the student to borrow money from the federal government to pay for some of his/her educational expenses. Hudson Valley Community College will use the student’s Federal Direct Loan to pay for school charges, and will disburse remaining money to the student for other educational expenses.

There are three types of Federal Direct Loans:

  • Federal Direct Subsidized Loans - These loans are based on financial need. The federal government will defer the interest on this type of loan while the student is enrolled in college as long as the student is in at least 6 credit hours.

  • Federal Direct Unsubsidized Loans - Eligible students may borrow this type of loan regardless of need. The students are responsible for all interest charged on these loans.

  • Federal Direct PLUS loans - Parents of eligible dependent students may borrow this loan to assist with their child’s educational expenses.

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 complete the loan process on Hudson Valley WIReD. The student will be required to complete an online master promissory note and entrance counseling session as part of the application.

The student must complete an exit interview when he/she graduates or stops attending the college.

Loan applications must be submitted in a timely manner. Students should refer to WIReD for loan procedures and deadlines. The loan process may take up to four weeks.

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 Federal student aid program, and must not be in default on any student loan.

Loan Schedule:A first-year undergraduate student (defined as fewer than 27 degree hours earned) may borrow up to $3,500 per year. Eligibility increases to $4,500 for students defined as second-year students (27+ earned degree hours). Students qualify for additional unsubsidized federal direct Stafford funds depending on their dependency status. An undergraduate may borrow up to a lifetime limit of $31,000 or $57,500 if the student is considered independent for federal financial aid purposes. Hudson Valley Community College 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 3.4 percent for the 2012-2013 academic year. The interest rate for the Federal Direct Unsubsidized Loan program is fixed at 6.8 percent for the 2012-2013 academic year. The interest rate for the Federal Direct PLUS Loan is fixed at 7.9 percent. Additionally, all Federal Direct Subsidized and Unsubsidized Loans borrowers are charged an origination fee of 1.0 percent for the 2012-2013 academic year. Direct PLUS borrowers are charged a 4.0 percent origination fee for the 2012-2013 academic year.

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 10 years.

  • A graduated repayment plan usually begins with lower monthly payments, and payment amounts increase at specified times. Payments may be for the usual 10-year period, or they may be extended beyond 10 years.

  • An income-contingent 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.

It is the student’s responsibility to maintain contact with the loan servicer(s). Students can access their loan history and current servicer(s) at www.nslds.ed.gov.

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in his/her program. (See Academic Progress requirements). The student must not owe any refunds from the Federal Pell Grant or any other Federal student aid program, and must not be in default on any student loan. The student must be enrolled in degree-applicable credit hours and continue to participate in classes regularly. The student must maintain 6 degree applicable credit hours to be eligible.

Please refer to the "Guide to Your Financial Aid Awards" brochure available online at www.hvcc.edu/finaid or from the Mastrangelo Financial Aid Center for Pell disbursement information.

About Loan Programs

 

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Summer Federal Pell Grant

Application Procedures: Eligibility for a summer Pell Grant is automatically determined for all students who complete the FAFSA. Students who do not wish to receive a summer Pell Grant due to the limited number of award semesters remaining must notify the Financial Aid Office in writing.

Selection of Recipients and Allocation of Awards: To be eligible for a summer Pell Grant, students must be matriculated in an eligible degree program taking degree-applicable credit hours, in good academic standing and making satisfactory academic progress.

Award Schedule: The amount of the award will be based on the Pell Grant schedule for the corresponding academic year, the student’s cost of attendance and the student’s enrollment status.

Rights and Responsibilities of Recipients: The student must continue to make satisfactory academic progress in his/her program (see Academic Progress requirements). The student must not owe any refunds from the Federal Pell Grant or any other Federal student aid program, and must not be in default on any student loan. The student must be enrolled in degree-applicable credit hours and continue to participate in classes regularly. The student must not have previously earned the equivalent of a bachelor’s degree.

Please refer to the "Guide to Your Financial Aid Awards" brochure available online at www.hvcc.edu/finaid or from the Mastrangelo Financial Aid Center for Pell disbursement information.

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Title IV Disbursement Policy

Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (SEOG)
After tuition and other charges due to Hudson Valley Community College are deducted, the remaining financial aid will be refunded to the student. The college disburses these proceeds in installments. For percentages and disbursement dates, please visit www.hvcc.edu/finaid/disbursed.

Federal Direct Loan Programs
After tuition and other charges due to Hudson Valley Community College are deducted, the remaining student loan proceeds will be refunded to the student. The college disburses these loan proceeds in installments.

Students should arrive prior to the start of each term with sufficient resources to cover educational costs anticipated through at least the first four weeks of classes (e.g. rent deposits, rent for September/January if due on the first of the month, food, transportation, school supplies, etc.). Loan refunds for first-time borrowers are disbursed no earlier than the 31st day of the term.

To receive student aid, the student must be participating in classes regularly.

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U. S. Department of Veterans Affairs (VA) Educational Benefits
Eligible United States military service members and families are entitled to receive educational benefits for full- or part-time study under the provision of several different programs. They are as follows:

Chapter 30 Montgomery GI Bill® - Active Duty
Chapter 31 Vocational Rehabilitation
Chapter 32 Post-Vietnam Era Veterans’ Educational Assistance Program (VEAP)
Chapter 33 Post-9/11 GI Bill®
Chapter 35 Survivors’ and Dependents’ Educational Assistance Program (DEA)
Chapter 1606 Montgomery GI Bill® - Selected Reserve
Chapter 1607 Reserve Education Assistance Program (REAP)
VRAP Veterans Retraining Assistance Program

Application Procedures: Application forms are available at and submitted to the Registrar’s office in the Guenther Enrollment Services Center.

Veteran Deferrals: Students continuing use of educational benefits may receive a tuition deferral at the Registrar’s Office. Students who will be receiving benefits for the first time at Hudson Valley must submit a Certificate of Eligibility prior to receipt of a tuition deferral.

VA Work Study: This program provides part-time employment to students receiving VA education benefits who attend 3/4-time or more. Work Study students are paid either the State or Federal minimum wage, whichever is greater. More information regarding this program, including how to apply can be obtained at the Registrar’s Office or on the VA Web site.

Rights and Responsibilities of Recipients: Educational and vocational counseling will be provided by Veterans’ Affairs on request. A program of education outside the United States may be pursued at an approved institution of higher learning.

Institutions are required to report promptly to the Department of Veterans’ Affairs any interrupted attendance or termination of study on the part of students receiving benefits.

Military Service Benefits
New GI Bill® - Eligibility
New GI Bill® - Benefits
New GI Bill® - Specific Question

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