SUNY Orange

Federal Financial Aid Programs

Federal Pell Grant*

The Federal Pell Grant provides grants ranging from *$ 400 to $4,310 a year to all eligible applicants. Students should file a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov after January 1 and prior to September registration listing SUNY Orange as one of the colleges (code #002876). One month to six weeks after filing, the Financial Aid Office will receive the FAFSA information electronically in the form of an Institutional Student Information Report (ISIR) which will be used to determine eligibility for all Federal Aid.

The student must be enrolled at the time that the ISIR is received at the Office of Financial Aid. Although the Federal Government allows the FAFSA to be filed by June 30, the receipt of a valid result must be on file by the student's last day of class. The FAFSA is available at local High Schools or the College's Financial Aid Office. The website to use for Federal aid is www.fafsa.ed.gov. There is no fee for processing this form. For Students required to take developmental courses, Federal Aid funds will only pay for 30 credits attempted of developmental study. Students holding baccalaureate degrees are ineligible for the Federal Pell Grant, but must file the FAFSA to receive other aid consideration.

* Subject to change.

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Federal Academic Competitiveness Grant*

Pell recipients who have graduated high school after January 2005 with a rigorous diploma may be eligible for the new ACG. This award, granted to U.S. Citizens only, is based on year in college along with academic grades. FAFSA required.

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Federal Perkins Loan*

Students who demonstrate exceptional need may be eligible to receive up to $20,000 as an undergraduate ($ 4,000 maximum per year). Loans, however, generally range from $500 to $2,000 a year, at 5% interest with approximately 10 years to repay. New borrowers (as of 87/ 88) have nine months after termination of his or her studies to begin repayment. FAFSA required.

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Federal Supplementary Education Opportunity Grant (FSEOG)*

High-need students may be eligible to receive Federal SEOG grants ranging from $300 to $500 a year. Monies through this program are extremely limited. Students who have earned a bachelor's degree are not eligible. FAFSA required.

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Federal College Work-Study (FCWS)*

Eligible students may work part-time while in college to help defray their educational cost. Salary is $8.00 per hour (subject to change) for 10 to 15 hours work per week. All students awarded work-study are placed on the job by the college's Placement Office (the College Work-Study Manual provides further information). FAFSA required.

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Federal Subsidized and Unsubsidized Stafford Loans*

The Federal Stafford Subsidized and Unsubsidized loan is available to any student who is a:

  • US citizen or permanent resident.
  • Enrolled for at least 6 credits of undergraduate degree studies.
  • Has completed the current academic year FAFSA.
  • Has maintained Federal Satisfactory Academic Progress requirements.
  • Student has not exceeded his or her annual lifetime aggregate loan limit.

There are two types of Federal Stafford loans; Subsidized and Unsubsidized. Students who demonstrate financial need may obtain a subsidized loan. A borrower in this category does not pay interest on the subsidized loan while they are in school. The federal government pays the interest for the borrower. Students who do not demonstrate financial need may obtain an unsubsidized loan. A borrower in this category is responsible for the interest as it accrues, and is added to the principle balance of the loan. The following chart identifies Stafford loan interest rates for the next 5 years on undergraduate Subsidized and Unsubsidized loans:

  • 6.0% fixed rate for Subsidized Stafford on or after July 1, 2008
  • 5.6% fixed rate for Subsidized Stafford on or after July 1, 2009
  • 4.5% fixed rate for Subsidized Stafford on or after July 1, 2010
  • 3.4% fixed rate for Subsidized Stafford on or after July 1, 2011
  • Beginning July 1, 2012, rates revert to 6.8% fixed rate.
  • Unsubsidized Stafford Loans remain at 6.8% fixed rate.

An up front fee for origination and default, of up to 2% for undergraduate students maybe deducted from the loan proceeds. Some lenders and/or guarantors may pay all or a portion of the fees.

Loan limits for the Federal Stafford Loan Program are as follows:

Dependent Students (Except Students Whose Parents Cannot Borrow a PLUS Loan)

  • Freshman, 29 and less credit, $3500 Base amount, $2000 additional Unsub. loan
  • Sophomore, 30 credits or more, $4500 Base amount, $2000 additional Unsub. loan

Independent Students

  • Freshman, 29 and less credits, $3500 Base amount, $6000 additional Unsub. Loan
  • Sophomore, 30 credits or more, $4500 Base amount, $6000 additional Unsub. loan

Federal Stafford Aggregate Loan Limits:

  • Dependent Students, $23,000
  • Independent Students, $46,000

Parent Plus Denial and Unsubsidized Stafford loan Eligibility

Dependent students whose parents apply for and are denied the Parent Plus loan, are eligible to borrow additional Unsubsidized Stafford loan money. The maximum amount of additional Unsubsidized Stafford loan a student can borrow is determined by their academic standing and their unmet need. Freshman and Sophomore students are eligible for an additional $4000 in Unsubsidized Stafford loan money. In order to be eligible for additional Stafford loan money federal regulations require that parents apply for and be denied for the PLUS Loan every academic year to determine student’s eligibility.

How SUNY Orange selects Lenders For Your Consideration:

Our office has established processing protocols with our most frequently used lenders for Federal Stafford and PLUS loans. These lenders offer competitive borrower benefits and flexible repayment options. When filling out your Electronic Master Promissory Note (eMPN) at www.hesc.com, a drop down menu will appear with a suggested list of lenders we have selected based on competitive borrower benefits and flexible repayment options. At the bottom of the drop-down menu will be a selection for “other”. If you choose “other” a selection list of lenders approved by the State will appear. You are free to choose among this list of lenders as well. We find that student borrowers want a simplified loan process that relies on the Internet as they have become accustomed to doing business with a “click” of the mouse. Waiting on line is unacceptable from both a borrower and school perspective.

All of our suggested lenders:

  • Offer a variety of payment options such as auto-debt, web payment etc., while maintaining trained staff to answer questions.
  • Are federally insured, or are affiliated with a federally insured financial institution.
  • Offer “Value” which may include added services like incentives for on-time payments, or opportunities to defer payments until graduation; provide useful tools on their web sites to educate students on financial issues such as debt management, as well as credit management/credit card education programs. Lenders should provide students with a variety of payment options, such as auto-debit or web payment.
  • Participate with electronic processing of funds in order to assure quick payment to students.
  • Lenders should provide web-based default management tools and early intervention for borrowers who are delinquent on their loan payments. Lenders should also provide information to borrowers about costs of deferment and forbearance options.

We hope that our list of “suggested lenders” will be useful to you in making informed decisions on lender choice, however, you may choose any lender that participates in the FFELP Stafford Loan Program. Processing will be done in a timely and efficient manner.

Suggested Lenders

Lender Lender Code 08/09 Benefits and Fees Student Customer Telephone Origination & Servicing:
Bank of America 824421
  • 1.0% origination fee      After July 1st, 2008      
  • 1.0% Default fee
  • .25% interest rate reduction for Bank of America checking or saving account customers.
 1-800-
344-8382		 Great lakes
Nelnet 833669
  • 1.0% origination fee      After July 1st, 2008.
  • 1.0% Default fee.         
  • .25 % interest rate reduction for setting up auto debit.
 1-877-
804-3603		 Nelnet
Sallie Mae 802218 0.25% interest rate reduction for auto-debit 1-888-
272-5543		 Sallie Mae
Wachovia 830005 0.25% interest rate reduction for auto-debit 1-800-
338-2243		 ACS


Electronic Master Promissory Note (eMPN)

The Electronic Master Promissory Note (eMPN) must be completed each academic year for both freshman and sophomore borrowers at SUNY Orange. The eMPN can be completed on-line at www.hesc.org , click on; Students Families Borrowers & Counselors, next, New York Residents, next, Complete the e-MPN apply for your loan. Students will need:

  • Your driver's license number, if you have one.
  • The names, addresses and telephone numbers of two different references (these references must live in the U.S.).
  • Your HescPIN. If you do not have a HescPIN yet, begin the process anyway. When you reach the Borrower Authorization section, there will be a prompt to allow you to set one up.

Stafford Entrance Counseling

Stafford loan entrance counseling, which provides a summary of borrower’s right’s and responsibilities, is required of all Stafford Loan Borrowers. You must complete an entrance interview before you receive a Stafford Loan from SUNY Orange. You may complete the Stafford Loan Entrance Interview at www.mapping-your-future.com. Each year a Federal Stafford Loan Written Test is also required to be taken in the Financial Aid Office. Please stop by our office to complete this form. We are located on the third floor of the Shepard Student Center room 346.

Disbursement

Disbursement of Federal Stafford loans occur when the student’s lender sends money to SUNY Orange in the form of Electronic Funds Transfer (EFT). The funds are received by the Business Office and the funds are applied to the student’s account as a payment. If the loan disbursement exceeds the student’s account balance, the student will be sent a refund check for the remaining balance of the loan.

The process of applying a loan payment to a student account and then generating a refund check to the student takes approximately 14 business days from the day the loan disbursement is received by SUNY Orange.  

Loan Disbursement

Loan disbursements occurs once per semester for a typical student attending SUNY Orange based on a typical Fall/Spring academic year. In other words, a student will receive half of their full loan amount in the Fall term and the second half of their loan amount in the Spring term. If a student is attending Fall, Spring or Summer terms only, the student would receive 2 disbursement in the same term. New students to SUNY Orange have a 30 day delay from the first day of classes on Electronic Funds Transfer (EFT) sent to SUNY Orange, due to Federal Regulations.

Stafford Loan Disbursement Schedule

All Stafford loans will be paid out to students within 14 days from the date the funds are received from the lender. All refund checks will be mailed.

Stafford Exit Counseling

Stafford Loan Exit Interview Counseling reinforces the borrower’s rights and responsibilities, and provides information regarding repayment of the student’s loan.

All SUNY Orange students with a Stafford loan history are required to complete Exit Interview Counseling when the student graduates, withdraws, or drops to less than half time studies (less than 6 credits). An Exit Interview may be completed at www.mapping-your-future.com .

Repayment

 After separation from college due to graduation, withdrawal, or dropping to less than half time studies, a student receives a 6-month grace period before starting repayment. There are a variety of repayment options. Students who have difficulty with making payments should contact their lender in order to review their deferment and forbearance options. A typical repayment period is based on 10 years , however the period may be extended based on the amount borrowed. Knowing what your monthly loan payment will be is critical to managing your finances after your separation from college. Visit www.finaid.org, click on calculators, you will see several options available on loan calculations. This tool is useful in calculating your monthly student loan payment.

Sample Repayment Chart (PDF)

Loan Consolidation (Federal Stafford)

Loan Consolidation provides the student with the opportunity to lock-in one interest rate for all the outstanding loans the student may have. New York State Higher Education Services Corporation (HESC) has useful information for those students interested in consolidating their student loans. For additional information go to www.hesc.com , click on Students, Families, Borrowers & Counselors, next New York Residents, next Loan Consolidation: Learn the Pros & Cons, Start the Process. The Federal Department of Education also provides information about Stafford loan Consolidation at: www.loanconsolidation.ed.gov .

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Parent Loan for Undergraduate Students*

Parents (of dependent students) may apply for a Federal Parents Loan for Undergraduate Students (FPLUS) at a fixed interest rate capped at 9% for loans disbursed after July 1, 1994. Repayment begins 60 days after receipt of the loan check; however, deferral provisions are available. The maximum loan is cost of education less any other aid received. Therefore, a FAFSA must be completed to determine eligibility. Parents should submit a New York State Higher Educations Services Corporation Loan (FPLUS) application that may be obtained at your local bank or lending institution. An origination fee of 3% is deducted proportionately from each loan disbursement made to you. Note: An additional insurance fee of up to 1% may also be deducted by the bank. Checks are made co payable to the parents and the institution.

Sample Repayment Chart (PDF)

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Veterans Benefits

All certificate and degree programs are approved for members of the Selected Reserve and National Guard, G. I. Bill veterans, eligible dependents, and disabled veterans. Veterans should inquire at the Veterans Office in the Counseling and Guidance Center, located on the third floor, College Commons.

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Aid for Native Americans

Aid for Native Americans may be available through the Bureau of Indian Affairs, Washington, D. C., or regional office.

* All students must make academic progress in order to recieve Ferderal (TIV) Aid. These academic standards are reviewed at the end of the Spring semester. Please refer to the SUNY Orange catalog to view the Federal Standards of Progress Eligibilty Chart.

Their website is http://www.oiep.bia.edu/. Aid for Native Americans may be available through the New York State Education Department. Their web site is http://www.emsc.nysed.gov/rss/natamer/home/html.

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General Financial Aid Information:

(845) 341-4190 or
1-888-OCCCEXT (622-2398)
SUNY Orange
Office of Financial Aid
115 South Street
Middletown, NY 10940

Office Hours:

Middletown: M-F 8am-5pm Wednesday 8am-8pm
Newburgh: Mid-September through December and February through May: Tuesday and Wednesday 9am-5pm (Call for Newburgh summer hours)

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