Non-Campus Based Financial Aid Programs
Federal Pell Grant (FPELL)
The Federal Pell Grant is an award to help first-time undergraduates pay for their education after high school. A first-time undergraduate is one who has not earned a bachelor’s or first professional degree.
The award is based on financial needs and academic achievement.
Beginning with the 2017-2018 academic year, an eligible student may now receive a full Federal Pell Grant award for summer 2018 even if they will receive a full Federal Pell Grant award during the fall and spring semesters. Year-round Pell allows students to receive up to 150 percent of a regular grant award over the course of the academic year so that they can continue taking classes in the summer and finish their degree faster or even complete their degree earlier.
To be eligible for additional Pell Grant funds:
Student must be eligible to receive Pell Grant funds for the payment period.
Student must be enrolled at least half-time in the payment period(s) (6 credit hours) during the semester the student exceeds 100 percent of the Pell award.
Student must be maintaining Satisfactory Academic Progress.
Please contact or visit the Office of Financial Aid for further details.
William D. Ford Federal Direct Loan Program
The William D. Ford Federal Direct Loan Program provides student and parent loans. The Direct Loan Program differs from traditional student loan programs in that the Federal Government provides the loan principal; private lenders are not involved. (Flexible repayment options and consolidation are also available.)
On Direct Subsidized Loans the Federal Government pays the accruing interest on the loan while the student is in school and during certain deferment periods. All students must complete a FAFSA in order to apply for a Direct Loan. An entrance and exit counseling interview is required. The loan is need-based and a student may not borrow more than his/her need. A student’s financial need is based on the following formula:
Cost of Attendance - Estimated Family Contribution = Financial Need
Private Educational Loans
Alternative Loans are offered through private lenders and are meant to provide additional educational funding only after a student and his/her family has exhausted all other sources of funding, such as federal and state aid. These loans are not guaranteed by the federal government and may carry high-interest rates and origination fees. All alternative loans require a credit check and most will require a cosigner if the borrower has little or negative credit history.
CUNY does not recommend any specific lender/programs. Contact the lender of your choice for details about their program and application process.
Direct Unsubsidized Loans
A student in need of additional aid may apply for and receive a Direct Unsubsidized Loan. (Interest accrues from the date of loan origination and is the responsibility of the borrower.) For both types of loans, repayment of loan principal does not begin until the student has left school and the grace period has expired. An entrance and exit counseling interview is required.
Federal Direct PLUS Loan
FPLUS Loans make funds available to parents borrowing on behalf of their children. The loan is unsubsidized, so parent borrowers are responsible for accruing interest from the date of loan origination.
Repayment begins while the student is still in school and there is no grace period. FPLUS Loans may be counted as part of the expected family contribution and are not based on demonstrated financial need.
Loan amounts depend on the student’s year in school and enrollment status. All students must be enrolled on at least a half-time basis to qualify for a loan.
Borrowers of all Direct Loan Programs must sign a promissory note agreeing to repay the loan.
Veterans Administration (VA) Educational Benefits
Financial assistance is available to eligible veterans and children of deceased veterans or service-connected disabled veterans. Award amounts vary. For more information and applications about the program, contact any regional Department of Veterans Affairs Office in your area or call 800 635-6534.
The Federal Pell Grant is an award to help first-time undergraduates pay for their education after high school. A first-time undergraduate is one who has not earned a bachelor’s or first professional degree. The award is based on financial need and academic achievement.