Types of Aid
Financial Aid comes from a variety of sources. These include:
- The Federal Government
- New York State
- Outside organizations
To be eligible for any federal/state program students must meet the following eligibility requirements:
- United States citizen or eligible non-citizen
- Matriculated (i.e. pursuing a degree or certificate)
- Making Satisfactory Academic Progress as defined by Queensborough
Academic Requirements for Federal Aid Academic Requirements for State Aid
Federal Work-Study (Employment)
Queensborough Community College participates in the Federal Work-Study Program. The program enables a qualified student to pursue a degree while holding a part-time job. This employment may be located on or off campus and may take place during the academic year (including vacation periods) and/or during the summer months. Eligibility for this program is based on the financial status of the student and/or his or her family. Recipients are required to maintain satisfactory academic progress as stated under the PELL program. Students must apply on the FAFSA form.More Information
Financial Aid Questions? Questions about applying for Financial Aid? Get video answers below, or head to Financial Aid TV
Financial Aid Questions? Questions about Loan Programs? Get video answers below, or head to Financial Aid TV
How to apply:
A student seeking a loan under the Federal Direct Stafford Loan program must first complete a Free Application for Federal Student Aid (FAFSA) to determine student eligibility. After completing the FAFSA the student must login to their CUNYfirst account to complete a Direct Loan request Form. The Federal Direct Loan request form can be found in CUNYfirst under the Student Services Center tab. First time borrowers must complete Entrance Counseling and the Master Promissory Note (MPN). This should be done by visiting www.studentloans.gov.
Please note, you may only use the Direct Loan Processing Form in CUNYfirst once during the same academic year. If you wish to increase your loan in the same academic year, you must come into the Office of Financial Services, located in the Library Building Room 409 and complete a paper Direct Loan Processing Form and an additional loan will be processed.
Federal Stafford Loans
This program provides low-interest loans totaling up to $31,000 for “Dependent” students and $57,000 for “Independent” students to cover undergraduate work. An eligible Queensborough student who is enrolled at least halftime (six credits and/equated credits) may borrow up to a total of $3,500 for the freshman year and up to a total of $4,500 for the sophomore year. The amount of the loan will be determined by the student’s Expected Family Contribution (EFC). No payments are required while the student is in school. Repayments begins six months after the student graduates, withdraws, or falls below half-time (6 credits).
There are two types of Federal Stafford Loans
- Subsidized Federal Stafford Loan: The interest on this type of loan is paid by the Federal government while the student is attending college. In addition to the amounts above, students are eligible to borrow an additional $2,000 Unsubsidized Federal Direct Stafford Loan. Students determined to be “Independent” based on the FAFSA, are eligible to borrow an additional $6,000 Unsubsidized Federal Direct Stafford Loan. To be eligible for the Subsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) demonstrate satisfactory academic progress; (d) not be in default on a prior educational loan; (e) show financial need; and (f) file a FAFSA to determine the Expected Family Contribution (EFC).
- Unsubsidized Federal Stafford Loan. The interest on this type of loan is paid by the student while he or she is attending school or the interest is added to the loan. To be eligible for the Unsubsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) demonstrate satisfactory academic progress; (d) not be in default on a prior educational loan; and (e) file a FAFSA to determine the Expected Family Contribution (EFC).
150% Direct Subsidized Loan Limit
First-time borrowers taking out Federal Direct subsidized loans on or after July 1, 2013 are subject to the 150% Direct Subsidized Loan Limit, which limits the amount of time a student is eligible to borrow subsidized loans to 150% of their published program length. For a student in a two-year program, the maximum amount of time the student can receive a Subsidized Direct Loan is three years.
Federal regulations require QCC to prorate Federal Direct Loans when a student is enrolled in a program that is one academic year or more in length, but the student is in a remaining period of study that is shorter than the full academic year. This will mostly affect students that will graduate from their program of study at the end of the summer or fall semesters.
Loan Proration Formula: Number of credit hours divided by the number of credit hours in an academic year (24) multiplied by the annual Federal Direct Loan limit for the student’s grade level.
(12 ÷ 24) x 4500 = $2,250
(12 ÷ 24) x 2000 = $1,000
*Subsidized and unsubsidized loans are calculated separately in order to determine the maximum for each loan.
Federal Parent Loan For Undergraduate Students (PLUS)
If you are a dependent student and your parents wish to request a Federal Direct PLUS Loan, they should follow the steps below:
Parent borrower must login to www.StudentLoans.gov, using his/her FSA ID (the same FSA ID that was used to sign the student's FAFSA), and request that the U.S. Department of Education obtain a PLUS Credit Check. If the borrower does not already have a FSA ID or has forgotten it, a new one may be obtained by following the link to the FSA ID site (wwww.fsaid.ed.gov). Results of the credit check will be available instantly.
If the credit is approved, the Federal Direct PLUS Loan Electronic Master Promissory Note (e-MPN) must be completed if one was not completed previously
A Federal PLUS Loan Request Form must be completed by the parent borrower & submitted to the Office of Financial Services along with the results of the credit check from StudentLoans.gov
For additional information regarding Federal PLUS Loans & options for parents whose credit is denied, please refer to the PLUS FAQ below.
Federal PLUS Frequently Asked Questions (FAQ)
What are the options for the Parent PLUS borrower denied for a Federal Direct PLUS loan?
Parent borrowers can opt for additional unsubsidized loan eligibility for the student.
Parent borrowers can opt to provide documentation of extenuating circumstances and appeal the decision.
Parent PLUS loan borrower can opt to obtain an endorser with a more favorable credit history to act as a co-signor. The endorser must complete a process, similar to the original application, either online or through the mail. The online process requires that the endorser have a FSA ID. The borrower who has been denied will automatically be mailed a paper Endorser Package. Both processes require that the endorser know the Loan Reference ID which will be provided to the denied borrower via email or can be viewed by the denied borrower when signed onto www.StudentLoans.gov.
Please note: There is now a regulatory provision that requires special loan counseling for any PLUS Loan applicant who has an adverse credit history but who qualifies for a PLUS Loan through the process for reconsideration due to extenuating circumstances or by obtaining an endorser for the loan. If you are required to complete this special loan counseling you will be notified by the US Department of Education and directed to the student loans website at www.studentloans.gov . Any PLUS Loan with this requirement cannot be processed until counseling is completed.
How will the student receive the PLUS loan funds?
Once a PLUS Loan has been approved and a MPN has been properly completed, the student will be given credit by QCC for the amount approved for disbursement less all applicable fees.
The approved amount will automatically be split equally between the fall and spring semesters.
Funds will be disbursed by the federal government to the student’s account at Queensborough Community College at the beginning of each semester according to the disbursement schedule set by QCC.
What is the interest rate on federal loans?
The interest rate for all federal PLUS loans disbursed on or after July 1, 2016 will be calculated annually by the federal government based on the 10-year Treasury note index. The current interest rate for new Federal PLUS Loans for the 2016-2017 academic year is 6.31%. The interest rate is fixed for the life of the loan.
When do new PLUS Loan interest rates change?
The interest rate for new Federal PLUS Loans changes every July 1st.
What fees, if any, are associated with these loans?
An origination fee is assessed and deducted prior to loan disbursement. Origination fees are determined by the U.S. Department of Education. Since the origination fee is deducted before the federal government disburses the loan to QCC, the amount credited to the student’s account will be less than the loan amount borrowed. The fee for Federal PLUS Loans disbursed on or after October 1, 2016 and before October 1, 2017 is 4.276%.
To learn more about various federal loan programs, debt management and to view sample repayment plans please visit the following websites:
Federal Perkins Loan Program (FPKL)
Queensborough Community College participates in the Federal Perkins Loan Program. Applicants may borrow up to a maximum of $5,000 during their first two years at Queensborough, provided they remain in good standing. Financial need and availability of Federal funds determine the amount a student may receive. No interest is charged during the time the borrower is enrolled as a qualified student. Upon termination of study, a period of grace extends for nine months before payments begins at 5 percent simple interest for up to a ten-year repayment period. Application is made through the Office of Student Financial Services by completing the FAFSA. To continue their eligibility, students must be enrolled at least half-time and maintain satisfactory academic progress as stated under the PELL program.