Loans and Grants

Loans and Grants

How do I get started?To be considered for Federal Financial Aid, you must complete the Free Application for Federal Student Aid (FAFSA) for each academic year at www.fafsa.gov. Our school code is 002873.

Once your FAFSA is processed, New York State will generate the Express TAP Application (ETA) that you need to complete to be considered for the New York Tuition Assistance Program. For more specific information on New York State-sponsored financial aid programs, go to www.HESC.ny.gov or www.tapweb.org.

The College offers the following federal and state grant and loan programs to matriculated students enrolled in an approved degree granting program. Grant funds do not have to be paid back to the federal or state funding agency.

Effective for the 2015/2016 award year:

Federal Grant Programs

Federal Pell Grant

• maximum annual award is $5,775

Federal Supplemental Educational Opportunity Grant (FSEOG)

• maximum $600 per academic year.

New York State Grants

The Tuition Assistance Program (TAP) is available for all full-time students. When you file your FAFSA, a link will direct you to the TAP application.Aid for Part-Time Study Program (APTS) is offered to students who are registered for between 3 and 11.5 credits. APTS applications and criteria are available on the Financial Aid forms page.

NOTE: Students that have received their high school diploma from a foreign school must take an approved "Ability to Benefit” test and attain a passing score prior to the start of the semester in order to be considered for state aid. Contact the Placement Testing Center at placementtesting@ncc.edu or call 516.572.9604.

Federal Loans

William D. Ford Direct Stafford Loan Program:Freshman maximum - $5,500.00Sophomore maximum - $6,500.00

Interest Rate effective July 1, 2015

• 4.29% for the subsidized loan* Federal government pays interest while student is in school
• 4.29% for the unsubsidized loan Student is responsible for interest while in school
• 6.84% for the PLUS (Parent Loans for Undergraduate Students)

*Federal Direct Subsidized Loans were permanently limited to 150% of the length of a student’s academic program. Students will be limited to receiving subsidized loans for 3 years in a 2-year program or 6 years in a 4-year program beginning July 1, 2013.

Additionally, the borrower who reaches the 150% limitation will have their interest subsidy end for all outstanding subsidized loans that were disbursed on or after July 1, 2013. Repayment does not begin, but like unsubsidized loans, the student (rather than the government) would become responsible for interest accumulation at this point.

You can view your financial aid awards, read messages, accept or decline loans and determine what documents are required. Start by logging in at MyNCC.

• MyNCC Login
• Log in using your NCC ID(N#) and Password
• Select the Financial Aid Tab

Important: If you choose to accept a student loan, you must then complete an Entrance counseling session and Master Promissory Note at www.studentloans.gov.

If you need to request a student loan, complete a Loan Request form

Remember, when a student/borrower has graduated, is enrolled in less than 6 credits or left school, they must complete a loan Exit Counseling session for the Stafford loan. You can complete this requirement online at www.studentloans.gov or come into our office for an in-person loan exit interview.Federal Perkins Loan:

• Maximum - $2,000.00 per year
• Interest rate - 5%

Request an application in the Financial Aid office

Federal Nursing Student Loan:Restricted for students in the Nursing program only

• Maximum - $3,000.00 per year
• Interest rate - 5%

Request an application in the Financial Aid office

Remember, when a student/borrower has graduated, is enrolled in less than 6 credits or left school, an Exit Interview must be completed for the Perkins or Nursing loan. This is separate and in addition to the Direct Stafford loan exit and is done in person in the Student Financial Affairs office.

It's important to be a responsible borrower and manage your student loans.

Default PreventionOnce you have accepted a loan, you are assigned a loan servicer. Your loan servicer is the organization that handles billing you for your loan and can provide you with information about repayment. To find out who your servicer is visit www.nslds.ed.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913).

It is important that you contact your servicer and set up a repayment schedule. If you do not, you could end up in index. Default means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan.

Here are some of the serious consequences of index:

• State and federal income tax refunds can be withheld and applied toward the amount you owe.
• National credit bureaus can be notified of your index, which will harm your credit rating, making it hard to buy a car or a house.
• You will be ineligible for additional federal student aid if you decide to return to school.
• Loan payments can be deducted from your paycheck.
• You will have to pay late fees and collection costs on top of what you already owe
• You can be sued.

You have a choice of several repayment plans that are designed to meet the different needs of individual borrowers. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. If you're having trouble making payments on your loans, contact your loan servicer as soon as possible. Your servicer will work with you to determine the best option for you.

"Financial Awareness Counseling Tool” Attention Loan Borrowers: Regarding Payments sent to ACS