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FEDERAL PELL GRANT
•Maximum award $4,700 (2008-09)
•Need-based entitlement funded by federal government
FEDERAL SEOG GRANT
•Awards vary based upon financial need ($1,500-$3,000)
•Limited federal funding available and awarded through the campus
NEW YORK STATE TAP GRANT
•Maximum award $5,000 (2008-09)
•Need-based entitlement funded by state government
FEDERAL SUBSIDIZED STAFFORD LOAN
•Need-based loan program with pre-set annual borrowing limits
•$2,625 Freshman, $3,500 Sophomore, $5,500 Juniors, $5,500 Seniors
•Variable rate set every July 1st
•91 day T-bill + 1.7%, capped at 8.25%
•Repayment - Principle payments and interest deferred until 6 months after graduation
FEDERAL UNSUBSIDIZED STAFFORD LOAN
•Up to $6,000 per year for independent students.
•Depedent students are allowed to borrow through this type of loan only if their parents have been denied the Parent Loan.
•Repayment - Principle repayment deferred until 6 months after graduation, but interest begins to accrue at time of disbursement.
SPECIAL POLY INTEREST RATE PRICING
•Fleet Bank in partnership with Polytechnic University is offering a 2% interest rate reduction on all Stafford and Parent Loans
•Stafford Loans
•Current rate 2.89% less 2% = 0.89%*
•Parent Loans
•Current rate 4.44% less 2% = 2.44%*
FEDERAL WORK STUDY
•Part-time employment opportunities available on campus
•Awards are based upon financial need
•Students are paid every two weeks
FEDERAL PARENT LOAN
•Parents may borrow up to the full cost of attendance
•Loans are based upon credit-worthiness
•Current rate is 4.44%
•Variable rate set every July 1st
•91 day T-bill + 3.1%, capped at 9%
•Repayment begins 60 days after disbursement
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