Below are important notices from the Office of Student Financial Services. Please take the time to carefully review this information as they will help prepare you for the 2013-2014 year.
Part I – Financial Aid and Billing Information
- Financial Aid Application Process
Students should file the 2013-2014 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. MCNY's federal school code is 009769.
- Students who are undergraduate New York residents should file the New York State TAP grant application at www.tapweb.org. Our school code is 1099.
- Degree Student Billing and Payment Information
Registered students, invoiced at the time of registration, will be required to make payment by the start of the semester. Students can make electronic payments on Self-Service.
Part II – Changes to the Federal Student Aid Programs
- Federal Direct Student Loans
Since the 2012-2013 year, the Federal Direct Student Loan programs have several changes noted below:
Effective for loans first disbursed on or after July 1, 2012, a subsidized student loan is for undergraduate students only. The repayment period still begins 6 months after the student is no longer enrolled at least half-time, but interest that accrues during those six months will be payable by the student rather than be subsidized by the federal government. Also eliminated from the Federal Student Aid Program is the Up-Front Interest Rebate Incentive for loans first disbursed on or after July 1, 2012.
For loans first disbursed on or after of July 1, 2013, students will pay an origination fee up of 1.05% (there's a 4.2% origination fee for PLUS loans). This fee is deducted from the loan prior to disbursement.
- Federal Pell Grants
All Pell eligible students have a 12 Semester Lifetime Limit to receive Federal Pell Grants. Students will be notified via their financial aid award letter as their approach or meet their Pell Grant lifetime eligibility.
For the 2013-2014 year, students and parents are highly encouraged to import their IRS tax return information and not change it by using the "IRS Data Retrieval Tool" within the FAFSA application.
Some students may be selected to verify the information they submitted on the FAFSA and will be required to submit additional documents or information including 2012 Federal Tax Transcripts in lieu of tax returns. Tax Transcripts may be ordered through the IRS's website at https://sa2.www4.irs.gov/irfof-tra/start.do%20 or by calling 1-800-908-9946.