Financial Aid Programs and Award Ranges
A number of grants and scholarships are available
Federal Pell Grant
This is a grant for undergraduates enrolled in an eligible degree or certificate program. Eligibility is determined by the Federal Needs Analysis Methodology. Students must annually complete the Free Application for Federal Student Aid (FAFSA). Awards range from $611 – $6,095.
Federal Supplemental Educational Opportunity Grant (SEOG)
This is a grant administered by the college which is awarded to students who have received a Pell Grant and have financial need. Awards range from $250 – $600.
Federal Work-Study Program
These awards are allocated based on availability of funds to students demonstrating financial need. Awards range from $500 – $1,400.
Federal Perkins Loan
This is a 5% loan administered by the college which is awarded to a student who has demonstrated financial need. Awards range from $300 – $5,000. Visit this site to get more details.
Federal William D. Ford Direct Subsidized Loan
This direct loan allows eligible students to borrow up to $3,500 per year for first-year students directly through the federal government. Second-year students (with a minimum of 28 degree credits earned) may borrow a maximum of $4,500 per year. The actual amount of the loan is determined by a student’s financial need and cost of education. Repayment begins six months after the student ceases to be at least a half-time student.
The interest rate for loans first disbursed on or after July 1, 2020 is 2.75%. Subsidized loans are charged a loan fee of 1.059%. For loans disbursed on or after October 1, 2020, the loan fee will be 1.057%.
Federal William D. Ford Direct Unsubsidized Loan
This is a loan for students who are not eligible to borrow the maximum Federal Direct Loan or who need to borrow in excess of the maximums if eligible. Eligibility is based on the student’s cost of attendance minus other financial aid not financial need. Interest accrued while enrolled in college is the student’s responsibility.
The interest rate for loans first disbursed on or after July 1, 2020 is 2.75%. Dependent students may apply for an additional $2,000 and independent students may apply for an additional $6,000 in this loan but cannot exceed the difference between the student’s budget and other aid. Unsubsidized loans are charged a loan fee of 1.059%. For loans disbursed on or after October 1, 2020, the loan fee will be 1.057%.
Federal William D. Ford Direct Parent Loan for Undergraduate Students (PLUS)
Parents may borrow up to the cost of attendance minus other aid. The interest rate for loans first disbursed on or after July 1, 2020 is 5.30%. PLUS Loans are charged a loan fee of 4.236%. For loans disbursed on or after October 1, 2020, the loan fee will be 4.228%.
NYS Tuition Assistance Program
This is a New York State grant based on NYS net taxable income and tuition charges. SUNY Sullivan awards range from $500 – $4,814.
New York State residents should complete the TAP application at the end of the FAFSA. If you’ve already submitted your FAFSA, you can access the TAP application on the Higher Education Services Corporation (HESC) website.
Excelsior Scholarship Program
SUNY Sullivan is participating in the Excelsior Scholarship program – a state aid program approved under Governor Cuomo’s Free-Tuition Plan for New York State students whose families make less than $125,000/year (AGI on 2017 tax return) and pursue an Associate or Bachelor’s degree, and earn 30 credits each year.
The Excelsior Scholarship Program has separate requirements and a separate application.
The 2020-21 New York State Excelsior Scholarship application will be released on Monday, July 20, 2020 and will be open until August 31, 2020. HESC provided the following update on the handling of student applications. HESC will process student applications, including completing income verification process (IVP) with NYS Taxation and Finance, and will forward credit verification files to campuses beginning next week. New student award notifications will be held, as such, new student awards will not be reflected on the Student Status Listing (SSL) until funding is confirmed. SSL’s with returning scholarship recipients will continue without disruption and, if necessary, funding priority will be given to those recipients.
To ensure that new applicants understand that funding is not guaranteed, HESC has advised that applicants will see the following or similar message when they submit an Excelsior Scholarship application:
“As you are aware, the COVID-19 pandemic has dramatically reduced state revenues and the State is contending with a devastating revenue loss amounting to $61 billion over four years. In light of this, the processing of new Excelsior Scholarship applications is pending Federal assistance, which has been delayed since April. In the absence of multi-year federal funding for New York State awards, Excelsior Scholarship awards may have to be reduced and/or prioritized for current recipients, as provided for under the program.”