Financial Aid

 

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Home :: Financial Aid :: Apply for Aid

How to Apply For Aid

All federal grants, loans and federal work study programs are based on the information you provide on the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at http://www.fafsa.gov/.

In order to receive federal financial aid, you must complete the FAFSA and submit it for processing. You must apply for financial aid every year. If you have questions about the FAFSA, please contact the Office of Financial Aid at 631- 420-2578.

FAFSA Online Six Step Outline

  1. Apply for PIN (Personal Identification Number) at www.pin.ed.gov.
  2. Collect all documents including, income tax transcript, W2 forms and other records of income. A complete list of what you need can be found at http://www.fafsa.gov/. If your tax return is not completed at the time you apply, estimate the tax information, apply and correct the information later.
  3. Complete the FAFSA as early as possible, preferably in January, in order to meet school and state aid deadlines.  Apply online at http://www.fafsa.gov/. Farmingdale State College’s school code is 002858.  Our Preferred Filing Deadline is April 1st.
  4. Once your FAFSA application is processed, you will receive a Student Aid Report (SAR) in approximately 3-5 days by mail or e-mail (if you provided an e-mail address). Review the SAR and make any changes or corrections and resubmit your SAR for reprocessing. Your complete correct SAR will contain your Expected Family Contribution (EFC). This is the number used to determine your Federal student aid eligibility.
  5. If your SAR is selected for "verification" by the Department of Education, you will be asked to submit additional documents to the FSC Office of Financial Aid. Be sure to hand the information in as quickly as possible, as your application will be on hold until verification is completed.
  6. Contact the Office of Financial AId at 631-420-2578 with any questions. Review your award letter and make sure you accept or decline any awards and complete any required loan documents online.

Financial Aid Federal Perkins Loan Processing

To complete the entrance interview and promissory note, follow the steps below:

  1. Go to http://slsc.albany.edu
  2. From the home page of the above site, click on “Borrowers”, “Access and Sign your Electronic Documents”, “Complete your Entrance Interview and Sign your Promissory Note” and “Continue”.
  3. Click where it says “click here if you have received a Federal Perkins Loan award from a SUNY campus with the option to electronically sign”.
  4. Confirm your identity by entering your social security number, last name and date of birth. Please know a student will not be permitted to complete this process until the Student Loan Service Center (SLSC) has their Perkins Loan information.
    • If, after trying to confirm your identity, you receive an error-type message advising you have entered an invalid social security number, please know, all this means is that the SLSC does not yet have your Perkins Loan information and you must wait a few additional days to try and complete the process. Once they are in receipt of your loan information and you try to complete this process, you will not receive the error message and should be permitted to complete it in full.
  5. Once you have confirmed your identity, click “submit”.
  6. From this point forward, follow the on screen instructions to proceed. When you are finished, be sure to print a copy for your records. A few weeks after you finish this process, Farmingdale will be notified from the SLSC.

 

If you do not plan to accept the Perkins Loan, please decline it on OASIS and do not complete a Perkins Loan entrance interview and promissory note. Once you have officially declined the loan, Farmingdale records will be updated and you will not receive notification asking you to do so again.

Financial Aid Loan Processing

**ALL STAFFORD LOAN BORROWERS MUST COMPLETE A NEW ELECTRONIC MASTER PROMISSORY NOTE and ENTRANCE COUNSELING**

Federal Direct Stafford Loan Borrower Instructions
  1. You must begin by accepting the Federal Direct Stafford Loan via OASIS. Click here to access Oasis
  2. Next, borrowers must complete Entrance Counseling. Click here to complete Entrance Counseling.  Under "Manage My Direct Loan" sign in and use the same 4 digit pin that you used to sign the FAFSA. Then click on "Complete Entrance Counseling" to begin.
  3. ALL students (including past Stafford Loan borrowers) must complete a new Federal Direct Electronic Master Promissory Note (e-MPN).  Click here to complete your e-MPN. Under "Manage My Direct Loan" sign in using the same 4 digit pin that you used to sign the FAFSA.  Then click on "Complete Master Promissory Note" to begin.

Please note: You must use Windows Explorer 7.0 or Firefox 3.6.3 to complete entrance counseling and the e-MPN.  The Department of Education currently does not support Safari.

All steps listed above must be completed in order for your Direct Stafford Loan(s) to be applied to your account.

Direct Subsidized Stafford Loan

You are eligible for a subsidized Stafford Loan if you are in school at least half-time and demonstrate financial need.  With a subsidized Stafford Loan, the federal government will pay the interest while you're enrolled at least half-time.

Direct Unsubsidized Stafford Loan

Unsubsidized Stafford loans are for students who are enrolled at least half-time and do not demonstrate financial need.  With an unsubsidized Stafford Loan, you are responsible for paying the interest during all periods, starting from the date the loan is first disbursed.

Fees and Interest Rebate

First Disbursed
On or After

Origination Fee

 
     

July 1, 2010 and
February 28, 2013

1.0%

 

March 1 2013 and beyond

Yet to be determined

 

Interest Rates

1st Disbursed
On or After

And Before

Interest Rate

     
July 1, 2013 July 1, 2014  6.8

July 1, 2012

July 1, 2014

6.8

Annual Loan Limits

Year/Classification Base Amount Additional Unsubsidized Loan Total

Dependent Students

 

 

 

Freshman

$3,500

$2,000

$5,500

Sophomore

$4,500

$2,000

$6,500

Junior or Senior

$5,500

$2,000

$7,500

Independent Students

 

 

 

Freshman

$3,500

$6,000

$9,500

Sophomore

$4,500

$6,000

$10,500

Junior or Senior

$5,500

$7,000

$12,500

Aggregate Loan Limits

  • Undergraduate Dependent Students: $31,000 (no more than $23,000 Subsidized Stafford Loan)
  • Undergraduate Independent Students: $57,500 (no more than $23,000 Subsidized Stafford Loan)