Disbursement of Funds

Annual awards are divided in half for two semesters (Fall and Spring).

DISBURSEMENT DATES

To receive financial aid checks, students must be matriculated and registered and have verified financial aid awards (in excess of tuition and fees).

FALL 2010

Friday, September 3, 2010 - First disbursement of PELL and TAP
Friday, September 10, 2010 - Loan disbursement
Friday, September 24, 2010 - APTS disbursement and 30 day delay loans
Friday, October 8, 2010 - Second disbursement of PELL
Friday, November 5, 2010 - Third disbursement of PELL

EXPRESS CLASSES and LATE START CLASSES

Students who are enrolled full-time as of the start of the semester will not be eligible for their TAP awards until any Express or Late Start classes in which they are enrolled actually begin.
Example: (Note: dates are for example only) A student is enrolled for 12 credits. The student has three classes that begin on Aug. 25 and one class that begins on Sep. 29. The TAP award will not be applied to their account until the Sep. 29 class begins. The student will be considered full-time at that point
Students who are enrolled in any Express or Late Start classes and are PELL eligible will receive PELL payment for those classes that have already begun.
- Example 1: (Note: dates are for example only) A student is enrolled for 9 credits. Two classes begin on Aug. 25 and one class begins on Sep. 29. The PELL award reflected will be for 1/2 time enrollment until the Sep. 29 class begins. As of Sep. 29, the student will be considered 3/4 time, and the remaining PELL will be applied.
- Example 2: (Note: dates are for example only) A student is enrolled for 12 credits. Two classes begin on Aug. 25, one class begins on Sep. 29, and one class begins on Oct. 13. The PELL award reflected will be for 1/2 time until Sep. 29, when the student is recognized as 3/4 time. When the Oct. 13 class begins, the student will then be full-time.

AID FOR PART-TIME STUDY

Aid for Part-time study is for students taking at least 3 but less than 12 credits. Students enrolled only in Express Semester, or classes that are less than 15 weeks, may not be eligible for NYS grants. To determine if a part-time student is eligible for an APTS award, read "WHO IS ELIGIBLE FOR APTS" on the application, and the SUNY Ulster requirements.

AID FOR PART-TIME STUDY DISBURSEMENT:

Fall 2010 date is Friday, September 24, 2010

SPECIAL NOTES

Checks are picked up at the Student Accounts Office, VAN 204. On the above dates, checks may be picked up from 10 a.m. - 4:30 p.m. Checks may be picked up from 8:30 a.m. - 4:30 p.m. after these dates. Business Resource Center students may request check disbursal at the BRC on scheduled check dates (call 687-5099).
Students must pick up their own checks - NO EXCEPTIONS - and must provide a picture ID (driver's license, passport, SUNYCARD, VA card, etc.).
Students must notify the Financial Aid Office if any changes in enrollment status occur (drop from full-time to half-time, withdraw, audit, or fail to attend class).
Audit grades taken at any point in the semester could result in a reduction in both State and Federal aid.
Students who withdraw before the 10th week of the Fall or Spring semesters will be subject to a Title IV Refund Calculation for Federal financial aid. This could require the student pay back all or a portion of the Federal financial aid funds received.
Students can check their financial aid award status on BANNER ONLINE.
Students can check their TAP Award at www.hesc.com.

FEDERAL STUDENT LOANS

Federal Stafford Direct Loan:
The Federal Stafford Direct Loan is available to students enrolled for at least 6 credits. Students who display "need" will receive a Subsidized Stafford Direct Loan. Students who demonstrate "no need" will receive an Unsubsidized Stafford Direct Loan, which accrues interest while students are in school, and gives the option to pay or defer interest payments until graduation/withdrawal. Some students may receive a combination of Stafford loans.

For the 2010-2011 academic year, the interest rate for Subsidized Direct Student Loans will be 4.5%. The interest rate for Unsubsidized Direct Student Loans remains at 6.8. Dependent students may borrow up to $5500 as a freshman (less than 30 credits accrued in a program of study) or $6500 as a sophomore (30 credits or more accrued in a program of study). Students must complete an Entrance Interview and an electronic Master Promissory Note (eMPN). Independent students may be eligible to borrow up to $4000 more.

Federal PLUS Loan:
Parent Loans for Undergraduate Students are available to parents of dependent students. Parents can apply at www.studentloans.gov. A SUNY Ulster Cover Sheet will also need to be turned in to the Financial Aid Office.

The loan is not automatic. A credit check is required. Repayment begins 60 days after receipt of the final annual disbursement of the loan. The interest rate is capped at 9%.

STUDENT RIGHT-TO-KNOW

For information on the Student Right-to-Know (FERPA), refer to the SUNY Ulster College Catalog and The Student Handbook. Both are available at the Student Development Center, and online.

SPECIAL CONDITIONS

Students who have experienced loss of income, death of a parent or spouse, and separation/divorce, may be eligible to apply for a review of their financial aid application. Students must complete a Special Condition request form from the Financial Aid Office. Documentation is required before a review is completed.

OVERPAYMENT OF AWARDS

Students may have their financial aid awards changed after an initial award was processed by the U. S. Department of Education, NYS Higher Education Services Corporation (for TAP) and/or the Financial Aid Office. Some reasons for this are corrections to income or number in college, defaulted loans, and classes that do not apply toward the student's degree.

LATE START CLASSES

Students enrolled in late start classes will not receive their financial aid disbursements until the last class begins. If a class is cancelled or the student withdraws prior to the beginning, the student's financial aid may be reduced or cancelled.

Financial Aid Office
Vanderlyn Hall Room 105
SUNY Ulster County Community College
Stone Ridge, New York 12484
(845) 687-5058 FAX (845) 687-5172
financialaid@sunyulster.edu