Disbursement of Funds

An annual award is divided in half for two semesters (Fall and Spring). Each semester, after tuition and fees have been paid, the balance of Federal financial aid is paid in the first financial aid check.

DISBURSEMENT DATES

To receive any financial aid, students must be matriculated and registered and have verified financial aid awards (in excess of tuition and fees) handed in to the Financial Aid Office at least 10 business days prior to the disbursement date.

FALL 2008 (Aug. 25 - Dec. 18)

Friday, Aug. 29, 2008
First Check Day for Fall 2008
(In order to receive your check on this day all documentation for verification must have been submitted to the Financial Aid Office by August 15.)
Friday, Oct. 3, 2008
Second Check Day
Friday, Sep. 5, 2008
Loan Check Day
Friday, Sep. 26, 2008
30 Day Delay Load Disbursement Day
Friday, Sep. 26, 2008
APTS Check Day

EXPRESS CLASSES and LATE START CLASSES

Students who are enrolled full-time as of Aug. 25, 2008 will not be eligible for their TAP awards until any Express or Late Start classes in which they are enrolled actually begin.
Example: 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: 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: 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 dates:

Fall 2008 date is Friday, Sep. 26, 2008.

STAFFORD LOAN CHECK DISBURSEMENTS

Students who have completed the financial aid application and verification process at least 21 business days prior to the first day of the semester can pick up Stafford Loan refund checks at the Student Accounts Office on the scheduled disbursement date.
First-time freshmen students who have completed the financial aid and verification process at least 21 business days prior to the first day of the semester can pick up Stafford Loan refund checks at the Student Accounts Office on the scheduled disbursement date which includes a 30 day delay.

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 and/or loan status at www.hesc.com.

FEDERAL STUDENT LOANS

Federal Stafford Loan:
The Federal Stafford Loan is available to students enrolled on at least a half-time basis. Students who display "need" will receive a subsidized Stafford Loan. Students who demonstrate "no need" will receive the Unsubsidized Stafford Loan, will accrue interest while in school, and have the option to pay or defer interest payments until graduation/withdrawal. Some students may receive a combination of Stafford loans.

The interest rate is a variable rate, capped at 8.25%. 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). The student must complete a Master Promissory Note (MPN). 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. Loans are available from participating banks or other lenders up to the difference between the student's estimated Cost of Attendance and any financial aid awarded to the student.

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. All 2008-09 requests will be reviewed beginning January 2008.

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. Main reasons are income, 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 (Express Semester, modules, etc.) may not be receiving 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