Federal Aid Programs
ELIGIBILITY: To be eligible for Federal Financial Aid, the student must:
- Maintain Satisfactory Academic Progress and Program Pursuit (as defined in the Academic Progress Requirements for Financial Aid section).
- Be either a U.S. citizen or an eligible non-citizen.
- Have no debt from a defaulted guaranteed education loan.
- Owe no refund on a Federal Pell Grant or Federal Supplemental Educational Opportunity Grant.
- Meet Selective Service requirements.
- Be enrolled as a regular student in an eligible program.
- Have a high school diploma or a GED (General Education Diploma) certificate or the student must pass an independently administered test approved by the U.S. Department of Education, or meet other standards that New York State establishes that are approved by the U.S. Department of Education.
Please be advised that all federal financial aid programs are subject to change based on government allocations and regulations.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT: a federally sponsored program, administered by the College and limited to students with exceptional financial need. Need is determined by the FAFSA.
FEDERAL PELL GRANT: Available to undergraduate eligible full-time or part-time students for a maximum of 12 semesters. Eligibility is based on financial need and funding. Student must meet federal academic standards to receive grant. Award amount is based on need and is determined by the Free Application For Federal Student Aid (FAFSA).
TEACH GRANT: Full-time or part-time students who are enrolled in a TEACH Grant eligible program and who agree to serve for at least four years as a full-time teacher in a high-need field, in a school serving low-income students. Amounts are up to $4,000 per year. Renewal is contingent upon full-time or part-time status, a 3.25 GPA, and FAFSA renewal. In addition, students must renew the Teach Grant Service Agreement and complete the TEACH Grant Entrance Counseling each academic year. Students must continue to be enrolled in eligible degree programs.
FEDERAL COLLEGE WORK-STUDY PROGRAM: Co-sponsored by the Federal Government and Molloy College to provide assistance to students with financial need. Filing a FAFSA as well as Satisfactory Academic Progress and Program Pursuit is required to determine eligibility. Community Service: Community service positions for students participating in the Federal College Work Study Program (FCWS) are made available. Students interested in the community service aspect of FCWS should contact the Financial Aid Office.
AID TO NATIVE AMERICANS: U.S. Bureau of Indian Affairs offers grants to needy applicants who are one-quarter American Indian, Eskimo or Aleut and have certification of tribal membership. Awards vary depending on student’s need. Student must file annually with the Bureau of Indian Affairs.
FEDERAL DIRECT LOAN PROGRAM: Eligibility for Federal Direct Loan program is determined by filing the FAFSA. For loan recipients the Financial Aid Office will certify eligibility for all loans. The student goes to www.studentloans.gov and completes the Master Promissory Note (MPN) for Subsidized/Unsubsidized Direct loans. The Parent will also use the website to apply for the Direct Parent Plus Loan.
Annual Loan Limits—Subsidized Direct Loan
|
| 1st Year |
$3,500 |
| 2nd Year |
$4,500 |
| 3rd Year |
$5,500 |
| 4th Year |
$5,500 |
Annual Loan Limits—Unsubsidized Direct Loan
(less amount in Subsidized Direct Loan)
|
|
Dependent |
Independent |
| 1st Year |
$5,500 |
$9,500 |
| 2nd Year |
$6,500 |
$10,500 |
| 3rd Year |
$7,500 |
$12,500 |
| 4th Year |
$7,500 |
$12,500 |
| Graduate/professional |
|
$20,500 |
SUBSIDIZED DIRECT LOANS: The origination fee is up to 2.0% and may be deducted proportionately from the loan proceeds. Student must be enrolled for at least six credits per term, and must demonstrate financial need as defined by federal regulations.
UNSUBSIDIZED DIRECT LOANS: The origination fee is up to 2.0% and may be deducted proportionately from the loan proceeds. Student must be enrolled for at least six required credits per term and Graduate students must be enrolled for at least 4.5 required credits per term.
FEDERAL DIRECT PLUS LOANS (Undergraduate Student):
Eligibility: PLUS Loans are available to parents of dependent students. Parents who have no adverse credit history are eligible for PLUS Loans. Student must be enrolled at least half time (six credits or more).
Possible Amounts: Maximum amount of eligibility is determined by the cost of attendance less any financial aid awarded to the student.
Repayment Information: Parents enter repayment 60 days after the loan is fully disbursed unless a deferment form is submitted to the loan servicer. Interest begins to accrue from the date proceeds are sent from the Department of Education to Molloy College. The interest rate and origination fees are established by Congress and are subject to change each academic year. Please contact the Financial Aid Office for additional information.
FEDERAL DIRECT PARENT PLUS LOANS (GradPLUS):
Eligibility: Available to Graduate and Professional Degree students. Applicants must not have an adverse credit history, and must be enrolled for at least 4.5 degree required credits per term.
Possible Amounts: Maximum amount of eligibility is determined by the cost of attendance less any financial aid awarded to the student.
Repayment Information: Students enter repayment 60 days after the loan is fully disbursed. Interest begins to accrue from the date proceeds are sent from the Department of Education to Molloy College. The interest rate and origination fees are established by Congress and are subject to change each academic year. Please contact the Financial Aid Office for additional information.
CONSOLIDATION LOAN: A loan is considered a consolidation loan when an eligible lender pays off existing student loans and creates one new loan. Loans are eligible for consolidation if existing loans total at least $7,500. Loans must be in repayment (or have entered a grace period) before they can be consolidated. If a loan is in default, the loan can be consolidated only if, before applying for consolidation, satisfactory repayment arrangements have been made with the holder of the loan. The interest rate on a consolidation loan depends on the interest rates of the loans consolidated. The repayment period is from 12 to 30 years, depending on the amount to be repaid. All student loans are eligible for consolidation, except for Federal PLUS loans made before October 17, 1986. Note that consolidation does not increase existing loan limits.