Federal Programs
Following is a list of federal financial assistance programs for which students enrolled at Keuka College may qualify. Unless otherwise indicated, students apply by submitting a Free Application for Federal Student Aid (FAFSA). Aid from most of the federal programs described herein is awarded on the basis of “financial need.” When a student completes the FAFSA, the information reported is used in a formula (established by the U.S. Congress) that calculates an Expected Family Contribution (EFC), an amount a family is expected to contribute toward the student’s education. The EFC is subtracted from the cost of attending Keuka College to determine a student’s financial need.
After all eligibility requirements have been met (see heading ‘Terms and Conditions for Receiving Financial Aid’), unless otherwise indicated, funds are credited (one payment/semester) to the student’s account. Additional information and criteria specific to each program are listed here.
Federal Pell Grant Program
This federally sponsored, need-based grant program is for enrolled undergraduate students who have not earned a bachelor’s or professional degree.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: Up to $5,775, depending on EFC, cost of attendance, enrollment status (full-time, part-time, one semester, two semesters, etc.), and federal appropriations.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This federally sponsored grant program is for undergraduate students enrolled at least half-time who have not earned a bachelor’s or professional degree. The student must demonstrate exceptional financial need. Priority is given to Federal Pell Grant recipients.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: $100-$4,000, dependent upon federal appropriations. Limited funds available.
Teacher Education Assistance for College and Higher Education Grant (TEACH)
This program provides undergraduate students enrolled in an eligible program up to $3708 prior to 10/1/15 and $3728 after 10/1/15 for the year in grant aid. Available to both full- and part-time students who have maintained a 3.25 cumulative GPA. In exchange for TEACH grant aid, students must agree to serve as full-time teachers at specified schools and teach in specified fields for four academic years within eight years of completing their coursework. Recipients who do not fulfill their teaching obligations must repay the grant as if it were an unsubsidized, direct loan. Lists of eligible majors and eligible school districts are available in the Office of Financial Aid.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: $3708 per year for full-time students if disbursed before 10/1/2015. Rate will change to $3728 after 10/1/2015. Part-time awards are pro-rated.
Federal Perkins Loan
This federally sponsored, low-interest (5 percent) loan program (which must be repaid) is for undergraduate students enrolled at least half-time who demonstrate exceptional financial need. Interest accrual and repayment begins nine months after the student graduates, leaves school, or drops below half-time status.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: Up to $5,500, dependent upon federal appropriations and Keuka’s funding level. Limited funds available.
Federal College Work Study
This federally sponsored, need-based part-time employment opportunity is for undergraduate students enrolled at least half-time. Students are paid (minimum wage) bi-weekly for hours worked.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: Variable (typically $500-$2,000), depending upon course load, need, and available funds.
The student employment (work study) program helps undergraduate students in the traditional academic program to practice and learn valuable work-related skills and helps them meet their educational and personal expenses while at Keuka. Program staff serve as mentors for both students and work supervisors to enhance the student’s job skills competence and to help the student develop a sound foundation for a successful career. A wide range of work study jobs are available to students each semester.
Federal Direct Subsidized Loan
This federally-sponsored, need-based loan program (which must be repaid) is for students enrolled at least half-time. The interest rate is fixed at 4.29% for loans disbursed after July 1, 2015. The federal government pays interest while the student is in school and until repayment begins. The loan proceeds will be sent to Keuka College in two payments by Electronic Funds Transfer (EFT). Origination and default fees may be deducted proportionately from each disbursement. Repayment begins six months after the student graduates, leaves school, or drops below half-time enrollment.
Application: Free Application for Federal Student Aid (FAFSA).
Amount: Freshmen, up to $3,500;* sophomores, up to $4,500;* juniors and seniors, up to $5,500.*
*For periods of study that are less than an academic year, the maximum amounts are less than those listed above. Contact the Office of Financial Aid for further information.
Federal Direct Unsubsidized Loan
This federally sponsored loan program is for students enrolled at least half-time. Terms are the same as described above for Direct subsidized loan except that: (1) unsubsidized interest rate is fixed at 4.29% for loans disbursed after July 1, 2015 (2) unsubsidized loans are not based on need; and (3) students must either pay the interest while in school or capitalize the interest (which is added to the principal to be repaid).
Application: Free Application for Federal Student Aid.
Amount: Same as federal Direct subsidized loan. Graduates are eligible for up to $20,500 with interest rates for loans disbursed after July 1, 2015 of 5.84%.
Note: In May 2008, President Bush approved H.R. 5715, a bill that enables undergraduate dependent and independent students to receive an additional $2,000 in unsubsidized Stafford loans over the limits discussed in this section. Congress may withdraw this $2,000 funding in the future.
Additional Federal Direct Unsubsidized Loan for Independent Students
Independent undergraduate or dependent students whose parents are unable to get a federal Direct PLUS loan (see below) may borrow additional funds under this program. Terms are the same as described above under the federal Direct unsubsidized loan program.
Amount: Freshmen, and sophomores, up to $4,000; juniors and seniors, up to $5,000.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
This federal loan program is for credit-worthy parents of dependent, undergraduate students who enroll at least half-time, regardless of need. For loans disbursed after July 1, 2015, the interest rate is fixed at 6.84%. Repayment typically begins within 60 days of the final loan disbursement, but it may be deferred until six months after the student ceases to be enrolled at least half- time. The loan proceeds are sent to Keuka College in at least two installments. Origination and default fees may be deducted proportionately from each disbursement.
Amount: The yearly limit is equal to the student’s cost of attendance minus any other financial aid received.
Federal Direct Plus Loan for Graduate Students
This federal loan program is designed for graduate students enrolled at least half-time. Borrower must be a U.S. citizen. It is recommended that the student borrow their maximum loan eligibility under the federal Direct student loan program before applying for a Grad PLUS loan. For loans disbursed after July 1, 2015 , the interest rate is fixed at 6.84%. Repayment begins immediately after the final disbursement, however, loan may be deferred while the borrower is enrolled in school at least half-time.
Amount: Minimum of $200. Yearly limit is equal to the student’s cost of attendance minus any other financial aid received.
Veterans Administration Educational Benefits
This federal grant program is for eligible veterans and children of deceased veterans or service- connected disabled veterans. Applicants must provide verification of enrollment and any other documents required by the Veterans Administration (VA). Submit an application and a copy of DD-214 or Notice of Basic Eligibility (NOBE) to the Office of Financial Aid. Benefits are paid monthly in accordance with VA regulations and enrollment status.
Application: Contact any regional Veterans Administration Office, or call 1-800-827-1000.
Maximum Annual Award: Varies.
Post 9/11 Veterans Educational Assistance Act of 2008
Under the Post 9/11 Act, students who meet all necessary criteria would be eligible for tuition benefits, housing stipends and an allowance for books. Benefit amounts are based on the amount of time a veteran has served in the military. Recipients will receive an amount for tuition and fees that is not more than the most expensive in-state undergraduate public college tuition. Housing allowances are equal to the amount of basic housing for military personnel in military housing adjusted by ZIP code. The stipend for books, supplies, equipment, and other educational costs is $1,000 per academic year, paid proportionately by term. Students should refer to www va.gov for more information about this program.