Basis
for Awarding Financial Aid
Each year
the college prepares a budget or list of annual expenses which includes an amount
for tuition and fees, books and supplies, room and board, personal expenses, and
transportation. This budget, which is established according to federal guidelines,
is used to determine the individual student's financial "need."
The family contribution, as given on
the student's Federal Pell Grant Student Aid Report (SAR), is subtracted, along
with any other forms of aid the student may receive.
|
$$$ | Cost of Education |
| - (minus) | Expected
Student/Parent (Family) Contribution (EFC) |
- (minus)
| Anticipated
Financial Aid (grants, scholarships, outside aid, etc.)
|
|
= (equals) | Need |
The
net result is the student's "need" which can be met with campus-based
funding, institutional aid, outside scholarships, or student/parent loans.
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Types
of Awards
Grants -
Money awarded, usually
based on financial need. Students are not required to repay grants.
Scholarships
- Money usually awarded on the basis of academic achievement, financial need,
major, or various other criteria including combinations of the criteria listed
above.
Employment - Part-time employment
in the form of federal college work study or student assistant positions offered
by the college as a source of meeting educational expenses.
Loans
- Money borrowed which the student must repay to the lender. Interest rates
and terms of repayment vary depending on the type of loan the student has obtained.
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Grants
Grant aid is available for
eligible students from the federal and New York state governments. Some major
types of grant aid are:
Federal
Pell Grant - Available to undergraduate students who are accepted into a degree
program, demonstrate financial need, and enroll for at least three credit hours.
Use the Free Application for Federal Student Aid (FAFSA) available at http://www.fafsa.ed.gov/
to apply. The JCC federal school code is 002869.
Federal
Supplemental Educational Opportunity Grant - Available to students of academic
promise who are accepted in a degree program, enrolled for at least six credit
hours, are Pell Grant recipients, and have great financial need via the federal
formula. Use the Free Application for Federal Student Aid (FAFSA) available at
http://www.fafsa.ed.gov/ to apply.
Male citizens of the U.S. and male immigrant
aliens 18 through 25 years old must be registered with the U.S. Selective Service
System to be eligible for federal student loans and grants. Men can register at
any post office, or register now on-line at http://www.sss.gov/regist.htm.
Tuition Assistance Program (TAP) Award
- Available to New York state resident students who demonstrate financial need
and enroll in a degree program for at least 12 credit hours. Use the Free Application
for Federal Student Aid (FAFSA) available at http://www.fafsa.ed.gov/
to apply. New York State will then forward a TAP application to your home address.
The JCC TAP school code is 2085.
Aid
for Part-Time Study Award (APTS) - Available to New York state residents
who demonstrate financial need and enroll in a degree program for 3 through 11
credit hours. Primary consideration will be given to students enrolled in 6 to
11 credit hours who have met the priority deadline. Use the APTS application
available in the financial aid office or online and
submit to the financial aid office by the priority deadline stated on the application.
Veteran's
Educational Benefits - Available to full- and part-time students who served
in the armed services. Interested applicants should contact the registrar's office
at the Jamestown Campus or the financial aid office at the Cattaraugus County
Campus.
Child of Veteran Award
- Available to New York state resident students who are children of certain deceased
or disabled veterans. Write to State Education Department, Albany, NY 12210 to
request an application.
War Orphan
Education Assistance - Available for children of certain deceased or disabled
veterans who are enrolled in degree programs. Applications are available through
the Veteran's Administration.
State
Vocational Rehabilitation Program - Available to full- and part-time students
who meet state eligibility criteria. Write to Vocational and Educational Services
for Individuals with Disabilities (VESID), State Office Building, 8th Floor, 125
Main Street, Buffalo, NY 14203 to request an application.
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Student
Employment
Employment (self-help)
is available to supplement other forms of financial assistance. A student employed
at the college may work up to a maximum of 15 hours per week. Part-time employment
provides a way to reduce the amount of money a student borrows. We offer the following
forms of student employment: Federal
College Work Study Program - offered to full- and part-time students in a
degree program of study who meet financial need requirements established by the
federal government. The total award amount varies depending upon the student's
educational budget, the number of hours the student actually works, and the established
minimum wage. Students who file for federal aid by the March 1 deadline and indicate
they are interested in working on campus will be given priority consideration
for this award. Students who did not apply by the deadline may still be eligible
and should contact the financial aid office on either campus for a review if interested
in working on campus.
College
Student Assistant Program - available to full- and part-time students who
are interested in employment on campus. The total amount the student can earn
is based on the number of hours the student actually works and the established
minimum wage. Interested Jamestown Campus students should contact the Counseling
and Career Development Center at the Jamestown Campus for information on which
offices hire student assistants. Paperwork for student assistant positions at
the Jamestown Campus is processed through the personnel office in the Hamilton
Collegiate Center. Interested Cattaraugus County Campus students should contact
the financial aid office at the Cattaraugus County Campus.
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Student
Loans
Educational loans are available to students who assume responsibility for repayment
after ending their study. It is assumed the borrower will achieve a higher earning
power as a result of his/her education and will be in a position to repay his/her
loan obligation. Students who desire loans are required to file for a federal
Pell Grant, complete a loan application, and attend loan counseling. The borrower
also agrees to use these loans for educational expenses only. Student loans should
be considered carefully since they obligate the student to repayment once the
student leaves the college and other responsibilities while still in college.
It is the student's responsibility to read and complete all loan applications
carefully and maintain copies of loan information.
There are several
loan options available for interested students:
Federal
Family Education Loan Program (FFELP) - available to full- or part-time students
in degree programs who apply for federal aid and demonstrate financial need. Amount:
varies depending upon freshman/sophomore status, cost of education, enrollment,
other aid received, and type of loan received. This loan program includes the
Stafford Loan, the Unsubsidized Stafford Loan, and the PLUS Loan. Loan applications
are available through local lending institutions who participate in this program
or in the financial aid office for New York resident students.
If
you receive a need-based Federal Stafford Loan, the federal government pays the
interest on the loan while you are in school or in deferment. This loan is called
a "subsidized" Stafford Loan because the government supports these loans
by paying the interest. If you have a non-need based Federal Stafford Loan, you
have an "unsubsidized" Federal Stafford Loan and are responsible for
the interest payments while in school and in deferment. Your lending institution
may allow the interest to accumulate if you have agreed to capitalize the interest.
Please note that this will increase the amount of your principal.
Federal PLUS
Loans - available to the parents of dependent
students who want to borrow to meet the student's
educational expenses. These loans enable parents
with good credit to borrow for each dependent
student who is enrolled at least half-time.
The
maximum loan amount is limited to the student's
cost of attendance, less any other aid received.
Please note that the borrower is charged an
origination fee of 3% of the principal amount
and an insurance premium of up to 1 % of the
principal amount for a Federal Stafford Loan
or a Federal PLUS Loan. This is in addition
to the interest that the borrower must pay.
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General
Information and Helpful Hints
- The student
must apply for admission to JCC and be accepted
into an approved program of study to be
eligible to receive financial aid.
- Students
are required to submit all verification
documentation as requested by the financial
aid office.
- The student
must reapply for financial aid every year
beginning in January for the following academic
year. The student is responsible to know
and meet all financial aid deadlines.
- The student
is responsible to know and meet all satisfactory
academic progress standards to remain eligible
for financial aid.
- The student
should maintain copies of his/her financial
aid forms, parents' and student's tax returns
(federal and state), W-2 forms, and documentation
of any other source of aid such as Social
Security benefits or public assistance.
- The student
should make an appointment to report unusual
family situations such as divorce, separation,
death, or dislocated worker status to the
financial aid office since it may have an
effect on his/her aid status.
- Male students
who have reached their 18th birthday are
required to register for Selective Service
to receive financial aid and may be asked
to provide proof of registration. Men can
register at any post office, or register
now on-line at http://www.sss.gov/regist.htm
- Students
must list JCC as a college choice on their
FAFSA (federal application) for federal
aid to be processed.
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