Types of Financial Aid

What kinds of financial aid are available at Guttman Community College?

Guttman students receive financial aid from a variety of financial aid programs. These are primarily funded by the federal, state and city governments, though opportunities are also made available through CUNY and some private sources.

The following are the kinds of financial aid Guttman students typically receive:

  • Grants – money that does not have to be repaid.
  • Loans – money that you borrow and agree to pay back with interest.
  • Work-Study – money that you earn from a job obtained through the Financial Aid Office.
  • Scholarships – money that is awarded on the basis of academic merit.

Financial Aid comes from a variety of sources. These include:

  • The Federal Government
  • New York State
  • Outside organizations

Federal Programs

Matriculated students attending or planning to attend college on a part-time or full-time basis may apply for this Federal grant program. Students should use the Free Application for Federal Student Aid (FAFSA) and apply online at fafsa.gov. The Federal Processor determines the Expected Family Contribution (EFC). In about two to three weeks after filing, a Student Aid Report (SAR), which contains the EFC, will be sent to the student usually via email. The information on the SAR is used to determine the student’s eligibility for federal aid, including a Federal Pell Grant.

Eligibility for PELL

Eligibility and award amounts are based on need. Students are notified by the Financial Aid Office about the requirements for receiving Pell payments and how and where these payments can be received. Have financial need; have a high school diploma, a GED, or have been home-schooled; be enrolled to obtain a degree; be a U.S. citizen, permanent resident or other eligible classification of non- citizen; have a valid Social Security number; Register with Selective Service, if you are a male between the ages of 18 and 25.To remain eligible, students must attend classes and continue to maintain satisfactory academic progress as stated under Satisfactory Academic Progress (SAP) Policy & Requirements for Federal Student Aid. The amount of Federal Pell Grant you may receive over your lifetime is limited to the equivalent of 12 full time semesters.  If you are attending full time and are eligible for Pell you will receive Pell for 6 years.

SEOG grants are available to exceptionally needy full-time and part-time (at least half-time) students. These grants range from $200 to $2,000 annually. Students who request work-study on the FAFSA are automatically considered for SEOG. Recipients are required to maintain satisfactory academic progress as stated under Satisfactory Academic Progress (SAP) Policy & Requirements for Federal Student Aid.

Guttman Community College participates in the Federal Work-Study Program. This program enables qualified students to pursue a degree while holding a part-time job. This employment is located on campus. Eligibility for this program is based on the financial status of the student and/or his or her family. Recipients are required to maintain satisfactory academic progress as stated under Satisfactory Academic Progress (SAP) Policy & Requirements for Federal Student Aid. Students must apply using the FAFSA form.

FEDERAL STAFFORD LOANS

This program provides low-interest loans totaling up to $31,000 for “Dependent” students and $57,000 for “Independent” students to cover undergraduate work. An eligible Guttman student who is enrolled at least halftime (six credits and/equated credits) may borrow up to a total of $3,500 for the freshman year and up to a total of $4,500 for the sophomore year. The amount of the loan will be determined by the student’s Expected Family Contribution (EFC). No payments are required while the student is in school. Repayments begins six months after the student graduates, withdraws, or falls below half-time (6 credits).

There are two types of Federal Stafford Loans

  1. Subsidized Federal Stafford Loan: The interest on this type of loan is paid by the Federal government while the student is attending college. In addition to the amounts above, students are eligible to borrow an additional $2,000 Unsubsidized Federal Direct Stafford Loan. Students determined to be “Independent” based on the FAFSA, are eligible to borrow an additional $6,000 Unsubsidized Federal Direct Stafford Loan. To be eligible for the Subsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) demonstrate satisfactory academic progress; (d) not be in default on a prior educational loan; (e) show financial need; and (f) file a FAFSA to determine the Expected Family Contribution (EFC).
  2. Unsubsidized Federal Stafford Loan. The interest on this type of loan is paid by the student while he or she is attending school or the interest is added to the loan. To be eligible for the Unsubsidized Federal Stafford Loan, the applicant must: (a) be enrolled for at least half-time study at an approved institution; (b) be a United States citizen or a permanent resident alien; (c) maintain satisfactory academic progress as stated under Satisfactory Academic Progress (SAP) Policy & Requirements for Federal Student Aid.; (d) not be in default on a prior educational loan; and (e) file a FAFSA to determine the Expected Family Contribution (EFC).

FEDERAL PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

Parents may borrow up to the total cost of education minus other aid for each dependent child.

State Programs

TUITION ASSISTANCE PROGRAM GRANT (TAP)

Sponsored by the State of New York, the TAP grant provides tuition assistance for full-time degree (matriculated) students (that is, students enrolled for 12 or more credits and/or equated credits) and is based on the family’s New York State net taxable income.  All students should apply for TAP each year by completing the FAFSA and clicking on the link on the FAFSA Confirmation Page to go to “TAP on the web”. Students then apply on the New York State Higher Education Services Corporation (HESC) Website. This application starts with the Fall semester and ends with the Spring. Students whose applications for TAP are approved will receive an award certificate from HESC, which states the amount of the grant. The amount of the TAP award is scaled according to the level of study, tuition charged, and the net taxable income, as well as the number of TAP payments received.

Eligibility for TAP

To be eligible for TAP, you must: be a legal resident of New York State (that is, you must have lived in the State for at least one year prior to the first term for which you are seeking payment); be a US citizen, permanent resident or hold an I-94 visa as a refugee, paroled refugee or conditional entrant; be matriculated (enrolled in a program leading to a degree); maintain satisfactory academic progress as stated under the Satisfactory Academic Progress (SAP) Policy & Requirements for N.Y. State Aid; if dependent, a family net taxable income must be below a specified amount, or, if independent, a taxable income must be below certain specified amounts as stated on the application. To be eligible for a full-time TAP award, a student must register for a minimum of 12 credits and/or equated credits, which must include at least six credits in credit-bearing courses. These 12 credits/equated credits must be for coursework that meets the requirements of their specific degree program. A student enrolled in a two year school cannot receive more than six semesters of TAP while completing their program.

Outside Organizations

Academic scholarships or grants funded by outside organizations can supplement the funding or be an alternate source of funding for your education. There are many scholarships available to students currently enrolled at Guttman who have attained a high degree of academic excellence. There are a number of websites that offer free scholarship searches.  Please stop by the Financial Aid Office and we will be  happy to provide you with the list of those websites.

One example of a stipend that incoming Guttman students receive is the Student Success Grant funded for the last two years by the Robin Hood Foundation. All entering freshman receive a $300 stipend for the Summer Bridge Program, $250 for the Fall semester and $250 for the Spring semester.