The Oswego State Financial Aid Office is pleased to provide you with your 2008-2009 Financial Aid Award. We have determined your eligibility for these awards based on the family financial information that you have provided.
This award package contains important information about your 2008-2009 Financial Aid Award. 

We encourage you to: 

Read and review your 2008-2009 Financial Aid Award 

Complete the “What do I do Next?” checklist 

Read and review “How Much Does it Cost to Attend Oswego State?” 


Spend some time exploring our website to see all of the services and information that are available to you. The site deals with more than just your financial aid. It will help you with issues such as personal budgeting and money management, link you to other Oswego State departments, and provide you with many other helpful links , frequently asked questions and the answers 

We encourage you to read the following Frequently Asked Questions. These are some common questions we are asked by Students and Parents.

Q: What is the Oswego Guarantee?

A: Oswego State guarantees that students entering the College will not experience any increase in the cost of room or meal plans(board) for four consecutive years if they meet certain criteria. Since room and board are a large expense at any college, this means that if you attend Oswego, a major portion of the cost of a residential education will be held constant for four years. The Guarantee also contains 
academic components. To obtain additional information, including the requirements for eligibility, go to the Oswego Guarantee. 

Q: When will I receive my bill, and when is payment due?

A: The Fall bills will be mailed on or about June 1, 2008 and will be due on or about August 29, 2008. The Spring bills will be mailed on or about November 1, 2008 and will be due on or about January 23, 2009. 

Q: What if the financial aid on my award letter is not enough?

A: Other funding options do exist. Parents can apply for a Parent Loan for Undergraduate Students (PLUS). There
are also alternative loans. To explore these loans go to our website, select Loans and click on PLUS or Alternative Loans. The college also has a payment plan to assist students and their families with the semester’s bill. Payments can be made for up to 6 months. There is a $25 processing fee per semester to participate. For information on the plan contact the Student Accounts Office at (315)312-2225. 

Q: What if I want a job on campus?

A: There are numerous jobs available on campus. If you have an award for Federal Work Study on your 2008-2009 Oswego Award, go to our website, select Employment and click on Federal Work Study for employment options. If you do not have Federal Work Study on your Award Letter and wish to obtain a part-time job, go to our website, and select Employment and click on Other Student Employment for job opportunities on campus. 

Q: Will my financial aid be subtracted from my bill?

A: All approved financial aid except Federal Work Study will be deducted from your total bill. This is why it is very important that you follow the directions on this award package and the “What do I do after I apply?” checklist to assure your financial aid is approved before the bill is due. If the aid comes in for less than the amount we have estimated, you are responsible for the difference. 

Q: What if the amount of my financial aid is greater then the amount of my bill?

A: When the semester begins, enrolled students will have approved financial aid disbursed to their student accounts. If there is more than enough aid to pay the bill, the excess will be available to you to assist in underwriting expenses related to college. These costs may include: off-campus housing, food, transportation, books and other personal expenses. You will receive instructions from the Student Accounts Office with your student bill on how to use excess financial aid to pay for books. 

The following are descriptions and instructions for some of the awards that may appear on your  2008-2009 Financial Aid Award notice. You can also find additional information on these and other programs on our website. Not everyone is eligible for all of the Programs described below. 

TAP:

The amount of TAP shown on your award letter is an estimate. New York State Higher Education Services Corporation (NYSHESC) will determine your actual
TAP award and send you an award notice. You must complete any paperwork they send you and meet the academic and other eligibility requirements to receive payment. New aid applicants, and some continuing applicants, must complete and return the TAP Express Application (ETA) sent to you by the NYSHESC in order to receive TAP. Some continuing applicants who have a multi-year signature on file and who have not experienced a significant change in financial status may only receive an award notice.  If you need to obtain another copy of your ETA or need to make changes to your application, go to www.hesc.com and click on “Check Your Status.” Award notices are not generated until after the State budget is passed. If you have questions about your TAP status, you may call NYSHESC at 1-888-697-4372. 

PELL: 

Pell is the Federal Grant Program for undergraduate students that are eligible.  The maximum award for the 2008-2009 school year is $4,731. 

FEDERAL PERKINS LOAN: 

You must follow the instructions on the award letter by the date given to accept or decline your award. If you do not accept your Federal Perkins Loan by the date on the award letter, the offer will be canceled and the money awarded to another student.  The Federal Perkins Loan is one of the best educational loans you can receive. There are no origination fees and the interest rate is only 5%.  You will also have to sign a Federal Perkins Loan Promissory Note. The Student Accounts Office, 408 Culkin Hall will provide you with these instructions.  There is no interest on a Federal Perkins Loan while you are attending school as at least a half time student. When you stop being a half time student, you will begin a nine-month grace period. At the end of the grace period you will need to start repaying the principal and interest on the loan.  All or part of your Federal Perkins Loan may be forgiven (you would not have to repay that amount) if you meet certain conditions. These currently involve  teaching in targeted areas, programs or disciplines. Your award letter may indicate you have also been offered a Stafford Loan. Based on the information we have it appears you will need both of these loans.

FEDERAL WORK STUDY: 

Federal Work Study (FWS) is a need-based program that allows you to earn some of the money you need to meet your educational expenses. If you are eligible for Federal Work Study, the amount you have been awarded for the
academic year is indicated on your 2008-2009 Financial Aid Award. In most instances, students should average 6 hours per week to earn their full award.  If you accept the FWS awarded to you, you will receive additional information
over the summer regarding the placement process. There are many different kinds of employment opportunities available through FWS both on and off campus. You will have the opportunity to review the positions available.  Student employment is a valuable experience. National studies have shown that students who work usually have better grades and feel more a part of the college. We encourage you to accept this opportunity. If at any point you feel you need to make an adjustment for academic or other reasons, feel free to 
come to the Student Employment Office, 206B Culkin Hall, for assistance. 

STAFFORD LOANS: 

There are two types of Stafford Loans that may appear on your 2008-2009 Financial Aid Award: subsidized and unsubsidized. The Stafford Loan amount(s) on your Award are the maximum amount(s) you are eligible for, unless you have already reduced the amount you would like to borrow. The amount of Subsidized and Unsubsidized Stafford Loan is determined by the information reported on the FAFSA, your year in college, and other financial aid and resources you are receiving. 

Subsidized Stafford Loan ­ The Federal Government will pay the interest for you while you are at least a half-time student and during a six-month grace period when you leave school. At the end of the grace period you begin repayment  of the loan principal and interest. 

Unsubsidized Stafford Loan ­ The Federal Government does not pay the interest on Unsubsidized Loans. You will be responsible for the interest from the time you receive the loan. You may arrange to pay the interest while you are in school or defer it until the loan goes into repayment. After you sign your promissory note your Lender will give you more information about how to handle the interest. 

Loan Limits ­ The Federal Stafford loan limits per academic year beginning 2008-2009 are: Freshman (less than 27 credits) $3500; Sophomore (27-56 credits) $4500, Junior (57-86 credits) and Senior (more than 86 credits) $5500, Graduates $8500.  Independent students and graduate students may be eligible to borrow additional Unsubsidized Stafford amounts. If you have questions about additional eligibility, contact the Financial Aid Office. You may reduce your loan amount by contacting our office and
indicating the amount you wish to borrow. 

If you have never received a Stafford Loan at Oswego State you must do the following: 

• Complete Loan Entrance Counseling ­ Go to the financial aid site and select “Loan Counseling” and complete the loan-counseling seminar. 
• Complete a Master Promissory Note (MPN)  For Freshmen and new transfer students, the MPN will be generated after the admission deposit is paid. Please carefully read the information that is sent by HESC. Complete the MPN on-line as instructed. You will need to select one of the following  Lenders and use their Lender Code on the Master Promissory Note.  Oswego State prefers to have you use one of these lenders because they provide excellent service for our students while they are in school and after they graduate. 
  
  PLUS LOANS:
  
  The Parent Loan for Undergraduate Students (PLUS) is an option some parents may wish to consider to help meet the costs of education not covered by other student financial aid. To obtain the PLUS loan,  go to the financial aid site, accept as much of the offered loan as you wish to borrow. You will then receive printed instructions from HESC about signing the promissory note for this loan on-line.