Federal Direct Loans
The Center for Student Services encourages students to explore various grants and scholarship opportunities and to evaluate loan options carefully. Borrow only what is really needed and remember that loans must be repaid. Marymount Manhattan College in accordance with federal regulations reports all loan borrowing, student enrollment status and changes in enrollment status to the Clearinghouse and National Student Loan Data System (NSLDS).
Federal Direct Loans
Federal Direct loans are one form of student aid from the federal government that you may be offered on your award letter. Under the Federal Direct loan program students borrow money for school from the federal government. Loans are a major form of self-help aid for students. A loan must be repaid in full, including any interest and fees. Student loans have long repayment periods and generally repayment will not begin until you leave school. Interest rates vary, depending on the type of loan you borrow. The promissory note you sign will contain the exact terms of the loan you are borrowing. Keep your copy for reference. To help secure your financial future, regularly visit the National Student Loan Data System (NSLDS) to monitor the status of your loans and your repayment history. When you start repayment of your loans it is important to check the NSLDS system for servicer contact information.
A. Federal Direct Subsidized Loan
A Federal Direct Subsidized loan is awarded on the basis of financial need. A student will not be charged any interest while enrolled in school for at least half-time status (6 credits or more). Repayment begins six months after a student graduates, is no longer enrolled or has dropped below half-time status. Subsidized loans first disbursed on or after July 1, 2012 and before July 1, 2014, will not have the interest subsidy provided during the 6 month grace period. Students receiving a subsidized loan during this timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added (capitalized) to the principal amount of their loan when the grace period ends.
B. Federal Direct Unsubsidized Loan
A Federal Direct Unsubsidized loan is not based on financial need. Interest is charged from the time the loan is disbursed until it is paid in full. Interest accumulates while the student is in school and during grace and deferment periods. If a student does not repay the interest while in school it will be capitalized - that is, the interest will be added to the principal amount of the loan.
As of July 1, 2013 first time borrowers may only receive Subsidized Direct Student loans for 150% of the published time of the academic program, which equals 6 years of subsidized loan eligibility at Marymount Manhattan College. Students who continue enrollment on at least a half-time basis in the same program or enroll in another program of the same or shorter length will no longer be eligible to receive additional subsidized student loans. Furthermore, students will lose the interest subsidy on all prior subsidized loans. Borrower responsibility for interest will be triggered from the date of continued or subsequent (at least half-time) enrollment in an eligible undergraduate program of equal or lesser length. All unpaid accrued interest is capitalized in the same manner as unsubsidized loans. Eligibility on lost interest subsidy cannot be regained.
Federal Direct Loan Fees
Federal Direct Student Loans are assessed an origination fee of 1.073% of the total loan. The net disbursement will reflect these fees; the amount credited to the student’s account will be the gross amount of the loan less the origination fee. This fee is determined by the U.S. Department of Education.
How much can I borrow?
Annual Direct Student Loan Limits for Dependent Students (whose parents are eligible to borrow a Parent PLUS loan) as of July 1, 2014
Year in School
Base Subsidized/ Unsubsidized Amount
Freshmen (0-29 credits)
Sophomores (30-59 credits)
Juniors/Seniors (60 credits & above)
Annual Direct Student Loan Limits for Independent Students & Dependent Students whose parents are denied a PLUS loan)
Year in School
Base Subsidized/ Unsubsidized Amount
Freshmen (0-29 credits)
Sophomores (30-59 credits)
Juniors/Seniors (60 credits & above)
How do I apply for a Federal Loan? What You Need
- Borrowers will need a FSA ID.
- As of May 10, 2015 you must have a verified FSA ID (Username & Password) instead of a Federal PIN to log in to Studentloans.gov website. If you have not already created your FSA ID, you can create your FSA ID here.
- Computer browser compatibility
To view this Web site effectively, you will need one of the following supported browsers from either Microsoft or Mozilla. Under “Learn More” on the website you can download these browsers. If you are using a browser that is not supported, your view and interaction with this site may be significantly impaired.
For Windows & For Apple Macintosh:
MS Internet Explorer 7 or higher
Step 1: All students who wish to borrow a Federal Direct Stafford Loan must complete a Federal Student Loan Entrance Counseling Session in accordance with federal regulations.
- Go to Department of Education website
- Click “Sign In” you will need your FSA ID (Username & password) in order to complete.
If you do not have an FSA ID or cannot recall it, you can request your FSA ID here.
- Click on Entrance Counseling. (When selecting a school during entrance counseling, search for “Marymount Manhattan College” without using abbreviations.)
Step 2: All Direct Loan borrowers must complete a Direct Loan Master Promissory Note(MPN).
How a Direct Loan is Disbursed
Generally, a loan will be for a full academic year and MMC will make at least two disbursements. Disbursements will be applied each semester of the academic year at the end of the add/drop period. MMC will disburse the loan money by crediting it to the student’s account to pay tuition, fees, room, board, and other authorized charges. If the loan disbursement amount exceeds the student’s school charges, the school will pay the remaining balance of the disbursement directly to the student borrower. MMC will notify the borrower in writing each time a disbursement of loan funds is made and will provide information about how to cancel all or part of the disbursement.
Direct Loans for Study Abroad
Students attending the Study Abroad program will have their Student loan funds disbursed in two equal disbursements each semester. Disbursements will be applied each semester of the academic year at the end of the add/drop period and at the midpoint of each semester.
The Department of Education publishes current loan information at www.studentloans.gov.
The rate for loans disbursed prior to July 1, 2006 is variable (subject to change each year) but does not exceed 8.25%. Variable interest rates for these loans are adjusted each year on July 1. You will be notified of variable interest rate changes throughout the life of your loan.
Federal Dispute Resolution Resources
Borrowers should first attempt to resolve complaints by contacting the school, company, agency, or office directly involved. If a borrower has made a reasonable effort to resolve the problem through the normal processes and has been unsuccessful, he or she should contact the FSA Ombudsman.
Office of the Ombudsman:
Toll Free: 1-877-557-2575
FAX #: 1-202-275-0549
On-line assistance: https://studentaid.gov/repay-loans/disputes
Mail: FSA Ombudsman Group
830 First Street, N.E.,
Washington, DC 20202-5144
U.S. Dept. of Education: 1-202-377-3800
Office of Inspector General: http://www2.ed.gov/about/offices/list/oig/index.html
Federal Direct Parent Loan
Federal Direct Parent Loan for Undergraduate Students (PLUS)
The Federal Direct PLUS Loan is a loan from the U.S. Department of Education for parents of dependent undergraduate students enrolled at least half-time with a valid FAFSA on file. The maximum amount a parent may borrow will be the cost of attendance minus all other financial assistance and will be indicated on the MMC financial aid award letter. Parents often elect to limit the amount they borrow to the difference between annual direct costs and other financial aid the student has received. Direct costs are those paid directly to MMC including tuition, fees, and room and board for resident students. Indirect costs consist of all other expenses that relate to attendance at MMC.
PLUS Loan Eligibility Requirements
Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs. You can find more information about these requirements in Funding Education Beyond High School: The Guide to Federal Student Aid available at: www.studentaid.ed.gov
Credit Check & Endorser Alternative
When you apply for a Direct PLUS Loan, the Department will check your credit history. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still have one of the following options:
- Appeal the credit decision –Contact the Department of Education to see if you are eligible to appeal the reason you were declined. Documentation must be submitted directly to the Department and reviewed. You will receive an answer regarding your appeal within 7-10 business days of all required documentation for the appeal being received. If the credit decision is overturned you must notify the financial aid office so that processing can continue.
- Add an endorser to your application – A credit worthy endorser, which is essentially a cosigner, may be added to your PLUS loan application. An endorser is someone who agrees to repay the Direct PLUS Loan if the borrower becomes delinquent in making payments or defaults on the loan. The endorser may log onto www.studentloans.gov and click on the link “Endorse a PLUS loan”. Once the credit has been approved and the endorser addendum completed you must notify the financial aid office so processing can continue.
PLUS Loan Fees
- Federal Direct PLUS loans, are assessed an origination fee of 4.292% of the total loan. The net disbursement will reflect these fees; the amount credited to the student’s account will be the gross amount of the loan less the origination fee. This fee is determined by the U.S. Department of Education.
How does my parent apply for a Federal Direct PLUS loan?
Parent Loan for Undergraduate Students (PLUS) Process
All parent borrowers must have their credit history checked by the Department of Education. Approved borrowers will then have to complete a Master Promissory Note in order to obtain a loan.
How a PLUS loan is disbursed
Generally, a loan will be for a full academic year and MMC will make at least two disbursements. Disbursements will be applied each semester of the academic year at the end of the add/drop period. MMC will disburse the PLUS loan money by crediting it to the student’s account to pay tuition, fees, room, board, and other authorized charges. If the loan disbursement amount exceeds the student’s school charges, the school will pay the remaining balance of the disbursement directly to the borrower. The parent can give written permission to MMC to disburse the remaining balance of the PLUS loan money directly to the student. MMC will notify the borrower in writing each time a disbursement of loan funds is made and will provide information about how to cancel all or part of the disbursement.
Students attending the Study Abroad program will have their PLUS loan funds disbursed in two equal disbursements each semester. Disbursements will be applied each semester of the academic year at the end of the add/drop period and at the midpoint of each semester.
Grace Period and Deferment for Parent PLUS Borrowers
Beginning July 1, 2008, parents can request to defer payments on a PLUS loan until six months after the date the student graduates, is no longer enrolled or has dropped below half-time status. Accrued interest is capitalized and can either be paid by the parent borrower monthly or quarterly.
It is important to remember the following:
- MMC will automatically be notified by the federal processor when an MPN or entrance interview has been completed and will send a school certification to the U.S. Department of Education.
- In order for you to receive credit for your loans on your student bill, you must complete the loan process and complete verification if selected.
- Loan funds are traditionally disbursed in two installments, a fall disbursement and a spring disbursement, and applied to your student account.
- Your repayment period varies from 10 to 25 years depending on which repayment plan you choose. You can prepay your student loans at any time without a penalty. You have the right to cancel all or part of your loan until 30 days after disbursement.
Where can I learn about the various Federal Direct loan programs?
- View this Department of Education website to obtain a copy of Your Federal Student Loans: Learn the Basics and Manage Your Debt which provides detailed information on federal student loan borrower’s rights and responsibilities.
- The U.S. Department of Education’s National Student Loan Data System (NSLDS) provides borrowers access to information on all student loans and/or federal grant amounts, including information on loan status, outstanding balances, and disbursements. Go to NSLDS.
Alternative Loan Programs
Alternative Loan Programs
We strongly encourage you to carefully evaluate the terms offered by lenders for your alternative loan. Many lenders require that you utilize the Direct Stafford Loan prior to applying for an alternative loan. Review the rates for both the Direct Stafford and Direct Parent PLUS loans at these interest rates are set by the government. It is essential that you educate yourself about the relative terms and benefits offered by lenders to ensure the best possible terms for your personal circumstances.
Families should evaluate the various terms and features associated with each loan. Among the terms and features to consider are the following:
- Loan Requirements
- Repayment terms (may occur while student is currently enrolled)
- Interest rates
- Loan benefits before and during repayment
- Deferred payments
- Rate reductions
- Principal reductions
- Auto debit rate reductions
The Higher Education Act of 2008 sought to protect student loan consumers and amended the Truth in Lending Act (TILA) and established disclosure requirements for private education loans. ( Regulation Z)
As a result of this change all private lenders are required to collect from an applicant a self certification form before a private loan can be processed. The form is designed to remind students about other sources of financial assistance and federal loan options. The form seeks to collect from the student their cost of attendance and expected financial assistance at MMC. This information will be used by the lender as part of the eligibility determination process.
Marymount Manhattan College is not a lender and is not engaged in rendering legal, accounting, financial planning, or other professional services. We recommend that you consult with your own expert advisors before making educational financing decisions. Students and parents have the right and ability to select the education loan provider of their choice.
Private Loan Process
Step 1: Select a LenderStudents need to do their home work and research lenders to see what lender offers them the best options in terms of interest rates, fees, repayment options and disbursement options (check or EFT).
It is important to note that some lenders require students to immediately go into repayment and untimely payments can affect future disbursements. Meaning loans disbursed in the fall for which monthly timely payments are not made can jeopardize a spring disbursement of that loan regardless of original approval.
At Marymount Manhattan College, we believe that students and parents have the right and ability to select the education loan provider of their choice. Our Financial Aid office works with all lenders and guarantors to ensure the accurate and timely processing of Federal loans, and private loans on behalf of our students and their parents.
Step 2: Complete Private loan application process through Lender of your choiceWhen applying for an alternative / private loan, lenders will require you to complete a Private Education Loan Self- Certification form. If they do not provide you with a way to complete this form online then you can download the form from our website. Private Education Loan Self-Certification Form.
- To calculate your cost of attendance you can use the attached figures. Click here for standard cost of attendance information
- To calculate your tuition cost go to our Tuition Information web page or log onto your MMC Connect account and view your term bill and use it to estimate the tuition cost related to the term of your loan.
- Your estimated financial assistance is available on the “Award Package by Aid Year” or by logging onto your MMC Connect account.
Important note: The Cost of Attendance information provided is based on standard enrollment of full time.
Students who plan on filing a FAFSA should do so before applying for a private loan so that they have an estimate of their financial assistance.
Step 3: Complete the Application Process
Complete the application, submit self certification form and any other required paper work to lender, authorize a credit check and if approved sign promissory note.
Keep the following in mind when applying for your private loan:
- Carefully consider the loan period. Students should select a period that corresponds to the schools academic year. Since eligibility is tied to a credit check if a loan is needed for the full year it is advisable to apply for the loan for the full academic year rather than apply for a loan for the fall and then reapply for a loan for the spring. Remember the spring portion if not needed can be cancelled or returned.
- The loan amount you are certified for will be divided equally among the terms for which your private loan was applied for and approved
- Maximum eligibility is your Cost of Attendance, which includes tuition, fees, and living expenses minus the other financial aid you are receiving
- MMC will only deduct private loans from a student’s bill when they are “approved”, meaning that the credit is acceptable or “ready for school certification”, promissory note has been signed, and any documentation required by the lender and college has been submitted. Please note it is the responsibility of the borrower to ensure that the Financial Aid Office receives any certification requests from lenders.
Step 4: School Certification
Once the loan has been approved MMC will receive notification directly from the lender that the loan has been approved and that school certification is requested. Since these loans are designed by the lenders for educational purposes they require certification that the student is enrolled in a postsecondary institution. Traditionally they also require the school to certify the class level ,and credit enrollment and anticipated graduation date of the borrower.
Step 5: Disbursement of Loan
Loans will be disbursed according to the disclosure statement from lender.
If you choose a lender that does not disburse funds via Electronic Funds Transfer( EFT), then a paper check will be issued to MMC and the student. The paper check will require endorsement from the borrower before funds will be credited to the student’s account. The Center for Student Services will notify students if they need to endorse a paper check.
We encourage students to ask their lender about having their loan disbursed EFT since this expedites the payment process. Most disbursement dates are timed to reflect the start dates of each semester.
Direct to Consumer Loans
MMC does not encourage students to apply for Direct to Consumer Loans because the terms tend to be less favorable than private loans certified by the school. The loan amount is not automatically deducted from your bill nor can a temporary credit be placed on the account for the amount of the loan. The loan amount will be posted to your account once payment is received. Please keep in mind that Direct to Consumer Loans are counted as a financial resource and must be disclosed by the student to MMC.
Parents should consider borrowing from the Direct Parent PLUS loan program since it is generally a less expensive loan as compared to a private educational loan. However, parents should be clear that PLUS loans obligate the parent, not the student. Private loans, while more expensive, obligate the student for repayment. However in most cases parents may be required to cosign a private student loan, thereby obligating them as well.
Many of our students receive merit- or need-based scholarships. We offer endowed funds, service awards, scholarships for transfers, and grants for future entrepreneurs, among many others. Look into external opportunities as well! You have options.
All students who apply for admissions are automatically considered for our 20+ scholarships. To be awarded MMC Institutional Aid including academic scholarships, all students are required to maintain full time status (12 credits or more). A student who fails to register full time, drops to part time status or withdraws completely prior to the census date will forfeit their institutional scholarships and grants for that semester. If in a subsequent semester, the student returns to full time status, their aid can then be reinstated for the new semester. Reinstatement will be based on meeting the funds eligibility requirements and the availability of funds at the time of reinstatement.
From Fulbright fellowships and Boren awards to funds for young artists or African-American students, there are countless scholarships available through independent organizations and foundations.
Federal and State Grants
Grants are offered to entering students on the basis of financial need. A FAFSA form must be filed in order to receive these grants. The combination of scholarships and grants may not exceed tuition costs. For more information about specific grants, see below or contact the Office of Financial Aid at 212-517-0500 or email at Financial Aid.
Federal Pell Grant
This federally funded grant is based upon the data provided on the FAFSA form and the EFC (Estimated Family Contribution) as derived from the Department of Education Federal Methodology formula. The U.S. Congress sets the maximum Federal Pell grant annually. For 2014-2015 academic year the Federal Pell Grant range is from $605 to $ 5,730 based on the student’s enrollment status and EFC. A Pell Grant does not have to be repaid. All Federal Pell Grant eligible students can only receive up to 12 semesters of aid (or its equivalent) for the duration of the student’s Lifetime eligibility. The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Federal Pell grant funding A student who is not eligible for a Federal Pell Grant may be eligible for other federal aid. For more information about Pell Grants, visit the Federal Student Aid site.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The Department of Education allocates limited FSEOG funds each academic year to help Federal Pell Grant recipients who show exceptional financial need based on their FAFSA information. Funds are limited.
New York State Grants
Tuition Assistance Program (TAP)
TAP is New York State’s largest grant program. It helps eligible New York residents attending in-state post-secondary institutions pay for tuition. Awards range from $500 to $5,165. TAP is a grant; therefore it does not have to be paid back.
The award is based on the combined New York state net taxable income of the student and family. For more information visit the HESC website at www.hesc.ny.gov. MMC’s New York State TAP school code is 0447.
Students who have completed requirements as a first-time freshman in 2006-07 and thereafter may qualify for a part-time TAP award. Students must be enrolled for 6 to 11 credits and in the previous academic year have earned two consecutive semesters of 12 credits each (24 credits total) and maintained a “C” average. Awards are based on New York State net taxable income, tuition charged, type of institution attended and number of credits taken. Must file a TAP application.
Aid for Part-time Study (APTS)
The NYS APTS program provides grant assistance for eligible part-time students enrolled in approved undergraduate studies. Awards provide up to $2,000 per year for part-time undergraduate study at participating institutions in New York State. An APTS award cannot exceed tuition charges.
Higher Education Opportunity Program (HEOP)
HEOP developed as private colleges and universities and New York State recognized the need to provide higher education for students who have academic potential but lack the necessary preparation and are economically disadvantaged. HEOP is funded by a New York State Higher Education Opportunity Grant in conjunction with Marymount Manhattan College funding. For complete eligibility requirements entering freshmen should contact the HEOP Office at 212-517-0590.
Federal Work Study Program
Work study may be included in a student’s financial aid package. The Federal Work-Study Program is a form of self-help financial assistance. The program funds a limited number of part-time employment opportunities for both on and off campus jobs. This provides a student with the ability to work and earn money to offset a portion of their college living expenses. Please note that FWS awards cannot be applied directly to a student’s bill.
A student’s federal work-study award depends on when you apply, your need, and the amount of funding MMC receives. Being awarded a Federal Work-Study grant does not guarantee you will get a job in the program or on-campus. Additional jobs may become available throughout the school year. To find out about vacancies, contact the Federal Work-Study Coordinator in the Center for Student Services.
WHAT IS FEDERAL WORK-STUDY?
Federal work-study (FWS) is a program that offers students the opportunity to work part time, on-campus or off-campus, to help pay for the costs of their education. Educational expenses go beyond tuition and fees. These funds can be utilized to finance other expenses, such as books and supplies or travel expenses. Work-study earnings are based on the number of hours worked, and are paid directly to the student, at a rate of $10.00 per hour. These earnings are not credited to the student’s tuition.
HOW DO I APPLY FOR AN ON-CAMPUS JOB?
The job opportunities are available online. If you are interested in a particular job, you must forward your resume and work availability to the supervisors/contact person indicated on the job description. Interviews are scheduled with the hiring supervisors. Once hired, you will need to complete the employment paperwork. Click on the link below to view positions
Please note: You can only accept one position. Only one FWS job contract will be issued at the time of referral.
WHAT FORMS DO I HAVE TO COMPLETE?
Employment Eligibility Verification Form (I-9)
Federal Work-Study Hiring Form (will be given to student by hiring department or Federal Work-Study Coordinator.)
WHAT ARE THE BENEFITS OF THE FEDERAL WORK-STUDY PROGRAM?
A work-study job can be enjoyable and profitable to the student even it is not directly related to their field of study. The student will have an introduction to understanding the dynamics of the working world. In addition, students will acquire new responsibilities, expand their job interests and develop interpersonal skills. Supervisors are influential to the professional development of students by encouraging good work habits through the employment experience.
WHO IS ELIGIBLE?
Students eligible to participate in this program must have a completed Free Application for Federal Student Aid (FAFSA) on file. To be eligible for Federal Work-Study the student must:
- Be matriculated and enrolled full-time study
- Be a U.S. Citizen, permanent resident alien, or other eligible classifications of non-citizen.
- Be in good academic standing at the college and maintain satisfactory progress according to federal guidelines.
- Demonstrate financial need.
All students who have filed a FAFSA will receive a Financial Aid Award Package. Eligible work-study students will have “CWS” indicated on their award letter with an amount.
WHAT IS THE RATE OF PAY?
The pay rate as of July 1, 2014 is $10.00 per hour. Students are awarded between $3,000 and $4,000 for the entire academic year based on their financial need. Students are paid bi-weekly and have the option of having their checks electronically deposited in their checking or savings accounts.
Students can work a maximum of 19.5 hours per week while school is in session and 35 hours per week during spring break or summer when school is not in session. Departments prefer to hire students who have at least a two-hour block of time available. Supervisors approve students hours based on departmental need and your remaining Federal Work-Study funds. Students may only work the number of hours per week indicated on the Federal Work-Study Referral Form.
Students are not permitted to begin working until the FWS supervisor submits a Federal Work-Study Referral Form, an Employment Eligibility Verification Form (I-9), and a W-4 Form to the Center for Student Services. The student may begin working once the Center for Student Services approves the Federal Work-Study Referral Form. The Center for Student Services will notify the supervisor of the approval. Students resigning from their jobs must notify the Center for Student Services and provide their supervisor with at least two weeks notice. Supervisors must submit a Federal Work-Study Change/Termination Form to the center for Student Services to officially finalize the resignation.
OFF-CAMPUS FEDERAL WORK-STUDY
Marymount Manhattan College must use at least 7% of its Federal Work-Study (FWS) allocation to employ students in community service jobs. Employing Federal Work-Study students in these positions serve the needs of the community and gives the students an enriching and rewarding experience.
Community Services are services designed to improve the quality of life for community residents, particularly low-income individuals, or to solve particular problems related to their needs through nonprofit, governmental, and community-based organizations.
Working for services related to the student’s academic or vocational goals is encouraged, but not required. The work performed, however, must be in the public interest. Work in the public interest is defined as work performed for the welfare of the community, rather than work performed for a particular interest or group.
Marymount Manhattan College’s community service program offers students jobs tutoring children from Pre-K to 6th grade in reading and math through the America Reads Program.
If you are interested in an off-campus employment opportunity, please complete the Public Service Corps Application and return it with a copy of your resume to the Center for Student Services located in the lower level of the Nugent Building. We will forward your application to Public Service Corps. If you meet the requirements for employment, Public Service Corps will notify you and schedule an interview with you.
THE FEDERAL WORK-STUDY INTERVIEW
After you have selected a job and made an appointment for an interview, prepare for the interview by doing the following:
- Prepare a professional resume
- Be on time for your interview
- Be well-groomed and appropriately dressed
- Be prepared to discuss the hours you are available to work
STUDENT WORKERS RESPONSIBLITIES
- Act in a professional manner.
- Learn your duties and complete all assignments on time.
- Maintain confidentiality of assigned department documentation.
- Notify your supervisor as early in the day as possible that you will be out or if you are going to be late.
- Refrain from conducting personal business on the job, e.g. course assignments.
- Accurately record your work hours on the time sheet.
- Take your job seriously and perform your task to the best of you ability.
HOW TO CALCULATE THE NUMBER OF HOURS THAT YOU MAY WORK?
Divide the total FWS award by the rate of pay. This gives the total number of student work hours. Then, divide the total work hours by the number of hours the student may work per week. This gives the number of weeks the student will be available to work.
EXAMPLE: $3000 (FWS award/$9.00 (rate of pay) = 333 (total work hours/15 maximum number of hours per week) = 22 weeks of work.
The maximum number of works hours the student is available during the academic period is provided on the contract and calculated using the above formula.
UNPAID WORK BREAKS
It is mandatory that after 5 hours of work that the student takes a work break. One half-hour is the minimum break allowed.
AM I REQUIRED TO FILE A TAX RETURN?
Federal Work Study wages are reportable income earnings. The student is issued a W-2 form detailing the wages earned for the appropriate tax year. It is the student’s responsibility to make sure they file the appropriate Federal and State tax forms to report all income earned if required by tax laws.
G.I. Educational Benefits
In 2009, the Department of Veterans Affairs (VA) introduced the Post-9/11 GI Bill, an initiative to improve the quality of education and life of our nation’s Veterans. As an important part of the new GI Bill, VA also introduced the Yellow Ribbon Program; a way for Veterans and their dependents to attend institutions that exceed the standard payable rates under the Bill.
Students who qualify may receive benefits under the following GI benefit programs:
1. The Post-9/11 GI Bill
The Post-9/11 GI Bill is for individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill. The Post-9/11 GI Bill will become effective for training on or after August 1, 2009.
Effective August 1, 2014 the Post-9/11 GI Bill will pay up to $20,235 per academic year for private school tuition and fees.
2. Yellow Ribbon Program
Degree Granting Institutions may elect to participate in the Yellow Ribbon Program to make additional funds available for your education program without an additional charge to your GI Bill entitlement. There is no separate application process for the Yellow Ribbon Program. Students are reviewed once they have exhausted their maximum benefit rate of 100% during the academic year.
Marymount Manhattan College has voluntarily entered into a Yellow Ribbon Agreement with the VA for up to 10 participants in the program at a maximum of up to $2,000 in an academic year. The VA will match Marymount Manhattan College funds awarded to the student, up to $2,000. This is in addition to the GI Bill entitlement funds being received. The VA will issue payments directly to the College for these matching funds.
To receive benefits under the Yellow Ribbon Program:
- You must be eligible for the maximum benefit rate of 100% under the Post-9/11 GI Bill;
- You must not be on active duty or a spouse transferee of an
- active duty member
- Your school must agree to participate in the Yellow Program;
- Your school must have not offered Yellow Ribbon to more than the maximum number of individuals stated in their participation agreement;
- Your school must certify your enrollment to VA, including Yellow Ribbon program information.
How Do I Apply for Benefits under Post-9/11 GI Bill?
Answer: You should complete and submit the application form available online at http://gibill.va.gov and will receive written notification explaining the VA’s decision regarding your eligibility for the program.
If you are eligible, your Certificate of Eligibility will advise you if your service meets the requirements for the Yellow Ribbon Program. Submit your Certificate of Eligibility to the Center for Student Services and ask our VA Liaison to certify your enrollment to VA, including Yellow Ribbon. You cannot certify your participation in the Yellow Ribbon Program directly to the VA. The College must report this information on your enrollment certification. Please remember that you must be eligible for the Post-9/11 GI Bill at the 100% rate to be considered for the Yellow Ribbon Program.
3. The Montgomery GI Bill
Montgomery GI Bill Active Duty (MGIB-AD)
Active Duty, called “MGIB” for short. The MGIB program provides up to 36 months of education benefits to eligible veterans for college. Generally, benefits are payable for 10 years following your release from active duty. This program is also commonly known as Chapter 30.
4. Montgomery GI Bill Selected Reserve (MGIB-SR)
The MGIB-SR program may be available to you if you are a member of the Selected Reserve. The Selected Reserve includes the Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve and Coast Guard Reserve, and the Army National Guard and the Air National Guard.
5. Reserve Educational Assistance (REAP)
REAP was established as a part of the Ronald W. Reagan National Defense Authorization Act for Fiscal Year 2005. It is a Department of Defense education benefit program designed to provide educational assistance to members of the Reserve components called or ordered to active duty in response to a war or national emergency (contingency operation) as declared by the President or Congress. This program makes certain reservists who were activated for at least 90 days after September 11, 2001are either eligible for education benefits or eligible for increased benefits.
6. Veterans Educational Assistance Program (VEAP)
Summary of Benefits
VEAP is available if you elected to make contributions from your military pay to participate in this education benefit program. Your contributions are matched on a $2 for $1 basis by the Government. You may use these benefits for degree programs. In certain circumstances, remedial, deficiency, and refresher training may also be available. Benefit entitlement is 1 to 36 months depending on the number of monthly contributions. You have 10 years from your release from active duty to use VEAP benefits. If there is entitlement not used after the 10-year period, your portion remaining in the fund will be automatically refunded.
7. War Orphans or Armed Services Benefits
Students who are dependents of a veteran who died or who is permanently disabled as a result of military duty, are between the ages of 18 and 26, and are enrolled on a full time basis may be eligible for educational benefits.
Additional information pertaining to the “Post-9/11 Veterans Educational Assistance Improvements Act of 2010” and other Veterans benefits can be found at www.gibill.va.gov.