The Federal Pell Grant is a federally funded program awarded to students who demonstrate financial need as defined by the federal government. To determine eligibility, students must complete the FAFSA. The federal processor analyzes your family size, number in college, income, and assets to derive at your Student Aid Index (SAI) and determine your financial need for a Pell Grant. The amount of the award depends on your SAI and enrollment status. For the 2024-2025 academic year, the maximum full-time Pell Grant award is $7,395. Students are limited to twelve full-time terms of Pell for their entire undergraduate education.

Scholarships are funds you may have received from outside sources, including, but not limited to, private scholarships offered to you from your church or community, benefits you have earned, or your parents/spouse have earned through military service (VA Benefits), employer tuition reimbursements or awards and scholarships from your state. Generally, scholarships do not have to be re-paid, however, under certain circumstances they may require you to agree to a period of service after graduation, among other service obligations. (Please speak with the representative who oversees the scholarship for additional information).

There are several outside scholarship resources that our students have had success with in the past. These include:

• Workforce Development Programs – training services are available to eligible individuals who have not been able to obtain or keep employment and have met the requirements of their local Workforce Development Office for Services. Individual Training Accounts are established to finance training based upon the individual’s choice of selected training programs. 
  • Career Center Locator
• Working Solutions One Stop Centers:
  • Rome: 315-356-0662
  • Herkimer County: 315-867-1400
  • Madison County (now located in Wampsville): 315-363-2400
  • Utica: 315-793-2229
• ACCES VR, Adult Career and Continuing Education Services – Vocational Rehabilitation (formally VESID) – ACCES-VR, within the NYS Education Department, promotes the development of students with disabilities to be lifelong learners. ACCES-VR provides funds to students who have significant disabilities and who need training to meet their employment goals as agreed upon with the rehabilitation counselors for the agency. Funding is provided based on income and severity of need of education.  NY Adult Career & Continuing Education Services Website
  • Madison County: 315-428-3299
  • Oneida County: 315-793-2536
• Veterans Administration Education Benefits – honorably discharged veterans who served more than 181 days of active service may be eligible for Department of Veterans Affairs Educational benefits. Eligible veterans can be full-time or part-time students can receive up to 36 months of entitlement. Dependents of veterans who are deceased or 100% disabled due to military service may be eligible for Department of Veterans Affairs Assistance up to 45 months. The student must be between 18 and 26 years of age. GI Bill website or 1.888.442.4551
• Employer Tuition Reimbursement– some employers and unions may provide financial assistance for tuition and educational expenses. For information regarding tuition reimbursement, you will need to contact your individual employer, as tuition reimbursement policies vary dramatically from each employer. The best place to start is the employer’s Human Resource Department. Students are responsible for payment of all tuition, fees and expenses and for the submission of documentation to their employer for any applicable reimbursement.

For students that are under the age of 24, not married and do not have children, their Parents can finance their dependent child’s education through the federally funded Parent Loan for Undergraduate Students (PLUS) program. The lender is the U.S. Department of Education. The interest rate (7/1/23 to 6/30/24) is fixed at 8.05% and approximately 4.228% in origination fees may be deducted from each disbursement. Repayment begins 60 days after the first disbursement for the academic year, or may be deferred until 6 months after the students leaves school or drops below half-time. Deferred payment arrangements can be made by contacting the loan servicer. Accruing interest can either be paid by the parent borrower monthly or quarterly, or be capitalized quarterly.

To qualify for a PLUS loan, a parent’s credit history will be reviewed. The parent must complete a PLUS Loan Application, pass a credit check and complete an electronic Master Promissory Note (e-MPN) online before the can be disbursed to the student’s billing account. Maximum eligibility along with other sources of aid may not exceed the Cost of Attendance and will be determined by the Financial Aid Office. If a PLUS Loan is denied, the parent has the option of applying with an endorser (a credit worthy co-signer). Find detailed information on all Direct Loans at StudentAid.

Students who may not qualify for Federal Financial Aid can apply for a private student loan through Sallie Mae. If applying for a private loan, the students would need to pass a credit check and an endorser may be required. Private loans do not withhold an origination fee and disbursements would follow the same schedule as federal loans. Repayment on private loans would start 6 months after graduation. The amount of the loan cannot exceed our Cost of Attendance. Find detailed information on Sallie Mae loans at Sallie Mae - Student Loans.

Payment Agreements are available to qualifying students. Students will pay monthly starting the first day of class. Payment agreements are interest free and those participating are expected and required to meet their financial obligation of making their payments on or before the designated due date each month. Students may enter into a payment agreement for the tuition and/or expenses that remain after Federal Aid and other financial sources have been applied to the student’s billing account. For more information, please call the Financial Aid Office at 315.361.5806.

After you have completed your online Master Promissory Note and Entrance Counseling the BOCES Financial Aid Specialist will submit the loan certification to the US Department of Education (USED).

USED will mail or email to you a “Notice of Loan Guarantee and Disclosure Statement” which will indicate the loan terms.

USED will keep an origination fee of 1.057% for loans disbursed on or after October 1, 2023 and before October 1, 2024. Disbursements are broken out into 4 quarters:

• The 1st disbursement will be sent electronically from USED (United States Department of Education) 30 days from the first day of class.
• The 2nd disbursement will be sent approximately two weeks after the first day of the second quarter. Students must complete 315 hours.
• The 3rd disbursement would be approximately two weeks after the first day of the 3rd quarter (2nd semester). Students must complete 630 hours.
• The final (4th) disbursement would be approximately two weeks after the first day of the fourth quarter. Students must complete 945 hours.

Keep in mind that disbursements are dependent on students meeting the required hours at the time of each disbursement (95% attendance) as well as still being enrolled in the program at each phase of disbursement. (Please refer to SAP –Satisfactory Academic Progress in your student handbook that will be provided during the first week of the program.)

Approximately two weeks before each disbursement date, the BOCES financial aid specialist will give you detailed information concerning the method, date, and amount that will be disbursed, and a final opportunity to reduce or cancel that quarter’s amount. Refund amounts will NOT be included in this letter. The disbursement amount will be posted to your billing account for that quarter, and BOCES will determine whether you are eligible to receive a refund for any of the loan disbursement. All tuition and other charges, including make-up monies incurred to date for that quarter must be paid to BOCES before any loan proceeds are paid to students.

Refunds are mailed to the student’s home no later than 14 days from the date BOCES receives the funds from the USED.

IMPACT OF WITHDRAWAL ON TUITION (for students who have elected to pay out-of-pocket):

• The first 2 days are prorated (by the day);
• Before the 315th program hour 75% refunded
• After the 315th program hour and before the beginning of the 2nd semester, 50% refunded
• After the 2nd semester begins and before the 945th program hour, 25% refunded
• After the 945th program hour, NO TUITION IS REFUNDED.

Federal student aid funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student ceases attendance, the student may no longer be eligible for the full amount of financial aid funds that the student was originally scheduled to receive.

Federal financial aid recipients who are terminated or voluntarily withdraw from Madison Oneida BOCES before completing more than 60% of their enrollment period, are subject to a proration of any federal aid (Federal Pell Grants and Federal Direct Loans) awarded, which may result in a balance due to BOCES.

Tuition will be charged at the start of each quarter in the amount of $4,000 plus any expenses and fees for that quarter. On a specified date, Pell and federal loans are then deducted from the amount due for the quarter. If a credit balance remains, loan proceeds will be paid to the student unless other arrangements have been made with the Financial Aid Office. If a debit balance remains, that balance should be paid with the next quarter’s payments, unless other arrangements have been made with the Financial Aid Office.

If a student receives scholarship monies, payments from the scholarship may be received and applied to your student billing account on a different date than your Federal monies (Pell and loans).

• Students will receive an account statement each time a payment has been made on their account.

After you complete your FAFSA online, the Financial Aid Office will receive a Student Aid Report from Federal Student Aid in 2-3 business days. The financial aid officer will review the report and contact you with any questions. Some students may be required to fill out a verification worksheet and submit a copy of their IRS Tax Transcripts. Students will receive a Financial Aid Award package in the mail about 1-2 weeks after receipt of the Student Aid Report. Students will be required to fill out a Request for Direct Loans form and submit it to the Financial Aid Office. Failure to submit any Financial Aid paperwork by the due date requested may jeopardize your financial aid.

After completing the FAFSA, students who will be receiving Direct Stafford Loans, will need to fill out an e-MPN and complete entrance counseling at Student Loans.gov.
Federal Aid will not be disbursed until these items have been completed.

If you find that you will need to borrow money to pay for some of the costs of your education, there are federal loans available to you. Direct loans are guaranteed and require no credit check. Just like any other loan, these loans must be repaid with interest. A Direct Loan is federally funded.

The current fixed rate (7/1/23 to 6/30/24) is 5 .50%. The student is required to begin repayment 6 months after he/she leaves schools or drops below half-time. Approximately 1.057% in origination fees will be deducted from each disbursement. To be eligible for a Direct Loan, students must complete the FAFSA.

If you borrow a loan, you will be required to complete Entrance Counseling and an electronic Master Promissory Note (e-MPN) at the Federal Student Aid website.

The subsidized Direct Loan is for students who demonstrate a financial need. The Federal Government pays the interest while the student is in school and during authorized periods of deferment.

The unsubsidized Direct Loan is for students who are not eligible to borrow some or the entire subsidized federal loan as determined by their financial need. The difference is that the student, rather than the Federal Government, is responsible for the interest payments while in school. The student has the option to pay the interest while attending school, or to capitalize the interest and add it to the loan balance and defer payment on the combined amount until after graduation. Detailed information on all Direct Loans may be found at the Federal Student Aid website.

Once in repayment, there are several repayment plan options, deferment and forgiveness options available to students. For more information on repayment, postponing repayment, and loan cancellation and forgiveness, please visit www.studentaid.ed.gov, or contact your Direct Loan servicer.