Site Index | Campus Directory | Map | Quick Links | Search      
the Q Queens College - CUNY
Office of Financial Aid Services

News
Welcome to the Financial Aid Services web site. We hope you find it helpful.

1) Use the same name and id number on all computer systems. Using different names or numbers can delay or even cancel your aid.

2) Graduate Tuition Reimbursement Awards announced for Spring *2008* - - information

3) NY State Aid Advisement Alert - information

4)***New Financial Aid Programs--ACG AND SMART*** - more information

5)Printing problems on this site? Change your print preference from portrait to landscape.

6) You have to apply every year to be considered for financial aid. Applications now available for Academic Year 2008-2009 (Summer 2008, Fall 2008, Spring 2009). Be sure to complete the application for the correct year.

7) Information about Education Tax Credits is avalable at http://www.studentaid.org/
TaxBenefitsPSIntro.htmland from the Bursar's Office at 718-997-4534.

8) Don't have an email address? It's important to put a good email address on your aid applications. As you consider your options, consider using your *FREE* QC student email account. Read all email account policies carefully.

9) Consider Direct Deposit to get your checks faster.
Debt Management / Smart Borrowing

Loans are important to many of our students, but we try to encourage them to take in loan only what they need.  The goal of debt management counseling is to encourage wise borrowing.  Remember that loans do have to be repaid.  If you take student loans, be sure to read carefully all information provided about each loan before accepting it.

Following are some excerpts from a variety of publications and reminders about smart borrowing and debt management. 

a) The following is taken from the CUNY Booklet given to Perkins Loan Borrowers, Your Federal Perkins Loan: A Reference Guide of Your Rights, Responsibilities and Obligations, 2003 edition.  The same basic principles [although not the details, and the loans may stay as separate loans] apply generally to all types of student loans.
Before Borrowing Consider These Facts
Minimum Monthly Payment

Your minimum monthly payment will be $ 40.  If you borrow in excess of $3770, your payment will reflect the amount it takes to pay off your loan in ten years.  For an easy way [on Perkins Loans] to determine the amount your monthly payment will be, use the following simple formula:

Take the amount you owe and divide it by 1000.  Multiply the number you get by 11.  For example if you borrow $ 5,000.00:
 $ 5,000.00 / 1000 = 5
 5*11 = $ 55.00
 Your monthly payment will be $ 55.00
Remember, this is a loan and must be repaid.  Don't get in over your head.  Borrow Responsibly.
How much can you afford to borrow?
Every borrower is different and the amount you can afford to repay in student loan depends on many variables:
  • Anticipated entry level salary for your profession
  • Take home salary, i.e., what you net salary after taxes and deductions may be
  • Other outstanding student loans
  • Cost of Living
  • The number of people you support
  • Other debts, i.e, auto loan or mortgage.
Before you borrow take a few minutes to complete the budget sheet [budget sheet not included here] on the following page.  Think about what you can really afford to borrow.  You may find more information about entry-level salaries by going to the Occupation Employment Statistics homepage at http://www.bls.gov/oes.

Budget Sheet [Budget Sheet not included here.]
This income and expense record is intended to help you develop a budget.  Complete this sheet by filling in the appropriate dollar value next to each category that pertains to you.  You do not have to hand in this sheet.  Keep this for your records and reference.

When you complete this sheet think about what you can really afford to borrow from the FPL progam and what you will have to give up to pay the bill....  [Budget Sheet not included here.]
b) The following is taken from the "Budgeting Your Money" section of the Direct Loan Exit Counseling Guide for Borrowers, September 2000 edition.
...One significant aspect of successfully managing your money after leaving school is repaying your student loans...
c) Keep all of your loan papers for all your loans, from all schools, together.  Keep track of who is the billing service for each loan, when each payment is due, and the provisions of each loan.  Notify the appropriate billing services of any changes of address OR any problems you may have in meeting your obligations.

d) If you are considering student loan consolidation --- a process through which you might be able to combine all of your student loans into one loan --- look carefully at the provisions your individual loans have, and evaluate what you will lose and what you will gain.  Look especially at interest rates, cancellation provisions, and deferment provisions.  The following warning is from part of the Perkins Loan booklet:
...If you consolidate your Perkins Loan you will lose all the benefits of the Perkins Loan Program, including cancellation provisions such as teacher, law enfocement, family services.... Once your student loans are consolidated they can not be unconsolidated. Be Careful! Consolidation is Final.
a link to (CUNY) the city university of new york website
About Queens College |  Academics |  Administration |  Admissions |  Athletics/Recreation |  Centers & Institutes |  Computing
Continuing Education |  Human Resources |  Kupferberg Center for the Arts |  Library |  News & Media |  Suggestions
Queens College, The City University of New York, 65-30 Kissena Blvd, Flushing NY 11367, Phone: 718-997-5000
Getting to the Campus |  Disclaimer |  Text Only |  Copyright © 2004 - 2008