Types of Financial Aid
There are a variety of ways to fund your education. NCCC participates in most federal and state financial aid programs. Your financial aid offer may contain one or more of the major types of financial aid listed below:
Scholarships
Are awarded based on various criteria. Scholarships are available through the enrollment process and also through NCCC Foundation. Scholarships are considered “gift aid”, because they are free money and does not have to be repaid. It is strongly encourage to apply for any outside scholarship as well. You can view more information on the scholarships pages.
Grants are a form of financial aid which do not have to be repaid. Grants are typically need-based and have specific eligibility requirements.
The federal government provides grant funds for students attending NCCC. The major federal grant programs at NCCC are the Pell and Supplemental Educational Opportunity (SEOG) grants.
- Awarded to undergraduate students with exceptional financial need
- Lifetimes eligibility is limited to 12 semesters or the equivalent
- Must file the FAFSA to determine eligibility
- Must be eligible for a Pell Grant to be considered
- Students taking 3 credits or more in their degree program and completed the FAFSA by May 1 are given fist consideration
- Funds are limited
Additional information on federal grant aid can be found at studentaid.gov/understand-aid/types/grants.
Student loans, unlike scholarships, grants and work-study, are borrowed monies that must be repaid. At NCCC, we offer Federal Direct Student Loans, Federal Parent PLUS Loans and Private Alternative Loans as a final option.
Student loans are not unlimited; the following are the aggregate undergraduate student
loan
limits: Dependent student - $31,000 (up to $23,000 may be subsidized)
Independent students and students whose parents are unable to borrow the Direct Parent
PLUS
Loans - $57,500 (up to $23,000 may be subsidized)
Additional information online at https://studentaid.gov/understand-aid/types/loans/interest-rates
• Amount based on financial need
• Must meet all eligibility requirements
• Federal government pays the interest while student is in school at least half time
Interest Rates for Federal Direct Student Loans
The interest rate varies depending on the loan type and the first disbursement date of the loan. The table below provides interest rates first disbursed on or after July 1, 2024, and before July 1, 2025.
Direct Subsidized Loan Time Limitation
Students who receive their first federal student loan after June 30, 2013 will have a limit on the maximum period of time that Direct Subsidized Loans can be received. Students that fall into this category cannot receive Direct Subsidized Loans for more than 150% of the published length of the program.
For example, the maximum period for which you can receive Direct Subsidized Loans if you are enrolled in a 2-year associate degree program is 3 years (150% of 2 years = 3 years).
• Interest accrues while student is attending college
• Amount not based on financial need
• Like the subsidized loan, must meet eligibility requirements
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a loan in the parent's name to assist their dependent student with educational expenses. Credit approval is required. These loans are guaranteed and regulated by the Federal Department of Education.
Alternative loans are private loans (available through various lenders) to assist with the cost of education. These loans are not federally guaranteed student loans and are generally based on income and credit history. Most students will be required to have a cosigner. Individuals may only apply for up to the cost of attendance minus any financial aid received.
NCCC does not recommend or prefer any one private alternative loan product. Please carefully review and compare the borrower benefits, loan fees, interest rates, and repayment terms. This information should be available on the web site at www.elmresources.com
North Country Community College students may be eligible for a variety of funding opportunities in addition to the traditional financial aid. Please research the following options.
There are a variety of ways to fund your education. NCCC participates in most federal and state financial aid programs. Your financial aid offer may contain one or more of the major types of financial aid listed below:
ACCES-VR
ACCES-VR assists individuals with disabilities to achieve and maintain employment
and to support independent living through training, education, rehabilitation, and
career development. Funding is available for both credit and non-credit programs
that lead to demand occupations. To determine your eligibility, review information
online at http://www.acces.nysed.gov/vr
One Work Source
One Work Source is a resource that may assist individuals with support and funding
to help with several services needed. Please review opportunities online at https://www.ncworkforce.com/
Outside Scholarships
We encourage you to apply for additional scholarships and grants. We will not reduce
any financial aid offered by NCCC unless the total amount of your scholarship/grant
from all sources exceeds NCCC cost.
Sources for scholarships/grants include:
- Your high school guidance office
- Student and parent employers
- Online searches (see website below)
https://studentaid.gov/understand-aid/types/scholarships
https://bigfuture.collegeboard.org/scholarship-search
https://www.fastweb.com/
https://finaid.org/scholarships/
https://www.mefa.org/webinar/applying-for-college-scholarships/
http://www.collegescholarships.org/search/helpful-reviews.htm
Cohort Default Rate
In September 2019, the US Department of Education released official cohort default rates for federal student loan borrowers who went into repayment in 2019.
- North Country Community College’s Default Rate is 6.6%
- The National Cohort Default rate is 10.8%
NCCC is committed to working with our borrowers to educate them on the choices of borrowing. Our default rate has been steadily declining over the last several years.
National Student Loan Data System (NSLDS)
NSLDS is a centralized national database that stores information on Federal Student Loans and grants. You can access NSLDS using your FSA ID online at www.studentaid.gov You can view how much you have borrowed in student loans, the schools you attended while borrowing, interest rates, current loan status, subsidized loan usage and loan servicer information.
Master Promissory Note
The MPN is a legal document that explains the terms and conditions of your loan(s). When signing the MPN you are promising to repay your loan(s) and any accrued interest and fees. The MPN must be completed to take out a Direct Loan and can be completed online at www.studentaid.gov/mpn/
NCCC provides part-time employment opportunities to full-time and part-time students through the Federal Work Study program.