APPLICATION OF FINANCIAL AID TO STUDENT ACCOUNTS

4th April 2022

APPLICATION OF FINANCIAL AID TO STUDENT ACCOUNTS

As aid checks arrive on campus, the Bursar will mail them to the student at the student's local address. In some cases, the financial aid award is greater than the charges due. In these cases, when aid checks arrive at the Bursar from Albany, charges due are automatically paid. Refunds, if any, are given to the student. College policy is to make available to the student any excess financial aid from the first aid that arrives (except TAP) at the College. TAP must be applied against tuition before any excess aid is returned to the student. Any subsequent aid that arrives will be given to the student as long as his/her account is paid.

Note: Students receiving financial aid who drop below full time or withdraw from school may have a portion of their refund returned to the program providing the aid. Additionally, financial aid funds actually given to students may have to be repaid in accordance with federal regulations. Specific details are available in the Financial Aid Office.

FINANCIAL ASSISTANCE AND ACADEMIC STANDARDS FOR GRADUATE STUDENTS

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Tuition Assistance Program (TAP) All students who are matriculated, legal residents of New York state and are full time or have equivalent full-time status are eligible to apply for assistance under the Tuition Assistance Program. For purposes of TAP eligibility, full time is normally defined as 12 graduate credits. Those students who are graduate assistants, research assistants or are working on thesis research should contact the TAP Clerk in the Bursar's Office for details regarding equivalent full-time status for TAP eligibility. Students who are at least half-time and who have a documented disability on file at the Office for Students with Disabilities may be eligible for a part-time TAP award. Students should complete the Free Application for Federal Student Aid (FAFSA) to apply for TAP. If the FAFSA is electronically processed on the Web, students will be directly transferred to the TAP application Web site. Students should complete this https://getbadcreditloan.com/payday-loans-ny/akron/ page and click "Submit." If a student does not complete the form or is not transferred to the TAP Web site, the student will be sent a preprinted Express TAP Application (ETA) or notification of award. FAFSA forms are available in January for the next academic year. Awards range between $75 and $550 per year. Students must reapply each year. Students are advised that continued eligibility for TAP awards requires that students maintain Good Academic Standing.

To be considered for federal financial aid programs, students must complete the Free Application for Federal Student Aid (FAFSA) and must be matriculated. The FAFSA form can be obtained from the Financial Aid Office. Applications should be filed by March 15 for consideration for an award for the next academic year.

Direct deposit to the bank account of the student's choice is also available

Federal Direct Student Loans (Subsidized and Unsubsidized Stafford Loans) These loans are for matriculated students who are attending on at least a half-time basis (six credits). They are low-interest loans with usually a 10-year repayment schedule. The unsubsidized version is not need based, but interest does accrue during in-school periods. Apply yearly by filing the FAFSA during the spring to ensure funds for September. No separate application is required.

Federal College Work-Study Program (CWSP) This program offers jobs to matriculated students demonstrating financial need and desiring to work. Positions are available in almost every department and administrative office. Every effort is made to correlate the job with the student's interest and schedule.

Federal Perkins Loan The loan is for matriculated graduate students with exceptional financial need as determined by the FAFSA. This loan has a fixed interest rate of five percent and payments are deferred while students are attending on at least a half-time basis. This loan is awarded only if the student has unmet need after all other sources of aid are exhausted.