GRANTS: A grant is money given to students that does not have to be repaid. In order to be considered for grant money awarded by the federal government, you need to complete the FAFSA application each year.
NY State Grants:
Federal loans are for matriculated students who are enrolled at least half-time (six credits). They have a low fixed interest rate and repayment begins six months after the student graduates or falls below half-time enrollment. Please click on the links below to review the various types of loans offered through the college:
- Federal Stafford Loan
Be advised that this loan requires that you complete the Master Promissory Note and Entrance Interview (if you're a first-time borrower).
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
Be advised that this loan requires that you complete the Direct PLUS Loan Application Form (which you can download from our Forms Page) and Master Promissory Note.
- Federal Perkins Loan
- Private Loans- In most situations, Purchase College does not recommend private loans because federal loans are considered to be a better method of financing a college education. Please note that if you apply for a private education loan, your eligibility cannot be greater than your cost of attendance. With any private loan, students and parents should carefully compare interest rates, repayment terms, etc.
- The Carroll and Milton Petrie Foundation Student Emergency Fund
The Carroll and Milton Petrie Student Emergency Endowment Fund has been created for the purpose of providing emergency grants to students in good standing with short-term financial emergencies to enable them to remain in school. Emergency grants are reviewed after a Special Circumstance claim has been submitted. To apply for Special Circumstances, click here.
Federal regulations limit the number of times a student may repeat a course and receive federal financial aid for that course.
- A student may receive federal aid when repeating a course that was previously failed, regardless of the number of times the course was attempted and failed.
- A student may receive federal aid to repeat a previously passed course one additional time.
- Once a student has completed any course twice with a passing grade, he/she is no longer eligible to receive federal aid for that course.
- If a student retakes a course that is not federal aid eligible, a recalculation of aid is done to exclude the credits for the repeated course.
- This rule applies whether or not the student received federal aid for earlier enrollments in the course.
NOTE: Federal regulations specify that students may not receive aid for repeating courses previously passed twice, even if the student is required to retake those courses as part of their program.