The Office of Financial Aid is committed to providing financial assistance to as many eligible students as possible. In addition, the staff will assist you and your family in developing your financial plans for paying for this extraordinary investment in your future - your college education!
IMPORTANT DEPARTMENT OF EDUCATION UPDATE!
Federal Student Aid has announced a change in the distribution of the 2008-2009 FAFSA. For 2008-2009 paper FAFSAs will not be available for schools to order via FSAPubs. Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center (FSAIC) toll-free at 1-800-4-FED-AID (1-800-433-3243). Students may request up to three copies of the paper application and should receive their FAFSAs in 3 to 7 business days.
HOW, WHEN, and WHERE DO YOU APPLY FOR FINANCIAL AID?
You must complete the "Free Application for Federal Student Aid," called the FAFSA. The FAFSA is a federal form that is used to determine financial need for federal and state financial aid and some scholarships. The FAFSA is processed by a federal agency. You complete it online at http://www.fafsa.ed.gov after January 1 for the upcoming fall semester. For example, if your semester of college will be the Fall of 2008, you should complete the FAFSA on or after January 1, 2008. Then, you must complete the FAFSA for every year that you want to receive financial aid. If you will attend college in the 2009-2010 academic year, you should complete the FAFSA again, or or close to January 1, 2009.
You and one parent will need to register for a PIN (Personal Identification Number) at www.pin.ed.gov before you begin the FAFSA online. The PIN will be emailed to you 2 or 3 days after you apply for one. The PIN can be used to access your FAFSA application, to make corrections on the FAFSA and to check the status of your FAFSA.
What is Financial Aid?
Financial aid is money provided to you to bridge the gap between your (and your family’s) resources and the total cost of attendance at Purchase College. Most financial aid is awarded on the basis of demonstrated financial need; some is awarded on the basis of merit only; using the criteria of outstanding academic or artistic promise. The different sources of financial aid: scholarships, federal and state grants, low interest loans which must be repaid, and part-time employment on-campus. Money earned through employment may be used for living and personal expenses.
Regardless of income, all families are generally eligible to participate in the following two financial aid programs:
- Stafford Loans and
- Parent Loan for Undergraduate Students
Who is Eligible?
All students who meet the following criteria are eligible to participate in the Stafford Loan or the Parent Loan for Undergraduate Students (PLUS) programs:
- Have an official high school diploma or General Education Development (GED)
- Enroll as a matriculated student
- U.S. citizenship or eligible non-citizen
- Maintain satisfactory academic progress toward completion of a college degree
- Register with Selective Service, if required by Law
You are not eligible to receive financial aid if you are currently in default on student loans or owe money to the federal government for financial aid you were ineligible to receive.
