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Financial Aid Explained

Financial Aid Explained

Loans

Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time and for the first six months after you leave school (referred to as a grace period).

Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.

A dependent first-year undergraduate may receive up to $5,500 in Direct Subsidized Loans and/or Direct Unsubsidized Loans for a single academic year, but no more than $3,500 of this amount may be subsidized.

Direct Parent PLUS Loans are offered by the U.S. Department of Education to eligible parents or guardians to assist in covering costs beyond the financial aid available to the student. The maximum PLUS loan amount you can receive is the cost of attendance (determined by the school) minus any other financial aid received. A credit check is required. If a parent or guardian is not eligible for a PLUS loan, the student may be eligible for an increased unsubsidized loan.

Private Student Loans are education credit-based loans that are offered by financial lending institutions. Private loans are designed to finance your remaining cost of attendance after all other sources of aid are exhausted.

Grants

Federal PELL Grants are offered by the U.S. Department of Education (ED), awarded to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree.

Federal Supplemental Educational Opportunity Grants (FSEOG) are designed for students who demonstrate the highest level of financial need. While the amount is determined by the Office of Student Financial Aid, it may be awarded if you are eligible for a Federal Pell Grant and if funding is still available.

NYS Tuition Assistance Program (TAP) helps eligible New York residents pay tuition at approved schools in New York State. An annual TAP award can be up to $5,665. TAP awards are based on NYS taxable income and requires a separate application filed at HESC.ny.gov.

EOP Grants are awarded to students admitted to the Educational Opportunity Program (EOP) program based on need to help meet educational costs and to balance limited resources. This financial aid assistance is available only to EOP students.

ACE Grants Students who are part of the program may receive small stipends to pay for textbooks, eating on campus, and covering non-tuition cost of attendance. Scholarships for winter/summer classes may also be available.

Institutional Scholarships

In addition to need-based financial aid, Purchase College offers merit and talent scholarships to eligible students for up to four years. We evaluate all applicants for scholarships during the admissions review process.

For all institutional scholarships, students must meet the following criteria:

  • Be enrolled full-time (12 credits per semester)
  • Maintain a cumulative GPA of 2.0 or higher
  • Remain enrolled in the major/program you were originally admitted into (changing majors may impact your scholarship eligibility)
  • Comply with the student code of conduct
  • File a FAFSA each year

President’s Broadview Scholarship Award for Liberal Arts and Sciences is awarded to students in recognition of their achievements in high school. Students receiving this award must also:

  • Qualify for and receive TAP each year
  • Maintain their on-campus residency status if admitted as a resident student

President’s Scholarship for Liberal Arts and Sciences is awarded to students in recognition of their achievements in high school. Students receiving this award must also:

  • Maintain residency outside of New York State

Merit Housing Scholarship is awarded to students in recognition of academic excellence in high school. Students receiving this award must also:

  • Reside in one of the following residence halls: Central, Farside, Crossroads, Fort Awesome, Outback, The Commons, or The Olde

Talent-Based Scholarships are awarded by faculty in recognition of extraordinary talent in the areas of music, dance, visual art, and film to students pursuing BFA and MusB degrees.

Westchester Scholars Housing Award is awarded to students graduating from Westchester partner high schools who have been selected by the Director of School Counseling or designee. Students receiving this award must also:

  • Reside in one of the following residence halls: Central, Farside, Crossroads, Fort Awesome, Outback, The Commons, or The Olde

Other Scholarships

NYS Excelsior Scholarship, in combination with other student financial aid programs, covers tuition for eligible SUNY and CUNY students. For the 2024–25 academic year, families who earned $125,000 or less in the tax year 2022 are eligible to apply. Applications will be available in July at HESC.ny.gov

Outside Scholarships are provided from many independent sources outside of the college. Check with your employer, a parent’s employer, or a community-based organization and high school guidance counselor for scholarships assistance. All outside scholarships should be reported to the Office of Student Financial Services