What is Financial Aid?
Financial aid is money provided to help you and/or your family pay for the cost of attendance at Purchase College.
Scholarships and Grants
Scholarships and grant aid are often called “free” money or gift aid because a student does not have to pay it back. Scholarships and grants are the most desirable type of financial aid.
Loans are a type of aid that the student or parent must pay back. Because loans have to be prepaid, they are considered self-help aid. Repayment usually begins after a student finishes his education or drops below a specified enrollment level. In some situations, all or part of a loan can be cancelled or forgiven if the borrower meets certain conditions.
The NYS Get on Your Feet Loan Forgiveness Program provides up to 24 months of federal student loan debt relief to recent NYS college graduates (as of December 2014 and after) who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income. Apply for the NYS Get on Your Feet Loan Forgiveness Program.
Employment is also considered self-help aid because a student earns compensation for work performed.
Sources of Financial Aid
As you can see, financial aid comes in a variety of forms. All types of financial aid comes from four primary sources:
The federal government is the largest source of financial aid. Financial aid from the federal governments includes grants, loans, and work.
A second source of financial aid is the states. The types of financial aid available vary from state to state and can include scholarships, grants, and loans. Some states also offer loan forgiveness programs students may be eligible for after they graduate. States establish the eligibility criteria for their aid programs. A common criterion is state residency.
Many institutions offer financial aid using their own resources. Institutional aid comes from private or corporate donations, and from institutional revenue. Schools that offer institutional aid generally award it at their discretion.
A final source of financial aid is private aid, available from individuals or groups such as community or civic organizations, associations, clubs, churches, foundations, and businesses. Private aid donors often develop their own application and eligibility criteria and procedures.
Assistance in Obtaining Institutional or Financial Aid Information
HEA Sec. 485(a)(1)-(2) (20 U.S.C. 1092(a)(1)-(2)). Not changed by HEOA. 34 CFR 668.43, 34 CFR 668.44. October 28, 2009 FR notice (revised 34 CFR 668.43)
Each institution must make available to prospective and enrolled students information regarding how and where to contact individuals designated to assist enrolled or prospective students in obtaining the institutional or financial aid information required to be disclosed under HEA Sec. 485 ( a ). This information is posted on Purchase College’s website via the links set forth below. Paper copies are available upon request from the individuals and offices listed in the relevant sections below.
- Director of Student Financial Services: Corey York, (914) 251-7000 opt. 2
- Provost: Barry Pearson, (914) 251-6020
- Associate Director of Admissions: Anna Valinoti, (914) 251-6300
- Registrar: Sheryl Secor, (914) 251-6361
How to fill out the FAFSA
Updating Your FAFSA
A helpful guide to updating your FAFSA with your IRS tax information, which will be required for approximately 33 percent of students.