Once the financial need is calculated, Purchase College first awards grants, then work-study and finally, loans. The awards on your Financial Aid Award Notice may change if your FAFSA information is updated, you receive aid from other resources, your cost of attendance changes, or you are not meeting satisfactory academic progress (see Satisfactory Academic Progress).
Who gets federal student aid?
Every student who meets certain eligibility requirements can get some type of federal student aid, regardless of age or family income. If you are a student, some of the most basic eligibility requirements are that you must:
- demonstrate financial need (for most programs) by completing the FAFSA;
- be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number;
- be registered with Selective Service if you’re a male between the ages of 18 and 25;
- be enrolled or accepted for enrollment in an eligible degree or certificate program;
- be enrolled at least half-time (for most programs);
- maintain satisfactory academic progress in college, career school, or graduate school;
- sign the certification statement on the Free Application for Federal Student Aid (FAFSA) stating that:
- you are not in default on a federal student loan and do not owe money on a federal student grant and
- you will use federal student aid only for educational purposes; and
- show you’re qualified to obtain a college or career school education by
- having a high school diploma or a General Educational Development (GED) certificate or a state-recognized equivalent; or
- completing a high-school education in a home-school setting approved under state law; or
- enrolling in an eligible career pathways program.
Find more details about eligibility requirements at www.StudentAid.gov/eligibility.
What is Federal Title IV financial aid and how does it affect my bill?
Title IV financial aid funds are awards funded by the federal government (for example, Federal Stafford and PLUS Loans, and Pell and SEOG Grants). The government restricts the use of these funds and if a student withdraws early in a term/semester these funds may be required to be returned first to the federal government. Awarding of these funds is based on need as determined by completing the FAFSA each year. Purchase College uses “Federal Methodology” in awarding Title IV federal aid. All Title IV/campus based aid is awarded following federal regulations as dictated by the US Department of Education. Please view the Title IV Recalculation page for additional detail.
Cost of Attendance
The cost of attendance is broken down on your SUNY Shopping Sheet which can be viewed on myHeliotrope. Both direct and indirect costs are listed. For all costs please see the semester charges here.
The awarding of funds occurs on a rolling basis as students complete their FAFSA’s. Students are awarded using the federal government’s “Federal Methodology.” Certain funds run out early such as College Work-Study.
The federal government allows colleges to use their “Professional Judgment,” but only certain criteria can be looked at. Purchase College lists the criteria that it can look at on the Special Circumstances Form All decisions are final and not all cases will be approved. Paperwork will not be reviewed until it is complete. The Special Circumstance Committee meets once a week to review such paperwork.
Types of Financial Aid
Federal Pell Grant - This grant is available to students who have demonstrated high calculated need. The expected family contribution calculated from the FAFSA determines this award. Maximum full-time award for 2017-18 is $5,920 for the year. Students may be eligible to receive Pell for less than full-time enrollment. The eligibility for this grant is limited to no more than 12 semesters. This grant will be increased or decreased based on a student’s active, enrolled credits up to the last day to withdraw from courses each semester.
Federal Supplemental Educational Opportunity Grant (SEOG) - This award is designed for only those students who demonstrate the highest level of financial need. While the amount is determined by the Office of Financial Aid, it may be awarded to you only if you are eligible for a Federal Pell Grant and if funding is still available. Please note that due to the mandatory spending cuts by the federal government through sequestration, SEOG funds may be reduced and/or canceled. If a revision is made to your award, we will send a new award notice.
NYS Tuition Assistance Program (TAP - New York State Residents Only) - This is a New York State grant that is determined by your family’s New York State net taxable income. You must file a separate application (https://www.tap.hesc.ny.gov/totw/) with the New York State Higher Education Services Corporation (NYSHESC) which, in turn, will issue you an official award notice. The TAP amount that appears on the Financial Aid Award Notice is only an estimated award until NYS determines your actual award amount and sends the information to the school. For more information regarding eligibility, please go here. TAP is limited to 8 semesters for eligibility (10 semesters for EOP students).
SUNY Tuition Credit (New York State Residents Only) - This is a grant awarded to supplement TAP awards. It is automatically awarded to students receiving the TAP Grant. Tuition Credit is also estimated until an actual TAP award is sent to SUNY Purchase. The amount is calculated based on the actual NYS TAP award.
Educational Opportunity Program (EOP) - This New York State grant is specifically designed for students who have demonstrated both educational and economic disadvantages. Only students admitted to the College through EOP may be awarded this grant. Please visit the EOP webpage here.
Federal Direct Loans- The interest rate for 2017-18 Direct Subsidized & Unsubsidized Loans is scheduled to be fixed at 4.45%*. Funds are borrowed directly from the U.S. Department of Education. The Department of Education charges a 1.069%* origination fee. For example, a $3,500 loan pays to your account as $3,463. Repayment will begin 6 months after you cease being at least a half-time student. If accepted, we will notify you with additional information and instructions in early June.
Federal Direct Subsidized Loan - This is a need-based student loan. Interest does not accrue while the student is attending school at least half-time (6 credits or more). This eligibility for this loan is limited to 150% of the program length (12 semesters for a 4-year program).
Federal Direct Unsubsidized Loan - This is not a need-based loan. Interest accrues while the student is attending school and during repayment.
Federal Direct Parent Loan for Undergraduate Students (PLUS Loan) - A Parent PLUS Loan is included in the financial aid award to reflect the difference between the cost of attendance and offered student financial aid that may still be needed. The 2017-18 interest rate is fixed at 7%, with about 4.276%* origination fee that is taken off the top of the loan. Parents have the option of making the monthly payments immediately or deferring payments while the student is enrolled. The Direct Parent PLUS Loan requires a credit check and a separate application on www.StudentLoans.gov after May 1st.
* Direct Loan interest rates and origination fees may change without notice due to Federal legislation.
Federal Perkins Loan - IMPORTANT: THE FEDERAL PERKINS LOAN PROGRAM HAS BEEN CANCELLED BY THE FEDERAL GOVERNMENT AS OF JULY 1ST, 2018 (This is a need-based loan awarded by the Office of Financial Aid to eligible students. The interest rate is fixed at 5%, but interest does not accrue while you are enrolled at least half-time (6 credits or more). Repayment begins 9 months, after you cease being at least a half-time student.)
For further information on student loans and repayment, please see our Student Loan Center page.
Federal Work Study - This program allows students to work on a part-time basis to earn money to pay for indirect costs. Funding is extremely limited. Students must be eligible for need-based financial aid AND have their application submitted in a timely manner to be considered for Federal Work-Study. Please note that due to the mandatory spending cuts by the federal government through sequestration, Federal Work-Study funds may be reduced and/or canceled. If a revision is made to your award, we will send a new award notice.
Earnings are not paid to the student’s bill, but received in a paycheck/direct deposit to your bank account. If you are awarded and accept a Federal Work Study position, you will work an allotted amount of hours per week at an on-campus job. You will be paid every two weeks.
Overawarded Financial Aid
Purchase College’s policy towards helping to reduce federal or non-federal student/parent loan debt includes trying to reduce student’s (or parent’s) indebtedness when a student becomes over-awarded after loan disbursements have been made. This is based on guidance from the Federal Student Aid Handbook (2015-16):
Although a school isn’t required to return Direct Loan, or nonfederal education loan funds that were disbursed to the borrower (either directly or by applying them to the student account) before the over-award situation occurred, the law doesn’t prevent your school from returning funds that were applied to the student account if you choose to do so.
All Federal Direct Loan funding requests, reductions, or cancellations must be completed (with all required steps) prior to the last day of the academic year; or if the student leaves the school before the last day of the academic year, then prior to the last date of the student’s attendance. Purchase College must be given adequate time to process any late loan funding requests.
It is our school’s policy that we do not process any federal loan funding: requests, adjustments, or cancellations after:
The last day of the academic year in which the loan funding is for
The last day of a student’s attendance within the academic year if it is before the scheduled end date of the academic year