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 students finish their education or drop 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 later) 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.
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 cancelled. 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.
Employment is also considered self-help aid because a student earns compensation for work performed.