GENERAL INFORMATION

Financial Aid is any grant, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. The amount of financial aid that a student receives is determined through federal, state and institutional guidelines. Grants include aid the student receives that need not be repaid; loans must be repaid. Interest rates and repayment terms vary by program. Employment is aid based on an hourly rate for work performed.

We recommend that you check out how to "Manage the Price of College." It is a great resource for planning and managing the costs that go along with college.

Tuition & Fees

Regardless of income, all families are generally eligible to participate in the following programs:

1. Student Stafford Loans: $1,750 per semester or $3,500 per year (subsidized and/or unsubsidized). Amounts increase for subsequent years of study.
2. Parent Loans: Parents may borrow up to the cost of education minus other financial aid received.
3. New Paltz Time Payment Plan: Families may spread the semester costs over five months.
4. Part-Time Employment: Jobs are available and located both on and off campus for students to earn funds to assist with personal expenses throughout the year.
5. Free Scholarship Search on the Internet

Need based Financial Aid programs (i.e. Pell & SEOG Grants, Perkins Loan, Work-study, etc.) are applied for by completion of the Free Application For Federal Student Aid (FAFSFA) and the NYS TAP Application. Students can apply using printed forms or online for most programs.

How Financial Aid is Calculated

Who Gets Financial Aid?
Financial aid eligibility is need-based. In other words, the main criteria for determining eligibility is "who needs assistance the most?" It is the philosophy of need-based student financial aid programs that the primary basis for a student's educational support is the family. A combined effort by the parents and the student to meet college expenses is expected and the total household resources are taken into account, except in unusual circumstances.

It is when the finances of the family fall short of meeting educational expenses that the Financial Aid Office plays a role in helping with these costs. The application used to determine the family's ability to pay and the amount of assistance the student will need is the Free Application for Federal Student Aid (FAFSA).

What is Financial "Need?"
Need is defined by Congress as the difference between what the family can be reasonably expected to contribute toward college costs and the cost of attendance, also referred to as the Student Budget, at the college. The Student Budget includes billed costs, such as tuition, room, board, and fees, as well as out-of-pockets expenses like books, supplies and transportation. If a family can contribute $3,000 to a college with a cost of attendance of $10,000, then the student's need would be $7,000. This need helps determine how much aid a student may receive during a given year.

COST OF ATTENDANCE - FAMILY CONTRIBUTION = FINANCIAL NEED

Student's Responsibility
We have been using the word "family" throughout these pages. This means YOU, the student as well as the parent(s). In determining need, a student's prior year income, and assets are documented on financial aid applications. This means that the student will bear some financial responsibility for the college cost of attendance.

How Do I Apply for Financial Aid?

SUNY New Paltz requires the following documents to be filed by all aid applicants:

The Free Application for Federal Student Aid:

The Free Application for Federal Student Aid or FAFSA, is available at high schools, college financial aid offices, and on the web. The Processing Service distributes copies of the document and an analysis of it to all named institutions and the applicant. SUNY New Paltz’s FAFSA Title IV Code is 002846. FAFSAs will be available in December of this year and may be filed any time after January 1st.

Of course if you have any questions while you are completing your FAFSA, feel free to call the Financial Aid Office and we'll be glad to help you.

NEW! Now you can apply for federal financial aid with your computer! Use this link to access FAFSA on the WEB . You'll find plenty of instructions to help you complete your application.

TAP Applications:

The last page of the FAFSA will contain a link to New York State Higher Education Services Corporation (HESC). When you choose this link most of the Federal data will carry over to your TAP application, while you complete the rest. This is the best way to complete your TAP application. Coming soon, you may also go directly to WWW.HESC.COM .

Verification:

To verify the accuracy of information for selected students, the College may be required by the Department of Education to request supplemental information from an applicant's family. You will receive a request for this information if your application is selected. So, when you send off your FAFSA, keep copies of the tax documents used in a safe place so they will be readily available if we request them.

Financial Aid

Financial Aid is any grant, loan, or paid employment offered to help a student meet his/her college expenses. Such aid is usually provided by various sources such as federal and state agencies, colleges, high schools, foundations, and corporations. The amount of financial aid that a student receives is determined through federal, state and institutional guidelines. Grants include aid the student receives that need not be repaid; loans must be repaid. Interest rates and repayment terms vary by program. Employment is aid based on an hourly rate for work performed. The "Program Section" outlines the various programs available in each category.

How to Apply

Students must file the Free Application for Federal Student Aid (FAFSA) each year as soon as possible after January 1. Although parents' information may be required, it is the student's responsibility to complete all application requirements for all aid programs. NOTE: Students must be sure to indicate "SUNY-College at New Paltz" in the college release section of the FAFSA, code # 002846.

The FAFSA is the form used to apply for Federal Pell Grants, Federal Stafford Loans, and the three "Campus Based" programs. They are Federal Supplemental Educational Opportunity Grants, Federal Perkins Loan, and Federal College Work Study Program.

Students applying for Educational Opportunity Program (EOP) Admissions will be sent additional information requests from the Financial Aid Office if appropriate and necessary.

New York State residents must file a separate TAP application mailed to them after completing the FAFSA and mail it in the envelope provided to HESC in Albany.

Once the FAFSA has been completed, it should be mailed in the envelope provided. After submission, the student will receive a SAR (Student Aid Report) which indicates eligibility for Pell Grant and the expected family contribution. The College will determine eligibility for all Federal aid programs and will request, if necessary, additional documents to verify information.

Availability of Funds

The Campus Based programs are extremely limited sources of aid. To ensure complete consideration for these programs it is very important to file the FAFSA as soon as possible after January 1. Applications are considered based on a combination of need and the date the campus receives the FAFSA and any required documentation.

Satisfactory Progress and Time Limit for Receipt of Federal Title IV Aid

The college is required by federal financial aid regulation to review academic progress at the end of each academic year to determine if students are in good academic standing and have made minimal progress by completion of credits towards a degree.

In order to continue to qualify for receipt of any federal funds (Pell, Supplemental Educational Opportunity Grant, Work-Study, Perkins Loan, Stafford Loan, etc.) each student must not have been academically dismissed by the college and must have accrued a minimal number of credits at various intervals of total attempted credit hours toward a degree. Students are allowed a maximum time-frame in which they are expected to complete their program of study (including transfer college enrollment) and receive aid which cannot exceed 150 percent of the published length of their academic program, measured in credit hours attempted. For example, for a 120 credit hour program, the maximum time-frame in which a student is expected to finish the program cannot exceed 180 attempted credit hours (120 times 1.5). Therefore, a student attempting minimal full-time enrollment of 12 credits each semester would be eligible to receive aid for a maximum of 15 semesters (15x12=180). Students enrolling for more or less than 12 credits each semester will also be limited to attempting a total of 180 credit hours, thus decreasing or extending the number of enrollment periods in which to complete their program within the 180 attempted hours limit.

The following chart can be used to estimate credits required to be completed in order to continue receipt of federal aid. (Note: Students may restore eligibility for federal aid when they meet the standards shown on the chart. Transfer students should count credits transferred to New Paltz as attempted.)

Academic Progress Chart for Federal Financial Aid Title IV Programs

If Credits Attempted Then the Following Percentage of

are Between: Graduation Credits Must Be Completed:

3- 30 30%

31- 60 50%

61- 90 60%

91-120 65%

120-150 70%

151-180 80%

The successful completion of credits according to this chart will allow a full‑time student six full‑time years to complete a 122 or more credit hour baccalaureate degree. The number of credits to be completed is pro-rated for students attending one or more semesters as a part‑time student. Students must also meet the college's academic standards.

Some of the circumstances that may adversely affect a student's Satisfactory Progress toward a degree include: withdrawals from college or courses, incomplete grades, failed courses or repeated courses.

Please refer to the full text of the guidelines outlined in the document "Good Academic Standing and Satisfactory Progress Standards for Receipt of TITLE IV Aid." This document is available in the Financial Aid Office, the Office of the Vice President for Academic Affairs and the Graduate School Office.

Grants and Scholarships

The Federal Supplemental Educational Opportunity Program Grant (FSEOG)

FSEOG is a federal grant awarded by the college to matriculated undergraduate students with exceptional need. It is a Campus Based program and the awards may range from $100 to $4,000 per year, depending on funding. A student may receive FSEOG for the period required to complete a first baccalaureate degree. The FAFSA is used to apply.

Federal Pell Grant

This is a federal grant entitlement program. Eligibility is based on need and the applicant must be a matriculated undergraduate enrolled at least half‑time (six credits). The awards range from $100 to $3,125 per year, depending on funding. The FAFSA is used to apply. Upon application the student receives three copies of a Student Aid Report (SAR). The SAR should be submitted to the Financial Aid Office, along with any required documentation.

Educational Opportunity Program (EOP)

EOP is a grant program for New York State residents who are academically and economically disadvantaged as determined by the campus. Students must be full‑time matriculated undergraduates. Awards are based on need and may range up to $2,800 per year. The FAFSA and SUNY Admissions Application are used to apply. See the Admissions section under EOP for more information.

Tuition Assistance Program (TAP)

TAP is a New York State grant entitlement program for residents of the State. Applicants must be enrolled full‑time and matriculated in an approved New York State postsecondary program. Awards range from $100 to $3,085 for undergraduates and $100 to $550 for graduate students. Applications are generated and mailed to the student upon completion of the FAFSA. A FAFSA must be filed first in order to receive the TAP application. File for TAP each year as soon as possible after April 1 with the New York State Higher Education Services Corporation in Albany. The TAP application is also used to apply for other New York State grant programs and scholarship awards.

New York State Aid for Part‑Time Study (APTS)

APTS is a grant program for undergraduate students enrolled for between three and eleven credit hours per semester. Students must be matriculated. Awards are based on need and may cover up to full tuition. Applications are available from the Financial Aid Office around April 1.

College Sponsored Scholarships

New Paltz has a modest scholarships and awards program. Most of the awards are given to continuing students (students who are currently enrolled at New Paltz). However, there are some scholarships available to freshmen or transfer students who are graduates of an Ulster County high school or Ulster County Community College. There are also a few scholarships for incoming freshmen who currently reside in the mid‑Hudson region. For additional details related to these scholarship programs, contact your high school guidance counselor or the Office of Admissions at New Paltz. Request information on either the Joseph Y. Resnick scholarships (Ulster County, freshmen or transfer), Mildred and Louis Resnick scholarships (mid‑Hudson region, freshmen), Peg Leg Bates (entering minority students), or the Bertha Herwig Connelly Memorial Scholarship Fund (Ulster County, major in education). Additional information about the latter can be obtained by contacting the Dean of Education at New Paltz. In general, recipients are chosen on the basis of academic performance and/or financial need. Information and application forms for continuing student scholarships and awards are available in the offices of all academic departments and in the Office of Financial Aid during the months of February and/or March. The following is a list of scholarships and awards offered:

Bernard Aratowsky Memorial Scholarship

Art History Award

Martha V. Barnett Award

Peg Leg Bates Scholarship

Jean Claude Belot Scholarship

Thomas and Marie Bell Scholarship

Arthur Bruce Bennett Scholarship

Ruth Bennett Scholarship

Mary Gallagher Burke Scholarship

New Paltz Christian Center Scholarships

Cary Coffing Memorial Scholarship

Communications Major Scholarship

Bertha Herwig Connelly Memorial Scholarship

Stephen Jay Egemeier Memorial Scholarship

Craig Evans‑Alex Mims Memorial Scholarship

Charles Geibel Memorial Scholarship

Simon and Evelyn Gluckman Scholarship

William Haggerty Scholarship

Marion Harding Scholarship

Ellen E. Harvey Scholarship

Ruth Mack Havens Scholarship

Erna Lynne Heyer Memorial Scholarship

Holt‑Riley Award

Eugenio Maria de Hostos Scholarship

Yetta Jacowitz Howitt Scholarship

Herbert L. Kammerer Memorial Scholarship

Martin Luther King Scholarship

Gerald Lazar Memorial Scholarship

Simone Lester Memorial Scholarship

Alex Minewski Memorial Scholarship

Minority Recruitment Program Scholarship

Paul F. Murphy Memorial Scholarship

Nursing Alumni Scholarship

Brian Parsons Scholarship

Ailsa Reid Memorial Scholarship

Joseph Y. Resnick Scholarship

Mildred and Louis Resnick Scholarships

Mark Silver Award

Harold C. Storm Scholarship

Student Christian Center Scholarship

Vincent Tomaselli Award

Constance Von Wock Scholarship

Loans

Federal Perkins Loan

The Perkins Loan is a campus-based program available to matriculated graduate and undergraduate students enrolled at least half‑time. Amounts which may be borrowed are: $3,000 per year as an undergraduate up to $15,000 total. An additional $15,000 may be borrowed toward graduate study. The total undergraduate and graduate amounts may not exceed $30,000. The current interest rate is five percent; however, principal and interest payments do not begin until nine months after the student ceases to be enrolled at least half‑time. Loans are awarded based on need. The FAFSA is used to apply.

Federal Stafford Loan

This is a federally subsidized loan program that enables students to borrow money from another bank or lending institution. A student must be enrolled at least half‑time (6 credits) and matriculated (accepted in a degree program) or involved in a certification program. All students must complete a FAFSA and demonstrate need for this program. Need is based on the cost of attendance, a family's expected contribution and other aid a student may be expected to receive. Undergraduate freshmen can receive up to $2,625 a year; sophomores can receive up to $3,500; juniors and seniors can receive up to $5,500 a year. The maximum total amount that an undergraduate student can receive is $23,000.

Graduate students can receive up to $8,500 a year. The maximum total amount a graduate student can receive (including undergraduate loans) is $65,500.

The variable annual interest on a Stafford Loan cannot exceed nine percent. There are no interest payments while a participant is a student and for six months thereafter. There is a five percent origination fee and up to a three percent insurance fee on the amount borrowed.

Repayment begins six months after a student ceases to be enrolled at least half‑time. The minimum monthly payment on the loan is $50 and, depending on the amount borrowed, the total must be repaid within five to ten years.

Federal Stafford Loan Unsubsidized

After October 1, 1992, students may qualify for an unsubsidized Stafford regardless of need. "Unsubsidized" means that the student is responsible to pay interest on the loan while in school. Borrowing limits for any combination of regular Stafford and/or unsubsidized Stafford Loans remain as aforementioned by class year for dependent students. However, independent students may borrow additional unsubsidized loan amounts above class year levels as follows:

Freshmen $ 4,000 per year

Sophomores $ 4,000 per year

Juniors and Seniors $ 5,000 per year

Graduate students $10,000 per year

Parent Loans for Students (PLUS)

Parents of financially dependent undergraduate students are eligible to apply for PLUS.

Applications are available at participating lending institutions. Parents may borrow up to the cost of education minus other aid. The annual interest on a PLUS will not exceed 10 percent. Repayment of the amount of the loan plus interest begins two months after the loan is received. The minimum monthly payment is $50.

Work

Federal College Work Study Program (FCWSP)

The FCWSP provides jobs for matriculated students enrolled at least half‑time. Employment is on or off campus and students are paid $6.75 or more per hour. Part time hours may range up to 20 hours per week while the student is in school and up to 40 hours per week during periods such as summer. The FAFSA is used to apply.

General Employment

In addition to the FCWSP, there are other part‑time employment opportunities available to students. Opportunities exist both on and off campus. Students interested in obtaining employment while enrolled should contact the Financial Aid Office.

Other Programs

Graduate Opportunity Tuition Waiver Program (former EOP, HEOP, SEEK Students)

Former undergraduate students who were enrolled in "Opportunity" programs may be eligible for a partial or full tuition waiver for full‑time matriculated study. This is a New York State sponsored program. The application procedure includes: proof of undergraduate enrollment in an educationally disadvantaged opportunity program; TAP application; FAFSA and Graduate School admissions application. The Financial Aid Office must be notified of your interest in applying.

Veterans Administration (VA) Educational Benefits (GI BILL)

A veteran must have at least 181 days continuous active duty service, any part of which occurred after January 31, 1955, and before January 1, 1977. Application forms, information and assistance in applying for benefits are available at all VA offices.

Post‑Vietnam Era Veterans Educational Assistance

This is a voluntary contributory matching program for persons entering service after December 31, 1976. Applications are available at all VA offices.

Vietnam Veteran Tuition Awards (VVTA)

This New York State award provides up to $500 per semester (full‑time attendance) or $250 per semester (part‑time attendance) to undergraduate matriculated Vietnam veterans. Awards cannot exceed tuition (including TAP). Applicants must be New York State residents on April 20, 1984, or at the time of entry into service and resumption of residency by September 1, 1987. They must also have served in the U.S. Armed Forces in Indochina between January 1, 1963 and May 7, 1975. Applications are available from the Financial Aid Office.

Vocational and Educational Services for Individuals with Disabilities (VESID)

Eligibility for vocational rehabilitation services is based upon: (1) the presence of a physical or mental disability which for the individual constitutes or results in a substantial handicap to employment; and (2) the reasonable expectation that vocational rehabilitation services may benefit the individual in terms of employability. Handicapped persons may obtain a list of local VESID offices from: New York State Education Department, Albany, NY 12234. The blind are served by the Commission for the Blind and Visually Handicapped, State Department of Social Services, 40 North Pearl Street, Albany, NY 12243.

Student Aid to Native Americans

This is a New York State Grant program available to applicants who are residents of the State and on an official tribal roll of a New York State tribe or the child of an enrolled member of a New York State tribe. The award is $1,100 per year. Applications are available from the Native American Education Unit, New York State Education Department, Albany, NY 12230. They must be filed by August 1 of the academic year of proposed enrollment.

Higher Education Assistance Program

To be eligible the applicant must: (1) be at least one‑fourth American Indian, Eskimo or Aleut; (2) be an enrolled member of a tribe, band or group recognized by the Bureau of Indian Affairs; (3) be enrolled in or accepted for enrollment in an approved college or university, pursuing at least a four‑year degree; and (4) have financial need. Application forms may be obtained from the Bureau of Indian Affairs.

Rights and Responsibilities

Depending on the type of aid received, students must meet the following general requirements to continue their eligibility. Specific program requirements are outlined in the applications.

Meet satisfactory progress guidelines.

Be in good academic standing.

Not be in default of any prior student loan.

File application(s) annually.

Notify the Financial Aid Office, bank or lending institution or any agency that offers any type of aid of any change in enrollment status, financial circumstances, change of address or any other information as required by the aid program. Not be in default on any loan offered by the college. Not owe a repayment on any awards paid.