Financial aid is available to matriculated graduate students that are enrolled at least half time.  Graduate students usually receive Stafford loans and potentially, NYS TAP.  Alternative loans are available as well.  Read below for information on how to apply for TAP, Stafford loans, and Alternative loans.  Click here to check out the tuition and fees for graduate students.

What is the New York State Tuition Assistance Program (TAP)?

For New York State residents only, New York State Higher Education Service Corporation (NYSHESC) determines TAP awards based on NYS net taxable income and dependency status.  Also, a student must be enrolled full time to receive TAP.  The student will receive an Express TAP Application from NYSHESC.  SUNY New Paltz must be listed on ETA. If SUNY New Paltz is not listed on the the ETA or your TAP award certificate, a TAP change form must be completed.  TAP grants for Graduate Students range from $75.00 up to $550.00

What do I need to do in order to be considered for TAP?

1. File a FAFSA.
2. If you are a NYS resident and listed at least one NYS school on your FAFSA, a separate Express TAP Application (ETA) will be sent to you directly from NYSHESC.  SUNY New Paltz’s TAP code is 5565.  Also, you can complete your ETA electronically on-line after you file your FAFSA on the web.

What is a Stafford Loan?

This is a federal 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 granting program) or involved in a certification program.  All students must complete a FAFSA.  There are no interest payments due while a participant is enrolled at least half time.  Although interest can accrue on your unsubsidized Stafford loan while you are in school, no payments are required during that time.  No interest accrues on subsidized Stafford loans while you are enrolled at least half time.  Repayment begins six months after a student graduates or 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.

 

Stafford Loan Borrowing limits
Subsidized	Up to $8,500
Unsubsidized	Up to $12,000
Total	$20,500
Maximum Lifetime Borrowing	$138,500

Interest Rates: An annual variable rate adjusted each July 1, based on the 91-day Treasury Bill +1.7% while in-school, grace, and deferment periods, and +2.3% while in repayment not to exceed 8.25%.

What do I need to Do to be Eligible for a Stafford Loan?

Please review the following process carefully:

1. File for your Federal Student Financial Aid (SFA) PIN.
2. File a Free Application for Federal Student Aid (FAFSA) or renewal FAFSA at least three months before you need the loan proceeds.  SUNY New Paltz’s federal school code is 002846.
3. Review your Student Aid Report (SAR) and submit all corrections to the federal processor (Make sure SUNY New Paltz is listed). Reply to all requests for additional documentation from SUNY New Paltz, New York State, and the federal processor.
4. Accept the Stafford loan offered to you on your financial aid award letter or on-line at my.newpaltz.edu.
5. Students borrowing for the first time at SUNY New Paltz are required by federal regulations to complete a “Stafford Loan Master Promissory Note” before proceeds of the loan (one-half each semester) can be credited to your student account.  If you have not already signed a Master Promissory Note (MPN), HESC will send one to you. Choose your lender and mail your paper MPN to HESC or you can E-sign your MPN, which will speed up the process.  If you have already completed an MPN, the guarantor will guarantee your loan.
6. Students borrowing for the first time at SUNY New Paltz are also required by federal regulations to complete an “Entrance Interview” before proceeds of the loan (one-half each semester) can be credited to your student account. If you have not done so already you can complete the "Entrance Interview" on-line.
7. SUNY New Paltz will process your loan through the New York Higher Education Services Corporation.
8. Your guarantor informs your selected lender and SUNY New Paltz of the guarantee.

What is an Alternative Loan?

Alternative student loans are private loans obtained from various financial institutions. The federal government does not guarantee them and interest generally begins to accrue from the date of disbursement. Alternative loans usually require a credit worthy co-signer.  The student may borrow up to the cost of education less all other financial aid received.

How Can I apply for an Alternative Loan?

1. To apply for an alternative loan with one of our premier lenders, link to the lender of choice and complete the application on-line.
2. After completing your loan application, your lender will review the application and complete a credit check.
3. The lender will send SUNY New Paltz a request for certification of your eligibility status.
4. SUNY New Paltz will certify the loan request from the lender.
5. The lender will issue final approval for the loan.
6. Upon receipt, the funds will be applied to the student’s account and any remaining credit balance refunded to the student.

The entire application process can take approximately 4-6 weeks.

*
ADA: convert PDF to text