To determine your eligibility for the following programs, excluding PLUS Loans, you must complete a "Free Application for Federal Student Aid" (FAFSA). We recommend that you apply online at www.fafsa.ed.gov.
Purchase College must adhere to all regulations for Federal Financial aid programs. These regulations include the following:
• Purchase College must receive the results from the FAFSA (processed by the federal processing center).
• Purchase College must receive the Institutional Student Information Record (ISIR) as a valid (signed by all required parties and with a calculated Expected Family Contribution Number) record received by the last day that the student is still enrolled for the term that the student is seeking financial aid.
• Documents required to verify a student's FAFSA must be received while the student is enrolled and within adequate time for the Office of Financial Aid to process.
• Federal loans must also be certified while the student is still enrolled for the term that the student is seeking financial aid.
• The last day that a student is enrolled may vary:
• The day that a student takes a Leave of Absence/Withdrawal for the term that he/she is seeking financial aid, or
• The day that a student stops attending for the term that the student is seeking financial aid, or
• If the student is registered and attending for the entire term that he/she is seeking financial aid, the date listed in the College’s academic calendar as the last day of classes for that term.
Students and their families, who do not comply to these and any other applicable regulations governing these programs will not be eligible.
This federal need-based grant is given to undergraduate students who demonstrate high need. Eligibility criteria are based on income, household size and assets. This is a grant and does not have to be repaid. For 2008-2009 the maximum Pell Grant award was $4,731.00 per year.
If you have any questions, please contact the Office of Financial Aid at (914)251-6350 or finaidhelp@purchase.edu
World Trade Center Memorial Scholarship
On July 26, 2002, Governor George Pataki signed into law legislation to establish the "World Trade Center Memorial Scholarship". This Scholarship can cover the cost of tuition and fees, room and board, and an allowance for books, supplies and transportation. For eligibility requirements and an application, go to World Trade Center Scholarship Information. Students must also complete a "Free Application for Federal Student Aid" and a "TAP" application.
New York State Tuition Assistance Program (TAP)
TAP is a need-based state grant offered to eligible New York residents who will attend a NYS college or university. Eligibility criteria for TAP is based on the household's NYS net taxable income and the number of students in college. The student will need to complete the Express Tap Application (See TAP Step three). This is a grant that does not have to be repaid. The maximum TAP for the 2008-2009 year is $4,375.
For questions regarding TAP, please contact New York State at (888) 697-4372 or visit their site at www.hesc.com.
State University Supplemental Tuition Assistance (SUSTA)
Students otherwise eligible for a maximum TAP award, but who have previously received four TAP payments, may be eligible for SUSTA in an amount up to $500 per semester. Recipients must demonstrate financial need to qualify for an award. The maximum academic-year award is $1,000.
Federal Work Study Program (FWS)
This program offers undergraduate and graduate students the opportunity to earn money on-campus. Students are encouraged to work in an area of interest. Paychecks are issued in the student's name on a biweekly basis. For this reason, this award can not be used as a credit on the student's college bill. For 2008-2009, the average Work-Study award is $1,000 per year. Eligible students are awarded funds based on the timeliness of their FAFSA application and the availability of funds.
If you have any questions, please contact Jay Estiva at (914) 251-6352 or finaidhelp@purchase.edu.
Federal Supplemental Educational Opportunity Program (SEOG)
This is a federal grant that is awarded to the most needy students. Purchase College awards these funds. SEOG is a grant and does not have to be repaid. During 2008-2009 the annual average award is $500.00.
Educational Opportunity Program (EOP)
Funds from the Educational Opportunity Program are only awarded to undergraduate matriculated students who have been admitted to the Educational Opportunity Program at Purchase College. An EOP award consists of a book stipend and an annual grant. The book stipend is given to the student at the beginning of the spring semester and can be cashed on campus to buy books and supplies. These funds do not have to be repaid. If you have any questions, contact the EOP Office at (914) 251-6520 or Paul Nicholson at eop@purchase.edu.
Federal Perkins Loan Program
The Federal Perkins Loan has an interest rate of five percent. It is a need-based loan and the institution determines who is eligible based on academic criteria and financial need. Matriculated undergraduate and graduate students are eligible. There is no separate application. Repayment begins nine months after you graduate, leave college or drop below 6 credits.
Federal Stafford Loan Program
Stafford Loans are regulated by the federal government and are offered at a low interest rate. The actual loan funds come from a bank. All banks must adhere to the same program guidelines. All eligible students will need to complete a Master Promissory Note after their loan is processed.
Students/Parents who have successfully completed the FAFSA, have complied with all requests for documentation, chosen a lender, and completed a prommisory note (if applicable) by June 30, 2008 can expect their loan(s) to be disbursed to the college on the following dates:
Current Students:
- Fall: August 25, 2008
- Spring: January 12, 2009
Freshman Students:
- Fall: October 6, 2008
- Spring: January 12, 2009
Purchase College has a “Suggested Lender List” for Stafford Loan borrowers on our Financial Aid Award letters. However, we will process a Stafford Loan from any bank/lender that the student chooses. The lenders listed on the Financial Aid Award letter are chosen by criteria that are meaningful to our students and to the college professionals that process these loans. These criteria include, but are not limited to, timely processing by the lender, ease of application process for the borrower, the quality of world-wide web information available, and integration into our campus loan processing system.
While no process is without its problems, our experience has indicated that these lenders provide quality customer service for the borrower and Purchase College. The goal of the suggest lenders to you, the borrower, is to promptly and reliably deliver service, disburse the funds and service these loans until they have been repaid in full.
Subsidized Stafford Loans - The government pays the interest on the loan while the student is in school. These loans are offered to enrolled students with demonstrated financial need. Funds are sent directly to the college.
Unsubsidized Loans - The interest begins to accrue when the loan funds are disbursed. The student has the option of either paying the interest while in school or deferring payment until they graduate or leave school for six months. Funds are sent directly to the college. Students who do not demonstrate financial need are eligible. Also, if a student's parent is denied a PLUS Loan, a student may be eligible to apply for additional Unsubsidized Loan funds.
Federal Parent Loan for Undergraduate Students (PLUS Loan)
A PLUS Loan is a low interest federal loan that allows a parent to borrow on behalf of their dependent child. Parent eligibility is subject to a credit check. Funds are sent directly to the college. Repayment begins 30-60 days after the second disbursement is made to the school.
Academic Competitiveness Grant & SMART Grant
On Feb. 8, 2006, President Bush signed into law two new student grant programs; the Academic Competitiveness (ACG) Grant and the National Science and Mathematics Access to Retain Talent (SMART) Grant.
Both grants have been created to encourage students to take more challenging courses in high school and to pursue college majors that are in high demand in the global economy, such as science, mathematics, technology, engineering and critical foreign languages. If you do qualify for the ACG grant, the amount for students who have earned between 0 and 30 credits is $750 per year and $1300 for those students who have earned between 31 and 60 credits. The amount for National SMART Grants is $4,000 per year. Students are eligible for only 4 semesters of each type of grant if they meet all the eligibility requirements.
Academic Competitiveness Grant (ACG)
To qualify, students must meet all of the following requirements
• Students must apply each academic year for financial aid by submitting the Free Application for Federal Student Aid (FAFSA).
• Students must be eligible to receive a Federal Pell Grant, as determined by Purchase College’s Financial Aid Office.
• Students must be U.S. Citizens.
• Students must be enrolled in a two- or four-year degree program.
• Students must be enrolled fulltime each semester which the federal government has determined to be 12 credits or more per semester.
• Students must be in their first or second academic year of a two- or four-year degree program. In other words, they cannot have earned more than 60 credits.
• First-year students must have completed high school after January 1, 2007.
• Second-year students must have completed high school after January 1, 2006.
• All ACG students must have completed a rigorous high school program of study as designated by the Purchase College Office of Admissions.
• Students must maintain a grade point average (GPA) of at least 3.0.
In order to apply you must complete a FAFSA. Part of the FAFSA process may include a section that will determine if you are eligible to apply for the Academic Competitiveness Grant. If you meet the basic qualifications, you will be asked to answer additional questions to initially determine if you meet the standards of rigorous secondary coursework. However, Purchase College makes the ultimate decision regarding your final eligibility for this program.
National Science and Mathematics Access to Retain Talent (SMART) Grant
To qualify, students must meet all of the qualifications:
• Students must apply for financial aid each academic year by submitting the Free Application for Federal Student Aid (FAFSA).
• Students must be eligible to receive a Federal Pell Grant, as determined by Purchase College’s Financial Aid Office.
• Students must be U.S. Citizens.
• Student must be enrolled in a two- or four-year degree program.
• Students must be enrolled fulltime each semester, which the federal government has determined to be 2 credits or more each semester.
• Students must be in their third or fourth academic year of a four-year degree program. In other words, student must have earned between 61 and 120 credits.
• Students must be pursuing a major in mathematics, science (including physical, life, and computer sciences), technology, engineering, or a critical foreign language, such as Arabic, Chinese, Korean, Japanese and Russian.
• Students must maintain a grade point average (GPA) of at least 3.0 each semester.
In order to apply you must complete a FAFSA and Purchase College will determine if you are eligible for the SMART Grant. There is no separate application, other than a completed FAFSA, and the award will disburse automatically once you are registered.
A student can become ineligible to receive a SMART Grant if they:
• Change to an ineligible major during the period for which they were awarded a SMART Grant, or
• Have a grade point average of less than 3.0 for any semester that were awarded a SMART Grant, or
• Become ineligible for a Pell Grant or,
• Drop below 12 credits per semester or,
• If they have already received 4 semesters of SMART Grant funds
Previously eligible students should check with the Financial Aid Office at the beginning of each semester to make certain of their continued eligibility. All SMART Grant awards are considered to be “estimates” until after the add/drop registration period when credits and any change of majors can be verified. The Financial Aid Office will notify the student via email if they are no longer eligible for this grant.
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For more information or further details regarding the programs mentioned above, you may contact our office at finaidhelp@purchase.edu. Thank you.