Financial Aid
Financial Aid Process and Programs
 Always base your college choices on what is best for you - the colleges that will meet your academic and personal requirements. Click below to learn more about how the financial aid process works and discover what types of financial aid programs are available.
Once you’ve applied for admissions to the colleges you want to attend, you’ll want to apply for financial aid. Nearly 8 out of every 10 full-time undergraduate students attending New York’s independent (private) colleges receive financial help to meet college costs. Each year, New York’s private undergraduate colleges give more than $2.85 billion in grants tot their students. Even if you don’t think you’ll be eligible apply!
Students attending New York's private colleges also annually receive
(approximate figures):
- $245 million in New York State Tuition Assistance Program (TAP) grants (for NYS residents)
- $282 million in Federal Pell Grants
- Millions in other grant and work-study aid
Grants and Scholarships are funds you do not have to repay.
They are available from colleges, your state, the federal government, professional and service organizations, private foundations and many employers.
Some grants are based on your financial need while others are awarded for academic merit, a specific career goal, special talent or group affiliation.
Work-study programs provide opportunities to earn money while you're in college by working part time on campus or in the community.
Loan Programs for college costs may be made to you and/or your parents. This aid must be repaid, usually with interest. Some loans are based on financial need. Federal education loan programs most often provide the lowest interest rates.
Programs for Parents may include interest-free monthly tuition payment plans, federal PLUS loans, lines of credit, tuition tax deductions and credits.
Sample College Financial Aid Packages 2009-2010
Estimated Student Financial Aid
Read down each column for different family financial circumstances and college choices.
Financial aid form data is used to calculate
a family's financial need
Family's Situation (4 Different Families) |
| 1. Parent Income |
|
$20,000
|
|
$40,000
|
|
$60,000
|
|
$80,000
|
|
|
| Number of Family Members |
|
4
|
|
4
|
|
4
|
|
4
|
|
|
| Number of Children in College |
|
One
|
|
One
|
|
One
|
|
One
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Family's College Choice |
Annual College Cost
(includes tuition, room, board, books,& transportation and personal expenses) |
|
$46,500
|
|
$15,000
|
|
$23,000
|
|
$30,000
|
|
|
2a. Expected Family Contribution
(EFC) from FAFSA Data*
|
|
$0
|
|
$960
|
|
$4,163
|
|
$9,398
|
|
|
| 2b. Minimum Student Contribution (determined by college) |
|
$1,800
|
|
$900
|
|
$900
|
|
$900
|
|
|
3. Annual College Cost Less Family's EFC |
Family's Need
|
|
$44,700
|
|
$13,140
|
|
$17,937
|
|
$20,602
|
|
|
5. Colleges' Financial Aid Packages to Help Meet Family's Need: |
| a. Grant from the Private College |
|
$30,850
|
|
$2,393
|
|
$10,000
|
|
$14,602
|
|
|
| b. NYS TAP Grant |
|
5,000
|
|
3,780
|
|
1,380
|
|
500
|
|
|
| c. Federal Pell Grant |
|
5,350
|
|
4,400
|
|
1,200
|
|
0
|
|
|
| d. Federal SEOG Grant |
|
1,000
|
|
0
|
|
1,000
|
|
0
|
|
|
| e. Federal Work-Study |
|
1,800
|
|
1,000
|
|
857
|
|
2,000
|
|
|
| f. Federal Perkins Loan |
|
700
|
|
0
|
|
0
|
|
0
|
|
|
| g. Federal Stafford Loan or Direct Loan |
|
0
|
|
1,567
|
|
3,500
|
|
3,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
h. Total Financial Aid Package
|
|
$44,700
|
|
$13,140
|
|
$17,937
|
|
$20,602
|
|
|
* Assumes student income is less than $2,500 in 2008.
Note: Based on 2009-10 federal methodology and
2009-10 TAP and Pell schedules; parent age 45;
two parents working. Merit scholarships not based
on need are often available. Check college's requirements.
Students not qualifying for a need-based Subsidized
Stafford Loan may borrow through the Unsubsidized
Stafford Loan program.
Elements of a College Financial Aid Package
Consideration of Family’s Unique Information
1. Analysis of data from the student’s FAFSA
results in an Expected Family Contribution
(EFC) – a calculated amount that the family
can reasonably contribute toward college
costs. Income is just one of several variables
considered in the federal formula.
The Family’s Contribution
2a. The calculated EFC determined from the
family’s unique FAFSA data, plus
+
2b. A minimum Student Contribution from the
student’s summer earnings, savings, etc.
(this will be specific to each college).
The College’s Cost
3. The annual Cost of Attendance (COA)
includes cost of tuition, estimated fees such
as an activities fee and any mandatory
insurance, room and board, an estimate for
books, an estimate for transportation, and
an estimate for personal expenses.
Putting a Package Together: Family’s
Need for Aid
4. The college subtracts the family’s EFC from
the COA and arrives at the family’s need
(COA – EFC = NEED) for federal financial aid
programs, some state programs, and in
some cases, for the college’s own aid.
Note: Colleges that request another financial
aid form in addition to the FAFSA do so to look
more closely at the family’s financial situation
before awarding institutional aid (aid from the
college itself).
|
Family’s Financial Aid Package from the College
5. Each college’s financial aid package may
include all or some of the types of aid below:
a. Grants and Scholarships from New York State's private
colleges and universities
b. NYS TAP Grant*
c. Federal Pell Grant
d. Federal SEOG Grant
e. Federal Work-Study
f. Federal Perkins Loan
g. Federal Stafford Loan
h. Total Financial Aid Package: Depending on
the college and the amount available for
grants or scholarships from the college’s
own funds, the total financial aid package
may cover all of the family’s need or may
leave an amount not met by the aid
programs listed above, called “unmet
need.” If this occurs, there are other
alternatives families may wish to consider
such as those described on Programs for Parents page.
Note: Other state, federal or private grants or
scholarships may be available but are not reflected
in the sample packages.
*For NYS resident students only
|
cIcu has produced free guidebooks and other helpful publication on admissions and financial aid (state and federal) for more than 30 years. Supported by our members and through private and public funds, these resources are distributed in print free of charge to hundreds of thousands of students and families annually, and made available electronically to countless others on this web site.
 Top
|
