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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.
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.
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.
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