Financial Aid
Financial aid is available to Medaille students through a variety of sources. The Financial Aid Office can provide information about the following topics: financial aid programs (eligibility requirements, selection procedures, disbursement schedules), satisfactory progress, rights and responsibilities of students receiving financial aid, loan repayment, terms and conditions of student employment, costs of attending Medaille, and the liability policy at Medaille. Here are some of the sources you should investigate when planning for your college finances.
Grants
The Federal Pell Grant is a need-based federal grant program designed to provide funds to students who are enrolled for at least 3 credits per semester. These grants range up to $4,050 per year based on family income, assets, the number of family members in your household, the number in college, and the number of credits for which you enroll. Apply by submitting the FAFSA (Free Application for Federal Student Aid). Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
New York State Tuition Assistance Program (TAP) awards range up to $5,000 and are based on New York State net taxable income. Students must be New York State residents and must have full-time status. If eligible, students may qualify for up to eight semesters of TAP while pursuing a bachelor’s degree and six semesters of TAP in an associate degree or certificate program. Apply by submitting the FAFSA. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
New York State Aid for Part-Time Study (APTS) is a grant program funded by New York State. Awards range up to $2,000 for students enrolled between 3 and 11 credits per semester. Eligibility is based on New York State net taxable income and the availability of funds. Apply by submitting the FAFSA and a separate APTS application, available from the Financial Aid Office. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
The Federal Supplemental Education Opportunity Grant (SEOG) is a federal need-based grant which is awarded to students based on exceptional financial need. (To receive SEOG, you must be eligible for a Pell Grant.) Apply by submitting the FAFSA. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
The Medaille Grant is an institutional grant based on financial need. Apply by submitting the FAFSA.
Scholarships (First-time Freshmen)
Medaille offers scholarships ranging from $2,000 to $11,000 based on a review of high school academic achievement. The level of the scholarship is determined at the time of acceptance.
Other Financial Assistance
Vietnam Veterans Tuition Assistance Program provides financial assistance to veterans enrolled in undergraduate degree programs. Full-time awards are $1,000 per semester. Part-time awards are $500 or tuition, whichever is less. For an application contact New York State Higher Education Services Corporation, 99 Washington Avenue, Albany, New York 12255.
Vocational and Educational Services for Individuals with Disabilities (VESID), formerly Office of Vocational Rehabilitation (OVR), benefits are available for students with certain physical or emotional disabilities. Contact the New York State Vocational Rehabilitation Commission.
The Federal Work-Study Program (FWSP) allows students with financial need the opportunity to work in jobs on campus to earn part of their educational expenses. Students may apply by submitting the FAFSA. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
Veterans Benefits are available for students who qualify. In order to determine eligibility, the Department of Veterans Affairs or the Medaille College Financial Aid Office should be contacted.
Federal Aid to Native Americans is a grant offered by the U.S. Bureau of Indian Affairs for college study. 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 two-year degree; and (4) demonstrate financial need.
An application is necessary for each year of study and must be accompanied by an official needs analysis from the Financial Aid Office. Each first-time applicant is required to submit tribal enrollment certification from the bureau, agency, or tribe which records enrollment for the tribe. The student must make satisfactory progress towards a degree and show financial need for grants to be awarded in successive years. Applications are available from the Bureau of Indian Affairs, 3701 North Fairfax Drive, Suite 260, Arlington, Virginia 22203.
New York State Aid to Native Americans is an entitlement program, with neither a qualifying examination nor a limit on the number of awards. Applicants must be (1) a resident of New York State; (2) on an official tribal roll of a New York State tribe or the child of an enrolled member of a New York State tribe; and (3) enrolled in an approved New York State postsecondary program. Applications are available from the Native American Education Unit, New York State Education Department, Albany, New York 12234.
Loans
The Federal Subsidized Stafford Loan Program is a need-based program which allows students to borrow from participating lenders. The maximum loan eligibility per academic year is $2,625 for freshmen, $3,500 for sophomores, and $5,500 for juniors and seniors. The maximum that may be borrowed as an undergraduate student is $23,000. The interest rate as of July 1, 2006 is fixed at 6.8%. Repayment begins six months after the student either leaves school or drops below half-time enrollment. There is no interest paid or accrued while the student is enrolled at least half-time. The loan must be repaid within 10 years, exclusive of deferment periods. Apply by submitting the FAFSA. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
The Federal Unsubsidized Stafford Loan Program is available, regardless of family income, to students who do not qualify for the Federal Subsidized Stafford Loan or who are not eligible for the maximum Subsidized Stafford Loan and/or who are independent. The terms and conditions of the subsidized and unsubsidized loans are generally the same, except that borrowers are responsible for the payment of the interest that accrues on unsubsidized loans while they are in school. The term unsubsidized means that interest is not paid for you by the federal government while you are in school. The interest rate as of July 1, 2006 is fixed at 6.8%. Apply by submitting the FAFSA. Students must maintain Satisfactory Progress to receive this award. (See section in this catalog entitled “Satisfactory Progress.”)
The Federal (PLUS) Parent Loan for Undergraduate Students is available to help dependent students by allowing their parents to borrow for their educational expenses. Parents may borrow up to the difference between the cost of education and all other financial aid being received. The interest rate as of July 1, 2006 is fixed at 8.5%. Repayment begins immediately. The loan must be repaid within 10 years, exclusive of deferment periods. Apply by faxing Medaille's PLUS Loan Pre-Approval Form to the lender of your choice. Students must maintain Satisfactory Progress to receive this loan. (See section in this catalog entitled “Satisfactory Progress.”)
Satisfactory Progress
Students must maintain Satisfactory Progress in order to receive Financial Aid. PLEASE NOTE: THERE ARE DIFFERENT REQUIREMENTS FOR STATE AND FEDERAL FINANCIAL AID.
The following charts explain the requirements for renewed eligibility for state financial aid (TAP, APTS):
Associate Degree *
In order to receive state aid for this semester: |
1st |
2nd |
3rd |
4th |
5th |
6th |
You must accumulate at least this many credits: |
0 |
3 |
9 |
21 |
33 |
45 |
With a GPA of: |
0 |
1.10 |
1.20 |
1.40 |
2.00 |
2.00 |
Baccalaureate Degree *
In order to receive state aid for this semester: |
1st |
2nd |
3rd |
4th |
5th |
6th |
7th |
8th |
9th |
10th |
You must accumulate at least this many credits: |
0 |
3 |
9 |
21 |
33 |
45 |
60 |
75 |
90 |
105 |
With a GPA of: |
0 |
1.10 |
1.20 |
1.30 |
2.00 |
2.00 |
2.00 |
2.00 |
2.00 |
2.00 |
Please note: students may receive only eight semesters of TAP.
*This information updated as of February 2008.
In addition, you must meet PROGRAM PURSUIT regulations which require that during your first two semesters of TAP you must COMPLETE at least 6 credit hours per semester, at least 9 credit hours per semester for the 3rd and 4th semesters, and at least 12 credits for your 5th and all succeeding semesters.
The following chart explains the requirements for renewed eligibility for federal financial aid (Pell, FSEOG, FCWSP, Federal Stafford Loans):
In order to receive federal aid for this semester: |
1st |
2nd |
3rd |
4th |
5th |
6th |
7th |
8th |
9th |
10th |
You must accumulate at least this many credits: |
0 |
9 |
18 |
27 |
39 |
51 |
66 |
81 |
96 |
108 |
With a GPA of: |
0 |
1.00 |
1.25 |
1.55 |
1.90 |
1.90 |
1.90 |
1.90 |
2.00 |
2.00 |
Part-time student credit requirements will be pro-rated based upon the number of credits carried. GPA requirements are the same. In addition, you must complete your program within 180 credit hours.
If you do not achieve these Satisfactory Progress Requirements, you will not be eligible for additional semesters of financial aid until you obtain the necessary requirements. If you encounter extraordinary difficulties which prohibit you from achieving the above minimum requirements, you may qualify for a waiver of these requirements. Please contact the Financial Aid Office for details.
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