Graduate Student Financial Aid
Understanding your Financial Aid Award Letter
The following information explains financial aid programs and application procedures for renewal of financial aid.
For further details, please contact the Financial Aid office at (716) 880-2256 or (716) 631-1061.
Renewal of Financial Aid
Financial aid is reviewed annually and requires you to file the Free Application for Federal Student Aid (FAFSA) each year that aid is requested. An award may continue if the student is making satisfactory progress toward a degree and is in need of financial assistance.
General Information About Your Award
“Scholarships” and “grants” are considered gift aid and therefore do not need to be repaid. Loans must be repaid and should be considered a serious commitment. All students are considered for all types of aid, and financial aid packages are made according to a student’s eligibility in each program.
Federal Aid
Federal Stafford Loans (subsidized and unsubsidized) – These are low-interest long-term loans available for students’ educational expenses.
State Aid
Tuition Assistance Program (TAP) – residents of New York State enrolled for a minimum of 12 credit hours per semester may be eligible for TAP. This grant currently ranges between $75 and $500, depending on the student’s taxable income and state funding. Qualifying income is determined by the state. We have estimated the TAP grant in the award letter of students who appear eligible, but the state notifies the student and the Financial Aid Office of the official grant amounts.
Upon completion of the FAFSA, if you listed NY as your state of residency, there is a link to the TAP web site which allows you to apply online. At the time you apply for TAP you will be required to create a user ID and PIN. This is different from the FAFSA PIN. If you opt not to continue at that time, you may apply online at a later date. The web site is www.tapweb.org. The New York State Higher Education Services Corporation (NYSHESC) will determine your eligibility and will mail you an award certificate. We will also include this on your financial aid award letter.
Stafford Loan Program
A Subsidized Stafford Loan is awarded on the basis of financial need. The federal government pays the interest on the loan during the time you are enrolled in college and during the period in which the loan is deferred.
An Unsubsidized Stafford Loan is not award on the basis of financial need. You are charged interest from the time the loan is disbursed until it is paid in full.
Interest Rate: the interest rate is fixed at 6.8% (subject to change/ rate as of July 2007)
Origination Fee: an origination fee of up to 1.5% may be deducted for the loan proceeds by your lender.
Annual Limits - $20,500 combined subsidized/unsubsidized (maximum $8,500 in subsidized).
For further details, please contact the Financial Aid office at (716) 880-2256. For the Accelerated Learning Program, please contact (716) 932-2610.
How to Apply for Stafford Loans
By following the instructions on your award letter, you will be given the opportunity to accept, reject, or adjust the student loan amount. Once you confirm the amount of loan you want to borrow, we will electronically transmit the loan certification to the New York State Higher Education Services Corporation (NYSHESC) for guarantee. If you are a first-time borrower, you must compelte and sign your Master Promissory Note electronically on the NYSHESC web site (www.hesc.org) and complete your entrance loan counseling on the web at www.mappingyourfuture.org.
Disbursements
Federal regulations require multiple disbursements of Federal Stafford Loans. If you apply for a loan that covers both fall and spring semesters, the lender will send proceeds for one-half the amount in the fall and one half in the spring.
Private/Alternative Loans
Private loans, also known as alternative loans, are credit-worthy loans that help bridge the gap between the actual cost of your education and your financial aid. While the student is the primary borrower, a co-borrower may be required. Lender interest rates vary, so check with your respective lender before applying. Although repayment is generally deferred for six months after graduate, (may vary by lender), interest accrues while in attendance.
Payment Plan
If payment arrangements are necessary, you may use the budget plan offered through Tuition Management Services (TMS). TMS is an outside financial agency that allows a student to spread the cost of tuition for the academic year over a ten month period. There is an application fee. Any questions regarding the payment plan may be addressed to the Business Office at (716) 880-2267.
Graduate Plus Loan
Graduate students who are enrolled at least half-time in a degree program may borrow up to their cost of education, minus any other financial aid.
Graduate Plus Loan Program
Graduate students are now eligible to borrow under the Plus Loan Program up to their cost of attendance minus other estimated financial assistance. This federal loan program gives graduate students a valuable alternative to Private Alternative Loans. To qualify for a Graduate Plus Loan, students must not have an adverse credit history. Repayment of principle and interest begins within 60 days after 2nd disbursement. However, under certain circumstances, you may be eligible to receive a deferment or forbearance on the loan.
Interest rate: the interest rate is fixed at 8.5% (subject to change / rate as of July 2007).
Origination fee: a 3% origination fee will be deducted from the loan proceeds.
