Types of Financial Aid

Financial aid is any form of assistance used to pay for college. There are three types of aid:

Grants and Scholarships
Also known as gift aid, these do not have to be repaid.

Loans
Most federal education loans have low fixed interest rates determined by the federal government. Generally, no payments are required until after the student leaves school or graduates. Banks and lending institutions also provide low-interest loans for college.

Work Study
On-campus employment for students to earn money for books, supplies and personal expenses.

Financial Aid Forms

The financial aid process can seem quite overwhelming so below we have put together the most commonly used forms and website that will be of use to you and your family. As always if you have any questions we are available to assist you. Contact us at (716) 880-2256 or at finaid@medaille.edu.

Financial Aid Applications

Below are the links to the various applications to apply for federal, state and institutional aid. To maximize your eligibility for financial assistance, it is in your best interest to apply by March 1 for a fall start and by November 1 for a winter/spring start.

US Citizens and Permanent Residents:
Free Application for Federal Student Aid (FAFSA)
Medaille FAFSA Code: 002777

New York State Residents:
Tuition Assistance Program (TAP)
Medaille TAP Code: 0505

International Students (Undergraduate Only):
View International Student Financial Aid Application

Federal Student Loan Information

If you are deemed eligible for a Federal Direct Student Loan (either subsidized or unsubsidized) you will need to complete BOTH the electronic master promissory note and entrance loan counseling. Use the links below to comply with this federal requirement. Until both are complete your federal student loan cannot be processed and applied to your student account.

Direct Loan Entrance Counseling

Direct Loan Electronic Master Promissory Note

Exit Loan Counseling

Verification Worksheets

Annually, the federal government randomly selects students for federal verification prior to disbursement of their financial aid. If you are selected for verification you will need to complete one of the worksheets below depending on your dependency status. Financial Aid will notify you if you are selected for verification. It is important that you promptly submit the verification documents so that the disbursement of your financial aid is not delayed.

2019-20 Verification Worksheets

Dependent Students

• 2019-20  Dep-V1-Worksheet
• 2019-20  Dep-V4-Worksheet
• 2019-20  Dep-V5-Worksheet

Independent Students

• 2019-20  Ind-V1-Worksheet
• 2019-20  Ind-V4-Worksheet
• 2019-20  Ind-V5-Worksheet

Tax Information

To make the completion of the FAFSA form easier, we recommend that you use the Data Retrieval Tool. Directions on how to use this tool are available below. If you are asked to provide federal tax transcripts as part of the verification process, please use the link below to request the form.

Get Tax Transcripts

IRS Data Retrieval Tool

How to Apply for Financial Aid

U.S. Citizens and Permanent Residents

New Students

All students who are U.S. Citizens or permanent residents in a degree-seeking, aid eligible program should complete a Free Application for Federal Student Aid (FAFSA). Medaille uses your FAFSA information to determine eligibility for federal and institutional need-based aid. Information about completing the FAFSA and deadlines can be found below, at All About the FAFSA Process.

New York State residents should also complete the New York State Tuition Assistance Program (TAP) Application.

Continuing Students

A renewal FAFSA is needed for each year you continue at Medaille College. Information about completing a renewal FAFSA and deadlines can be found below, at All About the FAFSA Process.

New York State resident students should also complete the New York State Tuition Assistance Program (TAP) Application.

Any merit scholarships you were awarded during your first year will renew for subsequent years provided you remain enrolled as a full-time student.

International Students (Undergraduate)

Merit Scholarships

International students who submit either one of the English language proficiency tests accepted by Medaille College or SAT/ACT scores will be considered for merit-based scholarships. The merit scholarships are awarded during the application process. These scholarships range from $5000 - $15,000 USD per academic year and are renewable for a maximum of eight academic semesters.

Need Based Financial Aid

All international students who want to be considered for financial aid need to complete the College Board International Student Financial Aid Application (ISFAA) and submit at least one of the following: English language proficiency tests accepted by Medaille College or SAT/ACT scores. You may download this application or a copy may be obtained from our Financial Aid Office. The following documentation must be submitted along with your completed ISFAA to be considered for aid:

 Verification of parental income for the most recent tax year, which would include tax return forms (if applicable to your country) and/or wage statements from employer.

Bank letter with current savings account balance.

Financial institution letter with current investment portfolio balance (if applicable).

Only documents submitted with an English translation, and foreign currencies converted into U.S. dollars, will be considered for review.

The ISFAA and supporting documents are due to the Financial Aid Office by March 1st for priority consideration.

How to Accept Financial Aid on Medaille360

Log into Medaille360 with your username and password.

Select the Student tab.

Under the Billing & Financial Aid section, select Account Summary by Term.

Select Financial Aid Services tab at the top of the page.

Select My Award Information in the middle of the page.

Click on Award by Aid Year in the middle of the page.

Click on the Select Aid Year drop down, select the year and click Submit.

Go to the Terms and Conditions tab.

Read, scroll down to the bottom of the page & accept the terms and conditions.

Go to the Accept Award Offer tab.

To Accept All Awards: Click on the Accept Full Amount of All Awards button on the bottom of the page

To Decrease a Loan: Go to the Accept Partial Amount column in the Award Decision chart, enter in the desired loan amount, then click Submit/Accept

To Decline a Loan: Choose Decline next to the loan you wish to decline, then click Submit/Accept

Financial Aid Office
Medaille College
18 Agassiz Circle
Buffalo, NY 14214
(716) 880-2256

Enroll in a Semester Payment Plan

Log into Medaille360 with your username and password. Select the Student tab.

Select Review e-bill.

Select Payment Plans and follow on-page instructions.

Undergraduate Net Price Calculator

This tool will help you estimate your eligibility for financial aid and your out-of-pocket expenses, but keep in mind that there are many factors in determining a student’s actual financial aid award package that just can’t be captured in an online calculator. Please contact our financial aid office for a more accurate estimated award that will be tailored to your family’s current financial situation.

Please select the status that best describes you:

Freshman

Transfer

Definitions

Freshmen - have not earned, and/or will not earn 12* or more college credit hours after graduating from high school.

Transfers - have earned, or will earn 12* or more college credit hours after graduating from high school.

*Do not include college credit earned while in high school when calculating.

Your college education is an important investment in your future and Medaille prides itself in working with families to navigate the financial aid process and to make attending our college a reality. We are happy to answer any questions you may have pertaining to the Net Price Calculator and affording a Medaille education. The financial aid staff can be reached at (716) 880- 2256 or finaid@medaille.edu.

If you’re not already familiar with our values, vision and community, we encourage you to take a tour, see what’s happening on campus, and explore all the options and opportunities that Medaille has to offer. Please contact our Admissions Office at (800) 292-1582 to arrange a visit.

While every effort is made to ensure the accuracy of the Net Price Calculator, please keep in mind that this estimate does not represent a final determination, or actual award, of financial assistance. It shall not be binding on the Secretary of Education, Medaille College, or the State, and may change. You must complete the Free Application for Federal Student Aid in order to be eligible for, and receive, an actual financial aid award that includes Federal grant, loan, or work-study assistance under Title IV.

How to File a FAFSA

You may complete the FAFSA in one of the following ways:

File online at the FAFSA website.

Complete and mail in a paper application.

File over the phone with a Department of Education counselor at 1-800-433-3243 (TTY Line for Hearing impaired is 1-800-730-8913).

Medaille recommends that you file your FAFSA online in order to make the process as efficient and timely as possible. In order to complete the FAFSA online, you and your parent (if you are a dependent student) will need to first retrieve your Personal Identification Number (PIN).

The FAFSA application is specific to an academic year, so you will need to make sure you are completing the correct version of the application. New FAFSA applications become available online at the beginning of January (for example, the FAFSA for the 2019-20 academic year was made available on January 1, 2019).

Determining Your Financial Need

The term “Financial Need” refers to the amount of your educational costs Medaille has determined you need assistance with paying for. To determine this, Medaille uses the EFC calculated by the FAFSA and subtracts it from the estimated cost of attendance; the difference between these two amounts is your financial need.

Example Financial Need Calculation

$36,000 (Example Cost of Attendance)

- $4,000 (Example EFC)

______________________________

$32,000 (Financial Need)

Medaille uses your calculated financial need to determine how much need-based financial aid you may be eligible for.

It is important to remember that your financial need is not necessarily the amount of financial aid you will receive. While Medaille is committed to offering students comprehensive financial aid packages, the College does not cover 100% of a student’s financial need.

You should also note that there are many scenarios that could affect your financial need that you may not realize at first. Merit scholarships, private scholarships, remission and payments from third-parties can all impact your calculated financial need even though they are not considered “need-based.”

Expected Family Contribution (EFC)

The Department of Education uses the information you provide on your FAFSA to calculate your Expected Family Contribution (EFC). Your EFC is the amount of your educational costs the government has determined you and your family can afford to pay either out-of-pocket or through various financing options.

Your EFC is listed as a numerical value on your Student Aid Report and is transmitted to all of the schools listed on your application along with the rest of your FAFSA data. Medaille uses your EFC to determine the amount of your financial need and eligibility for need-based federal and institutional financial aid.

It is important to remember that your EFC is not necessarily the amount you will owe to Medaille or the overall amount your education will cost. An EFC is only an estimate of the amount of your family’s contribution and can be different from your final bill or amount of indirect costs, depending on how much of your financial need is covered by financial aid offered to you.

Cost of Attendance

If you are a new student, your cost of attendance will be included in your financial aid award letter. If you are a continuing student, you can view your cost of attendance via Medaille360.

Log into Medaille360.

Click on Financial Aid Services tab.

Click on My Overall Status of Financial Aid.

See sentence: Your estimated cost of attendance is $______________.

Click on Cost of Attendance.