Admission

Financial Aid

Loans

Federal Stafford Loan

A student who files a FAFSA is eligible to borrow through the Federal Stafford Loan program, which makes available subsidized or unsubsidized loans. The loan is subsidized when the student demonstrates financial need according to a federal formula that ascertains the difference between the budgeted educational expenses and the student's financial strength. In those cases, the federal government pays the interest on the loan while the student is enrolled in school; repayment of the loan principal and remaining interest begins six months after the student ceases to be enrolled on at least a half-time basis.

An unsubsidized Federal Stafford Loan does not require demonstration of financial need. The student begins paying interest charges on the loan while enrolled in school. Interest payments begin 60 days after the loan is disbursed. Repayment on the loan principal begins six months after the student ceases to be enrolled at least half time. Payments of interest and principal of an unsubsidized loan may be deferred, but interest will accrue and compound. The federal processor requires that a student first apply for a subsidized loan before applying for an unsubsidized loan.

A student may be eligible to borrow up to $8,500 annually through the subsidized Stafford Loan program. The student may be eligible for a supplemental, unsubsidized Stafford loan of up to $12,000 annually in addition to the basic subsidized or unsubsidized Stafford loan awarded, provided that the total amount of assistance does not exceed the graduate program's annual cost. An origination fee of 3 percent and possibly a loan warranty fee of up to 1 percent are deducted from the proceeds of all loans. The procedure for filing for a loan is explained when the student is notified of eligibility.

Loans are disbursed in four equal payments, provided all the requirements of the Office of Financial Aid have been fulfilled. Electronic disbursements are credited to the student's account when they are received. Check disbursements are sent to the Office of Student Accounts; the student must sign the loan check before it can be credited to his or her account. If the check is not signed within a designated period, the Student Accounts Office is obliged to return it to the lender for cancellation. In such a case, the student becomes responsible for the entire account balance and is charged a $100 penalty fee for late payment and duplication of the loan-disbursement procedure. For more information, contact the Office of Financial Aid.

Additional literature on Federal Stafford Loans is available from the Office of Financial Aid and from local banks and other lenders.

Federal GradPLUS Loans

Graduate students can now access the Federal PLUS Loan Program to pay for the cost of education not covered by other financial aid. This loan is guaranteed by the federal government and may be deferred while the student is enrolled at least half-time. A credit check is required. These loans are disbursed in the same way as the Federal Stafford Loan.

New York State Tuition Assistance Program

The New York State Tuition Assistance Program (TAP) provides nonrepayable grant assistance of up to $550 annually to New York State residents enrolled in a New York State graduate school. Awards are based on the net New York State taxable income and the number of full-time college students in the family. Graduate student eligibility may depend on the amount of funds allocated by the state in a given year.

Students applying for a New York State TAP award must submit the FAFSA to the federal processor. Once the FAFSA is filed, a TAP application will be sent to the student. The MAT Program college code for the TAP application is 0035. Further information about the TAP program can be obtained from the New York State Higher Education Services Corporation (NYSHESC) at www.hesc.com/bulletin.nsf.