The Office of Financial Aid administers federal, state, and certain institutional student financial assistance programs for undergraduate and graduate students. These programs include the Federal Direct Loan, Federal Direct PLUS Loan, Federal Perkins Loan, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study, the New York State Tuition Assistance and other New York State Programs, the Educational Opportunity Program, and University at Albany Endowed and Benevolent Association Scholarships. Student Financial Services is located in the Campus Center, Room G26, (518) 442-3202. The Office of Financial Aid is committed to assisting students and their families meet the cost of attending the University. The financial aid information below is accurate at the time of publication, but may be subject to change.
Cost of Attendance 2016-2017
Most student financial assistance is awarded on the basis of financial need. The cost of attendance is an average of the student’s direct and indirect educational expenses for an academic year. Direct expenses are tuition, fees, room and meals for students who live on campus and only tuition and fees for students living off campus. The cost of attendance also includes allowances for estimated expenses for books and supplies, personal items, transportation, and living expenses for off-campus students. For the most current information on tuition and cost, please visit the Student Accounts homepage at www.albany.edu/studentaccounts, click on "Tuition and Costs" and select "Undergraduate."
Application Procedure and Deadlines
New students must be accepted for admission to the University prior to being considered for financial aid. In order to receive priority consideration for financial aid, students entering for the fall term should follow the steps below and complete the financial aid process no later than March 1, 2016.
1. File the 2016-2017 FAFSA. The FAFSA must be submitted to be considered for financial assistance at the University. Students who file the FAFSA online (www.fafsa.gov) and are New York State residents will be able to apply for a New York State Tuition Assistance Program (TAP) award at the same time by linking directly to the TAP application from the FAFSA confirmation page. The FAFSA should be completed as soon as possible after January 1st even if the applicant's admission status has not yet been determined. Awards are made on a rolling basis throughout the spring and summer as financial aid files become complete.
2. New York State residents attending NYS schools will have the option to link directly to the TAP application from the FAFSA submission confirmation page. If you exited the FAFSA before selecting this option, you can complete the application after HESC receives your processed FAFSA data (approximately three days). HESC will send you an email or postcard notifying you to complete the TAP application online if you did not select the FAFSA link to TAP on the Web. Information about the TAP application process can be found at www.hesc.ny.gov.
3. New students who have accepted a Federal Direct Loan will need to complete the Electronic Master Promissory Note (MPN) and Entrance Counseling from the Federal Student Loans website www.studentloans.gov. Information about these processes can be found at www.albany.edu/financialaid/index2.shtml under "Student Quick Links."
The FAFSA or Renewal FAFSA must be filed annually. The deadline for submitting the form in order to receive priority consideration for financial aid is April 1, 2016.
Students who plan to attend summer sessions at the University at Albany may be eligible to receive financial aid. In order to be considered for summer financial aid students must file the 2016-2017 FAFSA and complete The UAlbany Summer Aid Application, accessed online through the Finances tab of the MyUAlbany portal. Visit www.albany.edu/financialaid/apply_summer.shtml for more information about summer financial aid.
UAlbany students who plan to participate in a SUNY Study Abroad program may be eligible to receive financial aid. Students are required to submit a letter of acceptance into a Study Abroad program along with an estimate of program costs to the Office of Financial Aid. Students who plan to participate in a program at an institution outside the SUNY system will be required to submit a transfer credit permission form (available from academic advisors) to the Office of Financial Aid.
Visiting students, not matriculated at the University, are ineligible for financial aid.
Financial Aid Awards
1. If students have been awarded Federal Work-Study, a Federal Perkins Loan, an Athletic Scholarship, and/or a Federal Direct Subsidized/Unsubsidized Loan for the 2016-2017 aid year, they must log onto MyUAlbany to accept, decline, or reduce the amounts of the awards. Please refer to the Accepting Awards section of the financial aid website for additional instructions www.albany.edu/financialaid.
2. Financial aid is awarded on an annual basis and students must reapply each year by submitting the Renewal FAFSA. Financial aid awards may vary each year based on the student's financial need and available funds.
3. If requested, students and, if dependent, their families, should be prepared to update their FAFSA data using the IRS Data Retrieval Tool and/or submit income and other documentation that may be required by the Office of Financial Aid. Federal financial aid will not be credited to accounts, or may be cancelled, if we do not receive the requested information. Do not send any documentation unless it has been requested by this office.
4. Students must make Satisfactory Academic Progress (SAP) towards their degrees in order to continue receiving financial aid. Under certain circumstances, students may appeal the loss of their financial aid. Additional SAP information can be found in both the State and Federal Financial Aid sections of this bulletin or on the financial aid website at www.albany.edu/financialaid/requirements.shtml.
5. Students must inform the Financial Aid Office of aid and/or scholarships from any source outside the University. Amounts of aid from sources outside the University are estimates, and are based on the best information available to the Financial Aid Office. They do not represent a guarantee of these funds by the University. Please send a copy of the official notification letter to the office. Be sure to provide a name and Albany ID on the notification. In some cases when outside sources of aid are received Federal regulations require this office to make an adjustment to the financial aid package. If an adjustment is required, it is the Financial Aid Office's policy whenever possible to first reduce self-help aid, e.g., loan and/or workstudy, whenever this office is notified of outside assistance.
6. First time borrowers awarded Federal Perkins Loans or Federal Direct Loans must complete loan entrance counseling and their Master Promissory Note (MPN) prior to the first disbursement of loan proceeds. Perkins Loan recipients should follow online instructions found under "Student Quick Links" on the financial aid website: www.albany.edu/financialaid. Direct Loan entrance counseling and the MPN can be completed at www.studentloans.gov.
7. Students whose family financial circumstances are adversely affected after being awarded financial aid should refer to the Financial Aid Office "Special Circumstances" form to determine if the circumstances warrant a re-evaluation of financial aid eligibility. The form can be found under the Forms and Publications link on the financial aid website: www.albany.edu/financialaid and should be submitted no later than April 1, 2017.
The University offers a number of merit scholarships to undergraduate students. All merit scholarships are awarded to new students by the Undergraduate Admissions Office and renewed by the Office of the Vice Provost for Undergraduate Education. Eligibility requirements and award amounts vary. Undergraduate students who have been awarded merit scholarships will receive information about the awards from the Office of Admissions.
Athletic Scholarships are awarded by the Department of Athletics.
SUNY Tuition Credit
New York State students who have applied and are eligible for a full-time TAP award, may also be eligible for the SUNY Tuition Credit. Students who are ineligible for TAP for any reason or who receive a Part-time TAP award are not eligible to receive the SUNY Tuition Credit. Tuition credits will be calculated by the New York State Higher Education Services Corporation for eligible students, enrolled at a SUNY college or university. The amount of the applicable tuition credit is based on the level of a student’s TAP award, and will be calculated pursuant to a statutory formula. If eligible, this credit will appear on your bill as anticipated aid. The combination of TAP, SUNY Tuition Credit, and any other tuition-specific award cannot exceed the tuition charged.
State Financial Aid
Academic Criteria for State Awards
1. Students must be matriculated in an eligible degree program at the beginning of their course of study. In addition, to be considered matriculated for State financial aid purposes, the New York State Education Department requires that students declare a major no later than the beginning of the junior year. Beginning of the junior year is interpreted to be within 30 days of the end of the drop/add period. Students who later change their majors are still considered matriculated. Note: an intended major does not satisfy this requirement.
2. Full-time status is defined as enrollment for at least 12 credits in courses applicable to the student's program of study for a term of at least 15 weeks. To count in the determination of the student minimum full-time course load, a course must apply to the student’s program as a general education requirement, a major requirement, or elective (whether restricted or free elective). Students must be enrolled full-time before the TAP certification status date, which is the date when a student would have incurred full tuition liability for the term. Courses added after the certification status date do not count toward full-time status.
3. Students who are disabled as defined by the Americans with Disabilities Act (ADA) and are attending part-time (at least three credits per semester) can be certified for a partial TAP award for any approved term. Effective with the 2011-12 academic year, HESC will calculate TAP awards as a percentage of the award the ADA student would be eligible to receive if the student were enrolled full-time. The percentage is obtained by dividing the number of credits the student is enrolled in by twelve. Students with disabilities must still meet all other TAP eligibility requirements. In addition, students must be able to document that they are disabled, as defined by the ADA, by registering with the UAlbany Disability Resource Center.
4. Repeated Courses: courses in which the student has already received a passing grade cannot be included in meeting full-time study requirements for state-sponsored financial aid. Repeated courses may be counted toward full-time study requirements if a student repeats a failed course, if a student repeats the course for additional credit, or when a student has received a grade that is passing at the institution but is unacceptable in a particular curriculum.
5. High School Graduation Requirement: to be eligible for any state-sponsored grant or scholarship award, student's first receiving aid in academic year 1996-1997 to 2006-2007 must have a certificate of graduation from a school providing secondary education, or the recognized equivalent of such certificate, or receive a passing score on an approved ability-to-benefit test. Students who first receive aid in academic year 2006-2007 and thereafter must have a U.S. high school diploma or recognized equivalent, or earn a passing score on a federally approved ability-to-benefit test identified by the NYS Board of Regents and independently administered and evaluated as provided by the NYS Commissioner of Education. Effective spring 2007-08, students must take one of the four tests approved by the Board of Regents. The approved ability-to-benefit tests to be used to determine eligibility for State financial aid are: the Accuplacer, ASSET, COMPASS, and CELSA (Combined English Language Skills Assessment). The CELSA is approved providing the applicant also takes a math component from one of the other approved tests. Effective summer 2008-09, first-time recipients must take and pass an approved ability-to-benefit test within the institution's add/drop period to establish award eligibility in that term. Beginning with the 2015-2016 academic year and thereafter, first time recipients must take and pass an approved ability-to-benefit test by the first day of classes for a particular term to be certified for an award for that term.
6. When Students' Eligibility Is Assessed: students must meet citizenship, residency, high school graduation and good academic standing requirements as of the first day of classes for a particular term to be certified as eligible for an award for that term.
Students must meet matriculation requirements, approved program requirements, full-time study requirements and tuition liability requirements sometime between the first day of classes and the certification status date for a particular term to be certified for an award for that term.
Satisfactory Academic Progress
In order to retain eligibility for New York State scholarship and grant awards, students must be in "good academic standing," which is comprised of two components: Satisfactory Academic Progress (SAP) and Pursuit of Program (POP).
In order to make satisfactory progress towards a degree, students must accrue graduation credits each semester and have the cumulative grade point average shown on the academic progress charts in this section. The academic progress charts below are in effect for the 2016-2017 academic year. To view academic progress charts applicable to prior years, visit www.albany.edu/financialaid/requirements.shtml#step2. Undergraduate students enrolled in four-year programs may receive up to four years of assistance for full-time study, and up to five years of assistance if enrolled in the Educational Opportunity Program or an approved five-year degree program.
Satisfactory Academic Progress (SAP): a requirement that a student accumulates a specified number of credits and achieves a specified cumulative grade point average each term, depending on the number of state award payments the student has received.
Pursuit of Program (POP): a requirement that a student receive a passing or failing grade (A-E or S/U letter grade) in a certain percentage of applicable courses each term, depending on the number of state awards the student has received. The percentage is determined by the following schedule:
Must receive a grade for:
||50% of minimum full-time requirement (6 credits)
||75% (9 credits)
|5 or more
||100% (12 credits)
For summer half-time accelerated payments, the above percentages are applied to the minimum half-time requirement (six credits on a semester calendar) to determine pursuit of program.
The pursuit of program requirement is continuous as a student passes from undergraduate to graduate study; payments a student received as an undergraduate are added to graduate payments to determine the number of payments. A student who does not complete the minimum number of credits in a given semester is ineligible for New York State financial aid for the following term, or until additional credits are completed to reach the minimum level.
Incomplete (I) grades must be completed and changed to a standard passing or failing grade by the end of the subsequent term to have the credits counted toward pursuit of program.
Satisfactory Academic Progress Chart - New York State Grant and Scholarship Programs
Non-remedial students first receiving NYS aid in 2010-2011 and thereafter:
|Before being certified for this payment
|SAP: A student must have accrued at least this many credits
|GPA: With at least this grade point average
|POP: And completed at least this many credits in the prior term
EOP and remedial students, and all students first receiving NYS aid in 2009-2010 and earlier:
|Before being certified for this payment
|SAP: A student must have accrued at least this many credits
|GPA: With at least this grade point average
|POP: And completed at least this many credits in the prior term
Remedial Student: (a) a student whose scores on a recognized college placement exam or nationally recognized standardized exam indicated the need for remediation for at least two semesters, as certified by the college and approved by the New York State Education Department (SED); (b) a student who was enrolled in at least six semester hours of non-credit remedial courses, as approved by SED, in the first term they received a TAP award; or (c) a student who is or was enrolled in an opportunity program.
Remedial Course: a non-credit course designed to remedy academic deficiencies so a student can be successful in a college-level study, and approved by SED. The amount of time for the course must be equivalent to the time for similar credit-bearing courses.
Non-remedial Students: any student who does not meet one of the definitions of a remedial student is considered "non-remedial."
Loss of Good Academic Standing: students who lose good academic standing in a term when they received a state grant or scholarship are not eligible for an award for the next term.
Reinstatement of Good Academic Standing: students who have lost good academic standing may restore this standing in one of the following ways: make up past academic deficiencies by completing one or more terms of study without receiving any state grants or scholarships; be readmitted to school after an absence of at least one year; transfer to another school, or be granted a waiver.
One-Time Waiver: New York State Commissioner of Education regulations permit students to receive a one-time waiver of the good academic standing requirement. The waiver is not automatic, and may only be granted in extraordinary or unusual circumstances which are beyond the control of the student. There must be a reasonable expectation that the student will meet future requirements. To request a one-time waiver, students must submit a completed one-time waiver application along with appropriate supporting documentation. One-time waiver applications are available in the Student Financial Center, CC G-26.
C Average Requirement: students who have received the equivalent of two or more full years of state-funded student financial aid must have and maintain a cumulative C average (GPA of 2.00 on a 4.00 grading scale) or better to be eligible for continued state-funded assistance. Cumulative GPA for readmitted students who have previously attended UAlbany (including University in High School) is based on prior grades at UAlbany. Students who are denied an award for failing to achieve a cumulative C average can regain award eligibility by completing appropriate coursework, without state support, to achieve a cumulative GPA of 2.0, or be granted a waiver. Students cannot regain eligibility by remaining out of school for a period of time.
Waiver of the C Average Requirement: the C average requirement may be waived for undue hardship based on the death of a student’s immediate family member; or the student’s personal illness or injury; or other extenuating circumstances. To request a C average waiver, students must submit a completed waiver application along with appropriate supporting documentation. C average waiver applications are available in the Student Financial Center, CC G-26.
New York State Grant and Scholarship Programs
1. Tuition Assistance Program (TAP)
This grant program for New York State residents who are full-time undergraduate students currently provides for annual awards ranging from $500 to $5,165. Awards are based on the family's New York State net taxable income, Federal, State, or local pension income, and income from annuities which were excluded on the NYS tax form if applicable. Undergraduate students may receive TAP for four years of full-time study. Students enrolled in approved five-year programs or in State sponsored opportunity programs may receive undergraduate aid for five years. First-time freshmen in academic year 2006-2007 and thereafter may be eligible to receive a part-time TAP award for 6-11 credits. Students must have earned 12 credits in each of two consecutive terms at a non-profit NYS degree granting institution and must have a cumulative 2.00 GPA. Visit www.hesc.ny.gov for information and application instructions.
2. Veterans Tuition Awards
Vietnam, Persian Gulf, Afghanistan, or other eligible combat veterans matriculated at an undergraduate or graduate degree-granting institution or in an approved vocational training program in New York State are eligible for awards for full or part-time study. Visit www.hesc.ny.gov for information and application instructions.
3. NYS Regents Awards for Children of Deceased and Disabled Veterans
Provided to students whose parent(s) have served in the U.S. Armed Forces during specified periods of war or national emergency. Visit www.hesc.ny.gov for information and application instructions.
4. NYS Memorial Scholarships for Children and Spouses of Deceased Firefighters, Volunteer Firefighters, Police Officers, Peace Officers and Emergency Medical Service Workers
Provides financial aid to children, spouses and financial dependents of deceased firefighters, volunteer firefighters, police officers, peace officers, and emergency medical service workers who have died as the result of injuries sustained in the line of duty in service to the State of New York. For study in New York State. Visit www.hesc.ny.gov for information and application instructions.
5. NYS Aid to Native Americans
Provides aid to enrolled members of tribes listed on the official roll of New York State tribes or to the child of an enrolled member of a New York State tribe. For study in New York State. Specific eligibility criteria, information and applications can be found at the New York State Education Department, Native American Education Unit.
6. Educational Opportunity Program (EOP) Grant
Financial assistance provided to NYS residents admitted to the University’s Educational Opportunity Program. Admitted students must meet academic and financial criteria established by state guidelines.
7. NYS Aid for Part-Time Study (APTS)
The NYS Aid for Part-time Study (APTS) program provides grant assistance for eligible part-time students enrolled in approved undergraduate studies. Applications and additional information are available at www.albany.edu/financialaid or in the Student Financial Center, CC G-26.
8. New York National Guard Educational Services
The Recruitment Incentive and Retention Program (RIRP) is a New York State program designed to recruit and retain members for the State Military Forces (Army and Air National Guard, and Naval Militia). This competitive program will pay the cost of tuition up to a maximum of $4,350 per calendar year for eligible qualified applicants. Link to: The Recruitment Incentive and Retention Program (RIRP) for additional information.
9. NYS Scholarships for Academic Excellence
Awarded to outstanding graduates from registered New York State high schools. Awards are based on student grades in certain Regents exams. Visit www.hesc.ny.gov for information and application instructions.
10. Segal AmeriCorps Education Award
Provided to New York State residents interested in high quality opportunities in community service. Visit www.hesc.ny.gov for information and application instructions.
11. NYS World Trade Center Memorial Scholarship
Guarantees access to a college education for the families and financial dependents of the victims who died or were severely and permanently disabled in the Sept. 11, 2001 terrorist attacks and the resulting rescue and recovery efforts. Visit www.hesc.ny.gov for information and application instructions.
12. Flight 3407 Memorial Scholarship
Provides financial aid to children, spouses and financial dependents of individuals killed as a direct result of the crash of Continental Airlines Flight 3407 on February 12, 2009. Visit www.hesc.ny.gov for information and application instructions.
13. Flight 587 Memorial Scholarship
For the families and financial dependents of victims of the crash of American Airlines Flight 587 on November 12, 2001. Visit www.hesc.ny.gov for information and application instructions.
14. The Military Enhanced Recognition Incentive and Tribute MERIT Scholarship, also known as Military Service Recognition Scholarship (MSRS)
Provides financial aid to children, spouses and financial dependents of members of the armed forces of the United States or of a state organized militia who, at any time on or after Aug. 2, 1990, while a New York State resident, died or became severely and permanently disabled while engaged in hostilities or training for hostilities. For study in New York State. Visit www.hesc.ny.gov for information and application instructions.
15. NYS Math & Sciences Teaching Incentive Scholarship
Provides grants to eligible full-time undergraduate or graduate students in approved programs that lead to math or science teaching careers in secondary education. Visit www.hesc.ny.gov for information and application instructions.
16. NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program
The NYS STEM Incentive Program provides a full SUNY or CUNY tuition scholarship for the top 10 percent of students in each New York State high school if they pursue a STEM degree in an associates or bachelor degree program and agree to work in a STEM field in New York State for 5 years after graduation. Visit www.hesc.ny.gov for information and application instructions.
17. NYS Achievement and Investment in Merit Scholarship (NY-AIMS)
The NYS Achievement and Investment in Merit Scholarship (NY-AIMS) provides high school graduates who excel academically with $500 in merit-based scholarship to support their cost of attendance at any college or university located in New York State. Visit www.hesc.ny.gov for information and application instructions.
18. NYS Masters-in-Education Teacher Incentive Scholarship
The New York State Masters-in-Education Teacher Incentive Scholarship Program provides 500 top undergraduate students full graduate tuition awards annually, to pursue their Masters in Education at a SUNY or CUNY college or university. To be eligible, a student must be enrolled full-time in a master’s degree in education program and agree to teach in a NYS public elementary or secondary school for five years following completion of his or her degree. Visit www.hesc.ny.gov for information and application instructions.
Federal Financial Aid
Academic Eligibility Criteria for Federal Awards
Federal regulations require students to make Satisfactory Academic Progress (SAP) towards a degree in order to receive any federal student aid, including Federal Direct Loans. SAP guidelines require students to meet both a Qualitative (Cumulative GPA) and Quantitative (Pace) standard within a maximum time frame. To remain eligible students must continue to meet SAP.
Students must maintain a satisfactory cumulative grade point average. Students will retain eligibility for financial aid if they maintain a cumulative GPA consistent with the University’s academic standards required for graduation and meet the requirements shown on the academic progress chart. Students who fail to meet SAP are no longer eligible for federal student aid, but have the option to appeal following the appeal procedure below. UAlbany’s Academic Retention Standards are described in the 2016-2017 Undergraduate Bulletin and can also be found on the Undergraduate Education website at www.albany.edu/undergraduateeducation/academic_standing.php.
Additionally, a student must progress through his or her educational program taking only courses applicable to their program of study to ensure that they will complete the program within the maximum timeframe required for federal student aid. Students may attempt up to 150% of the credits normally required to complete a baccalaureate degree and retain eligibility for federal student aid.
At the University at Albany students must have earned 120 graduation credits to receive a Bachelor of Arts or Bachelor of Science degree. Thus, students may attempt up to 180 credits and retain eligibility for federal student aid; however, students must also complete a percentage of credits attempted each year as shown on the academic progress chart below. Transfer credits accepted by the University are considered to be attempted and completed credits for this purpose.
Academic Progress Chart for Federal Financial Aid Title IV Programs
|If credits attempted are between:
||Then the following % of graduation credits must be completed:
Progress towards the degree will be measured once each year, at the completion of the spring semester. Students may restore eligibility for federal aid when they meet the standards outlined in the SAP policy.
Repeated Courses: repeat course credits will be counted as attempted and earned in the calculation of Federal Satisfactory Academic Progress. Note: unlimited repeated courses can be funded with federal aid if the student has not passed the course previously at UAlbany. Only one repeated course can be funded with the federal aid if the student previously passed the course.
Course Withdrawals: credits for courses with a grade of W will be counted as attempted credits, but not credits earned in determining Federal Satisfactory Academic Progress.
Remedial Non-credit Coursework: credits for remedial non-credit courses will not be counted as credits attempted or credits earned in determining Federal Satisfactory Academic Progress.
Incomplete Grades: in determining Federal Satisfactory Academic Progress, credits for courses with grades of Incomplete will count toward credits attempted but not count toward credits earned until the incomplete grade is changed to a passing grade.
Transfer credits: transfer credits accepted by the University are considered to be attempted and completed credits in determining Federal Satisfactory Academic Progress.
Change in Major: a change in major has no impact on academic success. All attempted credits and grades earned will be counted when assessing progress.
Completed Program, No Degree
Students who have completed all degree coursework and academic requirements for the degree they are pursuing cannot continue to receive federal aid.
Loss of Eligibility for Federal Awards
Students who are not making satisfactory academic progress will lose their eligibility for federal student aid. Students may appeal to the University if they feel there are special circumstances that affected their ability to make academic progress.
Reasons for appeal may include: a death in the student’s immediate family, serious injury or illness or other mitigating circumstances that may have prevented the student from meeting SAP requirements. Students will be required to complete and submit a Satisfactory Academic Progress Waiver Form for Federal Financial Aid, which includes submitting an appeal outlining why they failed to meet SAP and what has changed that will allow them to be successful moving forward. Please note that a maximum of two appeals for separate and distinct circumstances will be considered.
If the appeal is approved, students will be placed on an academic improvement plan and notified in writing that they are on financial aid probation for one additional semester. Students on probation are eligible to receive financial aid, but are subject to the University's policy regarding review and dismissal for academic reasons. Questions regarding academic progress should be directed to the Office of Financial Aid.
Note: a student on financial aid probation for a payment period may not receive federal aid for the subsequent payment period unless the student makes satisfactory academic progress or the institution determines that the student met the requirements outlined in the academic improvement plan.
1. Federal Pell Grant
This federal grant program provides assistance to matriculated undergraduate students who have demonstrated the highest calculated need as determined by the FAFSA. The maximum award for the 2016-2017 academic year is $5,815. The award amount will depend not only on financial need, but also on the cost of attendance, enrollment status as a full-time or part-time student, and plans to attend school for a full academic year or less. Students are only eligible to receive a Pell Grant for a maximum of 12 semesters.
2. Federal Supplemental Educational Opportunity Grant (FSEOG)
Students receiving this type of assistance must have exceptional financial need. At the University at Albany, this grant typically ranges from $200 to $700 each year.
3. Federal Direct Loans
Subsidized or Unsubsidized Federal Loans are available to matriculated students who are enrolled at least half-time. Students with financial need may borrow a Direct Subsidized Loan, which means interest does not accrue on the loan while the borrower is in school. Regardless of financial need, eligible students will be offered a Direct Unsubsidized Loan. Unsubsidized loans first disbursed on or after July 1, 2016 and before June 30, 2017 are scheduled to have a 3.76% fixed interest rate and interest accrues from time of disbursement. Students are not required to pay interest while in school. Freshmen may borrow up to $5,500 with no more than $3,500 from subsidized, sophomores up to $6,500 with no more than $4,500 from subsidized, and junior/seniors up to $7,500 with no more than $5,500 from subsidized annually. Freshmen or sophomore independent students and dependent students whose parents are denied the Direct PLUS loan may borrow up to an additional $4,000 unsubsidized loan annually, or up to an additional $5,000 unsubsidized loan annually as juniors or seniors. The loan borrowing limit for dependent undergraduate students is $31,000, while independent undergraduate students may borrow $57,500. No undergraduate can borrow in excess of $23,000 in subsidized funds. Subsidized loans for which the first disbursement is on or after July 1, 2016 and prior to June 30, 2017, are scheduled to have a 3.76% fixed interest rate. All Federal Direct Loans will have a 1.068% origination fee which will increase to 1.069% on October 1, 2016. Students planning to borrow for the first time must complete a master promissory note (MPN) and entrance counseling at www.studentloans.gov.
4. Federal Direct PLUS Loans
Direct Parent PLUS allow parents of dependent students to borrow the difference between the student's cost of attendance and any financial aid awarded to the student. This loan requires the parent to complete and successfully pass a credit check. Repayment of principal and interest begins within 60 days of the final loan disbursement unless otherwise deferred. PLUS loans for which the first disbursement is on or after July 1, 2016 and prior to June 30, 2017 will have a fixed interest rate of 6.31% and an origination fee of 4.272% will be deducted from the loan proceeds. Note the loan fee will increase to 4.276% on October 1, 2016. Parents should complete the application and Master Promissory Note at the Federal Student Aid website www.studentloans.gov/.
5. Federal Perkins Loans
This loan is awarded to students with significant financial need. Undergraduate students may borrow up to $5,500 each year depending on availability of funds, and a total of $27,500 for undergraduate studies. Interest does not accrue and payments are not due on the loan during the in-school period. Repayment begins nine months after the student leaves school, and 5% simple interest is charged on the unpaid balance of the loan. Under certain conditions, all or part of amount borrowed may be canceled. The statutory authority for schools to award Perkins Loans to new borrowers ends September 30, 2017.
6. Federal Work-Study Program
A Work-Study award provides employment opportunities for students with financial need. Students are employed by various campus administrative offices, academic departments, and community service agencies. Students are paid an hourly rate and receive paychecks every two weeks for hours worked. Students will have the opportunity to select which jobs they would like to apply for and submit their job applications online. Work-Study is an employment opportunity, not a guaranteed job.
7. Bureau of Indian Affairs to Native Americans Higher Education Assistance Program
Eligibility is restricted to students with financial need who are pursuing a four-year degree, are at least one-fourth American Indian, Eskimo, or Aleut and are enrolled members of a tribe, band or group recognized by the Bureau of Indian Affairs Office. Application must be made each year. In addition, first-time applicants must obtain tribal certification from the appropriate bureau agency or tribal office which records enrollment for the tribe.
8. Montgomery GI Bill-Active Duty (Chapter 30)
This program provides for up to 36 months of education benefits to eligible veterans. Basic eligibility criteria are an honorable discharge and a high school diploma or GED. In addition, the veteran must meet the criteria set forth in one of three categories. These criteria are based on dates of active duty, length of service, and special requirements specific to each particular category. Additional information is available at www.gibill.va.gov/.
9. Montgomery GI Bill-Selected Reserve (Chapter 1606)
Selected Reserve educational benefits are available to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard Reserves as well as the Army National Guard and the Air Guard. It is the first Veteran's Administration program that makes educational benefits available to reservists who have never served on active duty. Additional information about eligibility criteria and monthly benefit amounts is available at www.gibill.va.gov/.
10. Reserve Educational Assistance Program (Chapter 1607)
REAP is an education program that provides up to 36 months of education benefits to members of the Selected Reserves, Individual Ready Reserve, and National Guard, who are called to active service in response to a war or national emergency, as declared by the President or Congress. Eligibility will be determined by the Department of Defense or Department of Homeland Security, as appropriate. Additional information is available at www.gibill.va.gov/.
11. Survivors' and Dependents' Educational Assistance Program (Chapter 35)
This education benefit is available to eligible dependents of veterans who are at least 18 years old, veterans' spouses, and surviving spouses who meet the eligibility criteria. The veteran must be totally and permanently disabled from a service-related disability or died because of a service-related disability. Eligible persons can receive benefits for up to 45 months. Additional information is available at www.gibill.va.gov/.
12. Post-9/11 GI Bill (Chapter 33)
The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible. The Post-9/11 GI Bill will pay eligible individuals at a percentage level ranging from 40% to 100%, based on the total number of days of eligible service after September 10, 2001. Payments include: tuition and fees directly to the school, not to exceed the maximum in-state tuition and fees at a public Institution of Higher Learning; a monthly housing allowance based on the Basic Housing Allowance for an E-5 with dependents at the location of the school; and an annual books and supplies stipend of up to $1,000 paid proportionately based on enrollment. Additionally, tutorial assistance, and licensing and certification test reimbursement are approved. Students enrolled exclusively in online training will receive half the national average in the housing allowance. If you are enrolled half-time or less, or on active duty you will not receive the housing allowance but are eligible for a book allowance. This benefit provides up to 36 months of education benefits, generally payable for 15 years following your release from active duty. The Post-9/11 GI Bill also offers some service members the opportunity to transfer their GI Bill to their dependents. Additional information is available at www.gibill.va.gov/.
13. Vocational Rehabilitation and Employment VetSuccess Program (Chapter 31)
The VR&E VetSuccess program assists veterans with service-connected disabilities prepare for, find, and keep suitable jobs by providing services that include post-secondary training at a college or university. Additional information is available at www.vba.va.gov/.