The Office of Financial Aid administers federal,
state, and certain institutional student financial assistance programs for
undergraduate and graduate students. In addition to overall college financing
and financial aid advisement, the office manages a variety of funds, including
the Federal Stafford and other federal loan programs, Federal Pell Grants,
Federal Supplemental Educational Opportunity Grants, Federal Work-Study employment,
the New York State Tuition Assistance Program and Educational Opportunity
Program, and University at Albany Benevolent Association Scholarships. It
also coordinates the Emergency Loan Fund. Advisement services are available
to all members of the University Community. The Office of Financial Aid is
located in the basement of the Campus Center, Room B52, (518/442-5757, 442-5480).
The University at Albany is committed to the concept of helping
students obtain the resources necessary to meet their educational expenses.
A variety of grants, loans, and student employment opportunities are available
from various sources. The application procedures and descriptions of the various
types of financial aid included in this section were accurate at the time
of publication. It should be kept in mind that financial aid programs are
frequently modified by legislation.
Most student financial
assistance is awarded on the basis of financial need. Simply stated, financial
of Attendance (COA)
-Expected Family Contribution (EFC)
= Financial Need
The total cost of attendance is an estimate of the studentís 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 budgets also include allowances
for estimated expenses for books and supplies, personal items, transportation,
and living expenses for off-campus students. Several different budgets are
used to take differences among students into consideration. The following
are examples of two budgets used to determine eligibility during the 2004-2005
of Attendance 2005-2006
Student†††† Independent Student
On campus††† † Living Off campus
5,770 $ 5,770
||$ 8,050     NA
charges subject to change every year.
Out-of-state tuition is an
additional $6,260 for full-time undergraduate students.
The Expected Family Contribution (EFC) towards educational expenses is computed
from the information students and, if applicable, their families provided on
the Free Application for Federal Student Aid (FAFSA). The EFC is shown on the
Student Aid Report (SAR) sent to applicants after the FAFSA has been processed
by the federal processor.
The University has established February 1, 2006, as the final deadline for the
submission of the 2005-2006 FAFSA information to the federal processor for the
2005-2006 academic year. In addition, the Office of Financial Aid must receive
a valid Student Aid Report by March 15, 2006. The Office of Financial Aid will
not process FAFSA information received after these 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
assistance administered by the University, all information required by the
Admissions Office should be submitted on a timely basis. In addition, students
wishing to apply for financial aid should submit the following forms:
FAFSA is the only form that initially must be submitted to be considered
for financial assistance at the University. Students who file the FAFSA
online will be able to apply for a New York State Tuition Assistance Program
(TAP) award at the same time.† The FAFSA should be completed as soon as possible after January
1 regardless of whether or not the applicant has heard from the Admissions
Office. The Office of Financial Aid will begin making awards to new students
accepted for admission beginning in February or March.†Awards are made on a rolling basis throughout
the spring and summer as financial aid files become complete.
York State residents should complete the Express TAP Application (ETA).
The Exxpress TAP Application serves as an application form to receive
New York State financial assistance. When you file the FAFSA form electronically,
you may have been linked directly to NYSHESC to complete the Express
Tap Application electronically. If not, students will need to complete
the ETA at www.tapweb.org.
students, who have accepted a Federal Stafford Loan and have completed
all necessary paperwork and online confirmations will receive, by mail,
instructions to complete the Electronic Master Promissory Note (E-MPN)
from New York State Higher Education Services Corporation (NYSHESC). The
MPN will be signed electronically via e-signature on NYSHESCís website.
Students will need their Department of Education PIN number to complete
the e-signature process.
The FAFSA or Renewal
FAFSA must be filed on paper or online each year a student wishes to be considered
for financial assistance. The Renewal FAFSA will be sent in December or January
each year to any student who applied for aid the prior year. The deadline
for submitting the form in order to receive priority consideration for aid
is April 15th of each year. New York State residents who receive TAP may be
required to submit an ETA each year.
Students who plan to attend summer sessions at the University
at Albany are eligible to receive financial aid. In order to be considered for
aid students must have filed the FAFSA for the upcoming academic year and the
University at Albany Summer Information Sheet, which is available from the Office
of Financial Aid around April 15 every year.
Students who plan to participate in a SUNY Study Abroad program
are eligible to receive financial aid. No special application is required, but
students are required to submit a letter of acceptance into a Study Abroad program
along with an estimate of program costs. Students who plan to participate in
a program at an institution outside the SUNY system will be required to submit,
in addition, a consortium agreement (available from the Office of Financial
Aid) and a transfer credit permission form (available from academic advisers).
These students will be eligible to receive federal financial aid and may be
eligible to receive State of New York assistance.
Visiting students not matriculated at the University are not
eligible for financial aid from this institution.
OF FINANCIAL AIDS AWARDS
you have been awarded Federal Work-Study, a Federal Perkins Loan, and/or
a Federal Subsidized/Unsubsidized Stafford Loan for the 2005-2006 aid
year, you must log onto MyUAlbany to accept, decline, or reduce the amounts
of the awards. Please refer to the instructions on the financial aid website
aid is awarded on an annual basis and students must reapply each year
by submitting the Free Application for Federal Student Aid (FAFSA) or
renewal FAFSA or by filing online at www.fafsa.ed.gov.
The renewal form will be sent during the winter to the address you put
on last year's form. Regular FAFSA forms are available in this office
in January. The total amount of aid offered may vary each year in relation
to the student's financial need and available funds.
requested, students, and, if dependent, their families, should be prepared
to submit income and other documentation that may be requested by the
Office of Financial Aid. Federal financial aid will not be credited
to your account until we receive the required verification information.
Do not send any documentation unless it has been requested by this office.
one-half of any financial aid received by a student is credited to the
student's account ten days prior to the beginning of each semester or
when funds become available.
must make Satisfactory Academic Progress towards their degrees in order
to continue receiving financial aid. Under certain circumstances, students
may be granted a waiver of the progress requirements.
of aid from sources outside the University are estimates, and are based on the best information
available to us. They do not represent a guarantee of these funds by the
must inform the Financial Aid Office of aid/scholarships from any source
outside of the University. Please send a copy of the official notification
letter to our office. Please provide your name and Albany ID on the
notification. This may result in an adjustment being made to the financial
All students planning to receive Federal Perkins Loans or Federal Stafford
Loans must have an entrance interview prior to the first disbursement
of loan proceeds. Stafford Loan entrance interviews can be completed on
the Mapping Your Future website. Perkins Loan recipients will be contacted
by the Office of Financial Aid or the Office of Student Accounts regarding
entrance interview schedules.
whose family financial circumstances are adversely affected after being
awarded financial aid should submit a letter explaining your situation
and documentation to the Office of Student Financial Services/Financial
Aid for review.
who wish to question a decision made by the Office of Financial Aid should
send a letter of appeal to the Director of Financial Aid.
at Albany Scholarships-The Office of Financial Aid does not award scholarships.
However, the University offers a number of merit scholarships to undergraduate
students.† They are called Presidential,
Achievement and College Scholarships and are awarded to new students by the
Admissions Office and renewed by the Office of the Undergraduate Dean.†
Eligibility requirements and award amounts vary.†
Undergraduate students who have been awarded merit scholarships will
have received information about the awards from the Office of Admissions.† Athletic Scholarships are awarded by the Department
of Athletics and Recreation.
for State Awards
must be matriculated in an eligible degree program at the beginning of
your course of study.† In addition,
to be considered matriculated for State financial aid purposes, the New
York State Education Department requires that the student declare a major
no later than the beginning of the junior year if enrolled in a baccalaureate
You must be enrolled full-time (twelve or more credits) by the TAP certification
date, which is one day after the 100% tuition liability date each semester.Courses
added after the certification date do not count towards full-time status.
repeat courses for which they received passing grades and the course schedule
does not indicate that the course can be re-taken for credit, the courses
will not count towards satisfactory academic progress or pursuit of program.
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" and
"pursuit of program".
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 chart in this section. Although the academic progress standards allow
ten semesters for completion of a bachelor's degree, the maximum award period
at the undergraduate level is four years, except for students enrolled in approved
five-year degree programs or the Educational Opportunity Program.
York State Grant and Scholarship Programs
Before being certified
for a semester's payment, a student must have accrued a certain number of
credits and have a minimum grade point average at the end of the semester,
as shown in the following chart.
In addition to
meeting the criteria outlined on the academic progress chart, State regulations
require students who receive New York State awards to be enrolled on a full-time
basis and complete a minimum number of credits each semester with grades of
A, B, C, D, E, S, U, or I. Students receiving a New York State award for the
first time must complete six credits each semester the first year of receipt
of an award, nine credits each semester of the second year, and a minimum
of twelve credits in semester of the third and fourth years.
do not complete the minimum number of credits in a given semester are ineligible
for New York State financial aid for the following term or until additional
credits are completed to reach the minimum level. Grades of "I"
must be completed within one semester to have the credits counted for New
York State grant and scholarship purposes.
Waivers of the Progress Standards:
fall below the minimum criteria stated previously may be eligible to receive
one waiver of the satisfactory academic progress or pursuit of program criteria
during their undergraduate career. In addition, students who lose TAP eligibility
because they do not have a "C" average after receiving four TAP
payments may request a waiver of the satisfactory academic progress standards.
Sufficient and documented reasons must be presented for the student's inability
to meet the minimum standards. Procedures for granting waivers will follow
University policies relating to the appeals procedure for . If granted, the
waiver becomes part of the student's financial aid record and the student
is expected to make minimum progress thereafter.
New York State Grant and Scholarship Programs
Trade Center Scholarship
award provides financial assistance to the children, spouses, and financial
dependents of deceased or severely and permanently disabled victims of the
September 11, 2001 terrorist attacks or the subsequent rescue and recovery
operations. Undergraduates who are full-time matriculated students enrolled
in an approved program in New York and meet requirements for New York State
grants and scholarships are eligible. Recipients need not be New York State
residents or U.S. citizens to receive the scholarship. The award covers up
to four years of full time undergraduate study and will pay SUNY tuition and
mandatory fees, actual room and board charged to students living on campus
or an allowance for these items for commuter students, and allowances for
books, supplies, and transportation. The scholarship is reduced by any federal,
state, or private assistance awarded to the student to pay educational expenses.
Applications are available at www.hesc.com.
Eligibility Criteria for Federal Awards
regulations require students to make satisfactory progress towards a degree
in order to receive any federal student aid, including Federal Stafford Loans.
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. Transfer credits accepted by
the University are considered to be attempted credits for this purpose. Transfer
students, regardless of the number of transfer credits accepted by the University,
must complete a minimum of 50% of credits attempted during their first year
at the university.
addition, students must maintain a satisfactory cumulative grade point average.
Academic retention standards are described in the Undergraduate Academic Regulations
section of this bulletin. Students on probation may be eligible to receive
financial aid, but are subject to the University's policy regarding review
and dismissal for academic reasons. Aid recipients on probation and those
with less than a "C" average at the end of their second year of
study or the equivalent will retain eligibility for aid if they meet the requirements
shown on the academic progress chart and are allowed to continue their studies
at the University.
who do not make satisfactory progress will lose their eligibility for federal
student aid, but may appeal to the University for a waiver if they feel there
are special circumstances that affected their ability to make academic progress.
Students receiving waivers continue to be eligible for federal financial aid
for an additional semester or one academic year, depending on individual circumstances.
Questions regarding academic progress should be directed to the Office of
Financial Aid and/or the Office of the Dean of Undergraduate Studies.
ACADEMIC PROGRESS CHART FOR FEDERAL FINANCIAL AID
Title IV Programs
credits attempted are between:
the following percentage of graduation credits must be completed:
progress towards the degree will be measured once each year, usually at the
end of the academic year. Students may restore eligibility for federal aid
when they meet the standards shown on the chart.
federal grant program provides assistance to matriculated students attending
college at least half-time (6 credits) and is designed to help those
from lower and certain middle-income families. Eligibility is determined
from the information provided on the FAFSA. Award amounts will range
up to $4,050 for the 2004-2005 academic year.
matriculated student aid applicant enrolled at least half-time may obtain
this loan. Students with need may obtain the loan on a subsidized basis, which means no interest
accrues on the loan while the borrower is in school. Students who do
not demonstrate financial need may obtain the loan on an unsubsidized
basis, which means they must pay interest while they are in school as
well as during repayment. This loan is made by banks, credit unions,
and other lending organizations. First-year students may borrow up to
$2,625, sophomores up to $3,500 and junior and seniors up to $5,500
each year. Independent students who are first-year students or sophomores
may borrow an additional $4,000 each year on an unsubsidized basis,
and an additional $5,000 each year as juniors or seniors. The maximum
that may be borrowed for undergraduate study is $46,000. At the time
the loan is disbursed, an insurance fee and origination fee (usually
3.0%) with have been deducted by the lender from the face amount of
the loan. The interest rate is variable on an annual basis and may range
from about 3% to 8.25%.
who plan to borrow for the fist time must have master promissory note
(MPN) on file with the New York State Higher Education Services Corporation
and may complete it online. Students with an MPN on file do not need
to file another.
allow parents of dependent students to borrow from participating banks
or other lenders up to the difference between the student's cost of attendance
and any financial aid awarded to the student. The loan is not automatic;
a credit check is required. Repayment of principal and interest begins
within 60 days of receipt of the loan. The interest rate is variable on
an annual basis and may range from about 4.0% to 9.0%. A 3.0% origination
fee is deducted from the loan proceeds. Apply online through the Office
of Student Financial Services/Financial Aid website at www.albany.edu/financialaid.
Supplemental Educational Opportunity Grant (FSEOG)
receiving this type of assistance must have exceptional financial need.
At the University at Albany, this grant normally ranges from $200 to $1,000
is awarded to students with substantial financial need. Undergraduate
students may borrow up to $4,000 each year depending on availability of
funds, and a total of $20,000 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.
Work Study Program
A work study
award offers the recipient the opportunity to work on campus. The standard
hourly rate varies from $5.50 to $6.00, but may be higher depending on
the type of work performed and experience. Students are paid by check
every two weeks.
of Indian Affairs to Native Americans Higher Education Assistance Program
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.
Education Assistance Program (VEAP)
Veteran's Educational Program (VEAP) is a benefit for veterans who paid
into VEAP while they were in the service. In order to be eligible, veterans
must have been discharged under conditions other than dishonorable, entered
active duty after December 31, 1976 but before July 1, 1985, and completed
twenty-four continuous months of active duty. There are some exceptions
to the last requirement. Benefits are paid monthly and are based on the
veteran's contributions and Veteran's Administration matching amounts
in relation to the number of months contributions were made by the veteran,
type of education being pursued, and the length of the educational program.
Contact the Veterans Administration for additional information.
GI Bill-Active Duty
provides for up to thirty-six months of educational benefits to eligible
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.
Detailed information is available from the Veterans Administration.
GI Bill-Selected Reserve
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 from your Reserve or
Administration Survivor's and Dependents' Educational Assistance
benefit is available to certain veterans' children who are at least eighteen
years old, veterans' spouses, and surviving spouses who have not remarried.
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 forty-five months. Additional information is
available from the Veterans Administration.