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Financial Aid and Lending

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How do I apply for Financial Aid?

You will need to submit the FAFSA (Free Application for Federal Student Aid). Based on the information you provide, the Department of Education will determine your loan and grant eligiblity.

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What information is needed to apply?

When completing the FAFSA, you and your parent (parent information is required if you are a dependent student) will need your federal income tax returns, social security numbers, W2's, records of investments, bank statements, documentation of untaxed income, and your FSA IDs.

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I've submitted my FAFSA, what happens next?

Once your FAFSA has been successfully completed and reviewed, the schools you applied to will provide you with award letters. The award letters will indicate what grants, loans and scholarships were offered to you and compare it to the schools cost of attendance.

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What is a grant?

Grants are awards given by the government or private organizations to be used for your academic expenses. These funds do not have to be paid back.

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What is a loan?

A loan is money lent to you to help you pay your academic expenses which you must pay back with interest. There are various types of loans and it's important to be mindful of interest rates, origination fees, and repayment terms for each of the loans you are considering.

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What is a scholarship?

Scholarships are financial awards to be used towards your cost of education that you do not need to pay back. Merit scholarships are initially awarded by the Office of Admissions during the application review process in recognition of academic excellence. In addition to merit scholarships, there are a number of awards offered through the University at Albany Foundation. You can apply for these awards by filing an endowed scholarship application.

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Can I apply for other scholarships?

Students are also encouraged to apply for outside scholarships. Be sure to notify the financial aid office if you receive an outside scholarship.