Cost & Aid Frequently Asked Questions (FAQs)

Your Student Aid Index (SAI) is an index used to determine your financial aid eligibility.  

It is calculated using a formula established by the U.S. Department of Education based on the information you provided on the Free Application for Federal Student Aid (FAFSA).

Factors include:

• Your family’s taxed and untaxed income
• Your family’s assets
• Your family’s benefits, such as unemployment or Social Security
• Your household size

Your SAI may vary from year to year but will not differ between institutions. 

UAlbany sends award letters at the same time each year:

• New undergraduate students: Late January to early February
• Continuing undergraduate students: Late June to early July
• New graduate students: Late April to early May

Access your award letter

1. Log into MyUAlbany.
2. Select “Student Financial Services.”
3. Select “View My Financial Aid.”
4. Choose the correct aid year.
5. Select “View UAlbany Award.”

Why you may not have an award letter yet

If you haven’t received your financial aid award, possible reasons include:

• Recent admission: Please allow at least one week after your acceptance for your financial aid to be processed.
• Recent FAFSA submission: The U.S. Department of Education and UAlbany each need at least one week to process your FAFSA.
• Missing aid application: You must apply for financial aid to receive an award letter.
• Missing UAlbany school code: Be sure your FAFSA lists code 002835.
• Missing Social Security Number (SSN): Update your SSN in MyUAlbany by selecting “Tools,” then “Student Record” and then “Add/Update Your SSN/ITIN.” 
• Incorrect FAFSA year: Be sure to complete the FAFSA for the correct academic year.
• Additional documentation required: Check FAFSA comments and MyUAlbany for outstanding tasks.

Undergraduate Admissions offers both undergraduate merit scholarships and competitive awards. Merit scholarships are automatically awarded to new undergraduate students based on academics, while competitive awards require an application.

Both undergraduate and graduate students can apply for the UAlbany Foundation Scholarships and the UAlbany Alumni Association Scholarships. These scholarships are based on academic excellence, financial need, leadership and donor criteria.

Graduate scholarships, assistantships and fellowships, as well as funding programs that support our diversity are also available. Visit the Graduate School's Funding Graduate Studies page for more information. 

The Excelsior Scholarship covers tuition after other awards for eligible New York State residents.

Students must complete the FAFSA, New York State Aid Payment Application and Excelsior Scholarship Application to qualify. Apply for financial aid.

Note: If other tuition awards cover a student’s costs, their Excelsior Scholarship amount may be $0.

Federal Loans

UAlbany participates in the Federal Direct Loan Program, which allows students and parents to obtain federal educational loans directly from the U.S. Department of Education, including:

• Direct Subsidized Loans, which are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education. 
• Direct Unsubsidized Loans, which are loans made to eligible undergraduate and graduate students, but eligibility is not based on financial need. 
• Direct Parent PLUS Loans, which allows parents of dependent students to obtain a credit-based loan to help with educational expenses. 
• Direct Grad PLUS Loans, which allows eligible graduate students to obtain a credit-based loan to help with educational expenses.

To receive federal loans, students must:

1. Apply for financial aid.
2. Secure awarded loans by completing Entrance Counseling and a Master Promissory Note (MPN).
3. Accept, reduce or decline awarded loans.

Private Loans

Loans beyond federal limits are private loans (also called alternative loans).

Students are the primary borrower for private education loans, which are credit-based loans and offered by several financial lending institutions. Private loans are designed to finance any remaining cost of attendance after all other sources of aid are exhausted.  

A credit check and minimum income are often required. A co-signer may help with approval and better rates. Be sure to compare lenders and indicate both fall and spring semesters on applications to avoid multiple credit checks. 

There are many ways to find outside scholarships:

• Research scholarships offered by employers, professional associations, foundations and service organizations.  
• High school seniors can also talk to their guidance counselors.
• Current UAlbany students can ask their academic departments about available opportunities.

Never pay a fee for a scholarship. Use the U.S. Department of Labor's Scholarship Finder or another trusted website when searching for scholarships.

• FastWeb
• College Board
• Scholarships.com
• CollegeNet

Note: UAlbany provides these links for your convenience and does not endorse any specific resources or scholarships.

Financial aid packages are non-negotiable.

You may only appeal if you experienced an extenuating circumstance that reduced your family income, such as job loss, divorce or death, after you filed your FAFSA.  

Appeals for special circumstances may result in financial aid award adjustments, but they cannot exceed federal loan limits and do not always result in additional financial aid eligibility.