The Different Types of Financial Aid Available for UAlbany Students

Financial aid can help make college more affordable by reducing what students and families pay out of pocket.

Some aid is awarded based on financial need. Some is based on academic achievement, residency, program of study or other eligibility requirements. Some aid does not have to be repaid, while other aid must be earned through work or repaid with interest.

Understanding the different types of financial aid can help you compare your options, review your financial aid offer and make informed decisions about how to pay for your UAlbany education.
 

Understanding Your Financial Aid Options at UAlbany

UAlbany students may receive financial aid from more than one source, including the federal government, New York State, the University and outside organizations.

Many students receive a combination of aid types. For example, a financial aid offer may include grants, scholarships, loans and Federal Work-Study.

Your eligibility may depend on your Free Application for Federal Student Aid (FAFSA) information, residency, enrollment, academic progress, degree level, cost of attendance and other aid you receive.

The FAFSA is the main application for federal student aid and is also used to review eligibility for many types of aid at UAlbany. New York State aid and some scholarships may require separate applications.

Financial Aid at a Glance 

Each type of aid works differently. Review your financial aid offer carefully so you understand what each award is, whether you need to take action to secure the aid and whether the aid has future requirements.

Grants and Scholarships

Grants and scholarships are often called “gift aid” because they generally do not have to be repaid.

This type of aid can help reduce the amount you need to pay out of pocket or borrow. However, grants and scholarships may still have eligibility rules, enrollment requirements or renewal requirements.

Grants

Grants are usually based on financial need.

Eligible UAlbany students may be considered for federal grants, New York State grants or institutional grants depending on their FAFSA information and other eligibility requirements.

Examples of grant aid may include:

• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grants
• New York State Tuition Assistance Program awards
• Other federal, state or institutional grant programs

Grant amounts can change if your enrollment changes, if you withdraw from classes or if your eligibility changes.

Scholarships

Scholarships are awards that generally do not have to be repaid.

Some scholarships are based on academic achievement. Others may consider financial need, leadership, community involvement, major, residency, transfer status or other criteria.

Scholarships may come from UAlbany, New York State, private organizations, community groups, employers, foundations or professional associations.

Some scholarships are awarded automatically as part of the admissions or financial aid process. Others require a separate application.

If you receive renewable scholarships, you should review the requirements carefully. Some awards require students to maintain a minimum GPA, complete a certain number of credits or meet other conditions each year to continue to receive the funds.

Federal Work-Study

Federal Work-Study gives eligible students the opportunity to earn money through part-time employment.

Work-Study is different from a grant or scholarship because the funds are not automatically applied to your bill. Students earn wages for hours worked and can use those earnings to help pay for personal or educational expenses.

Federal Work-Study eligibility is based on FAFSA information and available funding. If Federal Work-Study is included in your aid offer, review the next steps carefully so you understand how to find eligible positions and use the award.

Student Loans

Student loans are borrowed funds that must be repaid with interest.

Federal Direct Loans may be included in your financial aid offer after you complete the FAFSA, while federal PLUS Loans require an additional application. These loans can help cover remaining costs after grants, scholarships, family contributions, savings and other resources are considered.

Common federal loan options include:

• Direct Subsidized Loans for eligible undergraduate students with financial need
• Direct Unsubsidized Loans for eligible undergraduate, graduate and professional students
• Direct Parent PLUS Loans for eligible parents of dependent undergraduate students
• Direct Graduate PLUS Loans for eligible graduate and professional students

You are not required to borrow the full amount offered. Before accepting a loan, review your charges, other aid and expected out-of-pocket costs so you can borrow only what you need.

First-time federal student loan borrowers must complete required loan steps before funds can be disbursed.

New York State Aid

New York State offers grants and scholarships for eligible students, including programs for New York State residents attending approved colleges and universities.

State aid programs may have requirements related to residency, income, enrollment, degree progress, academic performance or post-graduation commitments.

Federal aid and New York State aid are separate. Students may need to complete more than one application to be considered for all available aid.

UAlbany Scholarships and Institutional Aid

UAlbany offers scholarships and other institutional aid to eligible students.

Some awards are offered through the admissions process. Others may be tied to financial need, academic achievement, student status, academic program or other criteria.

Institutional aid may be affected by enrollment, housing status, other awards or changes to your student record. Review your award details carefully so you understand whether the aid is renewable and what you need to do to keep it.

Outside Scholarships

Outside scholarships are awards from organizations other than UAlbany, the federal government or New York State.

Students may find outside scholarships through local organizations, employers, community foundations, professional associations, religious or civic groups, and national scholarship databases.

If you receive an outside scholarship, report it to UAlbany so your financial aid offer can be reviewed. Outside scholarships may affect other aid, especially if your total aid exceeds your cost of attendance.

Be cautious with scholarship searches. You should not have to pay to apply for legitimate scholarships.

How to Review Your Financial Aid Offer

A financial aid offer may include several types of aid. Each one works differently.

When reviewing your aid offer, consider the following factors:

• Which awards do not have to be repaid
• Which awards must be accepted, reduced or declined
• Which awards require additional steps
• Which awards depend on your enrollment
• Which awards have renewal requirements
• How much you may still owe after aid is applied

It can be helpful to start with gift aid, such as grants and scholarships, because those awards generally do not have to be repaid. Federal Work-Study can help with personal expenses if you are eligible and able to work. Loans can help cover remaining costs, but they should be borrowed carefully because they must be repaid with interest.

After your financial aid offer is available, review it in your MyUAlbany portal and continue to monitor your account for Tasks. If UAlbany needs additional information, financial aid processing cannot continue until those items are completed. 

Frequently Asked Questions