The Office of Student Financial Services at Purchase College
School Codes
works closely with students and their families to explore
Federal School Code: 006791 Tuition Assistance Program (TAP) code: 0970 (undergraduate), 5675 (graduate)
the many different resources available for financing an
Tax Information
education, including federal and state grants, scholarships, student and parent loans, and student employment. Purchase College provides more than $44.4 million in financial aid to our students. Over 70% of Purchase College students receive federal aid and loans, state grants, and scholarships. We can also offer suggestions on payment plans, and researching outside scholarship opportunities. We hope you find this brochure useful in explaining the financial aid process and the resources that are available to help you pay for college. What is Financial Aid? Financial aid is a resource available to you to bridge the gap between your Estimated Family Contribution (EFC) and the total cost of attendance at Purchase College.
Types of Financial Aid
Grants – Awards that are usually provided by the federal or state government which do not require repayment. Loans – A variety of borrowing opportunities that offer varying repayment terms. Scholarships – Awards that do not require repayment. Purchase College awards scholarships based on financial need, academic merit, and/or artistic talent. A completed FAFSA is required in order to receive a scholarship award at Purchase. Work Study – A federal program that allows students to work part time and earn money to help defray living expenses during the school year. Loans – A variety of borrowing opportunities that provide multiple repayment options.
How is Financial Aid Allocated?
Independent students - You (as the student) would need to provide your federal tax return information. If the student did not file, then you should answer that question(s) appropriately in the ‘Student Financial Section’ and read through the following questions to ensure that nothing else applies.
Verification 30% of the student body is selected for verification each year. If you are one of these students, you must provide the following information: • • • •
Tax documents W-2 Institutional forms (downloadable online) Other information may be required as determined by a financial aid counselor
Students planning to enroll for fall semester should file the FAFSA by March 1st. After this date, it may become less likely that you will receive all of the assistance that you may be eligible for due to limited funding. Purchase College recommends that you estimate your income information and do not wait for your tax returns to be completed. If necessary, you can correct your application later when your taxes are completed. New York State Residents – Residents are encouraged to apply for the Tuition Assistance Program (TAP), which is linked directly to your FAFSA application. Upon completing the FAFSA, you will be provided with a link that allows you to complete the TAP form.
Financial Aid Awarding Policies at Purchase College Generally, the financial aid process is regulated by federal and state laws. However, we also use institutional policies to help distribute our limited financial aid funds equitably to our students. Student Financial Services is always here to assist you in making sure that you get the most aid possible. In order to be eligible for financial aid you must fulfill the following criteria:
Self-Help – Federal loans and employment.
• Be a U.S. Citizen or Eligible Non-Citizen
Need based – Based on financial need as determined by the EFC.
• Be Registered with Selective Services (males, 18–25 only)
Non-need based – Not based on financial need.
• Must have a valid Social Security Number (SSN)
The FAFSA is an online form that students must file in order to receive consideration for federal Title IV financial assistance. You may complete the form as early as January 1st of each year for the upcoming fall term.
FAFSA Requirements
Personal Identification Number (PIN) www.pin.ed.gov You and your parent(s) need to apply for a PIN in order to complete your FAFSA.
The basic calculation of need is as follows: Cost of attendance – Tuition, fees, room, board, books & supplies, transportation, and personal expenses
Dependent students - You and your parent(s) need to provide your federal tax return information. If the student did not file, then you should answer that question(s) appropriately in the ‘Student Financial Section’ and read through the following questions to ensure that nothing else applies.
• Accepted for enrollment in eligible program of study and pursuing a degree
www.FAFSA.ed.gov
The Office of Student Financial Services utilizes a federal calculator that determines a student’s need with the use of the Expected Family Contribution (EFC) number as determined by your FAFSA.
You and your parent(s) need to have your federal tax information available to complete your FAFSA.
Merit Based – Evaluated on the basis of academic achievement and/or artistic talent.
Free Application for Federal Student Aid (FAFSA)
Determination of Need
If you believe you have an extenuating circumstance, we’re always available to speak to you with the utmost confidentiality.
Your Financial Aid Award Package and How You Are Notified Financial aid award letters are sent electronically on a rolling basis (beginning mid-March) to accepted students who have successfully completed the FAFSA. If you have been accepted to Purchase prior to April 15, you must submit your deposit to declare your intention to attend Purchase on or before May 1st. Students accepted after April 15 have two weeks to submit their deposit. Your financial aid award letter will be e-mailed to your Purchase College e-mail account or to the e-mail account you provided on your FAFSA.
Estimated Cost of Attendance Figures are based on 2012 – 2013 cost of attendance at undergraduate full-time rate
New York state residents
Out-of-state residents
Commuter
On-campus resident
Commuter
On-campus resident
Tuition
$5,570
$5,570
$14,820
$14,820
Student fees
$1,660
$1,660
$1,660
$1,660
$8,352*
$11,566
$8,352*
$11,566
Books and supplies
$1,168
$1,168
$1,168
$1,168
Personal expenses
$2,066
$2,066
$2,066
$2,066
Transportation
$1,566
$1,082
$1,566
$1,082
$20,382
$23,112
$29,632
$32,362
Room and board
Total cost
*The Office of Student Financial Services estimates these to be average room and board costs for students living off-campus.
Expected Family Contribution – A number determined by a standardized federal formula that the school receives from your FAFSA. Depending on where this number falls, you may qualify for free federal aid and/or fixed-interest federal loans. Cost of Attendance – Expected Family Contributions = Student Financial Need
Grants Federal Pell Grant – This federal need-based grant is given to undergraduate students who demonstrate high need. Eligibility criteria are based on income, household size, and assets. Recent legislation restricts Pell eligibility to 12 semesters or the equivalent. Federal Supplemental Educational Opportunity Program (FSEOG) – The FSEOG is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFCs) will be considered first for a FSEOG. Just like Pell Grants, the FSEOG does not have to be repaid. New York Tuition Assistance Program (TAP) – The TAP helps eligible New York residents pay tuition at approved schools in New York. Depending on the academic year in which you begin study, an annual TAP award can be up to $5,000. Because TAP is a grant, it does not have to be paid back. TAP grant eligibility is limited to eight semesters (ten for EOP students) or the equivalent. State University Supplemental Tuition Assistance (SUSTA) – SUSTA awards are intended to bridge the gap between your TAP award and the maximum grant amount. SUSTA is an amount up to $500 per semester. Students must be TAP eligible. Recipients must demonstrate financial need to qualify for an award. The maximum academic year award is $1,000. Educational Opportunity Program (EOP) – The EOP at Purchase College provides an opportunity for a college education for students who have not reached their academic potential because of limited financial resources and inadequate academic preparation. EOP at Purchase has a dedicated staff that is committed to helping students succeed. Aid For Part-Time Study (APTS) – The program provides grant assistance for eligible part-time New York State resident students enrolled in approved undergraduate studies who have not exhausted their TAP grant eligibility.