Your Financial Aid Award

All students are considered for all types of aid, and financial aid packages are made according to a student’s eligibility in each program as determined by federal and state regulations. Awards are determined by financial need based on data provided by the student on the FAFSA. The offer of financial aid is conditional based upon continuation of legislative authority and availability of appropriated funds. Financial need is calculated using the following formula:

Cost of Attendance (tuition, room, meals, fees, books, transportation) - Expected Family Contribution (EFC determined by FAFSA) = Financial Need

Electronic financial aid award letters are sent to accepted students with paid deposits via their Alfred State email account beginning in early spring for those with a valid FAFSA on file with the college. Detailed instructions are provided to students on how to accept and apply for their aid. Generally, financial aid can be categorized into three types:

1. Scholarship and grant aid are considered gifts and do not need to be repaid. These include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), NYS Tuition Assistance Program (TAP) for NYS residents enrolled full-time, Aid for Part-time Study (APTS) and part-time TAP for NYS residents enrolled part-time, and the Educational Opportunity Program (EOP) for NYS residents who meet established academic and economic guidelines.

   Students should contact the NYS Higher Education Services Corp. for information on scholarships for volunteer firefighters, victims of the World Trade Center disaster, and certain types of military and public service. The phone number is (888) 697-4372. Information can also be found on the Web at www.hesc.com.

   Students receiving veterans’ educational benefits through the Department of Veterans’ Affairs must provide a copy of their Certificate of Release or Discharge from Active Duty (DD214) or their certificate of eligibility for benefits to the veterans’ certifying official in the Student Records and Financial Services Office. Here students will receive required forms and enrollment certification for the completion of their application for veterans’ educational benefits. Alfred State is a participating member of the Yellow Ribbon Program.

   Campus scholarships are primarily given out by the Admissions Office. Scholarship opportunities and requirements can be viewed on the Web at www.alfredstate.edu/paying-for-college. Links to outside scholarship searches are also provided. Students are encouraged to seek scholarships and grants through their local high schools, civic organizations, and employers.

2. Loans do need to be repaid and should be considered as serious commitments. These include the Federal Subsidized and Unsubsidized Stafford Loans, Federal Perkins Loan, and Federal Nursing Loan. These loans are in the student’s name and eligibility is determined by financial need based on results of the FAFSA. Students are directed by the college to complete an electronic Master Promissory Note (MPN). Under an MPN students can receive subsequent loan disbursements at the same school for up to 10 years without having to complete another promissory note. Interest rates and terms are set by the federal government and students must be enrolled a minimum of six credit hours per semester in a matriculated degree-granting program. These loans have a grace period before repayment begins once the student is no longer enrolled or drops below half-time enrollment.

   The Federal Parent PLUS Loan is taken out in the parent’s name on behalf of the student. Repayment begins 60 days after the loan is fully disbursed. This loan is also applied for using an electronic Master Promissory Note (MPN). Interest rates and terms are set by the federal government and students must be enrolled a minimum of six credit hours per semester in a matriculated degree-granting program. The Federal Parent PLUS Loan can be deferred while the student is enrolled. Parents interested in deferment should contact their lender directly.

   Private Alternative Loans are nonfederal loans made by commercial lenders and should be considered loans of last resort. Alternative Loans have higher fees and interest rates. Terms can vary by lender and loan product. Students must be at least 18 years old to apply in their own name and usually require a credit-worthy cosigner.

3. Employment and Federal College Work-Study is a way for students to earn money through a part-time job in order to contribute toward their college costs. Work-study awards are offered to students with demonstrated financial need based on FAFSA results. Students are paid at an hourly rate every two weeks for the hours worked. Work Grant is a limited funding source that is not based on financial need; however, specific skills may be required for some jobs.