Financial Aid

The Office of Financial Aid administers federal, state, and certain institutional student financial assistance programs for undergraduate and graduate students. In addition to overall college financing and financial aid advisement, the office manages a variety of funds, including the Federal Stafford and other federal loan programs, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study employment, the New York State Tuition Assistance Program and Educational Opportunity Program, and University at Albany Benevolent Association Scholarships. It also coordinates the Emergency Loan Fund. Advisement services are available to all members of the University Community. The Office of Financial Aid is located in the basement of the Campus Center, Room B52, (518/442-5757, 442-5480).

The University at Albany is committed to the concept of helping students obtain the resources necessary to meet their educational expenses. A variety of grants, loans, and student employment opportunities are available from various sources. The application procedures and descriptions of the various types of financial aid included in this section were accurate at the time of publication. It should be kept in mind that financial aid programs are frequently modified by legislation.

Most student financial assistance is awarded on the basis of financial need. Simply stated, financial need is:

Estimated Cost of Attendance (COA)
-Expected Family Contribution (EFC)
= Financial Need
The total cost of attendance is an estimate of the student�s direct and indirect educational expenses for an academic year. Direct expenses are tuition, fees, room and meals for students who live on campus and only tuition and fees for students living off campus. The budgets also include allowances for estimated expenses for books and supplies, personal items, transportation, and living expenses for off-campus students. Several different budgets are used to take differences among students into consideration. The following are examples of two budgets used to determine eligibility during the 2004-2005 academic year:

Cost of Attendance 2005-2006

�� Dependent Student�� Independent Student

Living On campus�� Living Off campus

Tuition and Fees*	$ 5,770 $ 5,770
Room and Board*	$ 8,050 NA
Living Expenses	NA $8,900
Books	$ 1,000 $1,000
Personal/Travel	$ 1,672��$ 1,672
Total	$15,400 $17,100

*Institutional charges subject to change every year.

Out-of-state tuition is an additional $6,260 for full-time undergraduate students.
The Expected Family Contribution (EFC) towards educational expenses is computed from the information students and, if applicable, their families provided on the Free Application for Federal Student Aid (FAFSA). The EFC is shown on the Student Aid Report (SAR) sent to applicants after the FAFSA has been processed by the federal processor.

APPLICATION PROCEDURE

DEADLINES
The University has established February 1, 2006, as the final deadline for the submission of the 2005-2006 FAFSA information to the federal processor for the 2005-2006 academic year. In addition, the Office of Financial Aid must receive a valid Student Aid Report by March 15, 2006. The Office of Financial Aid will not process FAFSA information received after these deadlines.

New Students
New students must be accepted for admission to the University prior to being considered for financial aid. In order to receive priority consideration for assistance administered by the University, all information required by the Admissions Office should be submitted on a timely basis. In addition, students wishing to apply for financial aid should submit the following forms:

1.	The FAFSA is the only form that initially must be submitted to be considered for financial assistance at the University. Students who file the FAFSA online will be able to apply for a New York State Tuition Assistance Program (TAP) award at the same time.� The FAFSA should be completed as soon as possible after January 1 regardless of whether or not the applicant has heard from the Admissions Office. The Office of Financial Aid will begin making awards to new students accepted for admission beginning in February or March.�Awards are made on a rolling basis throughout the spring and summer as financial aid files become complete.
2.	New York State residents should complete the Express TAP Application (ETA). The Exxpress TAP Application serves as an application form to receive New York State financial assistance. When you file the FAFSA form electronically, you may have been linked directly to NYSHESC to complete the Express Tap Application electronically. If not, students will need to complete the ETA at www.tapweb.org.
3.	New students, who have accepted a Federal Stafford Loan and have completed all necessary paperwork and online confirmations will receive, by mail, instructions to complete the Electronic Master Promissory Note (E-MPN) from New York State Higher Education Services Corporation (NYSHESC). The MPN will be signed electronically via e-signature on NYSHESC�s website. Students will need their Department of Education PIN number to complete the e-signature process.

RETURNING STUDENTS
The FAFSA or Renewal FAFSA must be filed on paper or online each year a student wishes to be considered for financial assistance. The Renewal FAFSA will be sent in December or January each year to any student who applied for aid the prior year. The deadline for submitting the form in order to receive priority consideration for aid is April 15th of each year. New York State residents who receive TAP may be required to submit an ETA each year.

SUMMER STUDY

Students who plan to attend summer sessions at the University at Albany are eligible to receive financial aid. In order to be considered for aid students must have filed the FAFSA for the upcoming academic year and the University at Albany Summer Information Sheet, which is available from the Office of Financial Aid around April 15 every year.

STUDY ABROAD

Students who plan to participate in a SUNY Study Abroad program are eligible to receive financial aid. No special application is required, but students are required to submit a letter of acceptance into a Study Abroad program along with an estimate of program costs. Students who plan to participate in a program at an institution outside the SUNY system will be required to submit, in addition, a consortium agreement (available from the Office of Financial Aid) and a transfer credit permission form (available from academic advisers). These students will be eligible to receive federal financial aid and may be eligible to receive State of New York assistance.

VISITING STUDENTS

Visiting students not matriculated at the University are not eligible for financial aid from this institution.

CONDITION OF FINANCIAL AIDS AWARDS

1.	If you have been awarded Federal Work-Study, a Federal Perkins Loan, and/or a Federal Subsidized/Unsubsidized Stafford Loan for the 2005-2006 aid year, you must log onto MyUAlbany to accept, decline, or reduce the amounts of the awards. Please refer to the instructions on the financial aid website at www.albany.edu/financialaid.
2.	Financial aid is awarded on an annual basis and students must reapply each year by submitting the Free Application for Federal Student Aid (FAFSA) or renewal FAFSA or by filing online at www.fafsa.ed.gov. The renewal form will be sent during the winter to the address you put on last year's form. Regular FAFSA forms are available in this office in January. The total amount of aid offered may vary each year in relation to the student's financial need and available funds.
3.	If requested, students, and, if dependent, their families, should be prepared to submit income and other documentation that may be requested by the Office of Financial Aid. Federal financial aid will not be credited to your account until we receive the required verification information. Do not send any documentation unless it has been requested by this office.
4.	Typically, one-half of any financial aid received by a student is credited to the student's account ten days prior to the beginning of each semester or when funds become available.
5.	Students must make Satisfactory Academic Progress towards their degrees in order to continue receiving financial aid. Under certain circumstances, students may be granted a waiver of the progress requirements.
6.	Amounts of aid from sources outside the University are estimates, and are based on the best information available to us. They do not represent a guarantee of these funds by the University.
7.	Students must inform the Financial Aid Office of aid/scholarships from any source outside of the University. Please send a copy of the official notification letter to our office. Please provide your name and Albany ID on the notification. This may result in an adjustment being made to the financial aid package.
8.	All students planning to receive Federal Perkins Loans or Federal Stafford Loans must have an entrance interview prior to the first disbursement of loan proceeds. Stafford Loan entrance interviews can be completed on the Mapping Your Future website. Perkins Loan recipients will be contacted by the Office of Financial Aid or the Office of Student Accounts regarding entrance interview schedules.
9.	Students whose family financial circumstances are adversely affected after being awarded financial aid should submit a letter explaining your situation and documentation to the Office of Student Financial Services/Financial Aid for review.
10.	Students who wish to question a decision made by the Office of Financial Aid should send a letter of appeal to the Director of Financial Aid.

INSTITUTIONAL AID
University at Albany Scholarships-The Office of Financial Aid does not award scholarships. However, the University offers a number of merit scholarships to undergraduate students.� They are called Presidential, Achievement and College Scholarships and are awarded to new students by the Admissions Office and renewed by the Office of the Undergraduate Dean.� Eligibility requirements and award amounts vary.� Undergraduate students who have been awarded merit scholarships will have received information about the awards from the Office of Admissions.� Athletic Scholarships are awarded by the Department of Athletics and Recreation.

STATE FINANCIAL AID

Academic Criteria for State Awards

1.	You must be matriculated in an eligible degree program at the beginning of your course of study.� In addition, to be considered matriculated for State financial aid purposes, the New York State Education Department requires that the student declare a major no later than the beginning of the junior year if enrolled in a baccalaureate program.
2.	You must be enrolled full-time (twelve or more credits) by the TAP certification date, which is one day after the 100% tuition liability date each semester.Courses added after the certification date do not count towards full-time status.
3.	If students repeat courses for which they received passing grades and the course schedule does not indicate that the course can be re-taken for credit, the courses will not count towards satisfactory academic progress or pursuit of program.

Satisfactory Academic Progress:

In order to retain eligibility for New York State scholarship and grant awards, students must be in "good academic standing", which is comprised of two components: "satisfactory academic progress" and "pursuit of program".

In order to make satisfactory progress towards a degree, students must accrue graduation credits each semester and have the cumulative grade point average shown on the academic progress chart in this section. Although the academic progress standards allow ten semesters for completion of a bachelor's degree, the maximum award period at the undergraduate level is four years, except for students enrolled in approved five-year degree programs or the Educational Opportunity Program.

Satisfactory Academic Progress Chart

New York State Grant and Scholarship Programs

Before being certified for a semester's payment, a student must have accrued a certain number of credits and have a minimum grade point average at the end of the semester, as shown in the following chart.

Payment	Credits	Minimum GPA
First	0	0.00
Second	3	0.50
Third	9	0.75
Fourth	18	1.20
Fifth	30	2.00
Sixth	45	2.00
Seventh	60	2.00
Eighth	75	2.00
Ninth	90	2.00
Tenth	105	2.00

Program Pursuit:
In addition to meeting the criteria outlined on the academic progress chart, State regulations require students who receive New York State awards to be enrolled on a full-time basis and complete a minimum number of credits each semester with grades of A, B, C, D, E, S, U, or I. Students receiving a New York State award for the first time must complete six credits each semester the first year of receipt of an award, nine credits each semester of the second year, and a minimum of twelve credits in semester of the third and fourth years.

Students who do not complete the minimum number of credits in a given semester are ineligible for New York State financial aid for the following term or until additional credits are completed to reach the minimum level. Grades of "I" must be completed within one semester to have the credits counted for New York State grant and scholarship purposes.

Waivers of the Progress Standards:

Students who fall below the minimum criteria stated previously may be eligible to receive one waiver of the satisfactory academic progress or pursuit of program criteria during their undergraduate career. In addition, students who lose TAP eligibility because they do not have a "C" average after receiving four TAP payments may request a waiver of the satisfactory academic progress standards. Sufficient and documented reasons must be presented for the student's inability to meet the minimum standards. Procedures for granting waivers will follow University policies relating to the appeals procedure for . If granted, the waiver becomes part of the student's financial aid record and the student is expected to make minimum progress thereafter.

New York State Grant and Scholarship Programs

World Trade Center Scholarship

This award provides financial assistance to the children, spouses, and financial dependents of deceased or severely and permanently disabled victims of the September 11, 2001 terrorist attacks or the subsequent rescue and recovery operations. Undergraduates who are full-time matriculated students enrolled in an approved program in New York and meet requirements for New York State grants and scholarships are eligible. Recipients need not be New York State residents or U.S. citizens to receive the scholarship. The award covers up to four years of full time undergraduate study and will pay SUNY tuition and mandatory fees, actual room and board charged to students living on campus or an allowance for these items for commuter students, and allowances for books, supplies, and transportation. The scholarship is reduced by any federal, state, or private assistance awarded to the student to pay educational expenses. Applications are available at www.hesc.com.

FEDERAL FINANCIAL AID

Academic Eligibility Criteria for Federal Awards

Federal regulations require students to make satisfactory progress towards a degree in order to receive any federal student aid, including Federal Stafford Loans. Students may attempt up to 150% of the credits normally required to complete a baccalaureate degree and retain eligibility for federal student aid. At the University at Albany students must have earned 120 graduation credits to receive a Bachelor of Arts or Bachelor of Science degree. Thus, students may attempt up to 180 credits and retain eligibility for federal student aid; however, students must also complete a percentage of credits attempted each year as shown on the academic progress chart. Transfer credits accepted by the University are considered to be attempted credits for this purpose. Transfer students, regardless of the number of transfer credits accepted by the University, must complete a minimum of 50% of credits attempted during their first year at the university.

In addition, students must maintain a satisfactory cumulative grade point average. Academic retention standards are described in the Undergraduate Academic Regulations section of this bulletin. Students on probation may be eligible to receive financial aid, but are subject to the University's policy regarding review and dismissal for academic reasons. Aid recipients on probation and those with less than a "C" average at the end of their second year of study or the equivalent will retain eligibility for aid if they meet the requirements shown on the academic progress chart and are allowed to continue their studies at the University.

Students who do not make satisfactory progress will lose their eligibility for federal student aid, but may appeal to the University for a waiver if they feel there are special circumstances that affected their ability to make academic progress. Students receiving waivers continue to be eligible for federal financial aid for an additional semester or one academic year, depending on individual circumstances. Questions regarding academic progress should be directed to the Office of Financial Aid and/or the Office of the Dean of Undergraduate Studies.

ACADEMIC PROGRESS CHART FOR FEDERAL FINANCIAL AID

Title IV Programs

If credits attempted are between:	Then the following percentage of graduation credits must be completed:
3-30	30%
31-60	50%
60-90	60%
91-120	65%
120-150	70%
151-180	80%

Quantitative progress towards the degree will be measured once each year, usually at the end of the academic year. Students may restore eligibility for federal aid when they meet the standards shown on the chart.

FEDERAL PROGRAMS

1.	Federal Pell Grant This federal grant program provides assistance to matriculated students attending college at least half-time (6 credits) and is designed to help those from lower and certain middle-income families. Eligibility is determined from the information provided on the FAFSA. Award amounts will range up to $4,050 for the 2004-2005 academic year.
2.	Federal Stafford Loan Any matriculated student aid applicant enrolled at least half-time may obtain this loan. Students with need may obtain the loan on a subsidized basis, which means no interest accrues on the loan while the borrower is in school. Students who do not demonstrate financial need may obtain the loan on an unsubsidized basis, which means they must pay interest while they are in school as well as during repayment. This loan is made by banks, credit unions, and other lending organizations. First-year students may borrow up to $2,625, sophomores up to $3,500 and junior and seniors up to $5,500 each year. Independent students who are first-year students or sophomores may borrow an additional $4,000 each year on an unsubsidized basis, and an additional $5,000 each year as juniors or seniors. The maximum that may be borrowed for undergraduate study is $46,000. At the time the loan is disbursed, an insurance fee and origination fee (usually 3.0%) with have been deducted by the lender from the face amount of the loan. The interest rate is variable on an annual basis and may range from about 3% to 8.25%. Students who plan to borrow for the fist time must have master promissory note (MPN) on file with the New York State Higher Education Services Corporation and may complete it online. Students with an MPN on file do not need to file another.
3.	Federal PLUS Loan PLUS loans allow parents of dependent students to borrow from participating banks or other lenders up to the difference between the student's cost of attendance and any financial aid awarded to the student. The loan is not automatic; a credit check is required. Repayment of principal and interest begins within 60 days of receipt of the loan. The interest rate is variable on an annual basis and may range from about 4.0% to 9.0%. A 3.0% origination fee is deducted from the loan proceeds. Apply online through the Office of Student Financial Services/Financial Aid website at www.albany.edu/financialaid.
4.	Federal Supplemental Educational Opportunity Grant (FSEOG) Students receiving this type of assistance must have exceptional financial need. At the University at Albany, this grant normally ranges from $200 to $1,000 each year.
5.	Federal Perkins Loans This loan is awarded to students with substantial financial need. Undergraduate students may borrow up to $4,000 each year depending on availability of funds, and a total of $20,000 for undergraduate studies. Interest does not accrue and payments are not due on the loan during the in-school period. Repayment begins nine months after the student leaves school, and 5% simple interest is charged on the unpaid balance of the loan. Under certain conditions, all or part of amount borrowed may be canceled.
6.	Federal Work Study Program A work study award offers the recipient the opportunity to work on campus. The standard hourly rate varies from $5.50 to $6.00, but may be higher depending on the type of work performed and experience. Students are paid by check every two weeks.
7.	Bureau of Indian Affairs to Native Americans Higher Education Assistance Program Eligibility is restricted to students with financial need who are pursuing a four-year degree, are at least one-fourth American Indian, Eskimo, or Aleut and are enrolled members of a tribe, band or group recognized by the Bureau of Indian Affairs Office. Application must be made each year. In addition, first-time applicants must obtain tribal certification from the appropriate bureau agency or tribal office which records enrollment for the tribe.
8.	Veterans Education Assistance Program (VEAP) The Post-Vietnam Veteran's Educational Program (VEAP) is a benefit for veterans who paid into VEAP while they were in the service. In order to be eligible, veterans must have been discharged under conditions other than dishonorable, entered active duty after December 31, 1976 but before July 1, 1985, and completed twenty-four continuous months of active duty. There are some exceptions to the last requirement. Benefits are paid monthly and are based on the veteran's contributions and Veteran's Administration matching amounts in relation to the number of months contributions were made by the veteran, type of education being pursued, and the length of the educational program. Contact the Veterans Administration for additional information.
9.	Montgomery GI Bill-Active Duty This program provides for up to thirty-six months of educational benefits to eligible veterans. Basic eligibility criteria are an honorable discharge and a high school diploma or GED. In addition, the veteran must meet the criteria set forth in one of three categories. These criteria are based on dates of active duty, length of service, and special requirements specific to each particular category. Detailed information is available from the Veterans Administration.
10.	Montgomery GI Bill-Selected Reserve Selected Reserve educational benefits are available to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard Reserves as well as the Army National Guard and the Air Guard. It is the first Veteran's Administration program that makes educational benefits available to reservists who have never served on active duty. Additional information about eligibility criteria and monthly benefit amounts is available from your Reserve or Guard unit.

Veteran's Administration Survivor's and Dependents' Educational Assistance

This education benefit is available to certain veterans' children who are at least eighteen years old, veterans' spouses, and surviving spouses who have not remarried. The veteran must be totally and permanently disabled from a service-related disability or died because of a service-related disability. Eligible persons can receive benefits for up to forty-five months. Additional information is available from the Veterans Administration.