Financial Aid 101

What is Financial Aid?
Financial aid consists of funds from federal, state, university, and private organization sources. These funds come in the form of grants, scholarships, loans, and part-time employment. Funds are used for educational expenses, such as tuition, fees, room, board, books, transportation, and miscellaneous personal expenses. Grants and scholarships are "free" funds, loans must be repaid (but are given at a low interest rate with generous repayment options) and students earn wages for part-time employment.

Students apply for these funds each year using the Free Application For Federal Student Aid (FAFSA), and the Express TAP application (if the student is a New York State resident). The forms ask about income, assets and other information to determine eligibility for funds. Most funds are based on financial need, and are offered on a first come first serve basis. Students are encouraged to file these forms from January 1-February 1 for Fall admission, and prior to November 15 for Spring admission.