FINANCIAL
AID
GENERAL INFORMATION
Daemen
College offers students many types of financial assistance in the form of
scholarships, grants, and loans. The College can help any qualified student who
needs financial aid. Daemen College participates in the federal Title IV
programs and complies with the regulatory requirements as mandated by the
Higher Education Amendments of 1992. The following is a breakdown of the types
of assistance and the means by which a student may apply. It is important to
note that students interested in Daemen College should not hesitate because of
financial circumstances. DAEMEN COLLEGE IS AFFORDABLE.
Students
applying for financial aid must submit the following forms that are used to
establish eligibility and financial need.
1. Free Application
for Federal Student Aid (FAFSA)
This is
available from the Daemen Financial Aid Office, or any high school guidance
office. Students are also able to apply over the internet at www.fafsa.ed.gov.
After completing the FAFSA, the student returns it directly to the U.S.
Department of Education in the envelope provided, designating Daemen College as
a recipient. The Daemen College title IV institution code number is 002808.
2. Tuition Assistance
Program (TAP) Application
For New York
State residents only, the student completes the FAFSA releasing the information
to New York State and indicating Daemen College. NYSHESC receives the FAFSA
data and sends a preprinted Express TAP Application (ETA) application to the
student. The student must review, add and change any information only as
needed. All students (spouse/parents) must sign and return the TAP application
in the envelope provided to NYSHESC. Students are also able to apply over the
internet at www.tapweb.org.
3. Verification of
Income
All students
who receive federal, state, or institutional aid and have been selected for
verification must submit to the Financial Aid Office verification of their
family income. This may be a signed IRS Form 1040; or a letter from Social
Security, Social Services, or Veterans Administration offices. Students who
receive a request for additional information should respond promptly as it is
the policy of the Financial Aid Office not to disburse aid until the student’s
FAFSA has been verified.
When to Apply for Financial
Aid
The Free
Application For Federal Student Aid (FAFSA) and Express TAP Application should
be submitted as soon as possible after January 1st.
Suggested
filing deadlines for:
Fall
Semester February 15
Spring
Semester November 1
Allow at
least six weeks for processing the application.
TO BE
CONSIDERED FOR FINANCIAL AID, STUDENTS MUST RE-APPLY EACH YEAR AND CONTINUE TO
SHOW FINANCIAL NEED AND SATISFACTORY ACADEMIC PROGRESS.
Notification of Financial
Aid Awards
After the
student has been accepted for admission, and the Free Application for Federal
Student Aid (FAFSA) is reviewed, notifications of award packages will be sent
to students who qualify. They are asked to accept or decline the award within
two weeks of notification.
Eligibility for Financial
Aid
Financial aid
exists because most qualified students need help to pay for a college
education. In general, financial aid eligibility is based on academic
qualifications, specific program requirements, financial need, and academic
progress or standing. All applicants must meet entrance requirements for
admission to the college. Some competitive or merit scholarships are awarded
for examination scores, grade averages, or class standing. Specific eligibility
requirements for many financial aid programs are described in the pages that
follow. The most important criterion by far, however, is financial need. Once
awarded, continuation of financial aid depends upon maintaining satisfactory
academic progress.
Otherwise,
once the basic eligibility requirements are met, financial aid is awarded on a
“first-come, first-served” basis. Except for certain designated equal
opportunity and affirmative action programs, financial aid awards are not
affected by race, color, creed, sex, or sexual orientation.
Financial Aid for Combined
Undergraduate/Graduate Degree Programs
A student's
eligibility for financial aid and type of aid is determined in accordance with
the student's classification as an undergraduate or graduate student. Students
in combined degree programs (e.g., Physical Therapy, Physician Assistant
Studies, Professional Accountancy) will be classified as follows. Students who
do not possess a previous baccalaureate degree are classified as undergraduates
for their first four years of study, and graduate students in subsequent years.
Students possessing a baccalaureate degree will be classified as graduate
students regardless of enrollment in any undergraduate-level coursework in
pursuit of their Daemen graduate degree.
Undergraduate
students who receive institutional based merit scholarships will continue to
remain eligible for these scholarships for their entire curriculum.
Financial Need Assessment
The vast
majority of all financial aid programs from all sources are based on financial
need. The amount of aid a student receives is determined by the student’s
budget for anticipated expenses minus the expected contribution from the
student or his/her family.
Student’s
Budget
(determined
by Financial Aid Office)
— Expected
Family Contribution
(determined
by FAFSA data)
__________________________________________________________
= Financial
Need
Expenses Used in Determining
the Student’s Budget
For a
full-time undergraduate student at Daemen College, the costs of attendance are
estimated as follows:
Commuter Resident
Tuition 19,400 19,400
Fees 470
470
Books &
Supplies *800 *800
Room &
Board *2,000 9,050
Personal
Expenses *800 *800
Transportation *700
*700
* These
figures represent average costs and will vary from person to person depending
upon individual needs. All costs are subject to change.
Student/Family Contributions
The Financial
Aid Office uses income and net worth to estimate how much students or families
can afford to pay toward a college education. The financial contribution that
is to be made by a student or his/her family is determined by applying
conventional estimating formulas that take into account their financial
situation according to their FAFSA data and whether a student is independent or
dependent. Definitions of these terms used for federal financial aid programs
follow directly below. New York State financial aid programs use their own
somewhat different and more detailed definitions. Daemen College’s Financial
Aid Office can clarify these definitions and eligibility requirements.
Independent Students
An
independent student is an individual who meets one of the following criteria:
1. An
individual at least 24 years old by December 31 of the award year.
2. Both
parents are deceased, or individual is a ward/dependent of the court.
3. A
veteran of the Armed Forces of the United States.
4. An
individual with legal dependents other than a spouse.
5. A
graduate or professional student.
6. A
married person.
Dependent Students
A dependent
student is an individual who does not meet the definition of an independent
student.
Satisfactory Academic
Progress
For
continuation or renewal beyond the initial term of eligibility, most financial
aid programs demand satisfactory academic progress. Academic progress is
defined by credit hours earned toward a degree, as well as GPA. Colleges
establish standards for measuring academic progress. The table that follows
illustrates Daemen College’s standards of satisfactory academic progress for
determining eligibility for student aid. The Financial Aid Office and the
Registrar monitor student academic progress for financial aid purposes. Refer
to the Financial Aid Office for a more detailed explanation and interpretation
of the following chart. Please note that minimum standards of satisfactory
academic progress for continuing financial aid eligibility are not necessarily
identical to minimum requirements for good academic standing - which requires
minimum GPA’s of 2.0, semester and cumulative. (See p. 33 for further
information on academic probation, suspension, and dismissal.)
Right To Appeal
In the event
a student is denied financial aid due to failure to maintain satisfactory
academic progress, the student has the right to appeal by providing a personal
statement together with any relevant documentation supporting the student’s
appeal. The Financial Aid Office will provide full information and counseling
to students wishing to appeal to request reinstatement of aid.
DESCRIPTION OF FINANCIAL AID
PROGRAMS
A. Institutional
Aid (Financial Aid awarded by the Daemen College Financial Aid Office)
FEDERAL PROGRAMS
Federal
Supplemental Educational Opportunity Grant (FSEOG)
Application
Procedures:
The applicant
must complete the Free Application for Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
The recipient
must:
1. be
a matriculated student and a U.S. citizen or permanent resident;
2. show
exceptional financial need;
3. be
making satisfactory academic progress. Awards are made on a first-come, first- served
basis;
4. not
be in default on a previous loan or owe a refund on a previous grant.
Award
Schedule:
The award
ranges from $100 - $4000 per year.
Rights and
Responsibilities of Recipients:
The student
must continue to make satisfactory academic progress.
Method and
Frequency of Disbursements:
Federal SEOG
Grants (FSEOG) are credited directly to a student’s bill after enrollment and
financial aid data has been verified by the Financial Aid Office each semester.
SATISFACTORY
ACADEMIC PROGRESS (SAP)
STANDARDS
OF SATISFACTORY ACADEMIC PROGRESS FOR
DETERMINING
ELIGIBILITY FOR New York State Tuition Assistance Program (TAP) STUDENT AID
Calendar:
Semester Degree
Program: Baccalaureate
Before
being certified for this payment: 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
A
student must have accrued this
many
credits. 0 6 12 21 33 45 60 75 90 105
With
at least this grade point average: 0 1.1 1.2 1.5 2.0 2.0 2.0 2.0 2.0 2.0
Completing
at least this many credits
for
this semester. 6 6 9 9 12 12 12 12 12 12
STANDARDS
OF SATISFACTORY ACADEMIC PROGRESS FOR DETERMINING ELIGIBILITY FOR UNDERGRADUATE
& GRADUATE FEDERAL STUDENT AID
A student
must make satisfactory academic progress at the end of each term to be eligible
for federal financial aid. Undergraduate students must have a cumulative C
grade point average by the end of their second academic year. Graduate students
must have a cumulative grade point average of 3.0 after three terms of study.
Students must also successfully complete at least two-thirds of the credits
attempted at Daemen College each semester (known as completion rate). The
following designations are considered to be attempted but are not considered to
be successfully completed: I, W, UW, FX, F.
Students must
also complete their degrees within 150 percent of the published program length
as measured in credit hours or they forfeit federal aid eligibility. For
example, if the published length of a program is 120 credit hours, the maximum
period must not exceed 180 (120 x 1.5) attempted credit hours. There is no
waiver of the maximum time frame allowed for any reason.
Federal
Work-Study Program (FWS)
Application
Procedures:
The applicant
must complete the Free Application For Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
The applicant
must:
1. be
a matriculated student and a U.S. citizen or permanent resident;
2. show
financial need;
3. be
making satisfactory academic progress. Students are awarded FWS on a
first-come, first-served basis.
4. not
be in default on a previous loan or owe a refund on a previous grant.
Award
Schedule:
Daemen
College arranges jobs on campus for up to 10 hours per week. Factors considered
by the Financial Aid Office in determining whether, and how many hours, the
applicant may work under this program are financial need, class schedule, and
academic progress. Students are paid the minimum hourly wage. An award of FWS
does not guarantee job placement.
Rights and
Responsibilities of Recipients:
Satisfactory
academic progress must be maintained. For further information, please see the
college work-study list of regulations and procedures available from the Daemen
College Financial Aid Office.
Method and
Frequency of Disbursements:
Federal Work
Study Program (FWS) wages are paid to students with bi-weekly payroll checks
issued in the Office of Student Accounts.
Federal Perkins Loans
Application
Procedures:
The applicant
must complete the Free Application For Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
The applicant
must:
1. be
a citizen or permanent resident;
2. show
financial need;
3. not be in default on a
previous loan or owe a refund on a previous grant. Loans are available on a
first-come, first-served basis.
Awards
Schedule:
Annual
amounts which may be awarded are: $4,000 to students who have not successfully
completed an undergraduate program; $6,000 for a graduate or professional
student. Aggregate loan limits are: $20,000 for undergraduate students; $40,000
for graduate or professional students (including any previous Perkins program
loans).
Rights and
Responsibilities of Recipients:
The current
interest rate payable during the repayment period is 5 percent on the unpaid
principal on all loans. Repayment begins nine months after the student ceases
to carry one-half the normal full-time academic work load, and ends ten years
and nine months after such date. Specialized information on loan cancellation
provisions and deferment is available from the Office of Student Accounts.
Method and
Frequency of Disbursements:
Federal
Perkins Loans are credited directly to a student’s bill after enrollment and
financial aid data have been verified by the Financial Aid Office and the
student completes the Federal Perkins Loan Promissory Note through the internet
at www.signmyloan.com.
RETURN OF TITLE IV FUNDS DUE
TO WITHDRAWAL FROM SCHOOL
In accordance
with the Higher Education Amendments of 1998, Public Law 105-244, the amount of
Title IV Program Funds earned is based on the amount of time spent in academic
attendance for each enrollment period. Up through the 60% point in each
enrollment period, a prorate schedule is used to determine the amount of Title
IV funds the student has earned at the time of withdrawal. After the 60% point
in the period of enrollment, a student has earned 100% of Title IV funds.
Earned Title IV funds are distributed in the following order: Pell Grant,
FSEOG, Subsidized Stafford Loan, Unsubsidized Stafford Loan, Perkins Loan and
PLUS Loan.
NEW YORK STATE PROGRAMS
Arthur O.
Eve Higher Education Opportunity Program (HEOP)
Application
Procedure:
Students must
complete the Free Application For Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
Applicants
must be:
1. New
York State residents;
2. matriculated
undergraduate students at an independent college or university in New York
State, and
3. academically and
economically disadvantaged according to guidelines approved by the Board of
Regents and the Director of the Budget. Selection of eligible applicants for
participation in HEOP is made by the HEOP Director at Daemen in conjunction
with the Financial Aid Office.
Award
Schedule:
The amount of
financial assistance and other support provided to HEOP participants is
dependent on need as determined by the institution and the program, within the
state guidelines. Awards are disbursed each semester and credited to the
student’s account.
DAEMEN COLLEGE PROGRAMS
Students must
complete the Free Application for Federal Student Aid (FAFSA) for all Daemen
College financial aid programs.
President’s, Dean’s and
Trustee Scholarships
Daemen
College offers scholarships to eligible freshman and transfer students based on
academic merit. These scholarships are renewable for each year of full-time
enrollment as long as a 3.00 Daemen College grade point average is maintained.
Alumni Grants
The College
offers grants to freshman and transfer students based upon their academic
credentials. These grants are renewable for each year of full-time enrollment
as long as a 2.00 Daemen College grade point average is maintained.
Daemen Scholarship for
Academic Excellence
The College
offers a limited number of scholarships to graduate students based on academic
excellence.
Athletic Scholarships
A limited
number of partial basketball, volleyball, soccer, cross country and golf
scholarships are awarded to students who must be fully matriculated, meet all
player-eligibility criteria set forth by Daemen College and the National
Association of Intercollegiate Athletics, and be recommended by Daemen
College’s Coaching Staff and Athletic Director.
Daemen College Grants
This grant is
awarded to students based upon demonstrated financial need. The dollar amount
will vary. A Daemen College grant may be renewed or continued only if a student
maintains satisfactory academic progress and demonstrates financial need.
Daemen College Work Program
Funded by
Daemen College, this award is designed to help students meet their college
costs. The Financial Aid Office arranges jobs on campus. The hours worked per
week will vary. Students are paid minimum wage.
Parents’ Student Loan
This loan is
made to the parents of the student and carries an interest rate of 9%.
Repayment begins 3 months after graduation. Borrowers will have 10 years to
repay the loan.
Visual Arts Scholar Awards
$5,000
renewable scholarship. Eligibility is based on high school academic average and
evaluation of art portfolio.
B. Non-Institutional
Aid (Financial Aid Awarded Through Outside Agencies)
FEDERAL PROGRAMS
Pell Grant
Application
Procedures:
Students may
apply by filing a Free Application for Federal Student Aid (FAFSA). The
applicant must be an undergraduate student and must need financial assistance
to continue his/her education.
Selection
of Recipients and Allocation of Awards:
The Pell
Grant is an entitlement program with neither a qualifying examination nor a
limited number of awards. The student eligibility index for financial aid is
calculated by a formula developed by the Office of Education and reviewed
annually by Congress. A calculated student aid report will be sent to the
applicant. Based on this, the amount of the applicant’s award is determined by
the Financial Aid Office.
Award
Schedule:
Awards range
from $523 to $4,731 but not more than one-half the total cost of attendance.
The amount of the award will be affected by costs and full or part-time
enrollment status. Awards may be used for tuition, fees, books, and living
expenses. The Pell award does not duplicate state awards.
Rights and
Responsibilities of Recipients:
The student
must continue to make satisfactory academic progress in the program in which
he/she is enrolled. The student must not owe any refunds on a Pell Grant or
other awards paid, or be in default on repayment of any student loan. Before
receiving payment, the student must sign an affidavit of educational purpose,
and an affidavit of selective service compliance.
Method and
Frequency of Disbursements:
Federal Pell
Grants are credited directly to a student’s bill after enrollment and financial
aid data have been verified by the Financial Aid Office each semester.
Academic
Competitiveness Grant (ACG)
Application
Procedures:
Students may
apply by filing a Free Application for Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
The applicant
must:
1. be
eligible for the federal Pell Grant;
2. be
a U.S. citizen;
3. be
a full-time student;
4. have completed a rigorous
secondary school program of study as established by state or local educational
agency and recognized by the U.S. Secretary of Education.
Award
Schedule:
Awards up to
$750 will be made to eligible first year students, and up to $1,300 for second
year students.
Rights and
Responsibilities of Recipients:
Students must
continue to make satisfactory academic progress and must have at least a
cumulative 3.0 grade point average during their first year of college.
Method and
Frequency of Disbursements:
Federal ACG
Grants are credited directly to a student’s bill after enrollment and financial
aid data have been verified by the Financial Aid Office each semester.
National Science and
Mathematics Access to Retain Talent (SMART) Grant
Application
Procedure:
Students may
apply by filing a Free Application for Federal Student Aid (FAFSA).
Selection
of Recipients and Allocation of Awards:
The applicant
must be:
1. eligible
for the federal Pell Grant;
2. a
U.S. citizen;
3. enrolled
in a four year degree granting institution of higher education;
4. pursuing
a major in mathematics, science (including physical, life, and computer
sciences),
technology, engineering, or critical foreign language.
Award
Schedule:
Awards up to
$4,000 will be made to eligible students in their third and fourth year of
college.
Rights and
Responsibilities of Recipients:
Students must
continue to make academic progress and must have at least a cumulative 3.0
grade point average.
Method and
Frequency of Disbursements:
Federal SMART
Grants are credited directly to a student’s bill after enrollment and financial
aid data have been verified by the Financial Aid Office each semester.
Reserve
Officers’ Training Corps (ROTC)
ROTC courses
may be taken at Canisius College as part of the cross-registration agreement
Daemen College has with the Western New York Consortium of Colleges. For
further information, see the “Military Science” section of the catalog.
Reserve
Officers’ Training Corps (ROTC) scholarships pay all tuition, college fees, and
a flat rate for books and academic supplies, plus a subsistence allowance.
Three and two-year scholarships are available to qualified college students. No
previous military or ROTC experience is necessary. An alternative to the
scholarship program permits students to earn full pay and allowances for
weekend service with the U.S. Army Reserve or the New York National Guard while
enrolled as Army ROTC College students. For more information contact Daemen’s
Financial Aid Office at 839-8254
Veterans Administration (VA)
Educational Benefits
Application
Procedures:
Contact any
Department of Veterans Affairs Office for information and applications, or
visit www.gibill.va.gov.
Bureau of Indian Affairs Aid
to Native Americans Higher Education Assistance Program
Application
Procedures:
Application
forms may be obtained from the Bureau of Indian Affairs Office. An application
and an official needs analysis from the college are required each year of study.
Each first-time applicant must obtain tribal enrollment certification from the
Bureau agency or tribal office which records enrollment for the tribe.
Selection
of Recipients and Allocation of Awards:
The applicant
must:
1. be
at least one-fourth American Indian, Eskimo or Aleut;
2. be
an enrolled member of a tribe, band, or group recognized by the Bureau of
Indian
Affairs;
3. be enrolled in or accepted
for enrollment in an approved college or university, pursuing at least a
four-year degree; and
4. have financial need.
Depending on availability of funds, grants may also be made to graduate
students and summer session students. Eligible married students may also
receive living expenses for dependents.
Rights and
Responsibilities of Recipients:
For grants to
be awarded in successive years, the student must make satisfactory progress
toward a degree, and show financial need.
NEW YORK STATE PROGRAMS
Note: New
York State financial aid programs are subject to change each state budget year.
Tuition
Assistance Program (TAP)
Application
Procedures:
New York
State residents may apply for
TAP by
completing the FAFSA, releasing the information to New York State and
indicating at least one New York state school on the form. NYSHESC receives the
FAFSA data and sends a preprinted Express Tuition Assistance Program
Application (ETA) to the student’s address. The student must review, add and
change the information only as needed. All students (spouse/parents) must sign
and return the Express Tuition Assistance Program Application (ETA) in the
envelope provided. Students are also able to apply over the internet at
www.tapweb.org.
Selection
of Recipients and Allocation of Awards:
TAP is an
entitlement program, with neither a qualifying examination nor a limited number
of awards. The applicant must:
1. be
a New York State resident and a U.S. citizen or permanent resident alien;
2. be enrolled full-time and
matriculated at an approved New York State post-secondary institution. (To be
considered matriculated, students are required to declare a major by the
beginning of their junior year if enrolled in a baccalaureate program);
3. have, if dependent, a
family net taxable income of $80,000 or less, or if independent and single with
no tax dependents, a net taxable income of $10,000 or less. Independent and
dependent are defined differently for New York State TAP awards than they are
for other forms of financial aid. See the Financial Aid Office for details. The
Higher Education Services Corporation determines the applicant’s eligibility
and mails an award certificate directly to the applicant, indicating the amount
of the grant. The applicant presents the institutional copy of the certificate
when paying tuition.
Award
Schedule:
The amount of
the TAP award is scaled according to level of study, tuition charge, and net
taxable income. Maximum award is $5,000 per year. Undergraduate students may
generally receive TAP awards for four years of study. Students enrolled in a
state-sponsored opportunity program may receive undergraduate awards for five
years.
Rights and
Responsibilities of Recipients:
Students who
receive TAP funding must maintain satisfactory academic progress in order to be
certified as TAP eligible for subsequent semesters (see Standards of
Satisfactory Academic Progress chart, page 14). Students who have reapplied and
been readmitted to Daemen College after attending another institution will have
those transferred grades calculated into the GPA for financial aid eligibility
purposes only. (Transfer students will be assumed to have a 2.0 GPA for their
first semester at Daemen College).
Students may
not combine undergraduate and graduate credit for TAP course load or course
completion requirements. An undergraduate student eligible to take a graduate
course must do so in addition to a minimum of 12 undergraduate credits for TAP
purposes.
Students who
do not maintain the minimum standards of academic progress may be eligible for
a one-time waiver which would allow the student to receive financial aid for
the next semester.
This waiver
is not automatic, will only be granted in exceptional cases, and must not
provide for an additional term of eligibility.
Students
lacking a C average who have already received a one-time waiver may be eligible
for a C average waiver. A C average waiver is separate from the one-time waiver
and may be granted more than once if
circumstances
warrant.
Application
for a waiver may be initiated through the Financial Aid Office.
The final
decision to approve or not approve the waiver rests with the Committee on
Academic Standards.
Institutional
Procedure:
1. Students will be notified
if they have been decertified, and they will be informed of the waiver option
and procedures which follow:
a.
Waiver application
forms are issued from the Financial Aid Office.
b.
Applications will
be considered only for extraordinary cases such as personal or family medical
problems or severe personal problems.
c. It is the student’s
responsibility to submit the completed waiver application form to the Financial
Aid Office by the due date.
A statement
from the student explaining the reason for failure to make academic progress
and outlining the plan of action to rectify the problem should be attached to
the form. Written verification of the reason for the request (e.g., doctor’s
letter) as well as a letter from a Daemen employee (such as a professor,
academic advisor, head of an academic program) who can make a professional
judgment attesting to the student’s capacity to successfully complete future
coursework must also be attached to the form. Any other written documentation
which would strengthen the student’s request, should also be submitted by the
student. All written documentation must be postmarked no later than the due
date cited on the waiver appeals form.
2. The Committee on Academic
Standards will review all completed waiver application forms and notify the
Financial Aid Office and Registrar’s Office of all waivers granted. The
Committee’s decision on the waiver request is final.
3. Written records of the
findings and determination of each case will be maintained in the Office of the
Associate Dean of the College.
Supplemental
Tuition Assistance Program (STAP)
The
Supplemental Tuition Assistance Program (STAP) is available only for students
enrolled in an approved non-credit bearing remediation program in a summer term
immediately preceding and/or immediately following the initial year of
matriculated study. Students enrolled in the Arthur O. Eve Higher Education
Opportunity Program (HEOP) are not eligible for the STAP program. Students
eligible for a STAP award are eligible for up to one-quarter of what the
student would receive as an annual TAP award. For less than full-time study,
but at least half-time study, a student would be eligible for one-eighth of an
annual TAP award. Students may receive up to two such awards; one preceding and
one immediately following the first year of matriculated study.
Part-Time
TAP Program
Application
Procedure:
Complete the
FAFSA and TAP application.
Selection
of Recipients and Allocation of Awards:
To be
eligible for Part-Time TAP, a student must:
1.
be a first-time
freshman in the 2006-07 academic year or thereafter;
2.
have earned 12
credits or more in each of the two consecutive semesters, for a minimum total
of 24 credits earned;
3.
maintain a minimum
of a “C” average;
4.
be a New York
State resident and a U.S. citizen or permanent resident alien;
5.
be matriculated in
an approved program of study;
6.
be taking 6 but
fewer than 12 credits per semester;
7.
not be in default
on a student loan guaranteed by HESC;
8.
meet income
eligibility limitations (same as undergraduate TAP).
Award
Schedule:
Students will
receive a percentage of their full TAP award based on the number of credits
taken and TAP points accrued.
Aid for
Part-Time Study (APTS)
Application
Procedure:
Part-time
students seeking financial aid must complete the APTS application, which is
available at the Financial Aid Office. Applications must be submitted to the
Financial Aid Office within 30 days from the first day of class. A copy of the
New York State tax return must accompany the application. Completed
applications will be processed at the Daemen College Financial Aid Office.
Selection
of Recipients and Allocation of Awards:
This form of
financial aid is expressly intended for part-time students. To be eligible for
APTS, a student must:
1. be
enrolled for 3-11 credit hours;
2. be
a New York State resident, and a U.S. citizen or permanent resident;
3. have a net taxable personal
income not exceeding $34,250 (if independent), or a net taxable family income
not exceeding $50,550 (if dependent); and
4. Each
participating college determines the eligibility and financial need of its own
part-time students.
Award
Schedule:
APTS awards
are based on financial need and the discretion of the college. Cumulative APTS
funding may not exceed the student’s New York State TAP eligibility.
Rights and
Responsibilities of Recipients:
Students must
maintain satisfactory academic progress. Recipients must reapply for each
academic term they want APTS assistance. Satisfactory academic progress and
dependent or independent financial status are defined as they are for New York
State TAP grants.
Regents Award for Children
of Deceased or Disabled Veterans
Application
Procedures:
A special
application, obtainable from the high school guidance counselor or principal,
must be filed with the New York State Higher Education Services Corporation
(HESC), Tower Building, Empire State Plaza, Albany, NY 12255. Documentary
evidence to establish eligibility is required with the application.
Selection
of Recipients and Allocation of Awards:
The applicant
must be:
1. the child of a veteran who
died, or who acquired a disability of 40 percent or more in U.S. military
service during one of the following periods:
Dec.
7, 1941 — Dec. 31, 1946
June
7, 1950 — Jan. 31, 1955
Dec.
22, 1961 — May 7, 1975
June
1, 1983 — Dec. 1, 1987
Dec.
20, 1989 — Jan. 31, 1990;
2. a legal resident of New
York State. Legal residence in New York State on the part of the parent at the
time of entry into military service or (if the parent died as the result of
military service) at the time of death is also required. Regents awards to
children of deceased or disabled veterans are independent of family income or
tuition charge, and are in addition to such other grants or awards to which the
applicant may be entitled.
Award
Schedule:
The amount of
the award is $450 per year, for up to five years of full time study.
Memorial
Scholarship for Families of Deceased Firefighters, Volunteer Firefighters,
Police Officers, Peace Officers and Emergency Medical Service Workers
Who is
Eligible:
Must be a
child or spouse of a deceased firefighter, volunteer firefighter, or emergency
medical service worker, police officer, peace officer, who died as a result of
injuries sustained in the line of duty.
Application
Procedures:
A special
application form may be obtained from the New York State Higher Education
Services Corporation, Albany, NY 12255.
Award
Schedule:
The amount of
the award will equal the applicant’s actual tuition cost or the State
University of New York undergraduate tuition, whichever is less.
Regents Professional
Opportunity Scholarships
Application
Procedures:
Application
forms and information bulletins may be obtained from the State and Federal
Scholarship and Fellowship Unit, State Education Department, Albany, NY 12230.
Award
Schedule:
Up to $5,000
per year for up to 4 or 5 years in certain programs. For more information
contact Daemen’s Financial Aid Office.
New York State World Trade
Center Memorial Scholarships
Who is
Eligible:
Children,
spouses and financial dependents of deceased or severely and permanently
disabled victims of Sept. 11, 2001 terrorist attacks on the United States or
the subsequent rescue and recovery operations. This includes victims at the
World Trade Center, Pentagon, or Flights 11, 77, 93, or 175.
Application
Procedures:
A special
application form may be obtained from the New York State Higher Education
Services Corporation, Albany, NY 12255.
Award
Schedule:
At a private
institution an amount equal to SUNY four-year college tuition and average
mandatory educational fees including allowances for room and board, books,
supplies, and transportation.
State Aid to Native
Americans
Application
Procedures:
Application
forms may be obtained from the Native American Education Unit, New York State
Education Department, Albany, NY 12234. The completed application form should
be forwarded by the applicant to the Native American Education Unit along with
the following materials:
1. official
transcript of high school record or photostat of general equivalency diploma;
2. letters
of recommendation from one or more community leaders attesting to personality
and character;
3. a
personal letter, setting forth clearly and in detail educational plans and
desires;
4. signatures
of the parents of minor applicants, approving education plans; and
5. an
official tribal certification form.
Selection
of Recipients and Allocation of Awards:
The applicant
must be:
1. a
member of one of the Native American tribes located on reservations within New
York State;
2. have graduated from an
approved high school, have earned a general equivalency diploma, or be enrolled
in a program in an approved postsecondary institution; and
3. planning
to attend an approved post-secondary institution in New York State.
State
Aid to Native Americans is an entitlement program. There is neither a
qualifying examination nor a limited number of awards.
Award
Schedule:
The award is
$1000 per year for a maximum of four years of full-time study, at a minimum of
12 credit hours per semester. Students registered for less than full time study
will be funded at approximately $85 per credit hour.
Rights and
Responsibilities of Recipients:
Students are
responsible for notifying the Native American Education Unit in writing of any
change in student status or program.
New York State Higher
Education Services Corporation Federal Stafford Loan - Subsidized
Application
Procedures:
All loans
signed after October 17, 1986 are based on need after family contribution is
established; therefore, students must complete the Free Application for Federal
Student Aid (FAFSA). To apply for a Subsidized Stafford loan, a student must
have a Master Promissory Note (MPN) on file with a participating lender. To
obtain an MPN, a student must first receive his or her financial aid award
notice which will notify the student of his or her Subsidized Stafford loan
eligibility. The Financial Aid office will certify the Stafford Loan for the
amount indicated on the award notice, unless the student declines or modifies
the loan amount. After the Financial Aid office certifies the loan, an MPN will
be mailed to the student by New York State Higher Education Services
Corporation (NYSHESC). The student reviews and updates the information,
completes any blank items, selects a lender, and returns the Master Promissory
Note to NYSHESC in the envelope provided to continue the processing of the
loan. Master Promissory Notes can also be completed through the internet at
www.hesc.com.
A Master
Promissory Note is completed once by the student and is used to borrow
additional loans for subsequent periods of enrollment.
The MPN is
good up to ten years from the date of the student’s signature. Each academic
year the student will be notified of his/her loan eligibility on the financial
aid award notice. The student’s loan will be certified for the amount listed on
the award notice, unless the student indicates otherwise by signing and
returning the award letter.
Transfer
students who have not borrowed with New York State Higher Education Service
Corporation should contact the Financial Aid Office for application procedures.
Selection
of Recipients and Allocation of Awards:
To be
eligible for a Subsidized Federal Stafford Loan a student must be:
1. a
U.S. citizen or permanent resident alien;
2. enrolled
in or accepted for enrollment in a degree or certificate program; and
3. have
demonstrated need according to a Need Analysis System.
4. Study
at least half-time.
Loan
Schedule:
A student who
is enrolled on at least a half-time basis at a participating school is eligible
for the following loan amounts:
1. $3,500
- students who have not completed their first year of an undergraduate program.
2. $4,500
- students who have completed their first year of an undergraduate program.
3. $5,500
- students who have completed their first and second years of an undergraduate
program.
4. $23,000
- aggregate maximum amount for undergraduate study.
5. $8,500
- graduate year maximum eligibility.
Effective for
loans disbursed on or after July 1, 2008, the interest rate is fixed at 6.0%.
Effective July 1, 2008, all loans approved for academic periods beginning on or
after July 1 will be charged a 1.0% origination fee and a 1.0% default fee.
Rights and
Responsibilities of Recipients:
It is the
borrower’s responsibility to maintain contact with the lender. Repayment of the
principal begins six months after the borrower ceases to be at least a
half-time student. Repayment in whole or in part may be made at any time
without penalty. All borrowers must complete an exit interview upon graduation
or withdrawal from the college. Contact the Financial Aid office about meeting
this requirement.
Methods
and Frequency of Disbursements:
First-time
borrowers must complete an entrance interview before loan funds can be
disbursed. The Financial Aid Office conducts group entrance interviews prior to
the start of the academic year, through internet access and on a one-on-one
basis by appointment.
Federal
Family Education Loan proceeds are credited to a student’s bill after the loan
check has been received by the Office of Student Accounts and endorsed by the
student. Daemen College also participates in Electronic Funds Transfer (EFT) in
the delivery of student loan proceeds.
Federal Stafford Loan -
Unsubsidized
Application
Procedures:
This loan
program is available to eligible students, regardless of family income, for
periods of enrollment beginning on or after October 10, 1992. The term unsubsidized
means that interest is not paid for the student during periods of enrollment.
To apply, students must complete the FAFSA, receive a financial aid award
notice, and have a Master Promissory Note on file with a participating lender.
See application procedure for Federal Stafford loan – Subsidized.
Selection
of Recipients and Allocation of Awards:
To be
eligible for an Unsubsidized Federal Stafford Loan a student must be:
1. a
U.S. citizen or permanent resident alien;
2. enrolled
in or accepted for enrollment in a degree or certificate program; and
3. Study
at least half-time.
Loan
Schedule:
1. $3,500
- students who have not completed their first year of an undergraduate program.
2. $4,500
- students who have completed their first year of an undergraduate program.
3. $5,500
- students who have completed their first and second years of an undergraduate
program.
4. $23,000
- aggregate maximum amount for undergraduate study.
5. $8,500
- graduate year maximum eligibility.
The
combination of subsidized and unsubsidized Federal Stafford Loans for a
borrower may not exceed the annual and aggregate limits.
Rights and
Responsibilities of Recipients:
It is the
borrower’s responsibility to maintain contact with the lender. Principal
payments are automatically deferred while the student is enrolled at least
half-time. Interest accrues and must be paid quarterly. If a student does not
wish to make these interest payments while enrolled, he/she may request that
the lender add the interest to the principal amount. Repayment of both interest
and principal begins six months after the borrower ceases to be enrolled on at
least a half-time basis. All borrowers must complete an exit interview upon
graduation or withdrawal from the college. Contact the Financial Aid office
about meeting this requirement.
Method and
Frequency of Disbursements:
First-time
borrowers must complete an entrance interview before loan funds can be
disbursed. The Financial Aid Office conducts group entrance interviews prior to
the start of the academic year, through internet access and on a one-on-one
basis by appointment. Federal Family Education Loan proceeds are credited to a
student’s bill after the loan check has been received by the Office of Student
Accounts and endorsed by the student. Daemen College also participates in
Electronic Funds Transfer (EFT) in the delivery of student loan proceeds.
Unsubsidized Federal
Stafford Loan for Independent Students
Application
Procedures:
Students must
file a FAFSA, receive a financial aid award notice, and have a Master
Promissory Note on file with a participating lender. See application
procedure for Federal Stafford Loan - Subsidized.
Selection
of Recipients and Allocation of Awards:
To be
eligible a student must be:
1. a
graduate or independent undergraduate;
2. a
U.S. citizen or permanent resident alien;
3. accepted
or enrolled in a degree or certificate program; and
4. study
at least half-time.
Loan
Schedule:
1. $4,000
- during the first or second year of study.
2. $5,000
- after completion of second year of undergraduate program.
3. $12,000
- for graduate and professional students.
4. $23,000
- aggregate amount for undergraduate study.
Effective for
loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%.
Effective July 1, 2008 all loans approved for academic periods beginning on or
after July 1 will be charged a 1.0% origination fee and a 1.0% default fee.
These fees are charged and deducted from the approved loan amount.
Rights and
Responsibilities of Borrowers:
It is the
borrower’s responsibility to maintain contact with the lender. Repayment begins
on the day of the last disbursement unless the student requests an in-school
deferment on the loan application. Interest payments can be made quarterly, or
they may be capitalized (added to the principal). All borrowers must complete
an exit interview upon graduation or withdrawal from the college. Contact the
Financial Aid Office about meeting this requirement.
Method and
Frequency of Disbursements:
First-time
borrowers must complete an entrance interview before loan funds can be
disbursed. The Financial Aid Office conducts group entrance interviews prior to
the start of the academic year, through internet access and on a one-on-one
basis by appointment. Federal Family Education Loan proceeds are credited to a
student’s bill after the loan check has been received by the Office of Student
Accounts and endorsed by the student. Daemen College also participates in
Electronic Funds Transfer (EFT) in the delivery of student loan proceeds.
Parent
Loans for Undergraduate Students (PLUS)
Application
Procedures:
Parents are
able to apply for PLUS loans through participating lending institutions. Upon
approval of the PLUS loan application the Daemen Financial Aid Office will
certify the loan. Borrowers must sign and return their Master Promissory Note
to the Daemen Financial Aid Office or to New York State Higher Education
Services Corporation (NYSHESC) prior to disbursement.
Loan
Schedule:
Parents,
stepparents or legal guardians who do not have an adverse credit history may
borrow up to the cost of attendance minus any estimated financial assistance
the student has been or will be awarded during the period of enrollment.
Effective for loans disbursed on or after July 1, 2006, the interest rate is
fixed at 8.5%. Effective July 1, 1999 all loans approved for academic periods
beginning on or after July 1 will be charged a 3% origination fee and a 1.0%
default fee (effective July 1, 2008). These fees are charged and deducted from
the approved loan amount.
Rights and
Responsibilities of Recipients:
Additional
requests for loans must be made at the original lending institution. The
re-payment period begins on the day the loan is disbursed and interest starts
to accrue on that date. The first payment is due within 60 days from the date
of disbursement. The maximum repayment period will be 10 years from the date of
the promissory note. The minimum repayment period is normally five years, but
shorter repayment periods can be arranged.
Method and
Frequency of Disbursements:
Parent Loans
for Undergraduate Students (PLUS) are credited to a student’s bill after the
loan check has been endorsed by the parent to whom the check is payable and
returned to the Office of Student Accounts. Daemen College also participates in
Electronic Funds Transfer (EFT) in the delivery of PLUS loan proceeds.
Graduate (PLUS) Loan
Application
Procedures:
Graduate
students are able to apply for PLUS loans through participating lending
institutions. Upon approval of the PLUS loan application, the Daemen Financial
Aid Office will certify the loan. Borrowers must sign and return their Master
Promissory Note to the Daemen Financial Aid Office or to New York State Higher
Education Services Corporation (NYSHESC) prior to disbursement.
Loan
Schedule:
Graduate
students who do not have adverse credit history may borrow up to the cost of
attendance minus any estimated financial assistance the student has been or
will be awarded during the period of enrollment. Effective for loans disbursed
on or after July 1, 2006 the interest rate is fixed at 8.5%. Effective July 1,
1999 all loans approved for academic periods beginning on or after July 1 will
be charged a 3% origination fee and a 1.0% default fee (effective July 1,
2008). These fees are charged and deducted from the approved loan amount.
Rights and
Responsibilities of Recipients:
The repayment
period begins on the day the loan is disbursed and interest starts to accrue on
that date. The first payment is due within 60 days from the date of
disbursement. The maximum repayment period will be 10 years from the date of
the promissory note. The minimum repayment period is normally five years, but
shorter repayment periods can be arranged. In addition, applicants are required
to complete FAFSA and they must have applied for their annual loan maximum
eligibility under the Stafford Loan program before applying for a Graduate PLUS
loan. This program takes effect for loans certified on or after July 1, 2006.
Refund Attribution Policy
When a student
withdraws from the College prior to the end of a semester, the College’s refund
policy will be used to determine the amount a student will be charged for
tuition and other semester charges. Once this amount has been calculated, the
Refund Attribution Policy determines the order in which refunds or overpayments
of financial aid are distributed back to the applicable programs for up to the
full amount received. Funds are returned first to the Title IV Programs and
then to Non-Title IV programs in the following order:
Title IV Programs Non-Title
IV Programs
FFEL Program
Loans NYS TAP
Federal
Perkins Loan Daemen College Scholarships/Grant
Federal PELL
Grants Private Scholarships/Grants
FSEOG Private
Loans
Other Title
IV Student Aid Student
Consolidation Loan Program
Student
borrowers who are in repayment or in their grace period are eligible for loan
consolidation. An FFEL Consolidation Loan is designed to help student borrowers
consolidate several types of federal student loans with various repayment
schedules into one loan. With an FFEL Consolidation Loan, only one payment a
month is made. Any consolidation loan made will be counted against a borrower’s
limitations for aggregate indebtedness under the Student Loan Program.
C. Other Financial Aid
Sources
Many other
governmental agencies, private foundations, professional associations, and
commercial firms offer scholarships, loans, and other forms of financial aid to
qualified and deserving students. Daemen College’s Financial Aid Office can
help you locate and apply for these additional sources of financial aid.
