Daemen College : Academics & Research : College Catalog : Graduate : Financial Aid
Financial Aid
General Information
Daemen College offers students many types of financial assistance in the form of scholarships, grants, and loans. In most cases graduate students are only eligible for Federal Loans. Daemen College participates in the federal Title IV programs and complies with the regulatory requirements as mandated by the Higher Education Opportunity Act - 2008 (HEOA). 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.
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.
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.
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
Student Contributions
The Financial Aid Office uses income and net worth to estimate how much students can afford to pay toward a college education. The financial contribution that is to be made by a student is determined by applying conventional estimating formulas that take into account their financial situation according to their FAFSA data.
STANDARDS OF SATISFACTORY ACADEMIC PROGRESS FOR DETERMINING ELIGIBILITY FOR GRADUATE FEDERAL STUDENT AID
A student must make satisfactory academic progress at the end of each term to be eligible for federal financial aid. 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 30 credit hours, the maximum period must not exceed 45 (30 x 1.5) attempted credit hours. There is no waiver of the maximum time frame allowed for any reason.
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
Direct 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) at www.fafsa.ed.gov and receive a financial aid award letter in order to be eligible for Stafford Loans. To apply for a Subsidized Stafford loan students must also complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN) at https://studentloans.gov. The Financial Aid office will originate the Stafford Loan for the amount indicated on the award notice, unless the student declines or modifies the loan amount.
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 originated for the amount listed on the award notice, unless the student indicates otherwise by signing and returning the award letter.
Selection of Recipients and Allocation of Awards:
To be eligible for a Subsidized Federal Stafford Loan a student must:
- be a U.S. citizen or permanent resident alien;
- be enrolled in or accepted for enrollment in a degree or certificate program; and
- have demonstrated need according to a Need Analysis System.
- Study at least half-time (5 credits).
Loan Schedule:
A graduate student who is enrolled on at least 5 credits at a participating school is eligible for the following loan amounts:
- $8,500 - graduate year maximum eligibility.
- $65,500 - aggregate amount for graduate study.
Effective for loans disbursed on or after July 1, 2011, the interest rate is fixed at 3.4%. Effective July 1, 2011, all loans approved for academic periods beginning on or after July 1 will be charged a 1.0% default fee and a 0.5% rebate for a total of 0.5%. This fee will be deducted from the student loan upon disbursement.
Rights and Responsibilities of Recipients:
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 loan exit counseling at www.nslds.ed.gov upon graduation or withdrawal from the college. Contact the Financial Aid office about this requirement.
Methods and Frequency of Disbursements:
First-time borrowers must complete loan entrance counseling before loan funds can be disbursed.
Direct Stafford Loan proceeds are credited to a student’s bill after the disbursement has been received by the Office of Student Accounts.
Direct Unsubsidized Federal Stafford Loan for Independent Graduate Students
Application Procedures:
Students must file a FAFSA, receive a financial aid award notice, and have a Master Promissory Note and Direct Loan Entrance Counseling on file. See application procedure for Federal Stafford Loan - Subsidized.
Selection of Recipients and Allocation of Awards:
To be eligible a student must:
- be a graduate student;
- be a U.S. citizen or permanent resident alien;
- be accepted or enrolled in a degree or certificate program; and
- study at least half-time (5 credits).
Loan Schedule:
- $12,000 - for graduate and professional students.
- $138,000 - aggregate amount for graduate study.
Effective for loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%. Effective July 1, 2011 all loans approved for academic periods beginning on or after July 1 will be charged a 1.0% default fee and a 0.5% rebate for a total of 0.5%. This fee will be deducted from the student loan upon disbursement.
Rights and Responsibilities of Borrowers:
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 direct loan exit counseling upon graduation or withdrawal from the college. Contact the Financial Aid Office aboutthis requirement.
Method and Frequency of Disbursements:
First-time borrowers must complete direct loan entrance counseling before loan funds can be disbursed. Direct Stafford Loan proceeds are credited to a student’s bill after the loan disbursement has been received by the Office of Student Accounts.
Direct Graduate (PLUS) Loan
Application Procedures:
Graduate students are able to apply for Graduate PLUS loans at www.studentloans.gov. Upon credit approval of the Graduate PLUS loan application, the Daemen Financial Aid Office originates the loan. Borrowers must complete their Master Promissory Note and Loan Entrance Counseling at www.studentloans.gov.
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 July 1, 2011 the interest rate for the Direct Graduate PLUS loan is currently fixed at 7.9%. Effective July 1, 2011 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 and 1.5% rebate for a total of 2.5%. This fee will be deducted from the Graduate PLUS loan upon disbursment.
Rights and Responsibilities of Recipients:
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 Direct Stafford Loan program before applying for a Direct Graduate PLUS loan. This program takes effect for loans certified on or after July 1, 2006.
RETURN OF TITLE IV FUNDS DUE TO WITHDRAWAL FROM SCHOOL
In accordance with the Higher Education Opportunity Act - 2008 (HEOA), 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: Subsidized Stafford Loan, Unsubsidized Stafford Loan, Perkins Loan and PLUS Loan.
Veterans Administration (VA) Educational Benefits
Application Procedures:
Contact any Department of Veterans Affairs Office for information and applications, or visit www.gibill.va.gov.
Consolidation Loan Program
Student borrowers who are in repayment or in their grace period are eligible for loan consolidation. A consolidation loan is designed to help student borrowers consolidate several types of federal student loans with various repayment schedules into one loan. With a 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.
Visit Us!
That’s the best way to really get a feel for what Daemen is all about! Daemen is located in suburban Amherst, New York just minutes away from the city of Buffalo. To schedule a weekday individual interview and tour the campus, email us admissions@daemen.edu or call 800.462.7652.