Financial Aid Office

Federal & NYS Aid Programs

Daemen College administers a number of financial aid programs from the Federal and State sector.

FEDERAL PROGRAMS

• Federal PELL Grant: These grants are based are based on financial need and are for undergraduates. Grants range from $890 to $4,731 per year depending on EFC (Estimated Family Contribution) as determined by the Federal Government through the completion of the Free Application for Federal Student Aid (FAFSA).
• Federal Supplemental Educational Opportunity Grant (FSEOG): Awarded to undergraduate students with high financial need. Priority is given to Federal PELL grants recipients. Award ranges can vary between $100 to $1,000 per year at Daemen. Eligibility is based on FAFSA.
• Subsidized Federal Stafford Loan: Low interest loan program. Maximum undergraduate loan eligibility per academic year: Year 1 $3,500, Year 2 $4,500, Year 3 $5,500, Year 4 $5,500. A 1.0% origination fee and a 1.0% default fee is deducted from the value of the student loan prior to disbursement. Repayment begins six months after the student graduates, leaves college, or ceases to be enrolled at least half -time. The interest rate is fixed at 6.0% for the 2008-2009 academic year. The FAFSA application is required to determine loan eligibility.
• Federal Unsubsidized Stafford Loan: This loan program is identical to the Federal Subsidized Stafford Loan except that the borrower is required to pay interest while in school. The interest rate is fixed at 6.8%.
• Maximum graduate loan eligibility is $20,500 ($8,500 Subsidized, $12,000 Independent Unsubsidized).
• Federal Perkins Loan: This is a federally funded program based on financial need. The interest rate is at 5%. Repayment begins 9 months after the student graduates, leaves college, or ceases to be enrolled at least half-time. FAFSA is required to determine eligibility.
• Federal Parent (PLUS) Loan: This is an Unsubsidized Federal Loan that allows parents to borrow on behalf of their dependent undergraduate children who are enrolled at least half time. Borrowers are responsible for the interest that accrues on a PLUS loan and repayment begins usually sixty days after the funds are disbursed. The interest rate for the 2008-2009 academic year is fixed at 8.5%. A 3% origination fee and 1% default fee is deducted from the value of the loan prior to disbursement.
• Federal Graduate (PLUS) Loan: This is a Unsubsidized Federal Loan that allows graduate students to borrow on his or her own behalf up to the cost of attendance minus other financial aid. Note: Parents are not eligible to borrow Federal PLUS Loans for graduate and professional students. The interest rate for the 2008-2009 academic year is fixed at 8.5%. A 3% origination fee and 1% default fee is deducted from the value of the loan prior to disbursement.
• Federal Work Study: This is a federally funded work program based on financial need. Students typically work 10 hours per week during the academic year and receive a biweekly paycheck. Participants in the Federal Work Study program are primarily employed on campus, however there are occasions were students work off-campus in community service positions. Students are paid the minimum hourly wage. An award of Federal work study does not guarantee job placement.

NEW YORK STATE PROGRAMS

• Tuition Assistance Program (TAP): This is a state funded program for New York State residents. Grants range from $275 to $5,000 based upon the family's previous New York State net taxable income. Family's with net taxable incomes up to $80,000 may qualify. Students must be full time to qualify for TAP.
• Aid For Part-Time Study (APTS): 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 start of class. A copy of the New York State tax return must accompany the application. Award amounts cannot exceed $2,000. If a student was not eligible to be claimed as a tax dependent, the students net taxable income cannot exceed $34,250. If a student was claimed or was eligible to be claimed as a tax dependent, or the student was eligible to claim his/her own tax dependents other than a spouse, the family's NYS net taxable income cannot exceed $50,550.
• Higher Education Opportunity Program (HEOP): This is a New York State grant program for academically and economically disadvantaged students attending private institutions. The amount of financial assistance and other support provided to HEOP participants is dependent on need as determined by the institution and the program. Selection of eligible applicants for participation is made by the HEOP Director at Daemen in conjunction with the Financial Aid Office.