State and Federal Financial Aid Programs

[ State Financial Aid Programs | Federal Financial Aid Programs ]

State Aid:

Many states sponsor loan and grant programs for eligible students. Contact your guidance counselor or your state office of higher education assistance for information about funds available from your home state and the availability of these funds for out-of-state study.

New York State:

Tuition Assistance Program: New York State residents attending colleges in New York State are eligible for Tuition Assistance Program (TAP) Awards. The purpose of the Tuition Assistance Program is to give access and choice to all New York State residents according to educational interests and needs of the student. The awards may be received for a maximum of eight semesters.

Annual application for TAP is required. TAP application may be completed by filing the Free Application for Federal Aid (FAFSA), which is available after January 1 of the academic year.

Child of Veteran Award: These awards are available to children of veterans who are deceased, disabled or missing in action as a result of service during World War I, World War II, Korean Conflict or Vietnam. The amount of the award is $450 per year for four years. In addition to applying for TAP the student must complete a separate Child of Veteran Award Supplement available from HESC.

Paul Douglas Teacher Scholarship: Available to New York State residents in the top 10% of the high school graduating class registered in a program leading to certification in a teacher shortage field. Up to $5000 for up to four years of full-time study. A student must teach two years for each annual payment received. Students apply by completing the Tap Application and the Paul Douglas Teacher Scholarship Application available from HESC.

Higher Education Opportunity Program: Under New York’s Higher Education Opportunity Program (HEOP) academically and financially disadvantaged students may receive academic support and financial aid grants from both the college and the State to insure college success. Contact the HEOP Office at the college for more details.

Federal Financial Aid Programs:

Federal Pell Grant: This program provides direct grants from the federal government to the undergraduate student for educational expenses. Grants may range in size up to $4,050 per year. To apply a student must complete the Free Application for Federal Student Aid (FAFSA) and send it to the Federal Student Aid Programs.

Federal Perkins Loan Program: Perkins loans at Manhattan College range from $500 to $3,000 per year. You will be notified by the college if you are chosen to receive a Perkins loan and will be sent the Perkins loan application to complete. Each Perkins loan recipient must have an entrance interview with a financial aid counselor.

Federal Supplemental Educational Opportunity Grant: SEOG is funded by the Federal Government and must be given to the students with the most need. No separate application is required.

Federal Work Study Program: A student who has remaining financial need after all grants are considered may be offered the College Work Study Program. A student may work 10 to 15 hours a week on campus and receive a paycheck to help defray living costs. During vacation periods it is possible to work full-time.

Federal Subsidized and Unsubsidized Stafford Loans: Loans are made by participating commercial and savings banks to students for college expenses. Students may borrow $2625 freshman year, $3500 sophomore year and $5500 for junior and senior years. Although the loan may be repaid interest free in advance, repayment begins six months after graduation or termination as half-time student. Up to ten years may be allowed for repayment. Students cannot borrow more than the cost of attendance less the combination of other financial aid and family contribution as computed as a result of filing the FAFSA.

Students who take out loans are reminded that they have a responsibility to future college students to repay those loans. Failure to repay cannot only damage one's credit rating and lead to legal action, it can also affect the ability of future students to borrow money.

Loan proceeds are forwarded electronically by the banks to the Bursar's Office. The student will receive a letter when the loan proceeds are received. Disbursements are made once in the Fall and once in the Spring. All borrowers must attend an entrance interview.

Federal Parent Loans (PLUS): Parents of dependent undergraduate and graduate students and independent students may borrow the cost of education minus financial aid. The amount borrowed under these programs may not exceed the cost of attendance minus other financial aid, including Stafford Loans. The interest is a variable rate set annually and fixed at a level equal to the rate on the 90 day T-Bills plus 3.1%, not to exceed 9.0%. Repayment of parent loans begin 60 days after the second disbursement. Some deferred payment options may be available. Contact your lender for details. Interest may be capitalized accordingly, per lenders guidelines.