What is Financial Aid? What is considered Financial Aid?

Financial Aid is available in 3 different forms:

  1. Grants
  2. Scholarships
  3. Loans

Grants

  • Nyack Institutional Grants – these grants do not need to be repaid.
To receive institutional grants you must maintain a GPA of 2.5 and above.
  • Federal Pell Grant – does not need to be repaid
  • TAP - Tuition Assistance Program (NY State Residents Only) – does not need to be repaid
    • The amount listed on your financial aid award letter is an ESTIMATE.
    • You must be enrolled full-time and complete 12 credits or more per semester
    • meet the Satisfactory Academic Progress (SAP) requirements
Keep in mind that ALL of your financial aid is affected by your GPA.

Federal Direct Stafford Loan

Subsidized loans

  • Direct Subsidized Loans are available to undergraduate students with financial need.
  • Your Financial aid counselor determines the amount you can borrow, and the amount may not exceed your financial need.
    • The U.S. Department of Education pays the interest on a Direct Subsidized Loan
    • while you’re in school at least half-time,
    • for the first six months after you leave school (referred to as a grace period*), and
    • during a period of deferment (a postponement of loan payments).

Unsubsidized loans

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • Your Financial aid counselor determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
Federal Loans will not disburse until all the loan documents are completed. Where do I go to complete my financial aid documents?
  1. Entrance Counseling What is Entrance Counseling?
  2. Master Promissory Note (MPN) What is an MPN? What is a Master Promissory Note?

Direct PLUS Loans 

Direct PLUS Loan are loans made to parents of dependent undergraduate students and graduate or professional students in an effort to help pay for their education expenses. Eligibility is not based on financial need, but a credit check is required.

The parent is required to complete PLUS Master Promissory Note (MPN) for Parents

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

You may receive more than one loan under an MPN over a period of up to 10 years to pay for your child’s educational costs, as long as the school is authorized to use the MPN in this way and chooses to do so.

Your child’s school will tell you which loans, if any, you are eligible to receive.

Parents must be logged in with their own account username and password (FSA ID) to submit.

Verification

If you have been selected for verification, Federal and State aid will not disburse until the verification process has been completed.

What is a FAFSA Verification? Why have I been selected?

 

 

 

How did we do?

How to Create an Account Username and Password (FSA ID)

How do I know if I am missing documents? Where can I go to see what documents I am am missing?

Contact