The Office of Student Financial Services at Purchase College

works closely with students and their families to explore

the many different resources available for financing an

education, including federal and state grants, scholarships,

student and parent loans, and student employment.

Purchase College provides more than $44.4 million in

financial aid to our students. Over 70% of Purchase

College students receive federal aid and loans, state

grants, and scholarships. We can also offer suggestions

on payment plans, and researching outside scholarship

opportunities. We hope you find this brochure useful in

explaining the financial aid process and the resources

that are available to help you pay for college.

What is Financial Aid?Financial aid is a resource available to you to bridge the gap between your Estimated Family Contribution (EFC) and the total cost of attendance at Purchase College.

Types of Financial AidGrants – Awards that are usually provided by the federal or state government which do not require repayment.Loans – A variety of borrowing opportunities that offer varying repayment terms.Scholarships – Awards that do not require repayment. Purchase College awards scholarships based on financial need, academic merit, and/or artistic talent. A completed FAFSA is required in order to receive a scholarship award at Purchase.Work Study – A federal program that allows students to work part time and earn money to help defray living expenses during the school year.Loans – A variety of borrowing opportunities that provide multiplerepayment options.

How is Financial Aid Allocated?Merit Based – Evaluated on the basis of academic achievement and/or artistic talent.Self-Help – Federal loans and employment.Need based – Based on financial need as determined by the EFC.Non-need based – Not based on financial need.

Free Application for Federal Student Aid (FAFSA) www.FAFSA.ed.gov

The FAFSA is an online form that students must file in order to receive consideration for federal Title IV financial assistance. You may complete the form as early as January 1st of each year for the upcoming fall term.

FAFSA RequirementsPersonal Identification Number (PIN) www.pin.ed.gov You and your parent(s) need to apply for a PIN in order to complete your FAFSA.

School Codes Federal School Code: 006791 Tuition Assistance Program (TAP) code: 0970 (undergraduate), 5675 (graduate)

Tax InformationYou and your parent(s) need to have your federal tax information available to complete your FAFSA.

Dependent students - You and your parent(s) need to provide your federal tax return information. If the student did not file, then you should answer that question(s) appropriately in the ‘Student Financial Section’ and read through the following questions to ensure that nothing else applies.

Independent students - You (as the student) would need to provide your federal tax return information. If the student did not file, then you should answer that question(s) appropriately in the ‘Student Financial Section’ and read through the following questions to ensure that nothing else applies.

Verification 30% of the student body is selected for verification each year. If you are one of these students, you must provide the following information:

• Taxdocuments• W-2• Institutional forms (downloadable online)• Other information may be required as determined

by a financial aid counselor

Students planning to enroll for fall semester should file the FAFSA by March 1st. After this date, it may become less likely that you will receive all of the assistance that you may be eligible for due to limited funding.

Purchase College recommends that you estimate your income information and do not wait for your tax returns to be completed. If necessary, you can correct your application later when your taxes are completed.

New York State Residents – Residents are encouraged to apply for the Tuition Assistance Program (TAP), which is linked directly to your FAFSA application. Upon completing the FAFSA, you will be provided with a link that allows you to complete the TAP form.

Financial Aid Awarding Policies at Purchase College Generally, the financial aid process is regulated by federal and state laws. However, we also use institutional policies to help distribute our limited financial aid funds equitably to our students. Student Financial Services is always here to assist you in making sure that you get the most aid possible. In order to be eligible for financial aid you must fulfill the following criteria:

• Acceptedforenrollmentineligibleprogramof study and pursuing a degree

• BeaU.S.CitizenorEligibleNon-Citizen• BeRegisteredwithSelectiveServices(males,18–25only)• MusthaveavalidSocialSecurityNumber(SSN)

If you believe you have an extenuating circumstance, we’re always available to speak to you with the utmost confidentiality.

Your Financial Aid Award Package and How You Are Notified Financial aid award letters are sent electronically on a rolling basis (beginning mid-March) to accepted students who have successfully completed the FAFSA. If you have been accepted to Purchase prior toApril15,youmustsubmityourdeposittodeclareyourintentionto attend Purchase on or before May 1st. Students accepted after April15havetwoweekstosubmittheirdeposit.Yourfinancialaid award letter will be e-mailed to your Purchase College e-mail account or to the e-mail account you provided on your FAFSA.

Determination of NeedTheOfficeofStudentFinancialServicesutilizesafederalcalculatorthat determines a student’s need with the use of the Expected Family Contribution (EFC) number as determined by your FAFSA.

The basic calculation of need is as follows:Cost of attendance – Tuition, fees, room, board, books & supplies, transportation, and personal expenses

Estimated Cost of Attendance

Figures are based on 2012 – 2013 cost of attendance at undergraduate full-time rate

New York state residents Out-of-state residents

Commuter On-campus resident Commuter On-campus

resident

Tuition $5,570 $5,570 $14,820 $14,820

Student fees $1,660 $1,660 $1,660 $1,660

Room and board $8,352* $11,566 $8,352* $11,566

Books and supplies $1,168 $1,168 $1,168 $1,168

Personal expenses $2,066 $2,066 $2,066 $2,066

Transportation $1,566 $1,082 $1,566 $1,082

Total cost $20,382 $23,112 $29,632 $32,362

*TheOfficeofStudentFinancialServicesestimatesthesetobeaverageroomandboardcosts for students living off-campus.

Expected Family Contribution –Anumberdeterminedbyastandardized federal formula that the school receives from your FAFSA. Depending on where this number falls, you may qualify for free federal aid and/or fixed-interest federal loans.

Cost of Attendance – Expected Family Contributions = Student Financial Need

GrantsFederal Pell Grant – This federal need-based grant is given to undergraduate students who demonstrate high need. Eligibility criteria arebasedonincome,householdsize,andassets.Recentlegislationrestricts Pell eligibility to 12 semesters or the equivalent.

Federal Supplemental Educational Opportunity Program (FSEOG) – The FSEOG is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFCs) will be considered first for a FSEOG. Just like Pell Grants, the FSEOG does not have to be repaid.

New York Tuition Assistance Program (TAP) – The TAP helps eligible New York residents pay tuition at approved schools in New York. Depending on the academic year in which you begin study, an annualTAPawardcanbeupto$5,000.BecauseTAPisagrant,itdoes not have to be paid back. TAP grant eligibility is limited to eight semesters (ten for EOP students) or the equivalent.

State University Supplemental Tuition Assistance (SUSTA) – SUSTA awards are intended to bridge the gap between your TAP award and the maximumgrantamount.SUSTAisanamountupto$500persemester.Students must be TAP eligible. Recipients must demonstrate financial need to qualify for an award. The maximum academic year award is $1,000.

Educational Opportunity Program (EOP) – The EOP at Purchase College provides an opportunity for a college education for students who have not reached their academic potential because of limited financial resources and inadequate academic preparation. EOP at Purchase has a dedicated staff that is committed to helping students succeed.

Aid For Part-Time Study (APTS) – The program provides grant assistance for eligible part-time New York State resident students enrolled in approved undergraduate studies who have not exhausted their TAP grant eligibility.

Paying for College

Do I qualify for a loan?

Do I qualify for scholarships?

Can I work on campus?

What is a FAFSA?

LoansRegardless of income, every student may apply for a fixed interest loan to finance educational expenses. Loans may be of particular interest to families that:

• Havelittleornoeligibilityforneed-basedfinancialaidprograms,• Need additional assistance to pay for college costs• Are classified as non-resident students and need additional resources

to fill the gap between need-based financial aid and college costs• Have circumstances (e.g., a medical condition) leading to

documented costs above the standard cost-of-attendance budgets used by the Office of Student Financial Services.

Federal Stafford Loan – Stafford Loans are regulated by the federal government and are offered at a competitive interest rate. All eligible students will need to complete a Master Promissory Note and Entrance Counseling before their loan is processed. Students/parents who have successfully completed the FAFSA, have complied with all requests for documentation, and have completed a Master Promissory Note and Entrance Counseling by the expected date will have their loans disbursed to the school. Stafford Loan payments are deferred while the student is enrolled at least half-time in school and repayment begins six months after you graduate, leave college or drop below half-time status.

Parent Loan for Undergraduate Students (PLUS) – A PLUS Loan is a fixed-interest federal loan that allows a parent to borrow on behalf of their dependent child. Parent eligibility is subject to a credit check. Funds are sent directly to the college. Repayment begins 30 to 60 days after the second disbursement is made to the school. Parents may request loan deferral while the student is enrolled in school.

Federal Perkins Loan – The Perkins Loan has an interest rate of five percent (5%).Itisaneed-basedloanandtheinstitutiondetermineswhoiseligiblebased on academic criteria and financial need. Matriculated undergraduate and graduate students are eligible. There is no separate application, but funding for the Perkins Loan is very limited. Repayment begins nine (9) months after you graduate, leave college, or drop below six credits. Themaximumawardanundergraduatestudentcanreceiveis$5,500peryearandagraduatestudentmaybeeligiblefor$8,000peryear.

Federal Work Study – This program offers undergraduate and graduate students the opportunity to earn money on campus. Students are encouraged to work in an area of interest. Paychecks are issued in the student’s name on a biweekly basis, dependent on the number of hours they have worked. For this reason, this award cannot be used as a credit on the student’s college bill. For 2012–2013, the average work-study award is $1,000 per year. Eligible students are awarded funds based on the timeliness of their FAFSA application and the availability of funds.

ScholarshipsPurchase College Foundation Merit Scholarships Purchase College awards over $1.4 million in scholarships. Scholarships are based on merit, talent, and/or need. The purpose of our scholarship program is to extend benefits to as many high achieving students as possible, both through our recruitment and retention efforts. We award scholarships to attract, enroll, and graduate students who will excel in our conservatories and programs.

Private Scholarships Scholarshipsfromoutsideorganizationsareanimportantresourcefor many students. Your local community is the best place to start. Some great places to begin your search include:

• Postings,notices,orflyersatyourhighschool• Your parent’s employer• Your place of religious worship• Social,professional,andfraternalorganizations

(e.g., Elks, AAUW, VFW)• Your public or high school library• The Student Financial Services website

Comparing Aid PackagesChoosing a college is a complex process in which cost can play an important factor. As you receive financial aid offers from the other institutions to which you have been offered admissions you should carefully compare the cost of attendance and the types of aid awarded, not just the total award amount.

Payment PlansThe Office of Student Financial Services offers two convenient payment plans as an alternative to lump-sum payments at billing time.

TuitionPayWe offer a monthly payment plan administered by Sallie Mae. This program will assist you in spreading your annual cost of attendance into ten (10) interest-free installments.

Purchase College Time Payment PlanThis plan is an interest-free plan administered by the Office of Student Financial Services and is designed as a two-payment per semester plan.

If you have any questions, we’re here to help. Please contact our office at 914.251.7000

purchase college timeline

Admissions Student/Parents Student Financial Services

October – May Application/acceptance

January 1st FAFSA application begins

March 1st Recommended Filing Deadline

March15andongoing Award letters e-mailed

May 1st Advanced enrollment deposit

Mid-July eBills available

Mid-August Fall eBill due

Find out more at:www.purchase.edu/moneysworth

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