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Federal Grants (do not have to be repaid) PELL Grant This is a federal grant available to undergraduate students enrolled in their first baccalaureate program for at least 3 credits. Eligibility is determined by a federal formula established by Congress using information from the FAFSA. Awards for the 2008-09 academic year range from $500 to $4,731.Supplemental Educational Opportunity Grant (FSEOG) This is a federal grant available to undergraduate students who demonstrate exceptional need (i.e., PELL recipients). The maximum FSEOG award is $500.Back to Top Return to Main Financial Aid Page Federal Loans (loans carry some form of interest payment and must be paid back to the lender) For information on HESC Loan Forgiveness programs Perkins Loan This is a 5.00% interest rate loan available to students who demonstrate exceptional financial need (priority is given to undergraduates). Repayment begins nine (9) months after graduation or ceasing to be at least a half-time student (less than six (6) credits per semester). If you accept your Federal Perkins Loan, and do not already have a valid Perkins Loan Master Promissory Note (MPN) on file with Stony Brook, you will be notified with instructions on signing the MPN. The maximum Stony Brook award is $1,500.Back to Top Return to Main Financial Aid Page Family Education Loan Program Federal Lender InformationPlease refer to the individual loan program descriptions below before accepting an award. Please also note that you do not have to accept the amount listed on the Financial Aid Award Notice. This is the maximum loan amount for which you are eligible. If you wish to borrow less than the amount offered you should type in the amount you need when accepting your award on the SOLAR system. We will electronically transmit your acceptance (of both subsidized and/or unsubsidized loans) to the New York State Higher Education Services Corporation (NYSHESC). If NYSHESC determines that you have previously completed a MPN, an MPN is not required. HESC will process your loan using your original MPN. If you do not have a valid MPN on file. You may complete and sign your MPN on-line at http://www.hesc.org. The lender will disburse payment to the University if it participates in the Electronic Funds Transfer (EFT) process. The campus Bursar's Office will credit your account and process, if appropriate, a refund check for the balance. If your lender does not participate in EFT, a co-payable check will be sent to the University. Upon receipt of your check, the Bursar's Office will notify you by letter and you will need to sign the check. Please note that loan funds will be disbursed in two disbursements, one for the fall and one for the spring semester. Up to 2.00% of a fee can be deducted by the lender and the guarantee agency so each semester the University will receive half the amount of the approved loan less fees. To be eligible to receive the funds, you must be registered at least half-time six (6) credits per semester in a program matriculating toward a degree. Out-of-state students-If you presently have loans guaranteed by a state agency other than NYSHESC and you would like to continue borrowing from the same bank, please contact this office for further instructions. Back to Top Return to Main Financial Aid Page For student borrowers, the FFEL Program offers two types of Stafford Loans: subsidized and unsubsidized. A subsidized loan is awarded on the basis of financial need. For the Subsidized Federal Stafford Loan, the federal government pays the interest on the loan while the student is enrolled, during grace and authorized periods of deferment. An unsubsidized loan is not need-based and is, therefore, available to students who do not qualify for a Subsidized Federal Stafford Loan or who may qualify for only a partial subsidized loan. For the Unsubsidized Stafford Loan, the student borrower is responsible for paying the interest. The interest can be paid while the student is in school or capitalized (added to the principal). Repayment of the loan begins six months after the student graduates or ceases to be enrolled half-time. Information about repayment options is available from your lender. The interest rate is fixed at 6.8%.
Back to Top Return to Main Financial Aid Page PLUS Loan PLUS Loans are available to parents of dependent undergraduate and graduate students. The annual loan limit is the student's cost of education minus any estimated financial aid. The interest rate is fixed at 8.5%. Repayment of the PLUS loan offers the option to defer payments until six months after the student graduates or leaves school. Repayment of the Grad PLUS begins immediately. Lenders conduct credit checks for PLUS Loans. If a PLUS Loan is denied, the dependent student may be eligible for additional Unsubsidized Stafford Loan funds. Please contact our office if you have this situation. Parents of dependant undergraduate students must complete the PLUS Loan Master Promissory Note (MPN) on-line at New York State Higher Education - http://www.hesc.com/content.nsf/SFC/5/About_Parent_PLUS_LoanPlease note: You must still be credit approved to receive this loan. Graduate students who are eligible will have PLUS offered in their financial aid package. Back to Top Return to Main Financial Aid Page Private Alternative Educational Loans Alternative Lender Information Alternative Loans are private loans offered through lending institutions and are NOT part of federal government programs. These loans are available if you need additional financial assistance after applying for all federal and state financial aid programs, including federal loans. As with all student loans, the amount borrowed must be for educational expenses and cannot exceed (including all other sources of aid) the cost of attendance for the loan period. Money is borrowed in the student's name. A cosigner is usually required and loan approval is based on creditworthiness. Interest rates and borrower benefits for alternative loans vary. Alternative loans are also available for International students with a cosigner, students who have past due term balances, and students enrolled for less than full time. Back to Top Return to Main Financial Aid PageFederal Employment Opportunities (afford the student the chance to earn money while attending school) Federal Work-Study (FWS) This federal program provides on-campus employment opportunities to graduate and undergraduate students. You were considered for FWS only if you indicated that preference on the FAFSA. If you accept the award, you can begin your job search. Job listings are available on the SOLAR system http://www.stonybrook.edu/it/newsolar.html. You will receive FWS funds in the form of a paycheck for the hours you have worked; therefore, FWS is not included as anticipated aid on your University account. The minimum pay rate is $7.15 per hour.Back to Top Return to Main Financial Aid Page New York State Programs New York State Tuition Assistance Program (TAP) TAP is a grant available to NY residents for attendance at accredited New York State campuses. This program provides tuition assistance to undergraduate and graduate students enrolled full-time and in good academic standing according to State Education requirements. This includes a grade point average of 2.0 after having received four payments from TAP. TAP award amounts are based on New York State net taxable income and range from $500 to $4,350 for undergraduates and from $75 to $550 for graduate students.This program requires completion of both the Free Application for Federal Student Aid (FAFSA) and the Express TAP Application (ETA). The ETA is a multi-year application and will only require updating if New Estimate on your Financial Aid Notice indicates that Stony Brook has not yet received New York State Higher Education Services Corp (HESC) determines that an update is necessary. When your award is finalized, HESC will send you an award certificate. Once Stony Brook receives official notification of your TAP award, the term award will then appear as anticipated aid on your University account. Please be sure to list Stony Brook's state code (0875 for undergraduates, 5430 for graduate students). New York State residents who complete the FAFSA on the Web may now link directly to TAP on the Web (TOTW) to apply for TAP and other New York State grants and scholarships. If you missed the link, or you filed a paper FAFSA, go to "Apply for Tap" at www.hesc.org to complete the application process. Back to Top Return to Main Financial Aid Page Aid for Part-Time Study (APTS) APTS is a grant available to matriculated undergraduate students who are New York State residents enrolled for at least 3-11 credits for a maximum of $1000 per semester. A special APTS application is required and available in the Office of Student Services. The application must be submitted with NYS and federal tax forms to the Office of Student Services by the last day of the add-drop period each semester.Back to Top Return to Main Financial Aid Page Part-Time TAP Program Part-time students at approved schools in New York State who were first-time, full-time freshmen in 2006-07 may be eligible for Part-Time TAP to help them pay for college. Part-Time TAP is a grant and does not have to be paid back. Part-Time TAP is not the same as Aid for Part-Time Study. The income limits for Part-Time TAP are the same as those for undergraduate TAP.Back to Top Return to Main Financial Aid Page Educational Opportunity Program (EOP/AIM) This is a state grant available to residents of New York State who are economically and educationally disadvantaged. Students must have been enrolled in an equivalent program during their freshman or sophomore year (i.e., EOP, HEOP, or SEEK). The award consists of a book stipend for the beginning of each term and an EOP award for other educational expenses. Average award is $900.Back to Top Return to Main Financial Aid Page Graduate EOP Tuition Waiver This is a state tuition waiver program available to graduate students who are New York State residents and are enrolled for 12 or more credits in a first graduate degree program and were enrolled as an undergraduate in an EOP, HEOP, or SEEK program. Students must provide documentation of previous enrollment in an EOP, SEEK, College Discovery or HEOP Program. If you were not awarded a tuition waiver and meet these criteria, please contact our office. Full or partial tuition waiver awards depend on availability of funds.Back to Top Return to Main Financial Aid Page Other State Programs
Back to Top Return to Main Financial Aid Page Scholarships and Other Aid If you are receiving a state or private scholarship or any other aid, the award may not be listed on your Financial Aid Award Notice. It is your responsibility to report scholarships you have received that are not listed on the Financial Aid Award Notice. This may be done by adding them directly online via Stony Brook's SOLAR system, or by calling the office with the information. Please be advised that the receipt of a scholarship may alter the composition of the total financial aid package. Scholarships and other financial aid programs on the Internet:
Nursing Scholarship Program (NSP) The Nursing Scholarship Program, sponsored by the U.S. Department of Health and Human Services, awards scholarships to individuals for attendance at Schools of Nursing. The scholarship consists of payment for tuition, fees, other reasonable educational costs, and a monthly support stipend. In return, the students agree to provide a minimum of 2 years of full-time clinical service at a health care facility with a critical shortage of nurses. For application and information visit: http://bhpr.hrsa.gov/nursing/scholarshipGraduate Tuition Waiver If you are enrolled in the full-time PhD programs in Basic Sciences or Social Welfare, a graduate tuition waiver may be listed on the award notice. Please note: The School of Nursing administers a tuition waiver program for graduate students. Awards are posted after the semester starts.Back to Top Return to Main Financial Aid Page [ Stony Brook
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