Ithaca College need-based scholarships and grants are available only to physical therapy and occupational therapy students. A student must apply annually to the financial aid office before March 1. All recipients must demonstrate financial need. Financial need is determined by using information from the Department of Education via the free application for federal student aid (FAFSA). Other criteria, such as academic performance or promise, special talents, or other characteristics that Ithaca College deems of value are considered for the Ithaca College scholarship program only. The FAFSA is due by March 1. Graduate business majors are automatically considered for any available non-need-based Ithaca College M.B.A. scholarships and need not submit the FAFSA.
The New York State Tuition Assistance Program (TAP) is an entitlement program with neither a qualifying examination nor a limited number of awards. Eligible students may receive awards ranging from $75 up to a maximum of $640, depending on their financial status. To determine estimated award amounts visit www.hesc.com or contact the New York State Higher Education Services Corporation at 1-888-697-4372.
Federal Stafford Loans -- Subsidized
Ithaca College processes applications electronically. First-time borrowers submit a loan request form (LRF) to the Office of Financial Aid. The College transmits pertinent information to the lender, servicer, and/or guarantee agency selected by the borrower. The agency generates the promissory note for the borrower to complete and return to the appropriate organization. Repeat borrowers who have used the master promissory note need not complete another promissory note.
Selection of Recipients and Allocation of Awards
The federal Stafford subsidized loan program (FSSLP) is an entitlement program in which all eligible applicants can obtain a loan. To be eligible for a guaranteed loan a student must (1) be a U.S. citizen or permanent resident alien; (2) be enrolled at least half-time or accepted for enrollment in a degree, certificate, or other program leading to a recognized credential; or (3) be enrolled in a course of study necessary for enrollment in a degree or certificate program, approved college, university, or other postsecondary institution in the U.S. or a foreign country; (4) not be in default or refund status for any federal Title IV program at any institution; (5) be determined to be eligible or ineligible for a Pell grant; (6) if applicable, be registered with the Selective Service; (7) have a Social Security number; (8) demonstrate financial need; and (9) meet any other requirements as outlined by federal law or regulation A federal "loan origination fee" equal to three percent of the amount of the loan will be deducted from the amount disbursed. An additional annual insurance premium of up to one percent of the loan amount is payable in full at the time the loan check is issued.
Funds may not be disbursed earlier than three days before the start of a semester. Loan proceeds are made in two disbursements, regardless of the loan period. Funds must be disbursed by electronic fund transfer (EFT), which allows the funds to be deposited directly into the student's bursar account.
A graduate student may borrow an annual maximum of $8,500. The aggregate limit, including any undergraduate federal Stafford loans, is $65,500. A student receiving a federal Stafford student loan is eligible for a full-interest subsidy during the time he or she is in school at least half-time and for a following six-month grace period.
Responsibilities of Borrowers
The student must continue to maintain satisfactory academic progress. The interest rate is variable and is based on the 91-day T-bill rate just prior to June 1, with the following additions: 1.7 percent during in-school, grace, and deferment periods; 2.3 percent during repayment. The rate cannot exceed 8.25 percent. Repayment begins six months after the student ceases to be enrolled at least half-time.
Various deferments allowing postponement of repayment are available depending on when the student received the first loan. For first-time borrowers on or after July 1, 1993, periods of deferment are limited to those who are (1) in school at least half-time; (2) on graduate fellowships or rehabilitation training; (3) unemployed; or (4) in economic hardship. Students should contact the lender for specific information.
If a student applies for more than one loan, subsequent applications must be made to the lending institution where the original loan was made.
Upon ceasing to be at least a half-time student, the borrower must make formal arrangements with the lending institution to begin repayment. The following regulations apply:
· Income-sensitive, graduated-payment, and income-contingent plans are available to assist borrowers in meeting repayment obligations. Under unusual and extenuating circumstances, the lender, on request, may permit other payment arrangements.
· The maximum repayment period is 10 years.
· Repayment in whole or part may be made any time without penalty.
· Loans may be consolidated, resulting in longer repayment terms and smaller monthly payments.
Federal Stafford Student Loan -- Unsubsidized
Application procedures are the same as for subsidized federal Stafford loans.
Selection of Recipients and Allocation of Awards
Same as subsidized federal Stafford loan, except no demonstration of financial need is required. Available to students who may not qualify for subsidized federal Stafford loans or for only partial subsidized Stafford loans.
Interest rate is the same as subsidized loan. A loan origination fee and insurance premium equal to three percent of the amount of the loan will be deducted from the amount disbursed.
Same as subsidized federal Stafford loan. However, if the student is receiving the subsidized federal Stafford loan, the combination of the two loan programs cannot exceed the annual loan limit. Graduate students may borrow up to an additional $10,000 per year. The aggregate total is $73,000 for undergraduate and graduate study combined.
Responsibilities of Borrowers
Same as subsidized federal Stafford loan. However, the borrower is responsible for interest that accrues while he or she is in school. Interest may be capitalized.
Federal Work-Study Program (FWS)
The federal work-study program provides employment opportunities for students.
Selection of Recipients and Allocation of Awards
The applicant must (1) be a U.S. citizen or eligible noncitizen; (2) be enrolled in an undergraduate, graduate, or first-professional program as a matriculated student at an institution participating in the federal campus-based programs; (3) not be in default or refund status for any federal Title IV aid at any institution; (4) if applicable, be registered with the Selective Service; and (5) demonstrate financial need as determined by submitting the free application for federal student aid (FAFSA).
The College arranges jobs, on or off campus, with either public or not-for-profit agencies. Students are encouraged to seek positions in community service areas. Factors considered by the financial aid office in determining whether, and for how many hours, students may work under this program include financial need, class schedule, academic progress, and health status.
The level of salary for FWS positions must be at least the minimum wage. The maximum salary allowed depends on the nature of the job and the student's qualifications.
Veterans Administration Benefits
Educational Assistance (GI Bill)
Forms, information, and assistance in applying for benefits are available at all VA offices. Applicants approved for benefits by the Veterans Administration must process papers through the Ithaca College registrar's office.
Current benefit rates may be obtained by writing to the New York State Division of Veterans Affairs, Veterans Counseling Center, 304 Babcock Hall, Ithaca, NY 14850, or by calling 607-272-1084. Veterans enrolled half-time or more may be entitled to a VA educational loan repayable after the veteran ceases to be a student. The granting of educational loans is based on financial need related directly to the cost of education.
This program is for disabled World War II, Korean conflict, post-Korean conflict, Vietnam era, and certain peacetime veterans. Detailed information is available from regional VA offices.
Survivors and Dependents Education
This program is for children, spouses, and other survivors of veterans whose death or permanent total disabilities were service-connected, and for spouses and children of service persons missing in action or prisoners of war.
Students attending Ithaca College who are receiving federal Title IV financial aid (e.g., federal Stafford or Perkins loans) are required to return the portion of unearned aid if they withdraw, do not register, or otherwise fail to complete the period of enrollment for which the Title IV aid was provided. The return of funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged. The last date of attendance is determined by the date the student began the College's withdrawal process, the student's last date of recorded attendance, or the midpoint of the semester for a student who leaves without notifying the College.
To determine the percentage of aid earned, divide the number of calendar days completed by the total calendar days in the enrollment period (excluding scheduled breaks of five days or more AND days that the student is on approved leave of absence).
Federal financial aid is returned to the program from which it was disbursed based on the percentage of unearned aid. To determine the percentage of unearned aid, subtract the percentage of aid earned from 100. The percentage of unearned aid is then multiplied by the amount of aid disbursed toward allowable institutional charges (e.g., tuition, room and board if living on campus).
A refund schedule of tuition and board charges based on a 15-week semester is provided below.
Please note that the above refund policy applies to students who are not federal aid recipients. It also applies to the return of institutional aid. In the case of any student for whom it is determined that a return must be made to programs based on prorated charges, those funds will be returned in the following order: unsubsidized federal Stafford loan, subsidized federal Stafford loan, federal Perkins loan, and other Title IV aid programs. Finally, if no institutional, state, or private financial aid refund is required, a refund will be made to the student.
When institutional aid is required to be returned, it will be done in the following order: G. Egbert Founder's Grant, Ithaca Access Grant, merit-based scholarships, endowed/restricted scholarships, and other institutional aid programs.
More detailed information, including examples of refund and repayment calculations, is available in the graduate studies, bursar's, and financial aid offices.
Students who take a leave of absence, withdraw, or are on a continuation leave and are also Title IV aid recipients should be aware of the following:
· The grace period for federal loans (Perkins, Stafford) begins from the student's last date of attendance as determined by the College. A student who is on an approved leave of absence will be considered to be in school for purposes of repayment of federal loans. Should the student not return from an approved leave of absence, the last date of attendance will be considered the date the approved leave of absence began.
· When a student withdraws from the College, the last date of attendance will be determined as outlined above.
· A student who is provided a continuation leave will be reported as withdrawn, since federal regulations do not allow for the period of study to be interrupted for more than 180 days, excluding standard periods of non-enrollment.
Before being granted approval for withdrawal, leave of absence, or a continuation leave, all students who are federal loan recipients are required to be counseled by the Office of Financial Aid to discuss the consequences of their changed status on loan programs.
Other Resources and Information
Students should seek out and apply for financial assistance from all potential grant, loan, and private scholarship sources. Public libraries and college financial aid offices have a wide variety of information readily available. The Ithaca College Office of Financial Aid website has links to many current resources. Students may also access a free Internet scholarship service, FASTweb.
The following websites may also provide useful financial aid information:
· U.S. Department of Education -- www.ed.gov
· New York State Higher Education Services Corporation -- www.hesc.com
· The National Association of Student Financial Aid Administrators (NASFAA) offers a comprehensive selection of other links. -- www.nasfaa.org
Both New York State and the federal government offer educational grants to Native Americans. For information on the federal program, contact United States Department of Interior, Bureau of Indian Affairs, New York Liaison Office, Room 523, 100 South Clinton Street, Syracuse, NY 13260, 315-423-5476.