Financial Aid

Financial assistance is available to students to help pay for their educational costs. Molloy College participates in the Federal and State financial aid programs, as well as offering Institutional support in the form of grants and scholarships. Financial aid is available in the form of grants and scholarships, loans and work study programs.

All students who wish to be considered for financial aid (including Scholarships) must file the Free Application for Federal Student Aid (FAFSA) or the FAFSA Renewal Application with the federal processor. Legal New York State residents who will attend full-time must also file the New York State Express Tuition Assistance Program Application (ETA) with New York State Higher Education Services Corporation (NYSHESC). In addition, students who are applying for financial aid for the first time at Molloy must also complete the Application for Financial Aid and/or Scholarships. The FAFSA and Application for Financial Aid and/or Scholarships are available in the Financial Aid and Admissions Offices. The Express Tap Application will be mailed to the student directly from New York State after the FAFSA is filed with the Federal processor. To receive maximum consideration for the different financial aid programs it is suggested students file their applications for the next academic year as soon as possible after January 1. For the 2007–2008 academic year, priority consideration for institutional awards will be given to those students whose processed forms are available by May 1, 2007. Students must re-apply for financial aid every academic year. Renewal of awards is not automatic.

Note: Students receiving Institutional Awards (Molloy Scholars, Dominican Scholarships, Athletic Scholarships, Community Scholarships, etc.) must file the FAFSA by January 1st for the upcoming academic year or very soon thereafter. The Financial Aid Office must receive the student's required documentation and FAFSA by May 1st for the upcoming academic year.

Federal Aid Programs

ELIGIBILITY: To be eligible for Federal Financial Aid, the student must:

• Maintain Satisfactory Academic Progress and Program Pursuit (as defined in the Academic Progress Requirements for Financial Aid section).

• Be either a U.S. citizen or an eligible non-citizen.
• Have no debt from a defaulted guaranteed education loan.
• Owe no refund on a Federal Pell Grant or Federal Supplemental Educational Opportunity Grant.
• Meet Selective Service requirements.
• Be enrolled as a regular student in an eligible program.
• Have a high school diploma or a GED (General Education Diploma) certificate or the student must pass an independently administered test approved by the U.S. Department of Education, or meet other standards that New York State establishes that are approved by the U.S. Department of Education.

Please be advised that all federal financial aid programs are subject to change based on government allocations and regulations.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT: a federally sponsored program, administered by the College and limited to students with exceptional financial need. Need is determined by the FAFSA. See Financial Scholarship and Award Procedures Booklet for definition of exceptional Financial Need.

FEDERAL PELL GRANT: The amount of the annual grant is based on the student's and on the family's financial resources and College tuition. Awards range from $400.00 to $4,310.00. Application for determination of Pell Grant eligibility is made through the FAFSA.

ACADEMIC COMPETITIVENESS GRANT (ACG): Year 1: Awarded to entering freshman who have completed a rigorous secondary school program of study after January 1, 2006. The award is for $750 per year. The student needs to be PELL eligible, a U. S. citizen and under age 20. The student also needs to be a full-time student. Year 2: Awarded to students who are in their second year and have completed a rigorous secondary school program of study after January 1, 2005. Second-year students must have as least a 3.0 GPA. The award is for $1300 per year. The student needs to be PELL eligible, and a U. S. citizen.

NATIONAL SMART GRANT: (Also known as the National "Science and Mathematics Access to Retain Talent" Grant) Third and fourth year students enrolled in a four-year degree program must have a cumulative GPA of at least 3.0 in the courses of study required for the major. The award is $4000 per year. The student needs to be majoring in Science, Computer Science, Technology, Mathematics or certain designated foreign languages. The student needs to be PELL eligible, a U.S. citizen, in an eligible degree program with a confirmed GPA of 3.0 and attending full-time.

FEDERAL WORK-STUDY PROGRAM: Co-sponsored by the Federal Government and Molloy College to provide assistance to students with financial need. Students are paid for working in the college. Filing of a FAFSA as well as Satisfactory Academic Progress and Program Pursuit is required to determine eligibility. Community Service: Beginning with the 1994-95 award year, community service positions for students participating in the Federal Work Study Program (FWS) are made available. Students interested in the community service aspect of FWS should contact the Financial Aid Office.

ROBERT C. BYRD HONORS SCHOLARSHIPS: Federally funded merit-based scholarship awarded to academically talented high school seniors who are New York State residents and plan to attend any approved institution of higher education in the United States. The scholarship provides $1,500 per year and is renewable up to 4 years dependent on federal funding. To be eligible for this award, the applicant must be a high school student who will receive a high school diploma or GED during the academic year and who plans to enroll in an institution of higher education. Interested students must see their high school guidance counselors for application information. Payment will be made by the New York State Higher Education Services Corporation.

NATIONAL SCIENCE SCHOLARS PROGRAM: Federally funded merit-based scholarship awarded to students for study in the fields of math, science or engineering. The scholarship provides up to $5,000 per year depending on the annual federal budget. For additional information, applicants should contact their high school guidance counselors or the New York State Education Department.

AID TO NATIVE AMERICANS: U.S. Bureau of Indian Affairs offers grants to needy applicants who are one quarter American Indian, Eskimo or Aleut and have certification of tribal membership. Awards vary depending on student's need. Student must file annually with the Bureau of Indian Affairs.

VETERANS ADMINISTRATION EDUCATIONAL BENEFITS: Benefits are available for veterans who served in the U.S. Armed Forces after 1954. Aid is also available for children, spouses and survivors of Veterans.

FEDERAL PERKINS LOANS: This federal loan program is administered by the college for students who demonstrate financial need as determined by filing the FAFSA.

Amounts: The loan amount is determined by the college within federal limits. The maximum annual loan limit may not exceed $4,000 for undergraduate students and $6,000 for graduate students. Undergraduate students may borrow up to an aggregate limit of $15,000. Graduate students may borrow up to $30,000 in total, including any amount borrowed for undergraduate study.

Repayment: Repayment and interest charges of 5% begin nine months after the student ceases to be enrolled at the institution. Provisions for deferments or cancellation are available to students who enter specified types of service. For more information on deferment and cancellation provisions, student's must refer to the Financial Aid Information Booklet.

How To Apply: Apply at the college Financial Aid Office.

FEDERAL FAMILY EDUCATION LOAN PROGRAMS: Eligibility for Federal Student Loans is determined by filing the FAFSA. For loan recipients, the Financial Aid Office will certify eligibility for all loans. A loan application will be forwarded to the student from Higher Education Services Corporation HESC). The student completes his/her part on the loan application and mails it back to HESC, who forwards it to the lender chosen by the student.

SUBSIDIZED STAFFORD LOANS: The combined origination fee and guaranty fee of 2.5% may be deducted proportionately from the loan proceeds.

Disbursement: The loan will be paid to the student in multiple installments during the enrollment period for which the student applied. Checks are sent directly to the school and are made co-payable to the college and student. The school will contact the student to negotiate the check.

Electronic Funds Transfer (EFT): is a means of disbursement in which the loan funds are forwarded directly to the school electronically. If the student's lender participates in EFT, the loan proceeds will be credited to the student's account electronically and a revised bill will be sent to the student which will reflect the amounts of the loan proceeds credited.

Repayment Terms: Repayment generally begins 6 months after the student graduates or falls below half-time status. The minimum monthly payment is $50 per month. However, the maximum loan repayment term is 10 years, therefore, the student's monthly payment may be higher. Both principal and interest payments will be deferred while the student is in school at least half-time.

UNSUBSIDIZED STAFFORD LOANS: The combined origination fee and guaranty fee of 2.5% may be deducted proportionately from the loan proceeds.

Repayment Terms: The repayment terms are the same as the subsidized Stafford above. However, interest is the responsibility of the student from the date of disbursement. Both principal and interest payments can be deferred while the student is in school at least half-time. Interest can be paid or may be added to the principal by the lender at the student's request, which is called capitalization.

FEDERAL PLUS LOANS:

The origination fee is currently at 1.5% and the guaranty fee can be up to 1%. Both will be deducted proportionately from the loan proceeds.

PlUS LOANS for Graduate Students are now available.

Borrowers must have applied for the Free Application for Federal Student Aid (FAFSA). The borrowers must also have applied for any eligible funds under the Federal Stafford Student Subsidized and Unsubsidized Loan Program.

Disbursements: PLUS LOANS are disbursed either by EFT (a means of disbursement where funds are disbursed to the school electronically) or by check. If the funds are paid by check, the Bursar will contact the borrower to have them sign the check which is co-payable to the college and the borrower.

Repayment Terms: Repayment of the principal and interest begins within 60 days after the loan disbursement.

CONSOLIDATION LOAN:

A loan is considered a consolidation loan when an eligible lender pays off existing student loans and creates one new loan. Loans are eligible for consolidation if existing loans total at least $7,500. Loans must be in repayment (or have entered a grace period) before they can be consolidated. If a loan is in default, the loan can be consolidated only if, before applying for consolidation, satisfactory repayment arrangements have been made with the holder of the loan. The interest rate on a consolidation loan is 8% or more, depending on the interest rates of the loans consolidated. The repayment period is from 12 to 30 years, depending on the amount to be repaid. All student loans are eligible for consolidation, except for Federal PLUS loans made before October 17, 1986. Note that consolidation does not increase existing loan limits.

NY State Financial Aid Programs

TAP: The Tuition Assistance Program (TAP) is a grant program for New York State residents attending college in the State.

Undergraduate: Undergraduate students are eligible for up to 4 years of TAP for full-time study or up to 5 years in programs approved as 5 year bachelor degree programs by the NYS Commissioner of Education or approved programs such as EOP, HEOP, SEEK or CD.

Eligibility: To be eligible for the Tuition Assistance Program, the student must:

• Study full time (at least 12 credits per semester)
• Have a NYS net taxable income not exceeding the income limits for this program
• Be a resident of New York State
• Be either a U.S. citizen, permanent resident alien, conditional entrant or refugee
• Be matriculated in an approved program of study and be in good academic standing
• Be charged a tuition of at least $200.00 per year
• Not be in default on a guaranteed student loan, or have made the required payments under the Renewed Eligibility for Financial Aid program

Note: Part-time students at approved schools in New York State who were first-time freshman in 2006-2007 may be eligible for Part-time Tap beginning in 2007-2008. Part-time Tap is not the same as Aid for Part-Time Study (APTS).

Approved Programs: The following programs of study are approved for TAP:

• College degree, certificate or diploma programs
• Hospital nursing and X-ray programs
• Two-year programs in registered private business schools

Annual Awards: The amount of TAP award will depend on these factors:

• The academic year in which the student first receive payment of TAP or any State award
• The tuition charged
• The student's family's NYS net taxable income
• The type of school the student will attend (degree or non-degree)
• The student's financial status (dependent or independent)
• Other family members enrolled in college

The minimum undergraduate award is $500. The maximum awards are shown in the following charts.

Students may estimate the amount of their TAP awards, by using the maximum annual TAP award or tuition charge, whichever is less (use the following charts to find maximum award amounts). That figure is reduced according to the amount of prior-year family net taxable income. Family net taxable income includes the parent's and, if married, the spouse's income less deductions and exemptions. The student reports this income on the financial aid application. The higher the income reported, the lower the award will be. Students cannot receive more than the tuition charged by the student's school.

Undergraduate awards for students who are financially dependent on their parents or who are financially independent and are married or have tax dependents and who are attending degree-granting or not-for-profit institutions such as colleges, community colleges or universities:

Undergraduate awards for students who are financially independent and single without tax dependents, and who are attending degree-granting or not-for-profit institutions, such as colleges community colleges, or universities:

Please Note: All state programs are subject to New York State budget appropriations.

Adjustment to Income Resulting in a Higher Award—When calculating an undergraduate award, the student's net taxable income is further reduced, if other family members are enrolled in postsecondary education as full-time students—$3,000 for the first, $2,000 for each additional.

Financial Independence—If the student is financially independent of his/her parents, the parent's income is not used in calculating the award. Only the student's income (and the spouse's) is used. Financial independence is granted to applicants who are:

• Age 35 or older before July 1 of the academic year for which assistance is sought.
• Age 22 to 34, who have not been claimed as a dependent for tax purposes for the previous and current academic years, and have not nor will not live with their parents for more than 6 consecutive weeks, nor receive more than $750 annually from their parents for the previous, current or subsequent academic years.
• Undergraduates under age 22, who meet the conditions outlined for students 22 to 34 years of age, and meet certain very specific additional conditions. See the college financial aid administrator.

AID FOR PART-TIME STUDY (APTS): This program provides up to $2,000 per year for part-time undergraduate study at participating degree granting institutions in New York State. Award amounts are determined by the college and cannot exceed tuition costs. Not all schools participate in this program, and the amount of funds available to participating institutions is limited. To be eligible, a student must enroll part-time as a matriculated student in an approved undergraduate degree program or registered certificate program at a degree-granting institution. Part-time study is defined as enrollment of at least 3 credits but no more than 11 credits. There must be a tuition charge of at least $100 per year.

Income Limits: The following income limits are in effect:

• Dependent students or independent students who have dependents other than a spouse, net taxable income cannot exceed $50,500.
• Independent students with no dependents other than a spouse, net taxable income cannot exceed $34,250.

VVTA (VIETNAM VETERANS TUITION AWARDS): This program provides tuition assistance to eligible Vietnam Veterans enrolled in an undergraduate program at a degree-granting institution or an approved vocational school. Awards are $1,000 per semester for full-time study and $500 per semester for part-time study but cannot exceed tuition costs.

To be eligible the student must:

• Have served in the U.S. Armed Forces in Indochina between January 1, 1963, and May 7, 1975
• Establish eligibility by submitting a VVTA Supplement to NYSHESC on or before September 1, 1992
• Have been discharged from the service under other than dishonorable conditions
• Have either been a New York State resident at the time of entry into the service and have resumed residency by September 1, 1992, or have been a resident as of April 20, 1984, if the student was not a resident at the time of entry into the service
• Apply for TAP and Pell if applying as a full-time student or for Pell only, if applying as a part-time student

Deadline for establishing eligibility for this award is September 1, 1994.

Scholarship and Award Funds

REGENTS AWARDS FOR CHILDREN OF DECEASED OR DISABLED VETERANS: (Service must have been during WWI, WWII, Korean War, Vietnam War, Merchant Seamen during WWII, or during military operations in Lebanon, Grenada, Panama or the Persian Gulf.) Up to $450.00 may be awarded yearly for full-time study in the State.

REGENTS AWARDS FOR CHILDREN OF DECEASED POLICE OFFICERS, FIREFIGHTERS, AND CORRECTION OFFICERS: Up to $450.00 may be awarded yearly for full-time study in the State.

MEMORIAL SCHOLARSHIPS FOR CHILDREN OF DECEASED POLICE OFFICERS AND FIREFIGHTERS: Up to full-tuition and fees awarded yearly for full-time study in the State.

REGENTS PROFESSIONAL OPPORTUNITY SCHOLARSHIPS: Up to $5,000.00 may be awarded yearly in certain qualifying professions for full-time study in New York State. The student must agree to practice for 12 months in a chosen profession in New York State for each annual payment received.

NEW YORK STATE HEALTH SERVICE CORPS SCHOLARSHIPS: Up to $15,000 may be awarded yearly. The student must agree to practice in a designated state-operated or non-for-profit facility for 18 months for each year of aid received.

Progression Requirements for Financial Aid

Financial aid recipients are required to maintain Satisfactory Academic Progress in order to continue to receive financial aid. A student must remain in good academic standing to receive funding under the Federal and State aid programs. There are two distinct measures of satisfactory academic progress: a "quantitative" measure, the number of credits that the student is completing and a "qualitative" measure, the student's cumulative grade average. Students are required to meet both standards to remain in good academic standing. The following information outlines the minimum academic requirements in order to receive financial aid:

TAP (TUITION ASSISTANCE PROGRAM) NEW YORK STATE PROGRESS REQUIREMENTS:

Program Pursuit: A student must achieve a passing or failing grade (grades of "W" or "WA" or "WF" are not included) in a certain percentage of their full-time courseload in order to receive a state award during the subsequent semester. Full-time is defined as a minimum of 12 credits or their equivalent. This percentage is based upon the number of TAP payments that a student has already received as follows:

• 1st year of TAP payment: a student must complete at least 50% of the minimum full-time load
• 2nd year of TAP payment: a student must complete at least 75% of the minimum full-time load
• 3rd and 4th year of payment (as well as 5th for HEOP students): a student must complete 100% of the minimum full-time load.

Satisfactory Academic Progress: The following chart lists the minimum standards of satisfactory progress that a student must maintain to continue their TAP eligibility for each subsequent semester:

*NOTE: Only students enrolled in an approved five-year program (e.g. HEOP) are eligible to receive a 9th or 10th semester TAP payment.

An example using the above chart would be as follows: John has received 6 prior TAP payments. Before he can be certified for his 7th payment he must have a total of 60 credits with a cumulative GPA of 2.0. He would also have to had completed at least 12 credits during his 6th semester to be in good standing for program pursuit.

"C'' Average Requirements: Students who have already received 24 payment points (i.e., 4 semesters of TAP) are required to maintain a GPA of at least a 2.0.

Students who have lost eligibility for a state award due to failure to meet the academic progress requirements in a given semester will lose TAP eligibility for the following semester. If this occurs, eligibility will be reinstated at the time the student is meeting the requirements. A one-time waiver of good academic standing is available if a serious extenuating circumstance (for example: the student had a serious illness or death in the family) occurred which affected the student's academic performance. Details on how to apply are available in the Financial Aid Office.

FEDERAL FINANCIAL AID PROGRESS REQUIREMENTS:

The following chart shows the minimum standards required for a full-time student in order to maintain eligibility for federal financial aid:

• "Successfully completed" is defined as having received grades of "A", "B", "C", "D" or "P". Grades of "F", "W", "WA", "WF", "I" or "NA" do not constitute a successful completion. The credit equivalency of remedial classes will be considered in determining progress for those students who are required to enroll in remedial classes.
• A student who fails to meet one or more of the satisfactory academic progress requirements will be placed on financial aid probation for the subsequent semester. A student who fails to meet the academic progress requirements at the end of the probationary period will lose his/her eligibility to receive financial aid. A student who has lost eligibility for financial aid due to a failure to meet the academic progress requirements will regain eligibility when it has been determined that the student is meeting these standards.
• A student who loses his/her eligibility may appeal this determination if there were serious circumstances, which affected the student's performance (for example: the student had a serious illness or there was a death in the family). A student who wishes to apply for this one-time waiver must submit a letter detailing the special circumstance along with substantiating documentation to the Financial Aid Office.
• A student may not exceed 150% of the time required to complete his/her course of study.
• A student may receive aid for a maximum of 4 classes that are repeated because he/she has failed to achieve a satisfactory grade in the class.
• Academic progress requirements for part-time students are available in the Financial Aid Office.