GETTING STARTED WITH FINANCIAL AID
GETTING STARTED WITH FINANCIAL AID
WELCOME TO
BUFFALO STATE COLLEGE
BUFFALO STATE
provides access to a top-caliber
education with small class sizes, personalized attention,
and high-quality academics—all at a fraction of the cost
charged by private institutions. True to our mission,
Buffalo State continues to be one of the most affordable
universities, public or private, in New York State.
• Eighty-five percent of students receive some sort
of financial aid.
• The average loan indebtedness for full-time freshmen
who graduated with a bachelor’s degree during the
2014–2015 academic year was $25,861. This is below
the national average of $30,100, according to the
Project on Student Loan Debt.
• Buffalo State has the lowest fees of any SUNY
comprehensive college.
• Transit passes that provide access to Buffalo’s metro
bus and rail system are issued to all undergraduate
students. Whether you’re commuting to a part-time
job in Elmwood Village or enjoying Buffalo’s many
cultural offerings, your learning will go far beyond
the classroom.
Apply
to Buffalo
State
Complete
FAFSA and TAP
Applications
Compare
Aid
Offers
Choose
Buffalo
State!
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WAYS THE FINANCIAL AID OFFICE
CAN HELP YOU
The Financial Aid Office (FAO) is committed to helping
students and parents through the financial aid process.
Whether you are a prospective student or in your final
semester, we are here to help you. In the past two SUNY
Student Opinion Surveys (2012 and 2015),
our students
ranked us as the number one financial aid office
among
all SUNY comprehensive colleges.
Special Circumstances
We understand the information on the FAFSA may not
be an accurate representation of your typical income or
ability to pay. The FAO is permitted, under federal law,
to make certain adjustments to a student’s FAFSA when
documented conditions exist. If any of the following apply
to you, please contact our office to obtain the correct forms
to complete.
• A one-time lump-sum distribution that was reported
in your income taxes used to complete the FAFSA
(e.g., retirement distribution or gambling winnings).
• A loss in income due to employment changes, such
as a layoff, retirement or disability.
• A dependent student’s parent is currently attending
college.
• Your family has endured unusually high medical costs.
• A sibling is attending a private elementary or
secondary school.
• The student is unable to provide parent information
on the FAFSA due to unusual family circumstances.
100,000 ALUMNI STRONG!
The FAO uses a proactive approach to ensure that students
receive the aid they qualify for and graduate. We provide
early warnings to students who are in jeopardy of losing
aid; remind students to complete the FAFSA each year;
notify students if they qualify for scholarships; and
outreach to students before a deadline is missed.
SPOTLIGHT ON SCHOLARSHIPS
Each year, Buffalo State students receive thousands of
dollars in funding through outside agencies and through
Buffalo State. Searching for scholarships takes time and
persistence. Below are tips to help students begin the process.
•
Buffalo State campus scholarships.
As scholarships
become available, they are posted to our campus
scholarship page,
financialaid.buffalostate.edu/caps.
•
Your high school.
Check with your school counselor.
•
Employers.
Check with your employer and/or your
parents’ employers to see if they offer scholarships.
You might consider a part-time job where you know
scholarships are offered.
•
Scholarship-matching databases.
These sites match
national scholarships to a student’s profile. A few
reputable databases include
Fastweb.com
and
PrincetonReview.com.
•
Community foundations.
These organizations exist
to help give away money (i.e., scholarships) in local
communities. A few of these organizations across
New York State include:
- Community Foundation for Greater Buffalo,
www.cfgb.org
- Rochester Area Community Foundation,
www.racf.org
- Central New York Community Foundation,
www.cnycf.org
- Community Foundation for the Greater Capital
Region,
www.cfgcr.org
- Brooklyn Community Foundation,
www.brooklyncommunityfoundation.org
•
Say Yes to Education.
The Say Yes to Education
Foundation has established chapters in Buffalo,
Syracuse, and NYC-Harlem that provide funding
to students who graduate from public and charter
high schools in these areas. Learn more at
www.sayyestoeducation.org.
•
Religious groups.
Check with your religious organizations.
WHAT’S IT GOING TO COST?
While 85 percent of students receive some sort of financial
aid, not all students have 100 percent of their costs cov-
ered by grants, scholarships, and student loans. It is very
important that students and parents carefully review the
aid offered in the financial aid award letter and compare
that with the expected costs to determine what their
out-of-pocket, or net, costs will be. The net costs can
then be compared with those of other schools to determine
which is the best value. Below are the types of aid available:
• A
grant
is a form of aid that does not need to be
repaid and often requires that the student demonstrate
financial need as determined by the FAFSA (e.g., TAP,
Pell grants).
• A
scholarship
is a form of aid that does not need to be
repaid and is usually awarded based on specific criteria,
such as academic excellence.
• A
loan
is a form of aid that must be repaid with
interest, typically after the student graduates or
ceases to be enrolled at least half time.
•
Federal work-study
is a form of aid whereby a student
works part time and earns a paycheck. Work-study is
never deducted from the student’s bill and should not
be included in determining out-of-pocket costs.
OTHER WAYS TO PAY
When the aid offered does not cover all the charges,
please explore these options.
• Federal Parent PLUS Loans
financialaid.buffalostate.edu/parent-plus
• Private Student Loans
financialaid.buffalostate.edu/private-loans
• External Scholarships
financialaid.buffalostate.edu/external-scholarships
• Automatic Payment Plan
studentaccounts.buffalostate.edu
SAMPLE AID PACKAGE
Depicted below is a 2017–2018 estimated award package
and bill for a student who lives on campus. In this example,
the student qualifies for the maximum in federal and state
aid. After applying all the student’s aid to the full-year costs,
the family determines that they will owe $3,547 for the year,
or $1,774 each semester, plus the cost of textbooks.
Amount
Tuition and Fees $7,976
Room and Board $13,486
Total Charges $21,462
Pell Grant -$5,920
TAP Grant -$5,165
SUNY Tuition Credit -$1,330
Subsidized Loan -$3,500
Unsubsidized Loan -$2,000
Total Aid $17,915
Annual Out-of-Pocket $3,547
Billed Each Semester $1,774
COST TOOLS
Cost Calculator
financialaid.buffalostate.edu/cost-calculator
The Bill Estimator can help you calculate
your out-of-pockets costs.
financialaid.buffalostate.edu/costs
}
TIP
{
Access the SUNY Smart Track financial
literacy program for a fun way to learn about
budgeting, borrowing, and smart spending.
Get started at
financialaid.buffalostate.edu.
?
FREQUENTLY ASKED QUESTIONS
Q. What is the expected family
contribution (EFC)?
A. The EFC is used to determine a student’s eligibility
for federal student aid and is derived from the FAFSA.
All colleges must use the EFC to determine a student’s
eligibility for need-based financial aid awards.
Q. What is the cost of attendance? A. The cost of attendance (COA) represents the total
amount it will cost to attend school for one year. This is not
what the student’s bill will be. The COA includes indirect
expenses of attending college, such as transportation to and
from school and personal-care products. A student will be
billed only for tuition, fees, room and board (if living on
campus), and health insurance (if required). Students are
encouraged to compare all costs associated with each school
they are considering.
Q. I received a scholarship from my school.
Do I notify the FAO?
A. Yes, you must notify the FAO of any scholarships
you receive. Outside scholarships must be included in your
aid package.
Q. What is the difference between subsidized
and unsubsidized loans?
A. Subsidized loans do not accrue interest as long as the
student is in school at least half time (6 credits). Unsubsidized
loans begin to accrue interest as soon as they are disbursed.
Students may pay the interest while in school, but they are not
required to do so. Unpaid interest is capitalized (added onto the
loan balance) when the student enters repayment. Repayment
begins six months after graduation or when the student is no
longer enrolled at least half time (6 credits).
Q. How do I pay for textbooks? A. Students who have financial aid in excess of their charges
may use the excess to purchase their books at the college bookstore.
This is called a book deferment and should be requested in August
at the FAO or electronically in Banner. Otherwise, students must
purchase their books out of pocket. Students are encouraged to
work the summer before school begins to offset these costs.
Q. Why did I receive more aid than my
expected charges?
A. Depending on several factors, it is possible to have
more financial aid than charges. Students can use the excess
aid to help with their living expenses, books, or other
education-related costs.
Q. Why do I have to submit
additional documents?
A. About one-third of all students are required to go
through a process called verification, where tax and other
documents must be collected. This process is required by
the federal government and does not signify a problem.
FREQUENTLY ASKED QUESTIONS
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MONTH TASKS TO COMPLETE
October First opportunity to File the FAFSA at
www.fafsa.gov
• Federal School Code: 002842
File the NYS TAP Application by clicking
the link at the end of the FAFSA, or at
www.tap.hesc.ny.gov/totw
• State School Code 0905
December First round of aid packages are created
and mailed to newly accepted students.
December
to April
Requests for additional documents
(e.g., tax
transcripts, W2s) will be sent to selected students.
Promptly submit any requested documentation.
Compare aid offers. Use the Estimated Aid
and Cost Worksheet to help you.
financialaid.buffalostate.
edu/costs.
May
Priority deadline to
pay the online tuition
deposit
(and housing deposit if living on campus).
Submit all required forms (e.g., immunization
records, final high school transcripts). Visit
admissions.buffalostate.edu/accepted
.
June
Apply for the New York State Excelsior Scholarship
at
www.hesc.ny.gov.
Accept financial aid on Banner, the college’s
self-service database for students, and complete
award-specific tasks, such as loan counseling and
master promissory notes. Use the Banner Help
guides at
financialaid.buffalostate.edu/banner.
Attend Orientation Information will be mailed
to all students who have confirmed their intent
to enroll.
July to
August
Review your bill online. in Banner and make
arrangements to pay any portion not covered by
financial aid (see “Other Ways to Pay” section).
Opt out of the college’s health insurance
plan if you have your own plan.
Visit
weigel.buffalostate.edu
.
Begin classes!
A SMART INVESTMENT
According to the U.S. government, students
who obtain a bachelor’s degree can expect to
earn twice
as much as high school graduates
in their lifetime!
• A high school graduate will earn $1.2 million.
• A bachelor’s degree graduate will earn
$2.1 million.
• A master’s degree graduate will earn $2.4 million.
Given Buffalo State’s low tuition and fees, you’ll
have the potential to keep more of your earnings
and repay less in student loans.
APPLY FOR AID TODAY!
1. File the Free Application for Federal Student
Aid (FAFSA) at
www.fafsa.gov
using school
code
002842.
2. File the New York State Tuition Assistance
Program (TAP) application using school
code
0905.
Students can link to the complete
application at the end of the FAFSA or at
www.tap.hesc.ny.gov/totw.
3. Follow up with us in January or after you are
admitted to Buffalo State to ensure that we
have received your applications and to see if any
other documents must be submitted. See the
timeline to the left for more information.
A step-by-step guide to the application process is
available at
financialaid.buffalostate.edu/apply-aid.
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Federal School Code 002842
NYS School Code 0905
SCHOLARSHIPS
GOOD GRADES MATTER
Students who demonstrate
academic excellence
in high
school are automatically reviewed for
merit-based scholarships
at the time of admission. Scholarship recipients may receive
an award for up to eight consecutive semesters of full-time
enrollment as long as the minimum cumulative GPA is
maintained (see below). In addition, federal and state financial
aid, including loans, require students to meet minimum
academic standards each semester to continue their eligibility.
Remember: good grades mean more money!
For a complete list of scholarships offered by Buffalo State,
visit
financialaid.buffalostate.edu/scholarships
and review
the Merit and Campus Scholarships pages. Note that Buffalo
State is an NCAA Division III school, which bars it from
offering athletic scholarships of any kind.
DIVERSITY MATTERS
Buffalo State values diversity and is committed to helping
students from underrepresented populations further their
education. The
Burrell Diversity Scholarship Program
and
Ross B. Kenzie Family Presidential Scholarship Program
are
two examples of this commitment. Learn more about these
programs at
financialaid.buffalostate.edu/scholarships.
NEW YORK STATE EXCELSIOR SCHOLARSHIP
Beginning in fall 2017, New York State has
guaranteed
free tuition
to New York residents who attend a SUNY
or CUNY school. Students must meet annual income and
academic guidelines to maintain eligibility and agree to live
in New York State for a specified period of time. Detailed
information is available at
financialaid.buffalostate.edu/
excelsior-scholarship.
Scholarship Total Award Per Year HS GPA SAT Score
(or ACT Score)
College GPA
Presidential $10,000
$2,500 90.0 1270+
(26+)
3.2
Provost $8,000
$2,000 90.0 1170–1260
(24–25)
3.0
Muriel A. Howard
Honors Program
$10,000
$2,500 90.0 1170+
(24+)
3.5
Pending funding availability; students will be awarded the highest scholarship for which they qualify between the Presidential and
Provost scholarships. Students may receive the Muriel A. Howard Honors Program scholarship in addition to one of these scholarships.
