FEDERAL AND STATE FINANCIAL AID

The mission of the Financial Aid Office at Utica School of Commerce is to assist students and their parents in financing their education.  Our main goal is to ensure access for all who desire to pursue higher education.

 

 Awarding of funds is based on “need,” which is the difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC).

 

COST OF ATTENDANCE– FAMILY CONTRIBUTION= FINANCIAL NEED

 

The Cost of Attendance includes direct expenses such as tuition and fees, and also incorporates estimated costs for books and supplies, room and board, transportation and personal expenses.  Standard Budgets are constructed annually for those students living with a parent and for those students living off campus and are prorated based on the student’s enrollment status.  Student budgets are available from your campus Financial Aid Office. 

 

The expected Family Contribution is determined by using the federal need analysis formula when the Free Application for Federal Student Aid (FAFSA) is completed and processed. The difference between the two determines the students “Financial Need.”

 

 

Every effort is made to provide a student with a personalized Financial Aid package that takes into account the family’s ability to contribute and the resources available from federal, state, institutional, and private sources. 

 

Financial Aid Eligibility

 In order to be eligible for financial assistance at USC, the applicant must:

 

 

Applying for Financial Aid

Student eligibility for financial assistance requires that the student complete the following forms each academic year for which he/she is requesting assistance.  Financial Aid packets containing these required forms are available from the campus Financial Aid Office.

 

USC Supplemental Financial Aid Verification/Compliance Form

All students applying for Financial Aid or receiving agency funding at USC are required to complete this data form prior to receiving any financial assistance. This form collects important information and provides the student with an opportunity to notify the Financial Aid Office of any special circumstances that might affect his/her eligibility for financial assistance.

 

 Free Application For Federal Student Aid (FAFSA)

This form is used to determine the student’s eligibility for the Federal Pell Grant, and Federal SEOG. Additionally, information from this form will determine the student’s eligibility for Federal Subsidized and Federal Unsubsidized Stafford Loans and New York State Tuition Assistance Program (TAP).

 

 Express Tap Application (ETA)

Students from New York State attending USC full time (12 credit hours per semester) receive a preprinted Express TAP Application in the mail from New York State Higher Education Services Corporation (HESC).  It includes preprinted information taken from his/her FAFSA.  The student must review the form for accuracy, provide the additional information requested, sign and forward it to the USC Financial Aid Office to be copied and mailed to HESC for processing.

 

 Federal Direct Student Loan Master Promissory Note

Students who need to borrow additional funds to cover a portion of their educational expenses may use this application to apply for a Federal Subsidized Direct Loan and/or a Federal Unsubsidized Direct Loan. 

 

Maintaining Eligibility for Financial Aid

USC is required to establish and maintain a policy to monitor the academic progress of students who apply for and/or receive federal, state, and institutional financial assistance. A student must be a matriculated student (enrolled in a degree-seeking program) to be eligible for financial assistance. Only credit courses that count toward a degree or certificate are included when determining aid eligibility. (A student can receive aid for a limited amount of remedial coursework that is included as part of a regular program.)

 

To maintain eligibility for financial assistance from the institution, Federal Title IV programs (Federal Pell Grants, Federal SEOG and Federal Direct Loans), and the NYS Tuition Assistance Program (TAP), a student must maintain Satisfactory Academic Progress. Progress is defined as successfully completing a required number of credits attempted each semester with an appropriate grade point average.

Standards of Satisfactory Progress

(For students entering prior to the Fall 2010 semester)

Student academic progress for financial aid at USC will be checked at the completion at each semester per the following Standards of Satisfactory Progress chart for all students:

 

Before Being Certified for this Payment

First

Second

Third

Fourth

Fifth

Sixth

A Student Must have Accrued At Least This Many Credits

0

3

9

18

30

45

With At Least This Grade Point Average

0

.5

.75

1.3

2.0

2.0

 

Standards of Satisfactory Progress -- Tuition Assistance Program (TAP)

(For Students entering Fall 2010 or later)

Student academic progress for financial aid at USC will be checked at the completion at each semester per the following Standards of Satisfactory Progress chart for all students:

Before Being Certified for this Payment

First

Second

Third

Fourth

Fifth

Sixth

A Student Must have Accrued At Least This Many Credits

0

6

15

27

39

51

With At Least This Grade Point Average

0

1.3

1.5

1.8

2.0

2.0

 

Pursuit of Program

In addition to the Standards of Satisfactory Progress, students are required to receive a passing or failing grade (A-F or P letter grade) in a certain percentage of courses each term.


 

Number of TAP Payments (including enrollments prior to USC):

Student must receive a grade for:

Semesters 1 & 2

50 percent of the minimum full-time requirement (Six credit hours)

Semesters 3 & 4

75 percent of the minimum full-time requirement (Nine credit hours)

5 or more semesters

100 percent of the minimum full-time requirement (Twelve credit hours)

 

Students who fail to maintain Standards of Academic Progress and/or Pursuit of Program will lose all Title IV and New York State financial assistance until a Request for Academic Appeal has been reviewed and approved. 

 

A student who is permitted to re-enroll because of an exception to the satisfactory academic progress policy is not necessarily eligible for financial aid. The Appeals Committee may reinstate eligibility for Federal and/or NYS financial aid programs if the student can demonstrate mitigating circumstances.

 

Provisions for eligibility for a TAP Waiver allow a student no more than one waiver as an undergraduate student throughout his/her collegiate career.  TAP Waivers will be considered only for documented medical emergencies after concurring with the student that issuance of the TAP Waiver is in his/her best interest.

Additional Requirements:

 

NYS Tuition Assistance Program (TAP)

Associate Degree/Certificate students are only allowed 6 full TAP payments up to 36 points of eligibility, including points used at other institutions or while enrolled in other programs.  Each full-time TAP payment (semester) uses 6 points of eligibility. 

 

For a student to be eligible for three consecutive semesters of TAP (Accelerated Study), he or she must earn a minimum of 24 credits applicable to his/her degree or certificate in the prior two semesters.  The equivalent of three credits per semester may be remedial courses. Therefore, a student that has successfully completed three equivalent credits of remedial work in each of the prior two semesters would be eligible for an accelerated payment after having earned a total of 18 credits in the preceding two semesters.

 

USC Institutional Grants and Scholarships

Students are required to enroll full time and maintain a cumulative average of 2.0. Awards are non-transferrable and must be used during the semester for which they have been awarded. USC grants are limited to four consecutive semesters.

 

Financial Aid Services

The Financial Aid Office at each campus has professional assistance available to ensure that the student’s applications are completed accurately and in compliance with Federal and State regulations.

 

 Personal Interviews

All students are encouraged to complete their financial aid applications with a USC Financial Aid Officer.  Students will be assisted in completing the required applications, their awards will be estimated, and a financial plan will be discussed to assist the students in meeting their educational expenses.  Appointments are available at the student’s convenience.

 

Application Review

If students are unable to make a personal interview, they may mail their completed Financial Aid Forms with documentation of income (taxable and nontaxable) to the Financial Aid Office.  Applications will be reviewed, copied and forwarded to the appropriate processors.

 

Sources of Financial Aid

Financial Aid is intended to assist students in financing their education when family and personal resources are not adequate to meet their total educational cost. The principal forms of Financial Aid are as follows:

 

 Grants and Scholarships

Financial Aid is awarded to students based on merit, financial need or specific criteria.  They are typically funded by the Federal or State government, institutions and/or private sources.  Grants and scholarships are free.  No repayment necessary. 

 

 Employment

Employment enables students to earn money while attending school.  Full-time students wishing to work part time during their enrollment at Utica School of Commerce may contact their campus placement office for the availability of on- and/or off-campus employment. 

 

 Loans

Educational loans are awarded to students or parents to help meet education-related expenses.  An education loan is a loan that must be repaid with interest.

 

These three forms of assistance at USC are combined within the student’s Financial Aid package to meet his/her financial needs.  The Financial Aid Office makes every effort to help students with limited financial resources obtain needed funds.  Some Financial Aid programs are subject to the availability of funds (first-come, first-served); therefore, aid applications should be completed as soon as possible.

 

Federal Programs

 Federal Pell Grant

The Federal Pell Grant is funded through the Department of Education to provide assistance to eligible students for their college education.  Based on the Federal formula, awards from $555 to $5,550 (2010-2011) are made to eligible students to help defray the costs of tuition, fees, and books.  The grant amounts vary depending upon student and/or parental financial need and annual government appropriations.

 

Federal Supplemental Educational Opportunity Grant  

The Federal Supplemental Educational Opportunity Grant Program (FSEOG) provides additional financial assistance for students with exceptional need.  The amount of this award at USC ranges from $100 to $2,000 per academic year based on Federal regulations and annual government appropriations.

 

William D. Ford Federal Direct Loan Programs

William D. Ford Federal Direct Loans, low-interest loans made available through the U.S. Department of Education, are self-help aid programs students are required to repay. Direct loans are awarded to students and parents of students who are admitted as matriculated students attending school at least half time.  Loans are limited to the student’s Cost of Attendance less other financial assistance (including Federal, State, Institutional and Agency funding).  Requested loan amounts may be reduced if the student’s financial resources exceed his/her Cost of Attendance. 

 

Types of Federal Direct Loans include:

 

Federal Direct Subsidized Loan (Need based)

A  Federal Direct Subsidized Loan is for students who demonstrate financial need as determined by the information provided on the FAFSA.  Loan limits are based on the student’s financial need and academic grade level.  

 

The Federal government subsidizes (pays the interest) for the student during the following periods:

 

Federal Direct Unsubsidized Loan

A Federal Direct Unsubsidized Loan is awarded based on the student’s Cost of Attendance less other financial resources, dependency status and academic grade level.  

 

Students are responsible for the interest on this loan from the time the loan is disbursed until it is paid in full.  Students may defer interest payments while they are in school and during their grace period. If interest is deferred, the accumulated interest will be capitalized (added to the principal of the loan) when the student enters repayment.

 

Borrowing Limits for Federal Direct Student Loans:

  

 

 

Base Loan

(Annual Limit

Subsidized

Unsubsidized

1st Year:

 

 

 

(Dependent)

$5,500

$3,500

$2,000

(Independent)

$9,500

$3,500

$6,000

2nd Year:

 

 

 

(Dependent)

$6,500

$4,500

$2,000

(Independent)

$10,500

$4,500

$6,000

Subsidized Loans  Must demonstrate "NEED"

      Unsubsidized Loans "Need" not considered

 

If a Federal Direct Student Loan (subsidized or unsubsidized) has been offered to you as part of your Individual Financial Plan (IFP), you can accept or decline any portion.

Interest Rates

The College Cost Reduction and Access Act of 2007 cut the fixed interest rates on newly originated subsidized Stafford Loans for undergraduate students to 6.0% (2008-09), 5.6% (2009-10), 4.5% (2010-11) and 3.4% (2011-12), with a return to 6.8% in 2012-13.  These cuts are available only to undergraduate students, not graduate students, and only for subsidized Stafford Loans, not unsubsidized Stafford Loans.  Those loans remain at a fixed rate of 6.8%.

 

Repayment

Repayment on Federal Direct Student Loans begins following a six (6) month grace period. Your lender/servicer will send your repayment terms at least a month prior to your first payment. The repayment terms will outline the total amount you owe, your monthly payment, the monthly payment due date and where to send payments.  You are responsible for beginning repayment on time even if you don’t receive this information.  There is no penalty for early repayment or prepayment.

 

Federal Direct Student Loans have a standard 10-year repayment term, but there are other repayment option plans available that can increase the term:  

 

Standard Repayment allows you to make equal monthly payments during the entire term of the loan and results in the least amount of interest cost to the borrower.

Graduated Repayment lowers your monthly payment amount as you enter the job market after college.  Payments increase every two years as you are better able to manage your money and get settled in a job.

 

Extended Repayment is available for new borrowers with their first loan disbursement on or after October 7, 1998, who accumulate student loan debt greater than $30,000.  The repayment term for these loans may be extended up to 25 years.  By extending your repayment term, you will pay more interest over the life of the loan.

 

The Income-Based Repayment (IBR) plan was proposed as part of the College Cost Reduction and Access Act of 2007 and became available on July 1, 2009.  Income-based repayment is only available for federal student loans, such as the Stafford, Graduate PLUS and consolidation loans. It is not available for Parent PLUS loans or for consolidation loans that include Parent PLUS loans.  Income-based repayment caps monthly payments at 15% of your monthly discretionary income, where discretionary income is the difference between adjusted gross income (AGI) and 150% of the federal poverty line that corresponds to your family size and the state in which you reside. There is no minimum monthly payment.

 

Consolidation is combining all of your federal loans into one loan with one monthly payment. The interest rate will be based on the weighted average of the loan's interest rates. This option is the one of last resort because over the longer term, you will be paying significantly more interest. Your parent's PLUS Loan cannot be consolidated with your student loans. 

 

For more information on loan consolidation, contact your lender or the Federal Direct Loan Origination Center’s Consolidation Department at 1-800-557-7392 or go to www.loanconsolidation.ed.gov. 

 

Federal Direct Parent PLUS Loan

The Federal Direct Parent PLUS loan is a low-interest program offered by the U.S. Department of Education that enables parents or step-parents of dependent undergraduate students to borrow directly from the Federal Government to help pay for the student’s educational expenses.

 

The Federal Direct Parent PLUS loan is an unsubsidized loan, meaning the borrower will be charged interest from the time the loan is disbursed until it is paid in full.  

 

The Federal Direct Parent PLUS Loan requires a separate application in addition to credit approval by the U.S. Department of Education.  If a PLUS loan is denied, the student may be eligible for additional unsubsidized loan money.

 

Repayment

Loans fully disbursed on or after July 1, 2008, have the option of beginning repayment either 60 days after the loan is fully disbursed or six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled in classes at least half time.

Other Federal Programs

Additional information is available from the Financial Aid Office on the following programs:

 

State Programs

 Tuition Assistance Program (TAP)

The Tuition Assistance Program is a grant funded through the New York State Education Department to provide assistance to students who meet New York State residency requirements and who enroll as full-time, matriculating students.  Awards are based on the student’s and/or parent’s New York State net income.  Awards range up to $4,000 per year, pending legislative approval each year.  

 

Other State Programs

Additional information is available from the Financial Aid Office on the following programs:

 

Summary of Student Consumer Rights and Responsibilities 

A student who receives financial aid from Utica School of Commerce has the following rights:

 

To know the costs of attendance to the institution; to know all available sources of financial aid; to speak with a Financial Aid Advisor who evaluates the student's need; to be informed of all aspects of the financial aid package awarded including special dispersal of aid; and to know the academic expectations of the institution. 

 

A student who receives financial aid from Utica School of Commerce also has the following responsibilities: 

 

To apply for financial aid by the established deadline as determined by Utica School of Commerce; to report to the Financial Aid Office any awards received from agencies outside the College; to maintain satisfactory academic progress; to comply with established loan repayment schedules; to report to the Financial Aid Office any changes in family or student financial status. 

 

The student's financial aid awards may be cancelled or reduced if:

 

Any of the information on the financial aid applications is erroneous; requested documents are not provided to validate eligibility; enrollment status changes; the student's program of study changes.

 

USC INSTITUTIONAL FINANCIAL AID

USC offers a number of institutional scholarships and grants for new and continuing students attending USC as full- time matriculating students.  All scholarship/grant recipients are required to maintain a 2.0 overall GPA for awards to be renewed each semester *unless stated otherwise.  Awards are made for up to four consecutive semesters unless otherwise specified by the Director of Student Financial Aid.

 

Continuing students are required to complete their FASFA prior to May 1 each academic year to be eligible for the renewal of their award.

 

USC Educational Opportunity Grant

Recent NYS High School graduates who enroll full time at USC and who complete their FAFSA prior to May 1 of their senior year will be offered a Financial Aid package covering 100% of USC’s commuter budget.

 

The USC Educational Opportunity Grant will be endowed with institutional funds and funds from the USC Foundation to cover the remaining financial need of qualified students after federal, state and private financial assistance has been awarded, including Federal Student Loans and Institutional Work Study.

 

Roger L. Williams Presidential Scholarship

Recent New York State High School graduates who rank in the top 10 percentile of their class at the end of their junior year and enroll full time in any associate degree program offered at USC will qualify for the Roger L. Williams Presidential Scholarship.

 

The Roger L. Williams Presidential Scholarship will cover full tuition and fees at USC after eligibility for federal, state, institutional, and private grants and scholarships has been considered.

 

Students must complete their program of studies in four (4) consecutive semesters (not including summer) and achieve a 3.0 GPA at the end of their first year to maintain their scholarship for their second year of studies.  Priority consideration will be given to students who apply for admission by March 1 of their senior year.

 

USC Award for Excellence in Business

The USC Award for Excellence in Business will be presented to the top graduating business student at each participating high school or BOCES in Broome, Chenango, Delaware, Herkimer, Lewis, Madison, Oneida, Onondaga, Oswego, Otsego and Schoharie counties.

 

The USC Award for Excellence in Business recipient will be selected by representatives of the student’s high school based on his/her student academic achievement and his/her potential to succeed in business.

 

Students will be recognized with a plaque to commemorate their award. Students choosing to attend USC full time will be awarded a scholarship based on merit totaling $5,000 to be disbursed equally over four consecutive semesters.  Students are required to maintain a 2.0 GPA.

 

USC Adult Education Scholarship

The USC Adult Education Scholarship is a need-based scholarship awarded to new and continuing adult students demonstrating a substantial financial need after all federal and state resources (including Federal Student Loans) have been taken into account.

 

Recommendations from the USC Campus Director will be made for full-time students who demonstrate outstanding business qualities and will take into account the student’s career goals, current GPA, previous education, work experience and remaining financial need.

 

Scholarships will range from $300-$1,500 annually, divided equally over two (2) consecutive semesters.  Awards are not renewable or transferable.

 

USC Matching Scholarship

Students who have received academic or service recognition from an approved scholarship program are eligible to have their awards matched by USC up to $500 per academic year, not to exceed tuition, less other aid.  Awards must be paid directly to USC.  Matching awards will be credited to the student’s account for the semester in which the grant is received.

 

Utica School of Commerce is a member of the Citizen’s Scholarship Foundation of America-Dollars for Scholars program.  USC will match up to $500 per year of scholarship funds a student receives from any business or organization that participates in Dollars for Scholars®.

 

USC Leadership Award

The USC Leadership Award will be granted to incoming USC freshmen who have demonstrated leadership qualities by serving as a class officer or participating at the chapter, district, or state level in any recognized leadership club, including FBLA, DECA, VICA, 4-H, Boys and Girls Clubs, or Junior Achievement during their Junior or Senior year of high school.  Awards of up to $1,500 will be divided equally over two (2) consecutive semesters.  Students must provide the USC Financial Aid Office with verification of their eligibility from their club or class advisor.

 

Award for Scholastic Excellence

USC believes that students who demonstrate academic excellence during their first year of study at USC should be rewarded.

 

First-time, full-time students enrolled for 2 consecutive semesters (excluding summer) continuing in any associate degree program at USC, who have maintained a minimum GPA of 3.25, are eligible for awards up to $1,000 toward their second year of studies.

 

Recipients must maintain full-time enrollment; awards are not renewable and must be used for the semester(s) for which they have been awarded.  The number of awards and the dollar amount of each award will be based on the funds available.

 

Deferred Payment Plans

USC provides an interest-free payment plan to cover any balance due after all other financial aid has been awarded.  One-quarter of the outstanding balance is due prior to the first day of classes with the remaining balance due in three equal payments over the remaining three months of the semester.

 

This payment plan is for convenience of payment; if the student withdraws or leaves school for any reason, the balance due or the portion due based on USC’s refund policy becomes due and payable immediately.

 

ALTERNATIVE SOURCES FOR FINANCIAL AID

Private Scholarships

There are many private scholarships available to students that take into consideration their particular eligibility qualifications and education goals.  Many of these scholarships are awarded in recognition of special skills, talent and/or academic ability and are not awarded based on the student’s financial need.

 

Sources of private scholarships are available from many sources including:

Private Foundations

Honor Societies

Service Organizations

Youth Groups

Local Governments

Professional Organizations

Employers

Corporations

Religious Affiliations

Leadership Organizations

Unions 

 

Some scholarships and awards with which USC frequently participates include: 

The Clark Foundation Scholarship

McDonalds Scholarship 

American Red Cross

Dollars for Scholars®

AC Molinari Foundation

 

Scholarship Searches

The following Internet websites provide a database of scholarships, fellowships, grants and loans personalized for the student based on demographics and personal information provided:

College Answer: www.collegeanswer.com

FastWeb Scholarship Search:  www.fastweb.com

 

NYS & CSEA Partnership for Education and Training

USC, a partnership-approved education and training provider, participates in the NYS & CSEA Partnership for Training Tuition Voucher System.  CSEA-represented NYS employees are required to apply to the Partnership for a voucher for any approved course offered at USC.  Students are responsible for any balance plus books, supplies, and student fees.

 

Employer Reimbursement

A number of area companies will pay at least a portion of the tuition for an employee taking a course that is job related, pending successful completion of the class.  USC offers students an interest-free deferral of tuition with evidence that employer tuition reimbursement will be paid directly to USC.  Students are responsible for any tuition charges not covered by their employer.

 

Alternative Loans

Alternative Loans help bridge the gap between the student’s educational costs and the availability of federal, state and institutional financial aid.  These loans are designed to enable students to meet their education financing needs only after all other resources have been exhausted.


Information regarding Alternative Loans can be obtained from the Financial Aid Office.

 

Credit for Financial Aid

Tuition and fees are due and payable prior to the start of classes each semester.  For your convenience, USC may defer payment based on estimated Financial Aid.

 

Students will be given credit for Financial Aid if:

They have submitted a valid Student Aid Report and/or a TAP Award Certificate.

—OR—

A copy of the student’s original application for Financial Aid is on file with the Financial Aid Office.

 

If the student’s estimated Financial Aid is reduced, or if the student leaves school for any reason, he/she is responsible for any balance due as determined by the school’s refund policy.