Types of Financial Aid

Types of Financial Aid

Every student has different financial needs and at Villa Maria College, your financial aid package will reflect that. Our knowledgeable financial aid counselors will consider all of the factors that impact your finances — not just your annual income or expected family contribution. We’ll do everything to help ensure that your dream of attending college is not hindered by an inability to pay.

99% of all Villa Maria College Students Receive Financial Aid

Students seeking federal financial assistance are required to complete the Free Application for Federal Student Aid (FAFSA). Students can apply online at www.fafsa.gov, or click the button below.

The following lists includes types of financial aid for which you may qualify. Before you can be awarded any type of financial aid, you need to complete your fafsa.

Grants and scholarships are forms of financial aid that do not have to be repaid. In general, grants are need-based and scholarships are merit-based. Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. For general information on grants and scholarships, click here. For information on Villa’s grants and scholarships, including scholarships for academic excellence, transfer students, special talents, and more, click here.

Pell Grant

Federal Pell Grants are available to students who do not already have a bachelor’s degree, have not depleted their lifetime Pell grant eligibility and who demonstrate high need. The eligibility for and amount a student may receive depends upon the student’s expected family contribution (EFC) which is determined from information provided on
the FAFSA.

A Federal Pell Grant, unlike a loan, does not have to be repaid. To qualify for a Pell grant, undergraduate students must demonstrate financial need, attend school at least half time, and be making Satisfactory Academic Progress.

To determine eligibility, a student needs to file the FAFSA each academic year at www.fafsa.ed.gov.The U.S. Department of Education uses a standard formula to evaluate the information reported on the FAFSA and the formula produces an Estimated Family Contribution (EFC). The EFC will determine if a student is eligible for a Pell Grant.

An FSEOG is for undergraduates with exceptional financial need-that is, students with the lowest estimated family contribution – and gives priority to students who receive Federal Pell Grants. FSEOG doesn’t have to be paid back.

To determine eligibility, a student needs to file the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.

There is no guarantee every eligible student will be able to receive an FSEOG. Students at each school will be awarded these funds based on fund availability.

Tuition Assistance Program (TAP)

The New York State Tuition Assistance Program (TAP) helps eligible New York residents pay tuition at approved schools in New York State. TAP is a grant and it does not have to be paid back. To learn more about TAP, go to http://www.hesc.ny.gov/content.nsf/SFC/About_TAP

Undergraduate students enrolled in four-year programs may receive up to four years (eight payments) of assistance for full-time study.

Although an estimate of a student’s eligibility may be included on their award letter, the state’s notification is their official approved award.

The federal school code for Villa Maria College is 002896. The New York State Tuition Assistance Program (TAP) application link can be found on the confirmation page after submitting the FAFSA. Students may also apply for TAP online at www.hesc.ny.gov/pay-for-college/apply-for-financial-aid/nys-tap.html. TAP codes are 2188 for 4 year programs and 2158 for 2 year programs.

Students in the Say Yes Buffalo program from the Buffalo Public School system, as well as all city charter schools, may be eligible for a Say Yes scholarship.  Say Yes scholarships will cover the remaining balance of a student’s tuition after state, federal, and/or institutional grants and scholarships have been applied. The award covers tuition only and does not include costs for room and board, books, and other fees.

Villa Maria College provides Say Yes Tuition Scholarship to a limited number of students from families with an income of less than $75,000. Say Yes Scholarships are typically awarded to students with the highest financial need and highest academic and extra-curricular accomplishments first. Students from families whose income is more than $75,000, who plan on attending Villa Maria College, may receive the Choice Grant. This grant offers up to $5,000 per year. Choice Grants, when combined with state, federal, and institutional grants and scholarships, are not to exceed the cost of full-time tuition.

For more information on Say Yes at Villa, click here.

The following websites provide some additional resources:

US Department of Veterans’ Affairs
New York State Division of Veterans’ Affairs (education section)
The United States Senate Committee on Veterans’ Affairs

The GI Bill website provides information about the many types of benefits available and will allow you to apply for veterans’ benefits online through VONAPP.

Those who do not have the ability to apply online, may call 1-888-GI BILL-1 (1-888-442-4551) and request a form to be mailed to you.

Work study is a needs-based program that allows Villa Maria College students to work part-time while they are in college. They money students earn during their work study employment can be used to fund their tuition, books, housing costs and more. For more information on Villa’s work study program, click here.

Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods. For more information on subsidized loans, click here.

Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. For more information on unsubsidized loans, click here.

Parents can borrow a PLUS Loan to help pay their child’s education expenses if the student is a dependent undergraduate student enrolled at least half time in a eligible program and have done the FAFSA. The PLUS borrower must be the biological or adoptive parent or stepparent (if the steppparent’s income is on the FAFSA). The parent must also be a US citizen or eligible non-citizen and have a social security number. The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid the student receives. Eligible parent(s) can apply online at www.studentloans.gov with a particular lender.

To apply for the PLUS Loan:

  1. Go to: www.studentloans.gov
  2. Click on: Sign In button in the “Manage My Direct Loan “ box
  3. Enter: Parent’s social security number, first (2) characters of last name, date of birth and PIN number. Please note that the social security number must be entered without spaces or dashes between the numbers.
  4. Click on: “Start PLUS Application Process” and then “Parent PLUS” (under “Select Loan Type”)
  5. The website will then guide you through a four step process to complete the application.

Please call 1-800-557-7394 if you have any issues during the application process.

Federal Loans are a type of financial aid that must be repaid with interest. Your financial aid awards may include
one or more of the loans listed below. Visit studentaid.gov/types/loans for more information.

The Federal Direct Subsidized Loan is a need-based loan which a student may qualify for based upon the
information provided on the FAFSA. Students must also be enrolled for at least six credits to be eligible. Interest
does not accumulate on the subsidized loan while the student is in school.

If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in
academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized
Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than
150 percent of the published length of your program. This is called your “maximum eligibility period.”
The Federal Direct Unsubsidized Loan is a non-need based loan. Student borrowers are responsible for all interest.
Students must complete the FAFSA and be enrolled for at least six credits to qualify.

Origination fees are subtracted at the time the loan is disbursed. Loans are disbursed in two payments. Upon
graduation, withdrawal or a change in enrollment status to less than half-time, students are required to participate
in an exit loan counseling session online or with a representative from the Financial Aid Office.

Repayment on student loans begins six months after graduation, upon termination of education or reduction of
course load below half-time.

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