Financial Aid

The Office of Financial Aid, in addition to administering various federal/state financial aid programs, offers an extensive network of services to assist students in meeting the costs related to their education. Individual financial aid counseling, financial aid application workshops, debt‑management counseling, scholarship opportunities and both on‑campus and off‑campus job opportunities are offered to students as part of a comprehensive approach to assisting students in financing their college education. Although the basic responsibilities for financing higher education rest with the students and their families, the Office of Financial Aid utilizes the maximum available federal/state aid resources to assemble a financial aid package that consists of grants, loans, scholarships and student employment opportunities for eligible students so that the burden on the students and their families will be minimal. All financial aid at Old Westbury is administered without discrimination as to sex, race, color, religion, national or ethnic origin, or sexual orientation. Federal and state laws, regulations, guidelines and policies governing the administration of these programs are strictly followed. Information in this section, although currently accurate, is subject to change as revisions in state and federal regulations occur and new legislation is passed. Students are strongly encouraged to use this information in conjunction with individual communication with the Office of Financial Aid to be assured of all program requirements and updates.

Application Process

Students wishing to apply for any/all federal or state student financial assistance (grants, loans, scholarships and student employment opportunities) must complete all of the required applications by the suggested deadline of April 15th, as well as submit all necessary documentation to comply with regulatory requirements. Students/parents can meet privately with a financial aid professional who will review the application process step by step and collect all of the required documentation. Applicants can apply electronically at www.fafsa.gov. Contact the Office of Financial Aid for additional information.

Application Process Overview

The Free Application for Federal Student Aid (FAFSA) will be processed through a federal formula developed by Congress. This formula, which is written in the law, allows analysis of the applicant’s total family income and assets, as well as other important variables, and determines the student’s eligibility for the Pell Grant. In addition to Pell eligibility determination, the formula provides an expected family contribution. This figure is used by the Office of Financial Aid, as required by law, to determine a student’s need. Need, in this concept is derived by using the following formula:

Cost of Attendance
(minus) - Expected Family Contribution
(minus) - Outside Resources
(equals) = Financial Need

Students who demonstrate financial need receive a financial aid “package” (referred to earlier), once they fulfill all the necessary requirements for being awarded federal/state student financial aid. Approximately two to three weeks after the FAFSA is submitted electronically, students will receive an Electronic Student Aid Report (SAR) that must be checked for accuracy. At this point, the Office of Financial Aid will review students’ applications, and request additional documentation (if necessary). Upon completion of the necessary requirements, students who demonstrate financial need will receive a financial aid package. The Office of Financial Aid is paperless. Accepted and continuing students can view outstanding items requested and accept their awards on-line utilizing the college portal http://connect.oldwestbury.edu

Application Documentation

• Free Application for Federal Student Aid (F.A.F.S.A.)/Renewal Application; available at www.fafsa.gov. New York State residents are encouraged to complete a Tuition Assistance Program Application (TAP) available at https://www.tap.hesc.ny.gov/totw/ .
  In addition to the applications, students/parents might be required to submit additional documentation to the Office of Financial Aid prior to the determination of eligibility. All information is used strictly for the sole purpose of determining a student’s eligibility for federal/state student financial assistance. The following items are examples of some of the additional documentation:
• Documentation of student/family previous year’s benefits from public assistance, Social Security, unemployment assistance, or other programs;
• Documentation of non‑tax filing status.

Responsibilities of Financial Aid Recipients

All financial aid recipients are expected to complete the application process annually, by the prescribed deadlines. Students must meet requirements for good academic standing and maintain normal academic progress toward a degree. Students are obligated to report changes of name and address, changes in dependency status and receipt of any additional scholarships or grants, loans or employment to the Office of Financial Aid. The University reserves the right to make adjustments in financial aid packages due to any changes in enrollment, residency, income discrepancy or financial circumstances. Students who do not meet the requirements for aid that has been awarded will be required to repay financial aid funds they have received. Students who withdraw from the University before the end of an academic term may be required to repay a portion of their financial aid.

Approximate Academic Year Costs*

Types of Student Financial Aid Available

SUNY Old Westbury participates in most federal and state financial aid programs. Students are urged to contact the Office of Financial Aid for specific information regarding these programs. The Office of Financial Aid also provides, upon request, several publications to parents/students. Please contact the office or check the office’s website.

A. Federal Student Financial Aid

Applicants requesting federal assistance must meet the following minimum eligibility criteria:

• United States citizenship eligible or non-citizen status;
• Enrollment as a regular student in an eligible degree program;
• Documented “need” as described in the Application Process Overview above;
• Possession of a signed Applicant Statement, and if a male over 18 years of age, be registered with the Selective Service.
• At least half-time enrollment for Federal Direct Loan eligibility.

Grants: Financial Aid That Need Not Be Repaid

Federal Pell Grant: applied for via the FAFSA (see Application Process).

Federal Supplemental Educational Opportunity Grant (FSEOG): applied for via the FAFSA (see Application Process).

Pell Recalculation Policy

The federal government requires all colleges to set Pell Grant recalculation dates for every semester. Old Westbury’s policy is as follows:

• The Office of Financial Aid reviews/recalculates Pell Grant eligibility at the end of the 100% tuition liability period. Pell may be reduced or increased based on actual enrollment.
• Federal regulations also require the college to recalculate Pell Grant eligibility when a student fails to attend any course for which they are receiving a Pell Grant.

Loans: Financial Aid That Must Be Repaid

Federal Direct Loan: (formerly Federal Stafford Student Loan): Subsidized and Unsubsidized low interest educational loans that assist students in meeting educational costs. You apply for Direct Loans via the FAFSA. Unsubsidized Federal Stafford Loans are available regardless of family income. If a student wishes to apply, a Loan Request Form and Entrance Counseling must be completed. You may complete the Loan Form on-line through the Finances tab on the college portal, http:// connect.oldwestbury.edu.

Federal Direct Parent Loans for Undergraduate Students (PLUS): low interest educational loans to assist parents of undergraduates in meeting students’ educational costs. Applied for via a Pre-Qualification Application and Master Promissory Note in conjunction with a FAFSA.

Important Note: When students apply for a Federal loan, and/or Federal Perkins loan, they must sign an agreement to repay it. That agreement is called a Promissory Note. Students are urged to understand that these are legally binding contracts and the loans must be repaid even if they decide not to finish school. Any student who fails to repay the loan, will go into default and the school, the lender, New York State and the federal government will take legal action against the student to recover the money. The University feels that an education is the wisest and most important investment that an individual can make; however, before students take educational loans, the University urges them to see a financial aid professional to discuss their rights and responsibilities, and issues related to repayment, debt management and loan default.

Student Employment: federally and non‑federally funded, that allows students to work and earn money to help pay for school.

Federal College Work Study (FCWS): federally and state‑funded program that allows eligible students to work in an area of interest. Applied for via the FAFSA.

Job Location and Development (JLD): federally and state-funded program that coordinates the search and placement of students in employment off campus, usually related to their field of interest. Applied for via a JLD application.

DISCLOSURE: Anti‑Drug Abuse Act Certification

A conviction for any offense, during a period of enrollment for which the student was receiving Title IV, HEA program funds, under any federal or state law involving the possession or sale of illegal drugs will result in the loss of eligibility for any Title IV, HEA grant, loan, or work-study assistance (HEA Sec. 484(r)(1); (20 U.S.C. 1091(r)(1).

B. New York State Student Financial Aid

In addition to the various federal student financial aid programs, New York State residents (United States citizens, permanent residents or refugees) can apply for various student financial assistance to help meet their costs of education. Students are urged to contact the Office of Financial Aid for specific information on these programs. Students must also be aware that, as is the case with federal student financial aid, state student financial aid has specific academic requirements for determination of eligibility. Students must meet both the Pursuit and Progress Standards set forth in this catalog and are reminded that they must repay any financial assistance that they receive if they are subsequently determined to be academically ineligible. Failure to declare a major by the time students have earned 57 credits will result in loss of eligibility for state financial aid.

Tuition Assistance Program (TAP): A non-repayable grant available to eligible New York State residents to assist students in meeting their cost of tuition. Applied for via a Free Application for Federal Student Aid (FAFSA) and ETAP Application. Students must be enrolled full-time (at least 12 credits per semester) and meet other criteria as indicated

Aid for Part‑time Study (APTS): ): A non-repayable grant available to eligible New York State residents who have not exhausted their TAP eligibility and are working toward a degree on a part-time basis (fewer than 12 credits per semester). Additional information is available in the Office of Financial Aid. Applied for via an APTS Application from the Office of Financial Aid

Part-Time TAP: A non-repayable grant available to eligible New York State residents who have not exhausted their tap eligibility and are working toward a degree on a part-time basis. Additional information is available in the Office of Financial Aid.

Educational Opportunity Program (EOP): A program designed to provide higher education opportunities for academically and economically disadvantaged students. Eligibility is determined jointly by the Admissions Office and the EOP Office. Applied for via the Admissions Office in conjunction with the FAFSA, and EOP Office.

Other State Student Financial Aid: in addition to the state programs listed above, students should also contact the Office of Financial Aid regarding specific aid programs such as

NYS Awards

C. Other Scholarships

• Old Westbury College Foundation Scholarships: www.oldwestbury.edu/financial-aid/scholarships
• www.fastweb.com
• School of Arts and Sciences: www.oldwestbury.edu/schools/arts-sciences/scholarships

Disbursements

Financial aid funds for eligible recipients are disbursed by the Office of the Bursar usually before mid-semester.* (College Work Study checks are also disbursed by the Office of the Bursar every two weeks.) Therefore, it is strongly recommended that each financial aid recipient have $800 to $1000 available (after the bill has been paid) to cover books and personal expenses, including transportation, until financial aid funds arrive.

*Federal Direct Loan and Direct Parent Loan funds will be reduced by the amount of an origination fee.

Academic Standards for Continued Financial Aid Eligibility

All students are expected to maintain good academic standing and be making satisfactory progress at the University to receive financial aid

New York State Awards

To be eligible for state aid, all students must fulfill the following conditions of pursuit and progress:

PURSUIT: Must complete the minimum number of credit hours listed in the appropriate semester

Withdrawals (grades of W) are not considered course completions.

PROGRESS: State Award semesters¹

Standards for First-Time to College Students Who are First-Time TAP Recipients and Enter College During or After Fall 2010

Standards for Students Who Entered College Prior to Fall 2010

¹Refers only to semesters for which a student has received state aid.

Noncredit remedial instruction (equated credits) can be counted toward a full-time academic load, but the number of credits in this chart refers to work completed toward the degree.

Financial Aid Ineligibility Waiver Policy

Students who are notified that they have lost eligibility for state financial aid for failure to meet pursuit and/or progress standards outlined on the accompanying chart may request a waiver. Only one waiver may be granted during the student’s entire undergraduate education. In addition, students who do not maintain a minimum semester grade point average of 2.00 (“C” average) beginning in their fifth TAP semester will lose eligibility for TAP as well as other state aid. A “C” average waiver may be granted if a student meets the following waiver application criteria.

Waiver applications will be considered by the Office of Academic Affairs if the student can document one of the following reasons for not having met minimum standards:

1. Illness or death in family
2. Personal illness
3. Personal problems
4. Financial problems
5. Family problems
6. Other extenuating circumstances (must be specified)

Waiver applications are available in the Office of Financial Aid. Completed applications must be accompanied by appropriate documentation, e.g., medical records, letters from community agencies or College officials.

Federal Awards

To be eligible for Title IV federal aid (Pell, FSEOG, CWSP, Direct Loans), students must meet the University’s criteria for good academic standing and maintain satisfactory progress toward a degree. The criteria for good academic standing and satisfactory progress toward a degree are outlined in this catalog in the Academic Policies and Procedures section under the heading Academic Standing. Students who fail to meet these criteria may, through the Academic Standing Committee, appeal for reinstatement to the University. If students are successful in their appeal for reinstatement, they must provide documentation to the Office of Financial Aid. All federal aid, will be reinstated following a successful appeal.

A particular course can count toward a degree only once. Students who repeat courses will be using up full‑time equivalent semesters without a corresponding incremental increase in credit accumulation. Therefore, students who frequently repeat courses risk falling below the standard. Students enrolled at the University must be making satisfactory progress before federal funds will be disbursed, whether or not aid was received for prior semesters. At the end of each semester, students are evaluated for financial aid eligibility for the following semester. Transfer students are assumed to be in good academic standing and making satisfactory progress during their first semester at the University. They will be evaluated for aid eligibility after completion of their first semester at Old Westbury. The academic records of readmitted students will be evaluated for financial aid eligibility based upon their previous cademic performance.

Federal Satisfactory Academic Progress:

Continued Financial Aid Eligibility for Part Time Students

Completion of courses and the number of earned credits is prorated accordingly for part‑time students receiving Aid for Part‑time Study awards.

Financial Aid Procedures for Withdrawals

Depending upon individual circumstances and the date that they withdraw from SUNY Old Westbury, students need to be aware of financial implications and take appropriate action. Specific items students need to be concerned about are as follows:

University Refund Policy - Tuition, fees, room, and meal plan charges are assessed over time each semester. Reductions in charges, or refunds if appropriate, will be processed automatically by the University based upon the date the student officially withdraws from the University. Students should have an understanding of college refund policy as it pertains to their situation. SUNY Old Westbury’s refund policy is printed in the Schedule of Classes each semester.

Federal Title IV Return of Federal Student Aid - Federal regulations require aid recipients to “earn” most of the aid they receive by staying enrolled in college at least half time. Students who withdraw prior to completing 60 percent of the semester for which they received federal student aid may be required to return some of the aid they were awarded. Federal regulation assumes that you used your Title IV student aid (e.g. Pell, Stafford or Perkins Loans) to pay your institutional charges - tuition, fees, residence hall room and board, and certain other institutional charges - whether you did or not. If you withdraw prior to completing 60 percent of the semester for which you were awarded aid, the unearned portion of that aid must be returned to the federal government.

SUNY Old Westbury will restore to the appropriate federal fund source its required share of institutional charges that you have paid. If the amount returned by the University is not enough to repay the entire amount that you haven’t “earned” by the length of your enrollment, you will be required to return portions of amounts that you received to pay for indirect expenses.

Amounts that must be returned to federal aid sources, whether by SUNY Old Westbury or by you, will first be applied to your federal loans. If you are entitled to a refund from SUNY Old Westbury of amounts you paid to cover institutional charges, any refund due you will first be applied to your obligation to return “unearned” aid before you receive money back.

This policy is based on 34 CFR, Section 668.22 of Title IV of the Higher Education Act of 1965, as amended. SUNY Old Westbury uses a recognized calculation procedure to abide by this regulation.

Official Withdrawals

Deferred aid is considered payment against charges and if sufficient, may hold courses which would otherwise be cancelled for nonpayment. You must formally withdraw if you do not plan to attend classes. Students must complete the official withdrawal process so as not to jeopardize their continued eligibility for financial aid. If you have any questions regarding the withdrawal process please contact the Office of the Registrar. Those students considering withdrawing are advised to consult with an advisor in the Office of Financial Aid.

• Student must complete the withdrawal process on-line at https://www.oldwestbury.edu/academics/registrar/withdrawals.
• Students who have received federal loans must schedule an exit interview with the Office of Financial Aid.
• The Office of Financial Aid calculates indirect costs according to 34 CFR, Section 668.22 of Title IV of the Higher Education Act of 1965, as amended and a recognized calculation procedure.