Financial Aid

What is financial aid?

Financial aid refers to any funds available to students and/or their parents to help compensate the cost of higher education. Funds come from federal, state, private, and institutional resources.

Who should apply for financial aid?

Any student needing assistance with the cost of higher education should apply for financial aid. Because not all federal aid is based on need, we encourage all students to file the Free Application for Federal Student Aid (FAFSA) regardless of family income.

When should I apply for financial aid?

You should apply for financial aid as soon as possible after January 1. We recommend that your income taxes are filed first before filing your FAFSA. To achieve the best financial aid package, you should complete and submit this information before April 1. You can file the FAFSA application online at www.fafsa.gov.

What is financial need?

Financial need is a formula the government uses to determine how much you should pay toward your own education. We start by adding all of your basic college costs, including tuition, fees, room and board, books, transportation, and personal expenses. We then subtract what you and your family can pay toward your basic costs (expected family contribution), this amount is calculated from your FAFSA form, and from this our office determines your financial need.

Who is eligible to receive financial aid?

Students who are accepted and registered for classes at Trocaire are eligible to receive financial aid. A student must be a U.S. citizen or eligible non-citizen. Also, a student must not be in default on a prior student loan, owe a repayment of aid to the U.S. Department of Education.

What is a financial aid package?

Trocaire's financial aid counselors put together a financial aid package for students. Most receive a combination of different types of aid rather than just one kind. Students may have a package that includes grants, loan money, and possible scholarships.

What forms are needed to apply for financial aid?

You must complete the Free Application for Federal Student Aid (FAFSA) online. The application is available at www.fafsa.gov. You will need to use the most current year's taxes and W-2's (i.e. if filing 2011-2012 FAFSA then you will use your and/or your parents 2010 taxes).

Do I have to apply for admission to Trocaire to be considered for financial aid?

Yes, you must apply for admission before the Financial Aid Office can consider your eligibility for financial aid, including scholarships. You can apply online at www.trocaire.edu or contact the Office of Admissions at 716.826.1200 ext. 2403 or ext. 2420.

What is Trocaire's federal school code to be entered on my FAFSA?

The federal code for Trocaire College is 002812.

What types of financial aid are covered by the FAFSA?

All forms of financial aid are covered, including Pell grants, supplemental grants, Direct Stafford loans, and work-study.

What other types of financial aid are available?

Other than federal aid, the most common sources of aid for Trocaire students comes from the New York State government and from the college itself. Awards come in the form of grants, scholarships, and loans. Typically, grants and scholarships are free money and do not need to be repaid. Loans have regular repayment schedules and usually do not need to be repaid until six (6) months after graduation or at the time of withdrawal from the college.

What types of scholarships are available at Trocaire?

There are a variety of scholarships available through Trocaire, including scholarships in the areas of academic excellence, degree programs, adult learner, female student, incoming freshmen, transfer student, ethnic, and financial need. A list is available online or in our Student Affairs Office. Once you complete your FAFSA, you will automatically be considered for all scholarships available at Trocaire.

How can I be declared an independent student?

For financial aid consideration, a student cannot be considered an independent student unless the student meets at least one of the criteria the federal government has established for determining what constitutes an independent student. Some examples are:

Born before January 1, 1987
Veteran of the U.S. Armed Forces
Married
Orphan or ward of the court
Have legal dependents other than a spouse

If you are estranged from your parents and this can be documented by an independent, professional third party (member of the clergy, social worker, counselor, etc.), please see a Trocaire financial aid counselor for assistance.

Is financial aid available for the summer?

Yes, if you are taking at least 6 credit hours. Please be aware if you are borrowing loans for the summer, they will subtract from how much you can borrow in the fall and spring semesters.

If I withdraw from school do I have to pay back my financial aid?

Students who withdraw from school may be expected to repay all or a portion of their financial aid. Any refundable amount used to pay tuition and fees is returned to the appropriate financial aid sources.

Are there payment options available to pay my college costs not covered by grants, scholarships or loans?

Any balance remaining after grants, scholarships and loans can be paid with cash, personal check, VISA or MasterCard. The college also offers a monthly payment plan, which divides the semester's balance into four manageable monthly payments through F.A.C.T.S. This option can be set up through Trocaire's billing office. In addition, many employers offer a tuition reimbursement benefit to qualified employees. Contact your employer to see if they participate in these benefits.

Is work-study is a form of financial aid?

This program provides jobs for students who need to supplement their earnings. Students are paid for work they perform at on-campus or off-campus jobs. Students who are eligible for the program must be enrolled at least half-time. More information about the work-study program and job openings is available in our Financial Aid Office.

How many hours per week can I work under the work-study program?

You can work usually between 5-10 hours per week. The hours can vary depending on placement and eligibility.

How do I obtain financial aid as a second year student?

If you were a previous loan borrower, you do not have to complete new promissory notes. However, the loan eligibility for the academic year has to be re-established. You begin the process by filing a renewal FAFSA after January 1 for the next academic year. This will be followed by a renewal TAP application. Through this process you will update your personal information and financial resources. The personal identification numbers (PIN) from the federal and state processors will remain the same and allow you to sign the applications electronically. Go to www.fafsa.gov to begin the renewal process.

Ability-to-Benefit

One of the criteria used to establish student eligibility in order to receive Title IV program assistance is that a student must have earned a high school diploma or its equivalent. Students who are not high school graduates (or who have not earned a General Education Development [GED] Certificate) can demonstrate that they have the "ability to benefit" from the education or training being offered by passing an approved ability-to-benefit (ATB) test.

Academic Year

A period of time schools use to measure a quantity of study. For example, a school's academic year may consist of a fall and spring semester during which a full-time undergraduate student must complete 24 semester hours. Academic years vary from school to school and even from education program to education program at the same school.

Accreditation

The school must have accreditation from an accrediting body recognized by the U.S. Department of Education to be eligible to participate in the administration of federal student aid programs. Accreditation means that the school meets certain minimum academic standards, as defined by the accrediting body.

Award Letter

An award letter from a school states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school.

Capitalized

With certain loans, such as subsidized FFEL Loans, the U.S. Department of Education pays the interest that accrues on those loans while the student is enrolled at least half-time and during periods of deferment. However, with subsidized loans in forbearance, unsubsidized loans or PLUS Loans, the student or the student's parents and graduate or professional degree students are responsible for paying the interest as it accrues on these loans. When the interest is not paid, it is capitalized or added to the principal balance, which increases the outstanding principal amount due on this loan. Interest that is capitalized and, therefore, has been added to the original amount of the loan subsequently accrues interest, adding an additional expense to the loan.

Cost of Attendance (COA)

The total amount it will cost you to go to school - usually expressed as a yearly figure. It's determined using rules established by law. The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, transportation, loan fees, and, if applicable, dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer. Costs related to a disability are also covered. The COA includes reasonable costs for eligible study-abroad programs as well. For students attending less than half-time, the COA includes tuition and fees and an allowance for books, supplies, transportation and dependent care expenses; but can also include room and board for up to three semesters or the equivalent at the institution, but no more than two of those semesters or the equivalent may be consecutive. Talk to the financial aid administrator at the school you're planning to attend if you have any unusual expenses that might affect your cost of attendance.

Default

Failure to repay a loan according to the terms agreed to when you signed a promissory note. For the FFEL and Direct Loan programs, default is more specific - it occurs if you fail to make a payment for 270 days if you repay monthly (or 330 days if your payments are due less frequently). The consequences of default are severe. Your school, the lender or agency that holds your loan, the state and the federal government may all take action to recover the money, including notifying national credit bureaus of your default. This may affect your credit rating for as long as seven years. For example, you might find it difficult to borrow money from a bank to buy a car or a house. In addition, the Internal Revenue Service can withhold your U.S. Individual income tax refund and apply it to the amount you owe, or the agency holding your loan might ask your employer to deduct payments from your paycheck. Also, you may be liable for loan collection expenses. If you return to school, you're not entitled to receive additional federal student financial aid. Legal action also might be taken against you. In many cases, default can be avoided by submitting a request for a deferment, forbearance, discharge or cancellation and by providing the required documentation.

Eligible Noncitizen

You must be one of the following to receive federal student aid: * U.S. Citizen * U.S. National (includes natives of American Samoa or Swain's Island) * U.S. Permanent resident who has an I-151, I-551, or I-551C (Permanent Resident Card) If you're not in one of these categories, you must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations: * "Refugee" * "Asylum Granted" * "Cuban-Haitian Entrant, Status Pending" * "Conditional Entrant" (Valid only if issued before April 1, 1980) * Victims of human trafficking, T-visa (T-2, T-3, or T-4, etc.) holder * "Parolee" (You must be paroled into the United States for at least one year and you must be able to provide evidence from the USCIS that you are in the United Stated for other than a temporary purpose and that you intend to become a U.S. Citizen or permanent resident.) If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you're not eligible for federal student financial aid. If you're in the United States on certain visas, including an F1 or F2 student visa, or a J1 or J2 exchange visitor visa, you're not eligible for federal student financial aid. Also, people with G series visas (pertaining to international organizations) are not eligible for federal student financial aid. For more information about other types of visas that are not acceptable, check with your school's financial aid office. Citizens and eligible noncitizens may receive loans from the FFEL Program at participating foreign schools. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau are eligible only for Federal Pell Grants, Federal Supplemental Education Opportunity Grants or Federal Work Study. These applicants should check with their schools' financial aid office for more information.

Eligible Program

A program of organized instruction or study that leads to an academic, professional or vocational degree or certificate, or other recognized educational credential. To receive federal student financial aid, you must be enrolled in an eligible program, with two exceptions: * If a school has told you that you must take certain course work to qualify for admission into one of its eligible programs, you can get a Stafford Loan for up to 12 consecutive months while you're completing that preparatory course work. You must be enrolled at least half-time, and you must meet the usual federal student financial aid eligibility requirements. * If you're enrolled at least half-time in a program to obtain a professional credential or certification required by a state for employment as an elementary or secondary school teacher, you can get a Federal Perkins Loan, Federal Work-Study, a Stafford Loan, or your parents can get a PLUS Loan, while you're enrolled in that program.

Expected Family Contribution

Your Expected Family Contribution (EFC) is the number that's used to determine your eligibility for federal student financial aid. This number results from the financial information you provided in your FAFSA application. Your EFC is reported to you on your Student Aid Report (SAR).

Financial Aid Package

The total amount of financial aid (federal and nonfederal) a student is offered by the school. The financial aid administrator at a postsecondary institution combines various forms of aid into a "package" to help meet a student's education costs. Using available resources to give each student the best possible package of aid is one of the aid administrator's major responsibilities. Because funds are often limited, an aid package might fall short of the amount a student needs to cover the full cost of attendance. Also, the amount of federal student aid in a package is affected by other sources of aid received (scholarships, state aid, etc.).

General Education Development (GED) Certificate

This is a certificate students receive if they've passed a specific, approved high school equivalency test. Students who have a GED may still qualify for federal student aid. A school that admits students without a high school diploma must make available a GED program in the vicinity of the school and must inform students about the program.

Guaranty Agency

The guaranty agency is an organization that administers the Federal Family Education Loan (FFEL) Program in your state. The agency is the best source of information on FFEL Loans. For the name, address and telephone number of the agency serving your state, you can contact the Federal Student Aid Information Center at 1-800-4-FED-AID.

Half-time

At schools measuring progress in credit hours and semesters, trimesters, or quarters, "half-time" is at least six semester hours or quarter hours per term for an undergraduate program. At a school measuring progress by credit hours but not using semesters, trimesters, or quarters, "half-time" is at least 12 semester hours or 18 quarter hours per year. At schools measuring progress by clock hours, "half-time" is at least 12 hours per week. Note that schools may choose to set higher minimums than these. You must be attending school at least half-time to be eligible for a Stafford Loan. Half-time enrollment is not a requirement to receive aid from the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Work-Study and Federal Perkins Loan programs.

National Student Loan Data System (NSLDS)

NSLDS is our database for federal student financial aid where you can find out about the aid you've received. If you've only just applied for aid, you won't find any information on NSLDS yet. NSLDS receives data from schools, guaranty agencies and U.S. Department of Education programs. The NSLDS Web site is generally available 24 hours a day, seven days a week. By using your PIN, you can get information on federal loan and Pell Grant amounts, outstanding balances, the status of your loans and disbursements made. You can access NSLDS at www.nslds.ed.gov.

Promissory Note

A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower. It's very important to read and save this document because you'll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances.

Regular Student

A regular student is one who is enrolled or accepted for enrollment at an institution for the purpose of obtaining a degree, certificate or other recognized education credential offered by that institution. Generally, to receive federal student financial aid from the programs discussed in this guide, you must be a regular student. There are exceptions to this requirement for some programs.

Satisfactory Academic Progress

To be eligible to receive federal student financial aid, you must meet and maintain your school's standards of satisfactory academic progress toward a degree, certificate or other recognized education credential offered by that institution. Generally, to receive federal student financial aid from the programs discussed in this guide, you must be a regular student. There are exceptions to this requirement for some programs.

Selective Service Registration

To receive federal student financial aid, if you are a male born on or after Jan. 1, 1960, are at least 18 years old, and are not currently on active duty in the U.S. Armed Forces, you must register, or arrange to register, with the Selective Service System. (Citizens of the Federated States or Micronesia, the Republic of the Marshall Islands or the Republic of Palau are exempt from registering.)

Student Aid Report

After you apply for federal student financial aid, you'll get your FAFSA results in an e-mail report within a few days after your FAFSA has been processed or by mail in a few weeks. This report is called a Student Aid Report or SAR. Your SAR details all the information you provided on your FAFSA. If there are no corrections or additional information you must provide, the SAR will contain your Expected Family Contribution (EFC), which is the number that's used to determine your eligibility for federal student aid. Whether you applied online or by paper, we will automatically send your data electronically to the schools you listed on your FAFSA.