Government Grants

Federal Pell Grant

This is a grant provided by the federal government to matriculated students who meet the financial need requirements, are in good academic standing, and are making satisfactory academic progress.

Annual award range: $400 to $4,050, depending on enrollment status and federal funding for the program.

Note: Students pursuing a second associate's or bachelor's degree are not eligible to receive a Pell Grant.

Federal Supplemental Educational Opportunity Grant (SEOG)

This grant is awarded to students with exceptional financial need as determined to the financial aid office. Priority is given to Pell Grant recipients and students with the lowest eligibility index.

Annual award range: $200 to $1,000

Tuition Assistance Program (TAP)

Students must be New York state residents, enrolled full-time, and in good academic standing. The award is based on New York state net taxable income. Students must complete the FAFSA and TAP application forms that will be mailed to them after they have filed the FAFSA.

Annual award range: $100 to $5,000

New York State Aid For PART-TIME STUDY (APTS)

This program has the same eligibility criteria as TAP, but is for students enrolled for 4 to 11 credits. The APTS application is filed in the financial aid office.

Vaughn College Financial Grants

The board of trustees allocates funds to be used in awarding grant-in-aid assistance to new and continuing students. Grants are awarded to students who are matriculating on a full or part-time basis in bachelor and associate degree programs. Recipients are selected on the basis of their academic performance and financial need. Awards are designated for a specific academic year and are renewable each semester based on satisfactory academic performance and the availability of funds. Recipients must file the Free Application For Federal Student Aid (FAFSA).

Veteran's Educational Benefits

The GI Bill

Available to veterans with at least 181 days of continuous active duty service, any part of which occurred after January 31, 1955 and before January 1, 1977. Applications are available at the College, all Veteran's Affairs (VA) offices, active duty stations and American embassies.

Tuition Awards for Vietnam Veterans

Eligibility requirements:

1. Residency in New York state on the effective date of the law at the time of entry into service and resumption of residency by September 1, 1987.
2. Service in the US Armed Forces in Indochina between January 1, 1963 and May 7, 1975.
3. Discharge under other than dishonorable conditions.

   Full-time awards are for up to eight semesters for a four-year program or 10 semesters if a program that normally requires five years.
   Part-time awards are for students taking 6 to 11 credits per semester or the equivalent in an approved undergraduate program. Awards are available for 16 semesters (eight years) or 20 semesters (10 years) for programs normally requiring five years of full-time study.
   Amount: Full-time awards are $1,000 per semester, or tuition, whichever is less. The total award cannot exceed $10,000.

Persian Gulf Veterans Tuition Assistance Awards

Eligibility requirements are the same as above for veterans who have served in the US Armed Forces in the hostilities that occurred in the Persian Gulf beginning August 2, 1990.

Veterans Educational Assistance Program

Applications are available at Vaughn College, all VA offices and active duty stations. For more information and applications, please consult with Jean Rivera, the College's Veterans Affairs Liaison and Assistant to the Manager of Student Accounts at 866.6.VAUGHN, extension 150. Her e-mail address is jean.rivera.@vaughn.edu.

Self-Help Programs

Hope Scholarship

The Hope Scholarship provides a tax credit equal to 100 percent of the first $1,000, and 50 percent of the second $1,000 of qualified tuition and related expenses paid by the taxpayer (i.e., a maximum tax credit of $1,500).

This tax credit is available for each student for whom the taxpayer pays qualifying tuition and fees. A student may qualify for the tax credit on his or her own basis, but only if the student is independent and not listed as a dependent on another person's tax return. Only a taxpayer for whom the student is a dependent for tax purposes may take the tax credit. For more information, please consult with a financial aid counselor.

Student Loans Federal Family Education Loan (FFEL) Program - The Federal Stafford Subsidized Loan Program

This loan is for students who have demonstrated financial need. Applicants must be in attendance at least part-time (six credits); be in good academic standing and maintain satisfactory progress toward their degree. Amounts per year:

$2,625 for first year
$3,500 for second year
$5,500 for subsequent years

The federal government subsidizes these loans so the loans do not accumulate any interest until students begin repayment. Subsidized student loans are basically interest free loans backed by the federal government where interest does not accumulate until repayment begins.

A three-percent fee is deducted from the loan by the lender. A loan cannot exceed the cost of education minus the student's contribution and other financial aid. For first-time borrowers, the loan proceeds cannot be disbursed until 30 days after the first day of class. For loans disbursed after July 1, 1994, the interest rate is variable, but will not exceed 8.25 percent. For July 1, 2004 to June 30, 2005, the interest rate for loans in repayment was 3.37 percent. The interest rate is adjusted each year on July 1. You'll be notified of interest rate changes throughout the life of your loan. Loan repayment begins six months after the student is no longer in attendance, or if the student falls below six credits per semester. Borrowers may take up to 10 years to repay the loan.

Federal Stafford Unsubsidized Loan Program

Financial need does not have to be demonstrated for this loan. Interest accrues from disbursement of funds until the loan is paid in full. A borrower can choose either to pay the interest or allow it to accumulate until repayment begins. The government guarantees, but does not subsidize the interest with these loans.

Applicants must be in attendance at least part-time (six credits), be in good academic standing, and maintain satisfactory progress toward their degree.

Amount per year for dependent students: $2,625 for first year
$3,500 for second year
$5,500 for subsequent years

Amount per year for independent students: $6,625 for first year
$7,500 for second year
$10,500 for subsequent years

A three-percent fee is deducted from the loan by the lender. A loan cannot exceed the cost of education minus other financial aid. For first-time borrowers, the loan proceeds cannot be disbursed until 30 days after the first day of class

More information about subsidized and unsubsidized student loans can be found by visiting http://studentaid.ed.gov/students/publications/FYE/2004_2005/english/stafford-loans.htm.

Parent Loans

PLUS Loans are loans assumed by the parents, not the students. The parents must have an acceptable credit history in order to qualify for a PLUS loan. Friends or relatives may serve as co-signers or endorse PLUS loans.

The annual loan limit is the student's cost of education minus any financial aid received. Repayment begins within 60 days of final disbursement. So, plus loans may be taken out to cover any educational expense (including books, fees, room and board, travel, and other related expenses) not covered by other forms of financial aid.

For PLUS loans there is a variable interest rate with a nine-percent cap. In the 2004-2005 award year, the interest rate for PLUS loans in repayment was 4.17%. The rate is adjusted each year on July 1st and parents are notified in writing. A fee of three percent will be deducted from the loan. Applications are available at most lending institutions.

More information can be on PLUS loans may be accessed by visiting http://studentaid.ed.gov/students/publications/FYE/2004_2005/english/plus-loansparents.htm

College Work Study

Work opportunities may be offered to help offset personal expenses. Though on-campus employment is limited in availability, many students take advantage of work-study opportunities throughout the College community.

The first step in the financial aid process is filing the Free Application for Federal Student Aid (FAFSA) and the New York State Tuition Assistance Program (TAP) application, if you are a state resident. Applications should be filed as soon as possible since processing can take up to eight weeks.

Financial aid advisors are available to assist you in making the process as simple as possible. You may visit the financial aid office for help with completing forms or to develop a plan to help you pay for college.

For more information about any of Vaughn College's financial aid opportunities, or to schedule an appointment for an individual counseling session, please contact the Vaughn College Office of Financial Aid by calling 866.6VAUGHN, extension 118, or sending an e-mail to financialaid@vaughn.edu.

We look forward to hearing from you.

Melanie Williams
Director of Financial Aid