Canisius College administers a number of financial aid programs from the federal, state and institutional sectors. You should file the Free Application for Federal Student Aid (FAFSA) by the recommended deadline date of February 15 to be considered for these awards. Most are awarded on the basis of financial need.
Canisius College Programs
Federal Programs
State programs
Out-of-State Student Grant Program
Student Employment
Alternative Financing
Canisius College Programs
Canisius College Grant - Canisius College grants comprise the largest of our institutional aid programs. Grants are awarded on the basis of financial need and are renewable provided the family situation and income level remain the same. Canisius College grants may provide assistance to those who have financial need that cannot be met by federal or state programs. To apply for this grant, you must file the Free Application for Federal Student Aid.
Federal Programs
Federal Pell Grant - All full-time and part-time (taking at least three credit hours per semester) matriculating students should apply for the Pell Grant. Grants range from $890 to $4,731 per year, depending upon need and federal appropriations. The FAFSA is used to determine eligibility.
Federal Supplemental Educational Opportunity Grant (FSEOG) - The Federal Supplemental Educational Opportunity Grant (FSEOG) may be awarded to matriculating full-time or part-time (six hours per semester) undergraduate students with high financial need. Priority is given to students who receive Federal Pell Grants. Awards range from $200 to $1,000 per academic year at Canisius College. The FAFSA is used to determine eligibility.
Federal Academic Competitiveness Grant (ACG) - The Academic Competitiveness Grant (ACG) is a federally funded program based upon financial need and academic performance. Students must file a FAFSA annually to be considered. First year undergraduates who began no earlier than the 2006-2007 academic year may be eligible for an ACG grant of $750 for the first year. Recipients must be U.S. citizens, Pell eligible and enrolled full-time time. Eligible students must also meet criteria of rigorous study in high school as determined by the Offices of Admissions and Financial Aid and federal guidelines. To receive the award of $1,300 for the second year of study, students must maintain a 3.0 GPA.
National Science and Mathematics Access to Retain Talent (SMART) Grant - The National Science and Mathematics Access to Retain Talent Grant (SMART) is a grant funded by the federal government to encourage students in the science and mathematics fields. Full-time, Pell eligible U.S. citizens in their third and fourth year of study in specific majors may be eligible. Students must file a FAFSA annually to be considered. A GPA of 3.0 must be earned and maintained to receive this award of $4,000 for each of the junior and senior years.
Federal Perkins Loan - This federally funded program is based upon need. It may be awarded to matriculating full-time or part-time students (six hours per semester). There is no interest charge while enrolled. Repayment of the loan at an annual interest rate of five percent per year begins nine months after the student graduates or ceases to be enrolled at least half time. The FAFSA is used to determine eligibility.
Federal Subsidized Stafford Loan Program - This low interest loan program is made available through banks, savings and loan associations and credit unions. The maximum loan eligibility per academic year is as follows:
| 1st year | $3,500 | |
| 2nd year | $4,500 | |
| 3rd year | $5,500 | |
| 4th year | $5,500 | |
| 5th year | $5,500 |
All Federal Stafford Loan applicants must complete the FAFSA to determine eligibility for the loan. The student will be evaluated for the loan based upon the most current federal regulations.
A 2% origination/default fee may be deducted from the full value of each student loan prior to disbursement. Repayment of this loan begins six months after the student graduates or ceases to be enrolled at least half-time.
The interest rate is fixed for all new loans disbursed after July 1, 2006. The new interest rate is based on the 91-Day T-Bill rate plus 1.7 percent. The interest rate cannot exceed 8.25 percent. Currently the annual interest charge for loans in repayment is 6 percent.
Federal Unsubsidized Stafford Loan - This student loan is identical to the terms and conditions of the Federal Subsidized Stafford Loan (i.e.origination fee, etc.) except that the borrower is required to pay interest while in school. Currently, the interest rate is 6.8%. The FAFSA is required to determine eligibility. Eligibility for the subsidized loan is determined first. If the student does not qualify for the subsidized loan, he/she will then qualify for all or a partial amount of the unsubsidized loan.
Federal Work Study - see our Student Employment section below.
Federal Parent Loan for Undergraduate Student (FPLUS) - see below section on Alternative Financing.
State programs
Tuition Assistance Program (TAP) - This is a state-funded program for New York State residents. It may be used only at approved post-secondary institutions within New York State. Grants range from $500 to $5,000 based upon the family's previous year's NYS net taxable income. Families with combined net taxable incomes up to $80,000 may qualify. There is no academic competition for the award. Students must be full-time and matriculating to be eligible for TAP*.
*However, certain students with disabilities may qualify for TAP as part-time students. Contact New York State Higher Education Services Corporation at www.hesc.com, for more information.
Aid for Part Time Study (APTS) - APTS grants are awarded on an individual basis, depending upon State allocations, other aid awarded and tuition costs. Students must reapply annually. Awards cannot exceed $1,000 per semester or tuition, whichever is less. This grant, in conjunction with other duplicative benefits, cannot exceed tuition. Institutional need-based aid, such as Canisius College Grants and Federal Supplemental Educational Opportunity Grants, are not considered duplicative benefits. Students must complete an APTS application in order to be considered. Applications are available in the Financial Aid Office.
Part-Time TAP - For the 2008-2009 academic year, New York State is offering a part-time TAP Program for students who were first-time, full-time freshmen in 2007-2008. Students should complete the FAFSA and TAP applications to be evaluated for eligibility. In addition to the general eligibility requirements listed above, students must have earned 12 credit hours or more in each of the two consecutive preceding semesters, for a minimum of 24 credits earned. Recipients must also be registered for 6 – 11 credit hours for consideration.
Merit Scholarships for Academic Excellence - Merit scholarships provide financial aid for four years to full-time students in approved programs at schools located in New York State only. Scholarships range from $500 to $1,500 annually. Winners are selected and notified by the state.
Higher Educational Opportunity Program (HEOP) - This is a grant program funded by New York State for academically and economically disadvantaged students attending private institutions. The Canisius Opportunity Program for Education (COPE) Office administers and supervises this program in conjunction with the Admissions and Financial Aid Offices. Click here to learn more.
NYS Math and Science Teaching Incentive Scholarship – This is a scholarship program funded by New York State to encourage students to become secondary educators in the mathematics and science fields. Approximately 500 scholarships will be offered each year. Recipients may receive an annual award not to exceed $4,350 per year, in exchange for a commitment to teach in New York State for 5 years. Application information is available here.
Out-of-State Student Grant Program
We recognize that most non-New York State residents lose the ability to use their in-state grant by enrolling at Canisius College. Through the Canisius College Out-of-State Grant Program, we will award an institutional grant to new, full-time, out-of-state students who enroll for the academic year 2008-2009.
Those students residing in states whose grant programs are portable to New York State are not eligible. The Canisius College Out-of-State Grant Program is not an out-of-state matching grant program.
Program Specifics:
The Office of Student Financial Aid will calculate for out-of-state students (with the exception of those students residing in states whose grant programs are portable to New York State) institutional state grants using the same methodology as if they were New York State residents. This program grant will be awarded in addition to any merit or need-based money received from the College. The combination of the out-of-state grant award and other Canisius College grants/scholarships will not exceed the full-time tuition charge.
To download an Adobe Acrobat version of the calculation form, click here.
To download an Excel version, click here.
Student Employment
The Financial Aid Office administers and coordinates employment programs such as the Federal Work-Study Program and Griffin Employment. The Federal Work-Study Program is partially funded by the federal government and is subject to federal regulation. The Griffin Employment Program provides employment opportunities for students who are ineligible for the Federal Work-Study Program. Both full-time and part-time students (taking at least 6 credit hours) are eligible to apply for these programs. Preference will be given to full-time students.
Whenever possible, students are placed in positions consistent with their vocational goals. Student employees usually work 10 hours per week during the academic year and may work up to 40 hours per week during vacations and semester breaks.
Federal Work-Study students are allotted and earn a certain amount of money each semester. Students are paid biweekly. Once students have earned the amount of their allocation, they are terminated from their jobs and are unable to continue college employment without clearance from the Office of Financial Aid.
Participants in the Federal Work-Study Program are primarily employed on campus. However, there are opportunities for students to work in off-campus community service positions. Students in both programs work as administrative, research, clerical and laboratory assistants or in a variety of other positions, which require them to assume responsibility and learn to work independently. They gain work experience and provide valuable services to Canisius.
Alternative Financing
Financing a private college education is one of the most important investments of your lifetime. While we encourage all incoming freshmen to apply for federal, state and Canisius College aid, not everyone is eligible to receive aid from all of these programs. Canisius College has a variety of loans and payment plans available for those families who need to supplement their aid award or finance a portion of their educational expenses.
Some of the programs described here are designed to help you spread the annual costs over the academic year, allowing you to budget from your monthly income. Other programs involve low-interest borrowing alternatives to spread costs over a longer period. We encourage you to research various lending institutions to find the one best suited to your needs. The Financial Aid Office will be happy to process any loan application submitted.
Selection of suggested lenders is based upon on interaction with lender Customer Service personnel and information from lender interviews, print materials, and internet postings that demonstrate the best rates and benefits for our students.
Quality customer service allows students to manage their debt in the future. It also means timely response to calls from our staff, allowing loan issues to come to a quick resolution.
While many loan products offer interest rate reductions, principal reductions, or cash back in exchange for signing up for auto-debit or account manager, or for reaching a specified number of on-time payments, it is estimated that only 10-20% of students actually achieve and maintain those benefits. Considering all aspects of a lender’s quality, we will strive to feature lenders with the most easily attainable benefits and those that do not forfeit those benefits by consolidating with another lender.
Here is a brief list of lending options you may wish to consider as you begin your research:
Canisius College Payment Plan Options
Griffin Tuition Payment Plan
The Griffin Tuition Payment Plan is a Canisius College sponsored program which provides students and parents with the opportunity to budget their out-of-pocket educational costs over the academic year. For an annual fee of $60, (charged semi-annually), parents may choose a monthly payment amount which will allow them to spread their costs (less financial aid for which the student may be eligible) from August through May, with no additional interest charge. More information and application forms are available from the Office of Student Accounts at (716) 888-2801.
Canisius College Installment Payment Plan
Students who are unable to pay their bills in full by the due date may pay the balance in monthly payments by signing a Two-Payment Installment Plan per semester. Students wishing to sign up for the Installment Plan program must do so by the due date on the tuition bill. All Installment Plans are subject to a $30 administrative fee. Accounts are subject to a five percent penalty fee if the plan is not paid in full by the due date. Notes for students under the age of 18 must be co-signed by a parent or legal guardian. The Office of Student Accounts will advise students when a co-signer is required.
LOANS
Students and families wishing to extend their payments beyond the school year have several loan options. It is your responsibility to research these options and to find the one best suited to your needs. Be sure to review interest rates, fees and special features. Be aware that each lender performs its own credit check and multiple checks can have an adverse effect on your credit score. You should opt for a loan that has no prepayment penalty and is deferred until graduation. Most importantly, borrow conservatively.
Federal Loan Financing Option
Federal Undergraduate PLUS Loan
The Federal Undergraduate PLUS Loan is available to assist dependent undergraduate students by allowing their parent(s) to borrow for their educational expenses.
To be eligible, a student must be a U.S. citizen or permanent resident alien and must be registered for at least six credit hours per semester. Pre-approval applications for this loan program are available in the Financial Aid Office. Borrowers may select a lender from a variety of banks and credit unions. The application is completed and submitted to the Financial Aid Office.
Parent(s) may borrow up to the difference between the cost of attendance and all other financial aid per child. Currently, the annual interest charge is 8.5%. The interest rate is calculated annually based upon a 91-day-T-bill plus 3.1%. (The interest rate cannot exceed 9%.) A 4% origination/default fee is deducted from the loan check when it is disbursed. Repayment of this loan plus interest begins 60 days after the loan is disbursed. The minimum repayment is $50 per month and must be repaid within 10 years depending on the amount. Parents who have no adverse credit history are eligible for Undergraduate PLUS loans.
Private Education Loan Options
Many lending institutions offer lending options for families who need an alternative to the federal loan programs. Interest rates, benefits and fees vary greatly among these institutions. It is your responsibility to research and choose the option best suited to your needs. Below you will find a list of lenders we have found to be reputable and customer service-conscious. You may wish to begin your research with these:
College Loan Corporation
For more information call College Loan Corp. at 1-888-972-0852 or www.collegeloan.com
Signature Student Loan (AMS)
For more information call Signature Pre-Approval at 1-888-272-5543 or www.salliemae.com/signature
Wachovia Education Loan
For more information, call 1-877-689-0763 or visit www.wachovia.com/education