Canisius College

• U.S. citizens or eligible non-citizens as determined by the criteria on the Free Application for Federal Student Aid.(FAFSA)
• Enrolled for a minimum of 6 credit hours in a semester.
• Matriculating toward a degree.
  All Federal Direct 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.
  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

1. Complete a Master Promissory Note (MPN)
   
   Select the green “Sign-in” button on the left and sign-in using your FAFSA Pin
   
   Select “Complete Master Promissory Note”
   
   Select “Subsidized/Unsubsidized”
   


2. Loan Entrance Counseling: First time student loan borrowers must complete loan entrance counseling in order to receive a loan.  (Previous student loan borrowers are not required to complete another entrance counseling session.)
   
   Select the green “Sign-in” button on the left and sign-in using your FAFSA Pin
   
   Select “Complete Entrance Counseling”

1. PLUS Loan (Parents & Graduate Level Students):  Please note that there are two steps in applying for a PLUS Loan (Application & Master Promissory Note).
   
   Select the green “Sign-in” button on the left and sign-in using your FAFSA Pin
   
   Select “Start PLUS Application Process”
   
   Select appropriate loan (Graduate or Parent PLUS) and complete the loan  application


2. If approved, please then complete the PLUS Loan Master Promissory Note

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 7.9%.  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, but parents may request a deferment of principal until the student graduates.  Parents who have no adverse credit history are eligible for Undergraduate PLUS loans.

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 - New York State now offers a part-time TAP Program for students who were first-time, full-time freshmen in 2007-2008 and beyond.  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 2011-12.

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.

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.  

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.

PRIVATE EDUCATION LOANS 

Students and families wishing to extend their payments beyond the school year may wish to consider a private education loan.  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.

We recommend the following alphabetical list of lenders for their quality service and issue resolution.   For details on how these lenders were selected, click here.  You should consider visiting these websites periodically as we are working in a changing market. All lenders are required to provide you with a copy of their Private Loan Application Disclosure form prior to disbursement of funds.  However, copies of these disclosures are available in the Financial Aid Office upon request. Keep in mind that you are free to choose any lender you wish without penalty or undue delay in processing.

ChaseSelect
For more information call 1-866-306-0868 or go to www.chaseselectloans.com. Click here for disclosure statement for undergraduates and graduates.

CitiAssist Private Loan
For more information call 1-800-STUDENT or www.studentloan.com/privatestudentloan. Click here for disclosure statement for undergraduates. Click here for disclosure statements for graduates.

NYHELPs (New York Higher Education Loan Program  http://www.hesc.org/NYHELPs  loan is available only to New York State residents. Disclosure statement available here.

PNC Solution Loan
For more information call 1-800-762-1001 or www.pnconcampus.com.  Click here to view disclosure statement for undergraduates. Click here to view disclosure statements for graduates.

Sallie Mae Smart Option Student Loan                                                                For more information contact Sallie Mae Pre-Approval at 1-888-272-5543 or click here. Click here to view disclosure statements.

Wells Fargo Collegiate Loan
For more information visit www.wellsfargo.com/student or call 1-800-658-3567.  Disclosure statement for undergraduates available here.  For graduates, click here.

Additional lenders may be obtained through their participation in HESC Marketplace at www.hescmarketplace.org.  Applicants may also research and select lenders on their own.  Canisius College will process applications for any lender chosen by the applicant.

PLEASE NOTE:  Effective 2/14/10, all alternative loan borrowers must submit a Self-Certification Form to the lender, in addition to the School Certification.  Most lenders will provide this form to borrowers.   However, a copy can be obtained here.