The cost of financing a college education is an important consideration for students. The staff of the Student Financial Aid ofice is available to help students plan for the financing of a Canisius education. Students seeking federal financial assistance must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA may be obtained at the Student Financial Aid office.

General eligibility requirements
To be considered for student financial aid, a student must:

1. Study at least half-time at an educational institution approved by the federal government. It may be located in New York, in another state, or in a foreign country.
2. Be a U.S. citizen or permanent resident alien.
3. Be a resident of New York State for 12 months (for New York State financial aid programs).
4. Be in good academic standing and making satisfactory academic progress.
5. Have no outstanding debt from a previous student loan default and must not owe a refund on any federal grant at any institution.
6. Demonstrate compliance with applicable Selective Service laws.
7. Demonstrate financial need or meet individual program or scholarship requirements.

New York State Tuition Assistance Program
The Tuition Assistance Program (TAP) 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 $75 to $550 a year, based on the family's net taxable income from the previous year. To be eligible, students must be full-time matriculated students registered for a minimum of 12 credit hours per semester. Funding is contingent on state appropriations.

Education loans
A loan is money the student borrows. It must be paid back.

A loan is a serious obligation.

Students should borrow only what they need. Education loans are for tuition and fees, room and board, books, transportation and personal expenses.

An education loan cannot exceed the student's total educational costs minus other student financial aid and, if required, a family contribution. Education loans have lower interest rates than most other types of loans.

These are the loan programs administered by the New York State Higher Education Services Corporation:

• Federal Stafford Student Loans (subsidized)
• Federal Stafford Student Loans (unsubsidized)

The loan money is provided by banks, credit unions, savings and loan associations and pension funds in New York State.

Federal Stafford Student Loans
(Subsidized & Unsubsidized)
Federal Stafford Student Loans are available to undergraduate and graduate students with demonstrated financial need.

Graduate students are eligible to apply for a Federal Subsidized Stafford Loan of up to $8,500 per year. The subsidized loan aggregate total for graduate students is $65,500, including Federal Stafford loans borrowed for undergraduate study.

Graduate students may borrow up to an additional $10,000 per academic year through the Federal Unsubsidized Stafford Loan Program. Students are required to pay interest on this loan while they are in school.

How to Get a Loan: Three factors must be considered to determine Federal Stafford Loan eligibility: educational costs, other financial aid the student will receive and the expected family contribution as determined through an approved needs-analysis system. Therefore, all students must submit a Free Application for Federal Student Aid before the Student Financial Aid Office can process the Federal Stafford Loan application.

The school must report these figures to the lender and certify the student's enrollment status. Pre-printed Federal Stafford applications are the mailed to new student borrowers with instructions for submission. Previous borrowers may not be required to complete another loan application. They will simply be notified of eligibility.

Paying Back a Loan: The student is responsible for:

1. Repayment of the amount borrowed;
2. Interest on the amount borrowed;
3. Fees paid at the time he/she receives the loan check.

When a student gets a loan, the terms of repayment are explained. The student must be sure that he/she understands all repayment terms before signing the loan's promissory note. If the student fails to meet these terms, he/she is in default and the entire balance of the loan becomes due.

Costs: The interest rate for all Federal Stafford Loans on which the first disbursement is made on or after July l, 1994 (regardless of any previous loan history) will be the current variable rate. For subsidized loans, there are no interest payments while the student is in school and for six months afterwards. Students who borrow through the unsubsidized Federal Stafford Loan must begin to pay the interest while in school. Fees are 3% of the amount borrowed. The fees are due when the student is issued the check. The bank will reduce the check by the amount of the fees.

Financing options
The following options are available to assist students in financing a Canisius education:

1. Griffin Tuition Payment Plan: This plan allows students to budget tuition payments over a full year. An annual fee of $50 is charged. Further information is available at the Financial Aid office or the Student Accounts office.
2. Canisius College Installment Loan: Students who are unable to pay their bills in full by the due date may pay the balance in monthly payments by signing a 3-month/3-payment semesterly installment loan. Students wishing to sign for the Installment Loan program must do so by the due date on the tuition bill. All installment loans are subject to an administrative fee. This fee is determined by the amount of the outstanding balance due. Fees range from $25 to $195. Loan accounts are subject to a 5% penalty fee if the loan is not paid in full by the due date.
3. Home Equity Loan: The Tax Reform Act of 1986 may allow interest to be deductible if it is on a debt secured by a residence, up to the value of the residence (purchase price and improvements plus any amount incurred after August 16, 1986) for "qualified medical and educational expenses." This provision may allow homeowners to retain the option of subsidizing loans for their education by deducting interest payments on these loans.

Other information
Over-Awards: Each year a number of financial-aid recipients are "over-awarded." As a result, checks are withheld and, in some cases, students are billed for funds already disbursed. This problem arises because of the length of time needed to match funds from various institutional sources and/or outside agencies against the individual student's record. To avoid this problem, students are urged to notify the Student Financial Aid Office promptly when they receive additional funds from any source not listed in their award letters or when a student changes his/her enrollment status.

Financial aid check list
To be evaluated for possible financial aid, the student must submit the following forms each academic year:

1. Free Application for Federal Student Aid (FAFSA).This application is available in the Canisius College Student Financial Aid office.
2. If requested, Federal Income Tax 1040 Form for the previous calendar year and/or letter from Social Services, Social Security or Veterans Administration or other requested verification of income including child support. Item 2 should be returned to the Canisius College Student Financial Aid office. The FAFSA should be sent to the address on the application.

Students must re-apply for financial assistance each year.

Satisfactory academic standing
To receive student financial aid, a student must remain "in Good Academic Standing." This means that the student must: (1) make satisfactory academic progress toward the completion of his/her program requirements and (2) pursue the program of study in which he/she is enrolled. The two elements of program pursuit and satisfactory academic progress must be met for each term of study in which an award is received.

Satisfactory progress
A student must acquire a minimum number of credits at each semester interval and a minimum cumulative Q.P.A.

Students must meet the following satisfactory progress standards:

Graduate:

Before being certified for aid for this semester;	1st	2nd	3rd	4th	5th
A student must have accrued at least this many graded credits;	0	6	12	21	30
With at least this Cumulative Quality Point Average:*	0	2.25	2.50	2.75	2.90

*Based on the 4.0 grading system. See page 13 for the graduate Q.P.A grading system.

Program pursuit
A student must receive a passing or failing grade in a certain percentage of a full-time course load. The percentage increases from a 50 percent of the minimum full-time load in each semester of study in the first year for which an award is made, to 75 percent of the minimum full-time load in each term of study in the second year for which an award is made, to 100 percent of the minimum full-time load in each term of study in the third and each succeeding year for which an award is made. Grades of W (indicating a student's withdrawal from a course) do not satisfy program pursuit requirements. Full-time students must meet the following requirements for program pursuit:

Graduate:

Before being certified for aid for this semester;	1st	2nd	3rd	4th	5th
Minimum credit hours a student must have completed in the previous semester to meet Program Pursuit requirement:	0	6	6	9	9

Waivers
If a student fails to maintain program pursuit, fails to make satisfactory progress or fails to meet both of these elements of good standing, the college may grant a waiver which would allow the student to receive financial aid for the next semester. A maximum of one waiver at the undergraduate level and one at the graduate level may be awarded to a student. The waiver will not be automatic since it is intended to accommodate only extraordinary cases. Waiver policies are somewhat different for aid received under federal Title IV programs and aid received under New York State programs.

Federal programs
Each student's progress will be evaluated every semester. Students will be required to meet the academic standards as outlined in the college catalog.

However, Canisius College will allow "all students a one-time probationary period following their first adverse determination of satisfactory progress. During this probationary period, the students still will be considered to be maintaining satisfactory progress and are eligible for federal Title IV funds. The fact that a student was placed on probation must be made a part of his or her record." (Source: official Federal Regulations) A one-time probationary period is defined as one academic semester.

Students not meeting satisfactory academic progress or program pursuit requirements will be placed on financial aid probation status for the ensuing semester of the student's enrollment. Students will be allowed to retain their financial aid during the probationary semester. Financial aid suspension will occur following the semester of probation if the student fails to meet the required academic standards. Reinstatement of aid will occur when the minimum standards have again been earned. Students may use summer classes (at their own expense) to improve their academic records sufficiently to reinstate their eligibility for financial aid. Only courses taken at Canisius College will affect a student's Q.P.A.

The Federal Stafford Student Loans (subsidized and unsubsidized) are subject to the conditions described above.

New York State programs
A waiver will be granted if situations beyond a student's control prevent the student from maintaining satisfactory academic progress or program pursuit. These situations must be documented.

The waiver will be granted only when there is reasonable expectation that the student will be able to meet the successive steps for financial aid eligibility as specified in the table above. Reasons for which waivers may be granted include:

1. personal medical problems;
2. family medical problems;
3. severe personal problems;
4. other circumstances beyond the control of the student.

Any student wishing to request a waiver must submit to the associate dean of his/her division a written statement detailing the reasons why special consideration should be given. (A statement simply requesting a waiver is insufficient.) The written statement must be postmarked no later than ten calendar days after the date of the notice of loss of financial aid eligibility. Documentation supporting the stated reasons for special consideration must be provided and should be included with the written statement or should be forthcoming from appropriate third parties or agencies.

The student is responsible for requesting that all documentation be sent or brought to the associate dean.

Documentation should indicate that the student's problems have been directly responsible for his or her inability to meet the satisfactory progress and/or program pursuit requirements. The appropriate associate dean will review the student's written statement and supporting documentation. If additional information is needed, the associate dean may require an appointment with the student. A student will be informed of the associate dean's decision within seven calendar days of receipt of the student's written request. The associate dean will confer with any student being granted a waiver to assure that the student is fully aware of his/her situation and that the student concurs with the granting of the waiver. The associate dean's decision on the waiver request is final.