Financial Aid and Student Records works with students to explore all federal and state funding options available. Financial aid consists of grants, loans, scholarships and part-time employment.
Basic responsibility for financing higher education rests with students and their families; assistance from federal/state/institutional resources is offered to help families finance their student’s education.
How to Apply for Financial Aid
Students applying for financial assistance must file a Free Application for Federal Student Aid (FAFSA) each year. The FAFSA is the standard application for federal and institutional aid. Students must file online. New York state residents should also complete a NYS Student Aid Payment Application upon completion of the FAFSA. The link is provided on the FAFSA confirmation page. If missed, students can complete and sign an application online with New York State Higher Education Services Corporation (HESC). Students apply for most forms of financial assistance listed in this publication by completing these applications and submitting any other documentation that is requested to the school or HESC. Please note that an initial and separate application is required for the NYS Excelsior Scholarship Program and the NYS STEM Incentive Program. Refer to the HESC website for more program information as well as application dates and deadlines. More detailed information about Binghamton’s financial aid process, types of aid, guidelines, etc. is available on the Financial Aid website.
Recommended FAFSA Filing Dates
It is recommended that returning students (this means all students other than newly admitted students) who wish to be considered for financial aid administered by the University complete and submit their FAFSA by March 1 for the fall semester and November 15 for the spring semester. FAFSAs can still be submitted after these dates but must be received before the last day of the student’s enrollment during that aid year in order to be eligible for federal aid. (Note: it can take up to one week from the date of filing for this office to receive a FAFSA from the Department of Education.) Campus-based funding is limited and awarded on a first-come, first-served basis. Priority is given to students who file by the recommended filing date, and who demonstrate the greatest financial need and highest academic achievement.
Information Required to Determine Eligibility for Financial Aid
Sometimes students are required to provide additional information to verify the accuracy of their application. In most cases, a financial aid offer will be made without all of the required documentation having been received. However, no funds will be disbursed to the student’s account until all requirements (i.e., verification documents, tax return information, etc.) are received and the student’s application has been verified based on the documention. Students are notified via their official Binghamton University email address if additional information is needed or if there was a change in eligibility (revision) based on the documents submitted and information verified.
A delay should be expected in the processing of a financial aid application if:
- the FAFSA is not signed, not completed correctly, or not filed in a timely manner
- the requested documents are not received before the deadline provided
- the requested documents submitted are incomplete or illegible
If a student fails to submit the required documentation by the deadline provided, all financial aid offers will be rescinded.
Eligibility Criteria
To receive federal/state-funded financial aid, students must meet general eligibility criteria established by the federal government/state agency and coordinated through Financial Aid and Student Records. Applicants must be matriculated students who are U.S. citizens or eligible noncitizens; not be in default on any student loans or owe a refund on a federal grant; and making satisfactory academic progress. Visit the Academic Progress website for more information. In some cases, as noted below, part-time students may receive federal and/or state aid. Non-matriculated students may be eligible for federally-funded loans during a one-time, 12-consecutive-month period, if taking approved prerequisite coursework only. Some aid programs, as noted, are restricted to undergraduate students.
Additional Funding Needs
Summer or Winter Session(s): Attending Summer and/or Winter Session is often a way to accelerate one’s degree. Limited financial aid sources are available for matriculated, Binghamton University undergraduate and graduate students in good academic standing attending Summer Session. Students enrolled part time (6 credits for undergraduate students; 3 credits for graduate students) may be eligible for Federal Direct Student Loans, Federal PLUS Loans, Private Loans*, and New York State Tuition Assistance Program (TAP) grants (more TAP details below). Pell eligible, undergraduate students can get funding during the summer, in addition to receiving it for fall and spring, if enrolled. Note: financial aid is not available for the winter session.
*Private Loans may be available to students registered for less than six (6) credits based on individual lender policies.
Education Abroad: Federal, state, and institutional grants and loans may be used to cover studyabroad charges for Binghamton University or another SUNY-approved program during the summer, fall or spring semesters.
Responsibilities of Financial Aid Recipients
Financial aid recipients are expected to complete the FAFSA application process annually by the recommended filing dates noted, and to submit required documentation in a timely manner. Students must meet requirements for measuring satisfactory academic progress (SAP) toward a degree. (See Satisfactory Academic Progress section below for further information.) Students are obligated to report receipt of any additional outside resources, such as scholarships, grants or loans, to the Financial Aid and Student Records office.
Adjustments to Aid Offers
Federal, state or institutional financial aid is an offer based on full-time enrollment and analysis of the information provided on the FAFSA and/or reports of financial assistance received on behalf of the student from another agency or group. The University reserves the right to make adjustments to financial aid offers due to unusual family circumstances, changes in enrollment or residency, income verification or failure to provide required documentation. See the Appeals webpage for specifics about special circumstances and appeals.
The University further reserves the right to make proportionate adjustments in campus administered financial aid if federal or state funding to the University changes and/or if more students accept their aid packages than anticipated. Students who do not meet the requirements determined by the University are required to repay any financial aid funds they have received.
Students who withdraw from the University before the end of an academic term may be required to repay a portion of their financial aid.
Since the aid is an offer, it may be adjusted at a later date due to one or more of the following reasons:
- changes in funding
- incomplete application
- corrections made to information on the FAFSA
- financial aid or scholarships received from outside sources exceed level of need or cost of attendance
- substantial change in family’s financial situation
- change in enrollment status (i.e., full-time to part-time)
- withdrawal during the tuition refund period or during the semester
- results from federal verification that change eligibility
- resident assistants (RAs) that receive room and/or board credit
- enrollment in courses that exceed or do not fulfill graduation requirements
- change in residency (state residency or housing status)
- notification of federal loan or grant overpayment
- subsequent knowledge of loan default status
- failure to meet satisfactory academic progress guidelines
- failure to meet eligibility requirements
- applicable National Collegiate Athletics Association (NCAA) guidelines
- retaking of a passed course (if more than once)
- change in student’s year in college level
- Graduate tuition scholarships not previously considered (i.e., tuition waivers, assistantships, etc.)
Should there be a revision to an initial offer, notification will be sent to the student’s Binghamton University email address.
Additional Terms and Conditions
- To be considered for financial aid, students must file a new FAFSA each academic year. A financial aid offer reflects the amount of funds available for the current academic year. Aid offers may differ each year based on FAFSA information, availability of funds and grade level of the eligible student.
- Financial aid offer notifications are sent via email to all students. Students are instructed to go online to Binghamton University’s portal, and login to BU BRAIN Self Service, Financial Aid tab, Awards section, to view their offer, print the SUNY Financial Aid Plan, and accept/decline student loans.
- Most components of a financial aid offer are credited by semester to a student’s account. If financial aid exceeds the student’s semester charges, a refund is issued.
- An offer that includes an estimated New York state TAP Grant award or Excelsior Scholarship is an approximation of eligibility based on information provided on the FAFSA. Students are required to complete and sign a NYS Student Aid Payment Application and/or Excelsior Scholarship application with New York State Higher Education Services Corporation (HESC) before an actual award is determined. An actual award may differ from the estimated award, depending on documented information provided by the applicant to the state agency and verification of income.
- Any scholarship received is considered a resource and may affect eligibility for other funding sources, including tuition-specific scholarships.
- A Federal Work Study (FWS) award does not guarantee a job, and does not credit a student’s account. Funding must be earned by securing a job.
- Once employed, a student participating in FWS receives a bi-weekly paycheck based on the number of hours worked in a given pay period, up to the FWS award amount.
- If there are unusual family circumstances (such as loss of employment, separation/divorce, or high medical expenses), students may file an appeal based on special circumstances. Appeals are used to determine federal financial aid adjustments only.
- Graduate students may apply for graduate assistantships or fellowships through their respective academic departments. In most cases, the assistantship also includes a tuition scholarship. If the student should receive a tuition scholarship, it means that the tuition is paid by the department for a specific number of credit hours.
- Graduate assistants will receive funding based on the contract agreement with the Graduate School. This offer may be withdrawn after the first two weeks of the term, depending upon availability of positions. A graduate student who is offered a Graduate Federal Work Study (GFWS) Assistantship receives his or her assignment from the Graduate School. However, a GFWS award does not guarantee a job.
- Financial Aid and Student Records is notified of students receiving tuition scholarships by the Graduate School and/or academic departments. If notified after a financial aid offer is calculated, the offer must be adjusted so that the student is not over-awarded. A revision email notice will be sent to the student.
- Students are required to notify the Financial Aid and Student Records office of any scholarship received (even if the scholarship is given directly to the student).
- All financial aid resources must be used for educational expenses only.
How a University Withdrawal Affects Federal Aid Eligibility
The University is required to review a student’s record if they withdraw from the University and receive federal financial aid in order to calculate* the amount of aid that a student has earned. Future aid eligibility may be impacted (see Satisfactory Academic Progress section).
Therefore, it is extremely important that prior to withdrawing, students consult with the Financial Aid and Student Records office.
*The formula used to calculate the percentage of federal aid earned due to a withdrawal: Number of calendar days in attendance during the term = percentage of aid earned divided by the number of calendar days in the term.
Per federal regulations, once a student has attended more than 60 percent of the term, the student is considered to have earned 100 percent of their aid and no adjustment to aid is needed. If the student has attended less than 60 percent of the term, any “unearned” federal aid must be returned to the federal government. Students will be notified within 30 days of the date their withdrawal was processed and if any federal aid must be returned to the Department of Education.
State Financial Aid
The following are state aid programs administered by Higher Education Services Corporation (HESC) and the New York State Education Department:
- The Excelsior Scholarship
- Tuition Assistance Program (TAP)
- Regents Awards for Children of Deceased and Disabled Veterans Memorial Scholarship for Families of Deceased Firefighters, Volunteer Firefighters, Police Officers, Peace Officers and Emergency Medical Service Workers
- Veterans Tuition Awards
- World Trade Center Memorial Scholarship
- NYS Scholarship for Academic Excellence
- Robert C. Byrd Honors Scholarship Program
- Aid for Part-time Study Program
- Part-time Tuition Assistance Program (Part-time TAP)
- NYS STEM Incentive Program
- Masters in Education Teacher Incentive Scholarship
- NYS Math and Science Teaching Incentive Scholarship
- Senator Patricia K. McGee Nursing Faculty Scholarship
To be eligible for the above-listed programs, students must meet the following requirements:
- Meet one of the United States citizenship requirements.
- Students that do not meet the citizenship requirement may receive NY state aid through the Dream Act.
- Meet New York state residency requirements (except for World Trade Center Memorial Scholarship Recipients).
- Enroll as a full-time student (except for awards designated above as part-time); courses that do not count towards a student’s degree also do not count for determining enrollment status.
- Be enrolled in a degree program.
- Must have a declared major if a student has 56 or more accumulated credits.
- Meet the good academic standing, academic progress, and program pursuit requirements listed below.
- Must have a U.S. high school diploma or the recognized equivalent.
- All New York State Aid recipients with any of the funds listed below must meet the conditions of academic progress and program pursuit outlined in the links to continue receiving state financial assistance.
- Tuition Assistance Program (TAP) Satisfactory Academic Progress
- Additional Requirements for New York State TAP Grant, Excelsior Scholarship and STEM Scholarship
- To find further information about eligibility requirements, visit the HESC webpage
Grants
Federal Pell Grants
Pell Grants are available to help full-time or part-time matriculated undergraduate students pay for their educational expenses. Only students with the highest financial need as determined by the FAFSA, are eligible for these grants. In 2023-24, Federal Pell Grants range from $767 to $7,395 for full-time enrollment and are based on financial need and enrollment, which is frozen the day after the add/drop deadline each semester. This is referred to as the Pell Grant Recalculation Date (PRD).
Federal Supplemental Educational Opportunity Grants (SEOG)
SEOG grants provide assistance to matriculated, Pell eligible undergraduate students with “exceptional need.” Financial Aid and Student Records is responsible for selecting eligible students and determining the amount of the award based on need and funds available. The maximum SEOG award is $500 per aid year.
Educational Opportunity Program (EOP) Grants
Grants are awarded to students admitted/enrolled in the Educational Opportunity Program (EOP) and are based on financial need. For 2023-24, these New York state grants range from $1,400 to $4,200
NYS Tuition Assistance Program (TAP)
To qualify for NYS aid funding, a NYS TAP Payment application must be completed each year. TAP provides grants to full-time, matriculated undergraduate students, which range from $500 to $5,665 in 2023-24. Limits for minimum and maximum awards for future years are determined by action of the New York State Legislature. Applicants must be New York state residents and U.S. citizens or eligible non-citizens*; be matriculated and enrolled full time in a degree program; meet income criteria; and be making satisfactory academic progress. Students may receive TAP funding for up to eight semesters of study as an undergraduate. TAP is not available to graduate students.
*Students that do not meet the citizenship requirement may receive NY State Aid through the Dream Act.
NYS Part-Time TAP
Part-Time TAP may be available for matriculated students taking 6 to 11 credits.
NYS Excelsior Scholarship
The Excelsior Scholarship, in combination with other financial aid programs, allows students to attend tuition-free. Excelsior is a last dollar award and is reduced by any award that can be applied towards tuition.
NYS STEM Incentive Program
The NYS Science, Technology, Engineering and Mathematics (STEM) Incentive Program provides tuition awards to students who are New York State residents attending a public degree-granting college or university located in New York State. Recipients must be in the top 10 percent of students of their high school graduating class, pursue an approved, two or four-year STEM degree program, and agree to live in NYS and work in a STEM field in NYS for five years after graduation. See the NYS Scholarships website for more information (https://www.binghamton.edu/financial-aid/types-of-aid/nysaid/nysscholarships.html)
NYS Aid for Part-Time Study (APTS)
APTS is an undergraduate grant program financed by New York state and awarded by the Financial Aid and Student Records office. The program provides aid to eligible, part-time undergraduate students to help pay tuition expenses up to $1,000 per semester.
To be considered for an award, students must be matriculated; enrolled in 3-11 credit hours; maintain satisfactory academic progress; be residents of New York state; be either U.S. citizens or eligible non-citizens; meet the income limits; not be in default of a federal student loan; and have not exhausted Tuition Assistance Program (TAP) eligibility. Students must submit an application by the deadline listed on the application. Applications are available in the Financial Aid and Student Records office and online beginning July 1.
Additional NYS grants, scholarships and awards
State University of New York Empire State Diversity Honors Scholarship Program
The University participates in the SUNY Diversity Honors Scholarship Program, which provides assistance to undergraduates who are residents of New York state, have demonstrated high academic achievement, and who will reflect the diversity of the student body. Awards for 2023-24 are $1,000; awards for future years are determined by action of the New York State Legislature. No application is required.
Loans
Loans are financial aid awards that must be repaid. They are funded through federal or private sources. Students can use an online calculator to determine payments, or a loan simulator to determine repayment options.
Federal Perkins Loans
The Perkins Loan Program ended on September 30, 2017. Therefore, no funding is available.
Federal Nursing Loans
To be considered for a Nursing Loan, undergraduate or graduate students must be accepted for admission or enrolled at least half-time in the Decker School of Nursing. The amount of this loan is based on financial need and 2023-24 amounts range from $5,460 to $8,588 per academic year.
No interest is charged while an Undergraduate student is enrolled in at least 6 credits or while an Graduate student is enrolled in at least 3 credits. Interest is a fixed rate of 5 percent and repayment begins nine months after the student leaves school, with a maximum of 10 years to repay.
Federal Direct Subsidized Loans
The Federal Direct Subsidized Loan is a need-based program that allows eligible freshmen to borrow federal loan funds up to $3,500 per academic year; sophomores up to $4,500; juniors and seniors up to $5,500. The federal government pays the interest while the student is in school; therefore, the borrower is not responsible any interest while in school and during the six-month grace period after graduation. Undergraduate students must be enrolled in at least 6 credits; Graduate students must be enrolled in at least 3 credits. Loans are generally repaid over a ten-year period, but other repayment plan options are available. Interest is a fixed rate and an origination fee is automatically deducted from the loan before it is disbursed. Congressional action is required to determine interest rates and fees each year.
Federal Direct Unsubsidized Loans
The Federal Direct Unsubsidized Loan is available to students who may not qualify for a Federal Direct Subsidized Loan, or who may qualify for only a partial Direct Subsidized Loan. Students must be enrolled in at least 6 credits. The borrower is responsible for the interest that accrues while in school and during the six-month grace period after graduation. Interest is a fixed rate and an origination fee is automatically deducted from the loan before it is disbursed.
Congressional action is required to determine interest rates and fees each year. The combined loan total (both subsidized and unsubsidized) may not exceed the federally set annual limits: freshmen, $5,500; sophomores, $6,500; juniors and seniors, $7,500; and graduate students, $20,500 (unsubsidized only). Students in the PharmD program, Clinical Psychology PhD program or MPH program are eligible for up to $33,000 (unsubsidized only). Additional funding is available through this program for independent undergraduate students and dependent students whose Parent PLUS Loans have been denied.
Federal Direct Graduate PLUS Loans
Federal Direct Graduate PLUS Loans are available to eligible graduate and professional students enrolled in at least 3 credits. A separate application is required and is contingent upon credit approval. These loans are part of the Federal Direct Loan Program, whereby federal funds are borrowed directly from the Department of Education. Students may borrow up to the cost of attendance minus other estimated financial assistance each academic year. Interest is a fixed rate and an origination fee is automatically deducted from the loan before it is disbursed. Congressional action is required to determine interest rates and fees each year. Borrowers may choose to enroll in a repayment plan within 60 days after final disbursement of the loan for that academic year or defer payment until 6 months after the student graduates or falls below half-time enrollment. Note: Interest does accrue during periods of deferment.
Parent Loan for Undergraduate Students (PLUS)
Federal Direct Parent PLUS Loans are available to parents and stepparents of undergraduate students enrolled in at least 6 credits. A separate application is required and is contingent upon credit approval. These loans are part of the Federal Direct Loan Program, whereby federal funds are borrowed directly from the Department of Education. Parents may borrow up to the cost of attendance, minus other aid, per academic year for each matriculated, dependent student enrolled in at least 6 credits. Interest is a fixed rate and an origination fee is automatically deducted from the loan before it is disbursed. Congressional action is required to determine interest rates and fees each year. Parent PLUS borrowers may choose to begin repayment within 60 days after final disbursement of the loan for that academic year or defer payments until 6 months after the student graduates or falls below 6 credits. Note: interest accrues during the periods of deferment.
Private Education Loans
Many lenders offer a variety of credit and/or collateral-based loans that students and/or parents may apply for. Private Education Loans are for educational purposes only. Once approved by the lender, Financial Aid and Student Records will be sent an electronic or paper request to certify the loan. Certification is based on eligibility criteria such as enrollment and academic progress verification, and is limited to the cost of attendance minus other financial aid received, including federal loans. Lenders offer a variety of terms and repayment options. Please note that the interest rates may be variable or fixed and may be higher than federally-funded loans.
Students/families are encouraged to take advantage of all federal loan options first and research private education loans thoroughly before borrowing.
Short-Term Uncollateralized Emergency Loans
Short-term loans are available to students and are provided by the Binghamton University Foundation.
Federal Work Study (FWS)
This need-based program provides funding to pay students for on- or off-campus employment and provides an opportunity to help defray college expenses and offers meaningful work experiences. Off-campus jobs are with area employers, contributing to the local business community. FWS is offered to eligible students new to the University, on a first-come, firstserved basis. FWS is also offered to eligible continuing students who held a FWS job in the previous academic year. An offer of FWS does not guarantee placement in a FWS job. Most graduate FWS awards are in the form of assistantships and must be applied for through the University’s Graduate School. Students employed through FWS work an average of ten (10) hours per week.
Student Employment
Regardless of financial need, students may find information about part-time on- and off-campus employment on the Student Employment website. In addition, you can review job listings on the hireBING by Handshake website. Many students find jobs in a variety of offices and departments on campus, as well as at various community businesses.
Studying away from Campus
On a limited basis, Binghamton University permits the use of financial aid for studying away from campus (taking coursework at another institution). Approvals are based on specific criteria - i.e., required coursework not offered at Binghamton University; hardship; special circumstances, etc. For more information, visit the financial aid office for details.
Satisfactory Academic Progress (SAP) and Federal Financial Aid
Federal regulations require that students meet specific standards that include both qualitative (grade point average) and quantitative (coursework completed - i.e., attempted vs. earned and within the maximum time frame) measures of satisfactory academic progress (SAP) to receive Title IV student financial assistance - i.e., Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study (FWS), Federal Direct Loans [subsidized, unsubsidized, PLUS]. Students must meet these standards whether or not they received Title IV funding during a prior period of enrollment. Students who fall below the minimum standards at the end of a term may be eligible for Title IV financial aid in the following term and will be considered in “Federal Warning” for one semester only. Students are expected to meet SAP requirements in subsequent terms or they will lose Title IV eligibility.
SAP Review: Academic records are reviewed at the end of each semester, including summer, to determine SAP eligibility for the following semester. The academic progress of students readmitted to the University is reviewed at the time of readmission. Students who have lost federal aid eligibility and believe that a correction of an error, a grade change or the recording of summer courses and grades will re-establish eligibility for federal aid, must have the necessary changes reflected on their academic record (transcript) in order to be considered eligible for aid for that semester. Any changes processed subsequent to the end of the semester (within the aid year) will not entitle the student to retroactive reinstatement of federal aid for that semester unless exceptional circumstances have been approved by the appropriate school official.
Appeals: Students who fail to meet the minimum standards may appeal the loss of aid if there are extraordinary or unusual circumstances beyond their control that resulted in their failure to meet the standards. Documentation of these circumstances is required as part of the appeal review process. An assessment of the student’s academic situation, and ability to regain Satisfactory Academic Progress by the end of the appeal period are part of this process.
Satisfactory Acacemic Progress (SAP) for NYS Aid
New York State aid’s good academic standing consists of satisfactory academic progress and pursuit of program. Satisfactory progress is a measure of the student’s achievement, of earning credits toward a degree or certificate with a specified grade point average. Pursuit of program is the amount of credits completed in each semester. Binghamton University determines whether a student is in good academic standing based on a standard of satisfactory academic progress after each semester. See the Academic Progress for TAP website for more details (https://www.binghamton.edu/financial-aid/academic-progress/ny-sap.html)
|