Financial Aid and Educational Expenses

Financial aid is awarded on the basis of documented need. New York State residents have, in the past, had special eligibility for both scholarships and loans available through the New York State Higher Education Services Corporation Tuition Assistance and Stafford Loan programs. Continued availability of these funds is not guaranteed. Applicants admitted to the School of Dental Medicine will receive a packet of financial aid information describing the various sources of funding available in the early spring prior to matriculation. Also refer to the Financial Information section of the HSC Bulletin.

Financial aid for School of Dental Medicine students is divided into three basic categories: grants, loans and employment opportunities. Grants, which include scholarships, do not have to be repaid; loans carry some form of interest payment and must be paid back to the lender; employment opportunities afford the student the chance to earn money while attending school. Some financial aid programs are administered by the University, others by federal and state agencies to which the student applies directly. In all cases, a School of Dental Medicine student or applicant interested in applying for financial aid should first contact the Financial Aid Office for information and application materials. The Financial Aid Office is located in Rockland Hall, Room 115; the telephone number is 631-632-3027.

Inquiries concerning these and other sources of financial aid should be directed to the financial aid officer at the School of Dental Medicine;

Special-purpose scholarships are also available for health professionals through private foundations and governmental agencies to which the student must apply directly. A free scholarship search can be conducted via the internet web site: www.fastweb.com! Books and manuals on this subject are also available in public, college and high school libraries:
The purpose of the University's financial aid program is primarily to provide assistance to those students whose families cannot help them meet the cost of their education, and secondarily to ease the burden for those families more able to assist. For federal aid programs, graduate and professional students are classified as independent.

Aid from most of the programs discussed in the section below is awarded on the basis of financial need. Financial need is the difference between the cost of attendance as determined by the institution and the Expected Family Contribution (EFC) which is based on information provided by the student and his/her family on the FAFSA. The cost of attendance includes the cost of tuition and fees, room and board and allowance for books, supplies, transportation and personal expenses. Costs related to child care and/or a disability can also be included. The EFC is the amount the student and his/her family are expected to pay toward his/her education and is based on a formula established by Congress.

In addition to financial need and specific program eligibility, receipt of financial aid from the federal aid programs is based on the following conditions: being a U.S. citizen or eligible non-citizen; being a matriculated student; maintaining satisfactory academic progress; register with Selective Service, if required; and not being in default of educational loans or owing a refund to a state or federal financial aid program. Even in cases where the aid has already been awarded, it will be necessary to cancel the awards when the University is informed that the student does not meet one of these conditions.

The financial aid "package" is the term used to designate the total financial aid a student receives. For most School of Dental Medicine students, loans will be recommended in the package since they will be the primary source of aid used to meet educational expenses. For this reason it is critical for students to understand the terms and conditions of any loan program before applying since interest rates, deferments, and repayment obligations vary among the different loan programs. Students should also plan carefully their academic year expenses and resources to determine the amount of loan funds they will need.

Financial Aid Programs

Grants
Tuition Assistance Program (TAP)
TAP is available to New York State residents for attendance at accredited New York State campuses. This program provides tuition assistance for matriculated undergraduate and graduate students enrolled full time. TAP award amounts are based on New York State net taxable income. The awards range from $75 - $550 for graduates. Students can file for TAP by completing the Free Application for Federal Student Aid (FAFSA).

Tuition Waiver Grant for Disadvantaged Students (DW)
This program, funded by the State University of New York, provides up to a full waiver of tuition for students who qualify according to the current year EOP economic eligibility criteria and the Federal methodology of needs analysis. This is a need-based tuition waiver program available to New York State residents enrolled as full-time students in a State University first graduate or professional degree program. Medical and dental students have first priority for this award.

Awards range from $100 per semester to full tuition minus any amount received from the Tuition Assistance Program (TAP) or other award for tuition only. Funds for the program are limited. Students who provide documentation of previous enrollment in an EOP, SEEK or HEOP Program, as well as parental information on the Free Application for Federal Student Aid (FAFSA), and demonstrate low family income will be given preference when being considered for this program.

Regents Healthcare Scholarships
Scholarships are awarded to eligible students beginning or already enrolled in an approved New York State medical or dental school. One hundred scholarships are awarded in the amount of $10,000 per year. Eighty of the scholarships are awarded in medicine and twenty in dentistry. Awards are renewable for up to four years of study. No award shall exceed the actual cost of attendance and award recipients must agree to a service commitment upon completion of all professional training including an internship of residency. Priority is given first to any candidate who is both economically disadvantaged and a minority group member historically underrepresented in the profession; second priority is given to any candidate who is a minority group member historically underrepresented in the profession; third priority is given to any candidate who is a graduate of one of the sate sponsored opportunity programs: SEEK, College Discovery, EOP or HEOP. The State Education Dept., Bureau of HEOP/VTEA/ scholarships has responsibility for administering the scholarship competition and designating award winners. Application deadline is May 1. Application forms may be obtained from the Financial Aid Office at the School of Dental Medicine.

Veterans Administration Educational Benefits (VA)
Interested students should contact the Office of Student Affairs, 3rd floor, Administration, for assistance and information. Call (631) 632-6700 or 6701 for an appointment.

Programs available for veterans and their families are:

• Child of Veteran Awards
• The Montgomery G.I. Bill
• Survivors' and Dependents' Educational Assistance
• Post Vietnam-Era Veterans Educational Assistance Program (VEAP)
• Regents Awards for Children of Deceased or Disabled Veterans
• Vocational Rehabilitation for Disabled Veterans
• Vietnam Veterans Tuition Awards (VVTA)

Other New York State Programs

• Persian Gulf Veterans Tuition Award Supplement
• Vietnam Veterans Tuition Award Supplement
• Memorial Scholarships for Families of Deceased Police Officers and
• Firefighters Supplement
• Child of Deceased Correction Officer Award Supplement

Supplement
Applications are available from the New York State Higher Education Services Corporation by calling (518) 474-5642 or writing to the following address: NYSHESC, Division of Grants and Scholarships, 99 Washington Avenue, Albany, NY 12255.

Employment
Federal Work Study Program (FWS)
This is a federally-funded, part-time work program available to graduate and undergraduate students who demonstrate financial need. The amount of the award is based on the student's financial need, the availability of funds to the university, the number of hours that the student can work per week, and the current pay rate. The maximum number of work hours allowed is 20 per week during the academic year and 40 per week during the summer session, if the student is not attending summer classes. Federal Work Study rates range from $7.15to $14.93 per hour Application for Federal Work Study is made by completing the FAFSA.

Student Employment
Students not eligible for FWS funds can work on campus under the student employment program. The west campus office of financial aid and student employment maintains information on jobs available. Jobs are also announced in campus newspapers and on bulletin boards.

Loans
Health Professions Student Loan (HPSL)
This is a 5% interest loan available to health professions students who demonstrate exceptional need. Need is based on students who demonstrate exceptional need. Need is based on information provided by both the student and his or her parents on the FAFSA form. Applicants will not be considered for this loan if parental information is not provided. The amount of the loan is based on the availability of funds. Loan amount may not exceed the amount of tuition plus $2,500.

Federal Family Educational Loan Program (FFEL)
Loans for Students — Federal Stafford Loans
For student borrowers, the FFEL Program offers two types of Stafford Loans: subsidized and unsubsidized. Full or part-time matriculated graduate and undergraduate students are eligible to apply for this loan program. A subsidized loan is awarded on the basis of financial need. For the Subsidized Stafford Loan the federal government pays the interest on the loan while the student is enrolled in school and during authorized periods of deferment. Repayment of the loan (principal and interest) begins six months after the student graduates or ceases to be half-time.

An unsubsidized loan is not need-based and is, therefore, available to students who do not qualify for Federal Subsidized Stafford Loans or who may qualify for only a partial subsidized loan or students who wish to borrow in addition to the federal Subsidized Stafford Loans. For the Unsubsidized Stafford Loan the student borrower is responsible for paying the interest. The interest can be paid or capitalized (added to the principal). Repayment of the loan begins six months after the student graduates or ceases to be half-time. Please note: for loans disbursed prior to July 1, 1993 this may differ and the student borrower is advised to contact the lender to inquire about the proper deferments and repayment obligations.

The interest rate for new borrowers effective July 1, 2006, is 6.8% fixed. It is recommended that student borrow Stafford Loans from their previous lenders. Repayment of all or part of the loan may be made in advance without penalty. After graduation or ceasing to be at least a half-time student, the student borrower must make formal arrangements with the lending institution to begin repayment.

Students can receive a subsidized and an unsubsidized loan for the same enrollment period. The maximum annual loan amounts are: DDS Students- $38,500; Post-Graduate Students - $18,500. A maximum of $8,500 is allowed in the subsidized loan. Students, however, may not be able to borrow the maximum amounts since the amount of the loan is determined by the cost of attendance as determined by the institution minus any other financial aid. Cost of attendance includes tuition and fees, room and board, books, travel and allowance for personal expenses.

The total Federal Stafford Loan debt allowed for health professions graduate or professional study is $189,125 (maximum of $65,500 in subsidized loans). The graduate debt limit includes any Stafford loans received as an undergraduate.

Application to the Stafford loans is made by filing the FAFSA. It is strongly recommended that students apply by early spring for the following year. The University at Stony Brook certifies student loans electronically using NYSHESC as the guarantee agency. Loan funds are disbursed in two disbursements, one for the fall and one for the spring semester. There may be a charge, up to 3%, in origination fees depending on the lender selected by the student. The origination fee, if any, will be deducted by the lender from each check. Students need to be registered for the appropriate term before the loan checks are cleared for disbursements.

To complete an e-MPN for Stafford Loans use the following steps:

1. Go to http://www.hesc.com/bulletin.nsf
2. Click “Students, Families, & Counselors”
3. Click ”Complete the e-Mpn” box at the bottom of the screen
4. Click “Begin the Stafford Loan e-Mpn process”, then click “Go”
5. Read and thoroughly answer all questions.
6. Read and click on the acknowledgement box, then click on continue.
7. Select a lender from the Preferred Lender list provided.

If you completed a loan application after July 1, 1999, and are not changing lenders, you will not need to complete another MPN

Federal Family Educational Loan Program
Loans for Students - Grad Plus Loan
The Grad Plus loan is a new student loan created by the US Department of Education, effective July 1, 2006.This loan is offered to you after you have exhausted the annual maximum on the Stafford loans. You can borrow up to your budget. To be considered for the Grad Plus Loan, you must complete and submit the  Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA. Eligibility requirements include that you must be enrolled in a full or half-time matriculated graduate or post graduate program; be a US citizen or eligible non-citizen, with a valid social security number; not be in default on any education loan or owe a refund on an education grant; and must pass a credit review. The interest rate is 8.5% fixed.

To complete an e-MPN for Grad Plus Loans please follow these steps:

1. Go to http://www.hesc.com/bulletin.nsf
2. Click “Students, Families, & Counselors””Complete the e-Mpn” box at the bottom of the screen
3. Click “Begin the Graduate/Professional Plus Loan e-Mpn process”, then click “Go”
4. Read and click on the acknowledgement box, then click on continue.
5. Select a lender from the Preferred Lender list provided

What to do after you are awarded a Financial Aid Package:
Once you have been awarded a financial aid package you should review the School of Dental Medicine Financial Aid Guide to help you understand the awards being offered to you, what you need to do now and what happens next. It also provides information on specific financial aid programs you may have been awarded, terms and conditions regarding your awards, financial aid eligibility and costs, and financial aid disbursements and refunds.