Financial Aid Basics

Grants and scholarships are forms of need or merit based financial aid that do not have to be repaid. Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. For general information on grants and scholarships, click here. For information on Villa’s grants and scholarships, including scholarships for academic excellence, transfer students, special talents, and more, click here.

Federal Pell Grants are available to students who do not already have a bachelor’s degree, have not depleted their lifetime Pell grant eligibility and who demonstrate high need. The eligibility for and amount a student may receive depends upon the student’s expected family contribution (EFC) which is determined from information provided on
the FAFSA.

A Federal Pell Grant, unlike a loan, does not have to be repaid. To qualify for a Pell grant, undergraduate students must demonstrate financial need and be making Satisfactory Academic Progress.

To determine eligibility, a student needs to file the FAFSA or FAFSA renewal each award year at www.studentaid.gov. The U.S. Department of Education uses a standard formula to evaluate the information reported on the FAFSA and the formula produces an Estimated Family Contribution (EFC). The EFC will determine if a student is eligible for a Pell Grant.

An FSEOG is for undergraduates with exceptional financial need-that is, students with the lowest estimated family contribution – and gives priority to students who receive Federal Pell Grants. FSEOG doesn’t have to be paid back.

To determine eligibility, a student needs to file the Free Application for Federal Student Aid (FAFSA) at www.studentaid.gov.

There is no guarantee every eligible student will be able to receive an FSEOG. Students at each school will be awarded these funds based on limited fund availability.

The New York State Tuition Assistance Program (TAP) helps eligible New York residents pay tuition at approved schools in New York State. TAP is a grant and it does not have to be paid back. To learn more about TAP, go to http://www.hesc.ny.gov/content.nsf/SFC/About_TAP

Undergraduate students enrolled in four-year programs may receive up to four years (eight payments) of assistance for full-time study.

Although an estimate of a student’s eligibility may be included on their award letter, NY State Higher Education Services Corporation (HESC) provides notification of the official award.

The federal school code for Villa Maria College is 002896. The New York State Tuition Assistance Program (TAP) application link can be found on the confirmation page after submitting the FAFSA. Students may also apply for TAP online at www.hesc.ny.gov/pay-for-college/apply-for-financial-aid/nys-tap.html. TAP codes are 2188 for 4 year programs and 2158 for 2 year programs.

Students in the Say Yes Buffalo program from the Buffalo Public School system, as well as all city charter schools, may be eligible for a Say Yes scholarship.  Say Yes scholarships will cover the remaining balance of a student’s tuition after state, federal, and/or institutional grants and scholarships have been applied. The award covers tuition only and does not include costs for room and board, or college, course, Achieve program, and other fees.

Villa Maria College provides Say Yes Tuition Scholarships to scholars in the Say Yes Buffalo Program from families with an income of less than $75,000.  Say Yes scholars from families whose income is more than $75,000 may receive the Say Yes Choice Grant. This grant offers up to $5,000 per year to eligible students. Choice Grants, when combined with state, federal, and institutional grants and scholarships, are not to exceed the cost of full-time tuition.

For more information on Say Yes at Villa, click here. 

The following websites provide some additional resources:

US Department of Veterans’ Affairs
New York State Division of Veterans’ Affairs (education section)
The United States Senate Committee on Veterans’ Affairs

The GI Bill ® website provides information about the many types of benefits available and will allow you to apply for veterans’ benefits online. Visit How To Apply For The GI Bill ® And Related Benefits | Veterans Affairs (va.gov) for more information.

Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods. For more information on subsidized loans, click here.

Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. For more information on unsubsidized loans, click here.

Parents can borrow a PLUS Loan to help pay their child’s education expenses if the student is a dependent undergraduate student enrolled at least half time in a eligible program and have done the FAFSA. The PLUS borrower must be the biological or adoptive parent or stepparent. The parent must also be a US citizen or eligible non-citizen and have a social security number. The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid the student receives. Eligible parent(s) can apply online at www.studentaid.gov.

Federal Loans are a type of financial aid that must be repaid with interest. Your financial aid awards may include
one or more of the loans listed below. Visit studentaid.gov/types/loans for more information.

The Federal Direct Subsidized Loan is a need-based loan which a student may qualify for based upon the
information provided on the FAFSA. Students must also be enrolled for at least six credits to be eligible. Interest
does not accumulate on the subsidized loan while the student is in school.

If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in
academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized
Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than
150 percent of the published length of your program. This is called your “maximum eligibility period.”
The Federal Direct Unsubsidized Loan is a non-need based loan. Student borrowers are responsible for all interest.
Students must complete the FAFSA and be enrolled for at least six credits to qualify.

Origination fees are subtracted at the time the loan is disbursed. Loans are disbursed in two payments. Upon
graduation, withdrawal or a change in enrollment status to less than half-time, students are required to participate
in an exit loan counseling session online or with a representative from the Financial Aid Office.

Repayment on student loans begins six months after graduation, upon termination of education or reduction of
course load below half-time.

The first step is to complete the FAFSA; click here to get started.

The FAFSA stands for Free Application for Federal Student Aid. Completion of the FAFSA may make you eligible to receive grants, loans or work study money Villa Maria College uses the FAFSA to provide its own financial aid and work study opportunities.

The FAFSA helps determine how much money a family is expected to contribute to a student’s college tuition.

It takes about 30 minutes to complete the FAFSA, can be done online and is free. For more information on FAFSA, click here.

In order to receive federal student aid, you must complete the FAFSA renewal for each upcoming year you intend to be enrolled.  Go to www.studentaid.gov to complete your renewal beginning October 1.

According to studentaid.gov, EFC stands for expected family contribution, is a measure of your family’s financial strength and is calculated according to a formula established by law. Your family’s taxed and untaxed income, assets and benefits (such as unemployment or Social Security) are all considered in the formula.

Villa Maria College’s school codes are as follows:
FAFSA: 002896
TAP (Associates): 2158
TAP (Bachelors): 2188

For the 2023-2024 school year, full-time tuition is $13,765/semester, and part-time tuition is $915/credit. For a complete list of all costs and fees associated with attending Villa Maria College, click here.

In 2022-2023 Villa students received an average of over $18,500 per student in federal, state, college, and other aid (excluding Parent PLUS or private loans).

A list of scholarship opportunities available to Villa Maria College students can be found here. Please note this list is not all inclusive, and you can learn more by speaking with one of Villa’s financial aid counselors.

Financial aid packages for students who reside outside of New York State are processed the same as in-state packages, with the exception of NY State TAP. Villa’s cost of attendance includes the cost of tuition (which is the same for in state and out of state residents), room and board, class, college and other fees, transportation, and personal expenses. The financial aid office personalizes each package to our students’ individualized need and/or academic merit. We use the FAFSA-generated Estimated Family Contribution to determine federal Title IV aid eligibility.

To be eligible for Title IV funding, students must be U.S. citizens or eligible permanent residents. However, international students may be eligible for merit-based scholarships or talent scholarships.

Work study job availability changes each semester. For the most up-to-date list, contact [email protected].

According to studentaid.gov, Direct Subsidized Loans have slightly better terms to help out students with financial need. For more information click here.

According to StudentAid.gov, the goal of entrance counseling is to help you understand what it means to take out a federal student loan.

According to StudentLoans.gov Exit Counseling provides important information to prepare you to repay your federal student loan(s).

If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program you must complete exit counseling each time you:

• Drop below half-time enrollment
• Graduate
• Leave school

Learn more about Exit Counseling here.

Return of Title IV Funds Policy

The Enhanced Tuition Awards (ETA) program provides tuition awards to students who are New York State residents attending a participating private college located in New York State. Recipients will receive $6,000 through a combination of their TAP award, ETA award and a match from their private college.

New York State’s Excelsior Scholarship promises free tuition for students at certain income levels.

Students whose households make less than $125,000 a year in adjusted, gross income may qualify. Students must meet the same residency requirements that are necessary to qualify for the Tuition Assistance Program.

Students who already have bachelor’s degrees do not qualify. Additionally, students with associate’s degrees are only eligible for the scholarship if they’re seeking a bachelor’s degree, not another associate’s degree.

Federal and state regulations require that institutions monitor the academic progress of students who receive federal or state financial aid. To maintain eligibility for federal, state and most types of institutional financial aid (including Say Yes Scholars), students must comply with Villa Maria College’s standards for Satisfactory Academic Progress (SAP). All Villa Maria undergraduate students will be evaluated for SAP at the end of each semester. All classes attempted (including transfer courses, incomplete coursework, failures and post drop/add week withdrawals) are assessed to measure completion towards a degree. Satisfactory Academic Progress standards for continued financial aid purposes may differ from Villa Maria’s Academic Probation and Warning Standards issued by the College’s Office of Academic Affairs.