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Financial Aid

Who should apply for financial aid?

All applicants - first year, transfer and graduate - excluding international students. Even if you think you do not qualify, you should apply. You may even receive a small grant which can help defray some of your costs and the application is free!

St. Francis College requires you to complete the Free Application for Federal Student Aid (FAFSA) in order to receive federal and institutional aid. New York State residents must also complete a separate application for New York State TAP.

First Year

There is a lot to learn when navigating and applying for financial aid as a future first year student - but we are here to help. When you apply for financial aid at SFC, a counselor from our Office of Financial Aid will work closely with you to help you take full advantage of the resources available through merit and needs based scholarships, federal and state grants as well as loans. Here is a summary of your key steps along the way.

Step 1. Complete the FAFSA Form Online

Complete all required documentation for the Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov. The college code is 002820.

Step 2. Complete the online TAP application

If you are a New York State resident, you will be linked from the online FAFSA to the New York TAP application or you can access the application online at www.tapweb.org. The college TAP code is 0715.

Step 3. Expect your Student Aid Report (SAR)

If you provided an email address on your FAFSA, your SAR will be sent electronically within five days. Without an email address, a paper SAR will be mailed to you. Review the results for accuracy and make any corrections at https://studentaid.gov. If you provided the above codes on your FAFSA, your application will be electronically sent to the SFC Office for Financial Aid for review.

Step 4. Be responsive to our requests

We aim to work with you in a timely manner to get your personalized financial aid package to you as quickly as possible. Please keep a look out for any emails for mail from us and respond as quickly as you can so we can keep things on track.

Step 5. Complete Direct Loan Processes

If you plan to take out loans and have indicated so on your award letter, go to https://studentaid.gov. Students must complete entrance counseling and an e-MPN for Direct subsidized/unsubsidized loans. Parents must complete a credit check and an e-MPN in order to borrow a PLUS.

Step 6. You may be requested to verify

Your Free Application for Federal Student Aid (FAFSA) could be selected for review by the U.S. Department of Education in a process called “Verification”. This means St. Francis College must compare the information from your FAFSA, your Federal tax transcript, verification worksheet, and other financial documents. Learn more here.

TIP - Use the Financial Aid Self Service Tool

To better help our students, the Office of Financial Aid has introduced Self Service Financial Aid. Self-Service Financial Aid offers students a high level of freedom, flexibility and transparency. Check where you are in the financial aid process, learn about next steps required, and explore other important details. Learn more here.

Transfer

When you apply for financial aid at SFC, a counselor from our Office of Financial Aid will work closely with you to help you take full advantage of the resources available including merit and need based scholarships, federal and state grants as well as student loans.

Create your FAFSA ID

You will need to create your FAFSA ID in order to electronically sign and submit your FAFSA, as well as to make any needed corrections later. And if you are a dependent student, your parent will need his or her own FSA ID too.

File your FAFSA

2022-2023 financial aid applicants:

  • Transfer students can file the FAFSA beginning Oct. 1, 2021.
  • The FAFSA is a free application, so avoid online scams requesting payment.
  • Note: The 2022-2023 FAFSA references your 2020 taxes.
    • After filing your FAFSA, you will receive a Student Aid Report (SAR) created from the information you provided in the FAFSA. Your Expected Family Contribution (EFC) will be included in the SAR. St. Francis College then calculates your estimated Cost of Attendance (COA). Your EFC is subtracted from your COA to determine your eligibility for need-based financial aid. Please review your SAR for accuracy and make any necessary corrections online. Contact the U.S. Department of Education if you do not receive your SAR or have questions regarding your SAR.

Apply for Scholarships

All merit-based scholarships are determined at the point of admission. We will include a notification of your scholarship along with your acceptance letter. Need-based aid requires completion of the FAFSA.

Receive your financial aid offer

After all requested items needed for verification are processed by the Office of Financial Aid, you will receive a financial aid award letter. Your financial aid award letter will list your offered financial aid for the entire academic year (fall through spring or spring only). Offered financial aid awards are contingent upon full-time enrollment (12 credits for undergraduates) and are based on your academic level, estimated cost of attendance, and need as determined by the FAFSA. If your enrollment changes, we will prorate your financial aid awards through the 25th day of the semester.

Our primary method of communication is through mail and your SFC email address. As a new transfer student, we will mail you a copy of your financial aid award letter once your financial aid offer is determined.

Act on your transfer student financial aid awards

SFC encourages you to accept your financial aid as soon as possible. Accepting your aid after August 1o January 8th could delay your fall & spring semester disbursement.

If you and your parents are planning on accepting the Federal Loans, follow the student loan and parent plus loan instructions that where provided with your financial aid award letter. The loan process can take up to 2 weeks to complete. Be sure to plan ahead so your funds are disbursed in time for your fall semester.

If you are registered and not planning to attend SFC for any reason you should notify Office of Financial Aid in writing and also follow the college’s withdrawal process

Will my financial aid transfer to SFC?

Your aid does not "transfer" when you come to SFC, but as long as you add our federal school code (002820) to your FAFSA, we will determine your eligibility. The nature of your aid may change when you change schools. Here are some factors that affect how your financial aid is awarded at SFC:

  • Your aid must be re-awarded at the new school. SFC will make the award for an incoming transfer student based on the student's enrollment and the amount of federal and state aid that has already been used at the other school(s).
  • Federal Direct Loan annual limits are based on grade level. Transfer students' loans will be awarded based on the academic level that you have by factoring in any accepted transfer credits from a previous institution(s).
  • Aid does not transfer. SFC will award all transfer students based off of aid they will be eligible for at the time of awarding, factoring in the Expected Family Contribution, the Cost of Attendance, and the funds that the Office of Financial Aid has at the time of awarding.

When should I complete FAFSA?

FAFSA applications are available at https://studentaid.gov as of October 1st of each year for the upcoming academic year. There is not set deadline for filing a FAFSA to be sent to SFC. For transfer students starting in the spring, add our school code to the FAFSA as soon as you anticipate transferring here.

Do I have to complete FAFSA each year?

Yes, you must reapply by completing the https://studentaid.gov each year for the upcoming fall semester. The FAFSA is available as of October 1st each year.

What is financial aid verification?

Self-Service Financial AidYour Free Application for Federal Student Aid (FAFSA) could be selected for review by the U.S. Department of Education in a process called “Verification”. This means St. Francis College must compare the information from your FAFSA, your Federal tax transcript, verification worksheet, and other financial documents. Learn more here.

Tip - use the Financial Aid Self Service Tool

To better help our students, the Office of Financial Aid has introduced Self Service Financial Aid. Self-Service Financial Aid offers students a high level of freedom, flexibility and transparency. Check where you are in the financial aid process, learn about next steps required, and explore other important details. Learn more here.

Graduate

Embarking on a graduate education at the St. Francis College requires a financial investment. That's why we will make sure you have the help you need to finance your education.

The first step in the process is to apply for aid. In order to receive any federal financial aid, including student loans, you must complete the FAFSA. Remember that you should reapply for aid as early as possible every year you attend SFC.

How do I apply for financial aid as a graduate?

In order to receive federal aid, graduate students must complete a Free Application for Federal Student Aid (FAFSA) each year. You may complete the FAFSA online at www.fafsa.ed.gov.

How do I sign an electronic FAFSA form?

The FSA ID ― a username and password ― has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents.

Am I required to report parental/spousal info?

Students pursuing graduate level degrees are automatically deemed independent by the Department of Education. Therefore, parental information is not required when completing your FAFSA. If you are married, however, you must include your spouse’s information on the form.

How does FAFSA determine my financial aid package?

The FAFSA will be used to determine your Expected Family Contribution (EFC). Once your EFC is determined, SFC will apply any student loan eligibility.

Your actual cost is the amount that you will be expected to pay for your education through current income, loans and savings. This amount often exceeds your EFC, as it is assumed that as the primary beneficiaries, all students should be responsible for some portion of their educational costs. At SFC we prepare financial aid packages that cover the complete cost of tuition and fees by suggesting loans to cover the Student's Actual Cost. Students may choose to apply for these loans or decline them, in which case they agree to pay their costs through savings, or through our monthly payment program called tuition solutions.

Is there a FAFSA deadline for graduate students?

Each year’s form is available online for completion as early as October 1. If you wish to have financial aid funds applied to your semester charges we recommend that you complete the FAFSA form at least 4-6 weeks prior to the payment due date.

How long will my financial aid package take?

In most instances financial aid packages are mailed to graduate students 1-2 weeks after the FAFSA form is received, providing there are no processing issues with your application and the Department of Education Processing Center.

How much aid am I eligible to receive?

Eligible students (U.S. citizens or eligible non-citizens, enrolled in at half time, pursuing a degree, not in default on prior student loans) may receive up to $20,500 in the Federal Direct Unsubsidized Stafford loan. As of July 1, 2012, the Subsidized Federal Direct Stafford Loan is no longer available to Graduate Students.

If the student still has unmet need, they can apply for the Federal Direct Graduate PLUS loan. This loan is not subject to an annual federal limit. The loan is subject to a soft credit check, which means they will not be approved if the student is past due on other debt. They have the option to request $Max, or a specific amount. The school will calculate the Cost of Attendance (which includes direct costs and indirect costs such as estimates for rent and food, books, and travel). The Graduate PLUS loan can be offered for the difference between the cost of attendance less other aid.

Can federal loans be used for living expenses?

Cost of attendance includes non-direct costs such as living expenses. The amount if based on averages. Living expenses for students enrolled for less than full-time status will be prorated.

Are federal & state grants available to graduates?

Unfortunately, graduate students do not qualify for the Federal and State grants that are available to undergraduate students.

Are merit and need based aid available?

Unfortunately, graduate students typically do not qualify for merit and need based aid offered to undergraduate students. There are some scholarships available for graduates though - learn more here.

What is financial aid verification?

Your Free Application for Federal Student Aid (FAFSA) could be selected for review by the U.S. Department of Education in a process called “Verification”. This means St. Francis College must compare the information from your FAFSA, your Federal tax transcript, verification worksheet, and other financial documents. Learn more here.

Tip - use the Self Service Financial Aid Tool

To better help our students, the Office of Financial Aid has introduced Self Service Financial Aid. Self-Service Financial Aid offers students a high level of freedom, flexibility and transparency. Check where you are in the financial aid process, learn about next steps required, and explore other important details. Learn more here.

Further Resources

FinAid is the go-to guide for college financial aid, providing information on financial aid for college and tips on how to help ease the burden of college expenses. FinAid also provides a range of handy financial aid calculators for prepayment, repayment, comparisons, family contributions and many more.

Further information on aid and scholarships is available at: