Aid Programs

Ithaca College Scholarships and Grants

Ithaca College need-based scholarships and grants are available only to physical therapy and occupational therapy students. Students must apply annually to the financial aid office before March 1.

All recipients must demonstrate financial need, which is determined by using information from the Department of Education via the Free Application for Federal Student Aid (FAFSA). Other criteria, such as academic performance or promise, special talents, or other characteristics that Ithaca College deems of value, are considered for the Ithaca College scholarship program only. The FAFSA is due by March 1.

http://www.fafsa.gov

Graduate business majors are automatically considered for any available non-need-based Ithaca College M.B.A. scholarships and need not submit the FAFSA to be considered for non-need based awards.

Federal Programs

Detailed information on Federal Direct Loans may be found at http://www.studentloans.gov.

Federal Direct Loans -- Unsubsidized

Application Procedures

Ithaca College processes applications electronically. First-time borrowers are required to accept an offer of a Direct Loan via HomerConnect. In addition, new borrowers are required to complete a Master Promissory Note (MPN), which is valid for 10 years. Repeat borrowers who have used the Master Promissory Note need not complete another promissory note. New borrowers must complete Entrance Counseling, a tool designed to educate borrowers of the rights and responsibilities of a federal loan borrower.

Selection of Recipients and Allocation of Awards

The federal Direct loan program is an entitlement program in which all eligible applicants can obtain a loan. To be eligible for this loan, a student must:

  1. be a U.S. citizen or permanent resident alien;
  2. be enrolled at least half-time or accepted for enrollment in a degree, certificate, or other program leading to a recognized credential; or
  3. be enrolled in a course of study necessary for enrollment in a degree or certificate program, approved college, university, or other postsecondary institution in the U.S. or a foreign country;
  4. not be in default or refund status for any federal Title IV program at any institution;
  5. be determined to be eligible or ineligible for a Pell grant;
  6. if applicable, be registered with the Selective Service;
  7. have a Social Security number; and
  8. meet any other requirements as outlined by federal law or regulation.

There is a loan origination fee that will be deducted from the amount borrowed prior to disbursement. Direct loans first disbursed between October 1, 2015 and September 30, 2016 will have a 1.068% origination fee applied to the gross disbursement. Direct loans first disbursed between October 1, 2016 and September 30, 2017 will have a 1.069% origination fee applied to the gross disbursement.

At Ithaca College funds may not be disbursed until after the drop/add period has passed. Loan proceeds are made in two disbursements, regardless of the loan period. Funds must be disbursed by electronic fund transfer (EFT), which allows the funds to be deposited directly into the student's bursar account.

Loan Schedule

A graduate student may borrow an annual maximum of $20,500.

Responsibilities of Borrowers

The student must continue to maintain satisfactory academic progress. The interest rate is a fixed rate of 5.31% for loans that are first disbursed between July 1, 2016 and June 30, 2017. Repayment begins six months after the student ceases to be enrolled at least half-time.

Various deferments allowing postponement of repayment are available depending on when the student received the first loan. For first-time borrowers on or after July 1, 1993, periods of deferment are limited to those who are:

  1. in school at least half-time;
  2. on graduate fellowships or rehabilitation training;
  3. unemployed; or
  4. in economic hardship.

Students should contact the lender for specific information.

If a student applies for more than one loan, subsequent applications must be made to the lending institution where the original loan was made.

Upon ceasing to be at least a half-time student, the borrower must make formal arrangements with the lending institution to begin repayment. The following regulations apply:

  1. Income-sensitive, graduated-payment, and income-contingent plans are available to assist borrowers in meeting repayment obligations. Under unusual and extenuating circumstances, the lender, on request, may permit other payment arrangements.
  2. The standard repayment period is 10 years.
  3. Repayment in whole or part may be made any time without penalty.
  4. Loans may be consolidated, resulting in longer repayment terms and smaller monthly payments.

Federal Direct PLUS Loan for Graduate Students

Application Procedures

Ithaca College processes applications electronically. A credit check is required. Borrowers interested in Direct PLUS loans for graduate students must complete a PLUS loan request on StudentLoans.gov. Borrowers will receive an instant credit decision from the US Department of Education; Ithaca College will be notified of the completed request within 72 hours. Credit approved PLUS loans will be added to student’s financial aid as applicable. The student is also required to complete a Master Promissory Note. Repeat borrowers who have used the Master Promissory Note need not complete another promissory note.

Selection of Recipients and Allocation of Awards

A borrower must be a graduate student. Student eligibility criteria are comparable to those for federal direct student loans, and the student must complete a Free Application for Federal Student Aid (FAFSA). An origination fee of 4.272 percent will be deducted from the loan amount for PLUS loans first disbursed between October 1, 2015 and September 30, 2016 and an origination fee of 4.276 percent will be deducted for PLUS loans first disbursed between October 1, 2016 and September 30, 2017.

Loan Schedule

The maximum of the Graduate PLUS loan is the total cost of attendance, minus other financial aid.

Responsibilities of Borrowers

The student must continue to maintain satisfactory academic progress. A credit check is required. Loan funds are disbursed electronically to the student's billing account. The interest rate is a fixed rate of 6.31% for loans that are first disbursed between July 1, 2016 and June 30, 2017. Standard repayment begins 60 days after the loan is fully disbursed.

Federal Work-Study Program (FWS)

The federal work-study program provides employment opportunities for students.

Selection of Recipients and Allocation of Awards

The applicant must:

  • be a U.S. citizen or eligible noncitizen;
  • be enrolled in an undergraduate, graduate, or first-professional program as a matriculated student at an institution participating in the federal campus-based programs;
  • not be in default or refund status for any federal Title IV aid at any institution;
  • if applicable, be registered with the Selective Service; and
  • demonstrate financial need as determined by the Free Application for Federal Student Aid (FAFSA).

Award Schedule

The College arranges jobs, on or off campus, with either public or not-for-profit agencies. Students are encouraged to seek positions in community service areas. Factors considered by the financial aid office in determining whether, and for how many hours, students may work under this program include financial need, class schedule, academic progress, and health status.

The level of salary for FWS positions must be at least the minimum wage. The maximum salary allowed depends on the nature of the job and the student's qualifications.

Veterans Administration Benefits

Educational Assistance (GI Bill)

Forms, information, and assistance in applying for benefits are available at all VA offices. Applicants approved for benefits by the Veterans Administration must process papers through the Ithaca College Registrar's office.

Current benefit rates may be obtained by writing to the New York State Division of Veterans Affairs, Veterans Counseling Center, 423 West State St, Ithaca, NY 14850, or by calling 607-272-1084. .

Vocational Rehabilitation

This program is for disabled World War II, Korean conflict, post-Korean conflict, Vietnam era, and certain peacetime veterans. Detailed information is available from regional VA offices.

Survivors and Dependents Education

This program is for children, spouses, and other survivors of veterans whose death or permanent total disabilities were service-connected, and for spouses and children of service persons missing in action or prisoners of war.

Refund Procedure

Students attending Ithaca College who are receiving federal Title IV financial aid (e.g., Federal Direct or Perkins loans) are required to return the portion of unearned aid if they withdraw, do not register, or otherwise fail to complete the period of enrollment for which the Title IV aid was provided. The return of funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged. The last date of attendance is determined by the date the student began the College's withdrawal process, the student's last date of recorded attendance, or the midpoint of the semester for a student who leaves without notifying the College.

To determine the percentage of aid earned, divide the number of calendar days completed by the total calendar days in the enrollment period (excluding scheduled breaks of five days or more AND days that the student is on approved leave of absence).

Federal financial aid is returned to the program from which it was disbursed based on the percentage of unearned aid. To determine the percentage of unearned aid, subtract the percentage of aid earned from 100. The percentage of unearned aid is then multiplied by the amount of aid disbursed toward allowable institutional charges (e.g., tuition and room and board if living on campus).

A refund schedule of tuition, room and board charges based on a 15-week semester is provided below.

1st week100%
2nd week85%
3rd week70%
4th week60%
5th week50%
6th week40%
7th week30%
8th week15%
9th week0%

Please note that the above refund policy applies to students who are not federal aid recipients. It also applies to the return of institutional aid. In the case of any student for whom it is determined that a return must be made to programs based on prorated charges, those funds will be returned in the following order: unsubsidized Federal Direct Loan, subsidized Federal Direct Loan, Federal Perkins loan, Federal Direct PLUS, Federal Pell grant, FSEOG funds, and other Title IV aid programs. Finally, if no institutional, state, or private financial aid refund is required, a refund will be made to the student.

When institutional aid is required to be returned, it will be done in the following order: W.G. Egbert Grant,  Founder's Grant, Ithaca Grant, merit-based scholarships, endowed/restricted scholarships, and other institutional aid programs.

More detailed information, including examples of refund and repayment calculations, is available on the  student financial services website.

Special Considerations

Students who take a leave of absence, withdraw, or are on a continuation leave and are also Title IV aid recipients should be aware of the following:

  • The grace period for federal loans (Perkins, Subsidized, or Unsubsidized) begins from the student's last date of attendance as determined by the College. A student who is on an approved leave of absence will be considered to be in school for purposes of repayment of federal loans. Should the student not return from an approved leave of absence, the last date of attendance will be considered the date the approved leave of absence began.
  • When a student withdraws from the College, the last date of attendance will be determined as outlined above.
  • A student who is provided a continuation leave will be reported as withdrawn, since federal regulations do not allow for the period of study to be interrupted for more than 180 days, excluding standard periods of non-enrollment.

Before being granted approval for withdrawal, leave of absence, or a continuation leave, all students who are federal loan recipients are advised to be counseled by the Office of Student Financial Services to discuss the consequences of their changed status on loan programs.

Any federal aid recipient who is taking a leave of absence or withdrawing within the ninth week should be aware that a return of federal aid may be required even though full tuition and room and board charges will be incurred.

Individuals who attend programs recognized by the College as affiliated study abroad programs are subject to the following refund policy:

  • A student who withdraws after the start of the program will be subject to the Ithaca College refund policies outlined above.
  • A student who withdraws from the program prior to the actual start date of the program will be refunded based upon the policies assessed by the affiliate organization.
  • The student will be responsible for paying any remaining fees, charges, or withdrawal penalties assessed by the affiliate organization.
  • No financial aid is available to cover these charges.

Other Resources and Information

Students should seek out and apply for financial assistance from all potential grant, loan, and private scholarship sources. Public libraries and college financial aid offices have a wide variety of information readily available. The Ithaca College Student Financial Services website has links to many current resources. Students may also access a free Internet scholarship service, FASTweb.

See Financial Aid

See FASTweb

The following websites may also provide useful financial aid information:

  • U.S. Department of Education - http://www.ed.gov
  • New York State Higher Education Services Corporation - http://www.hesc.ny.gov
  • The National Association of Student Financial Aid Administrators (NASFAA) offers a comprehensive selection of other links.

Both New York State and the federal government offer educational grants to Native Americans. For information on the federal program, contact United States Department of Interior, Bureau of Indian Affairs, New York Liaison Office, Room 523, 100 South Clinton Street, Syracuse, NY 13260, 315-423-5476.