Financial Aid FAQ's
What is a general overview of the financial aid process?
What are the payment options for covering a balance?
What are the interest rates and origination fees on student and parent loans?
What should be done after being awarded a student loan and parent loan?
What is the criteria to keep receiving financial aid each year?
What is the criteria to keep an Excelsior Scholarship?
When does the financial aid pay out?
I have questions about my financial aid, how can I get some answers?
Student Account (Billing) Information
What is a general overview of the financial aid process?
- Complete the FAFSA by March 1st at https://studentaid.gov/
- Submit any additional documents requested to the Student Financial Services Department (fao@newpaltz.edu, fax: (845) 257-3568)
- Review your status and awards on my.newpaltz.edu
- Accept or decline awards including Work-Study and loans.
- The student completes Loan Entrance Counseling and signs the MPN online at https://studentaid.gov/
- If needed: Apply for Parent Loan (PLUS) and complete the application and MPN in May at https://studentaid.gov/
How is financial aid applied to the bill and what if there is still a balance after my financial aid is applied?
Expected Financial Aid is deducted from charges on the invoice.
If aid, including loans, is greater than billed expenses, a credit balance is created which will be refunded beginning between the second to third week of the semester.
Credit balances can also be converted to Hawk Dollars to purchase books in the Campus Bookstore.
If aid and accepted loans are not enough to cover billed expenses, payment arrangements must be made to cover the balance.
What are the payment options for covering a balance?
- Financial Aid including federal loans
- Payment Plan through the Office of Student Accounts
- 529 Accounts
- Cash, check, or credit cards
- Private Alternative Student Loans
- Private scholarships
What are the interest rates and origination fees on student and parent loans?
The interest rate on the Subsidized Student Loan (does not accrue interest during enrollment) is 6.533%.
The interest rate on the Unsubsidized Student Loan (accrues during all periods) is 6.533%.
The interest rate on the Parent PLUS (accrues during all periods) is 9.083%.
The Federal Direct Loan Origination fees for a Subsidized and Unsubsidized loan is 1.057%.
The Federal Direct Loan Origination fees for a Parent loan (PLUS) is 4.228%.
What should be done after being awarded a student loan and parent loan?
After accepting a Student Loan, the student must visit https://studentaid.gov/ and complete Entrance Counseling and a Loan Agreement (Master Promissory Note).
If accepting a Parent Loan, the parent must visit https://studentaid.gov/ and click on “Apply for a parent PLUS Loan”, then complete a Master Promissory Note.
What is the criteria to keep receiving financial aid each year?
Be sure the student register for 15 credits each semester. Use Degree Works to track a student’s progress toward degree completion. Consult with Advisors at decision points such as dropping courses, changing majors, experiential learning, etc. Maintain a minimum GPA of 2.0 and complete a minimum of 67% of attempted credits each semester
What is the criteria to keep an Excelsior Scholarship?
Excelsior program details are available at hesc.ny.gov. NY residents with a family income below $125,000 may qualify for and Excelsior Scholarship. Students must be on track to graduate in four years and must complete 30 credits every year. It is possible for students to use college credits, earned in high school, to reach the 30 credit requirement. Students can also an make up credits to reach the 30 needed during winter or summer sessions.
Have we completed everything?
View our handy checklist to make sure you've completed all the steps.
When does the financial aid pay out?
Direct student and parent loans will disburse starting between the second to third week of the fall semester. Direct student and parent loans will disburse starting between the second to third week of the spring semester.
Pell grants are disbursed around the third week of the fall or spring semester.
NYS TAP grants are typically disbursed after the mid-point of the fall and spring semester.
Summer aid typically disburses in July.
Refunds are issued by The Office of Student Accounts. More info can be found on their website: EXCHANGE CHECKS
I have questions about my financial aid, how can I get some answers?
Many answers to financial aid and financial aid related questions can be found here on our webpage including helpful information about applications, checklists, FAQs and more.
The Office of Student Financial Services can be reached by sending an email to fao@newpaltz.edu. The office is located on the first floor of Wooster Hall, the telephone number is (845) 257-3250, the fax number is (845) 257-3568 and the mailing address is: 200 Hawk Drive, New Paltz NY 12561.
Student Account (Billing) Information:
Student's receive an email notification after registering for classes (after orientation for new students) to review and accept the charges on their semester bill through their my.newpaltz.edu account. Follow these steps for your financial responsibility acknowledgement.
Financial Aid Deferrals
Accepted aid will show as a deferral on the invoice. You will be responsible for any remaining balance due by the due date on your invoice.
Making Payments
You can pay online, by mail, in person, via drop box, or via EFT. See: Ways to Pay
Payment Plan
The New Paltz Payment Plan allows you to make installment payments toward your balance due for the cost of tuition, fees, and on-campus room/board during the Fall and Spring semesters. See: New Paltz Time Payment Plan
Authorized User
Are you trying to view your student's account information? Students have the ability to add the parent as an authorized user to view their account information. The student must login to my.newpaltz.edu and navigate to “My Student Account” to “add an authorized user”. The parent will then receive an email with a link. That link will provide account information and the ability to make payments.
Billing questions you need answered?
Permission must be granted by the student to discuss account-specific billing information with a parent or guardian. See: Waiver for the Release of Information.
Visit the Student Accounts Home Page for additional information on tuition and billing.
