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| Undergraduate Financial Aid
Director Education for leadership in the technological professions requires substantial resources. As a private university, the costs of education, laboratories and facilities, student services, and administrative support are met by a combination of tuition, fund raising, and endowment earnings. |
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While a quality education adds value well in excess of its cost, many students and families are not able to meet the cost with their own resources. Financial aid is important for most undergraduate and graduate students. Rensselaer is committed to making a quality education financially possible for undergraduates and their families. The Institute is equally committed to making a complex process as simple and straightforward as possible. Current and prospective students are invited to contact the Financial Aid Office, which at Rensselaer is part of the Office of Student Records and Financial Services, at (518) 276-6813. Applying for Financial Aid Prospective first-year and transfer students apply for financial aid by submitting only the Free Application for Federal Student Aid (FAFSA) to the Federal Processing Center. This simple form entitles the applicant to consideration for all financial aid administered by Rensselaer, including industrial, foundation, and endowed scholarships. FAFSA’s can also be filed over the Internet at http://www.fafsa.ed.gov. Upperclass students requesting aid, whether or not they have received aid before, must submit the FAFSA, and, if their application has been selected for verification, copies of their federal tax returns and their parents’ federal tax returns. Financial Aid March, 2002 Update: New Tuition Policy and Pricing Structure Most assistance from Rensselaer is based on financial need: the difference between college costs and what student and family can be expected to pay. College cost The total estimated expenditure for a Rensselaer undergraduate student for the nine-month 2001-2002 academic year is as follows:
Family contribution To determine the expected family contribution, the Financial Aid Office looks at both parent and student resources. Parent contribution is determined by income and asset information provided on the FAFSA, along with the previous year’s federal tax return. Allowances are made for such factors as siblings in college, age of parents (for estimating retirement needs), and family size. Aid award In making aid awards, Rensselaer’s usual approach is to award scholarship funds first and, because these funds are necessarily limited, add self-help awards (loans and work-study jobs) to help meet need. Most awards are a combination of scholarship, loan, and/or job. Students receiving combination scholarship and loan and/or job awards are not required to accept the loan or job in order to retain the scholarship. Adjustments Rensselaer evaluates parent and student tax returns and verifies the enrollment status of other family members in college. Awards may be adjusted when there are differences between FAFSA estimates and actual figures. If you receive scholarship aid from outside industrial, community, or other sources, you must notify the financial aid office of these awards. If your federal need has not been fully met or you are receiving only merit awards, you may be able to keep the outside award in addition to our financial aid offer. However, if your need is fully met and your aid award includes federal aid, we will reduce the loan or work portion of your package first. If you should have any questions regarding how an outside award may affect your financial aid offer from Rensselaer, please contact our office. Annual Renewals Because family circumstances may change from year to year, need is re-evaluated annually. Students reapply for financial aid each April, and awards are returned during the summer. Applications that become complete after the due date are processed on a funds-available basis. Continued commitment Students with aid awards will continue to receive financial assistance if family contribution and college costs do not change. Moreover, Rensselaer scholarships are maintained at their initial levels from year to year, reduced only for changes in family contribution, college costs, or adjustments as described just above. Academic progress Rensselaer does not tie renewal of financial aid, including the size of Rensselaer scholarships, to grades. Students with federal or New York state awards, however, must meet their satisfactory progress guidelines. Eligibility Undergraduate aid is continued through eight semesters (10 for students in the School of Architecture), including semesters spent at institutions other than Rensselaer. Students who require additional semesters to complete their degree because of reduced course loads, change of major, double major, failure in courses that must be made up, or other unusual circumstance are not eligible for any type of aid administered by Rensselaer. Dependence/Independence Under standard financial aid procedures, the student’s personal and family situation, as described in the initial application for admission, continues to be the basis for Rensselaer financial assistance for the duration of the undergraduate program. A student enrolling at Rensselaer as a dependent family member must continue to submit parental financial information as the basis for aid until the bachelor’s degree has been received. Marriage, leaves of absence, declarations of “emancipation,” or other circumstances do not alter this requirement. Financial Aid Refund and Repayment If, for some reason, a student cannot complete a semester, the following financial aid refund and repayment policies apply. Refund Rensselaer’s refund policy for a student withdrawing on or after the first day of class of a payment period is outlined in the Tuition and Fees section of this catalog. If the student received any federal Title IV funds, a portion of the refund will be returned to the programs from which the student was funded. Refunds are distributed to Title IV programs in the order prescribed by law. The non-Title IV share of the refund is distributed in the following order: state grant, institutional grant, institutional loan, private grants or scholarships, private loans, student/parent. Repayment When a student withdraws, drops out, or is expelled on or after the first day of class of a payment period, the Institute will determine whether the student received an overpayment of financial aid funds for noninstitutional expenses. If the student received a cash disbursement of Title IV funds and owes a repayment, a portion will be returned to the Title IV programs from which the student was funded. The Title IV portion of the repayment will be distributed among the Title IV programs in the order prescribed by law. A student who owes a repayment on a Pell Grant or SEOG is ineligible for further Title IV assistance until the repayment is made. Full details on policy and procedures are available in the Financial Aid Office. Financial Aid Awards Rensselaer Scholarship Programs To provide access to a quality education for high-quality students, Rensselaer offers substantial financial aid from its own funds. Scholarship grants are awarded after full consideration of the following factors: relative financial need, academic achievement and promise, qualities of character as suggested by recommendations submitted on behalf of the student, evidence of willingness to help oneself by working, and participation in community and school activities. Students do not apply separately for these awards. Industrial, foundation, and endowed scholarships A great many scholarships are given to Rensselaer by corporations and foundations and through the generosity of alumni and friends. Some of these scholarships are available to first-year students and continue for four years; others are available only in the upperclass years. A list of these scholarships is provided at the end of the undergraduate financial aid section of this catalog. Rensselaer Medal This medal has been awarded by 2,300 high schools worldwide to their most promising juniors in math and science since 1916. Medalists who enroll at Rensselaer receive a substantial scholarship throughout their four years. Federal Grants, Loans, and Work/Study Assistance The federal government offers a number of grant, loan, and work-study programs: Federal Pell Grant These grants, varying from $400 to $3,750, are awarded to the neediest students (based on a federal calculation). Federal Supplemental Education Opportunity Grant (SEOG) These additional grants are made to Pell Grant recipients. Federal Perkins Loan A need-based loan program, with a fixed interest rate of 5%. Payment of both principal and interest are deferred while the student is in attendance at least half-time. Federal Direct Stafford Loan (Subsidized) A need-based student loan with a variable interest rate and maximum amounts of $2,625 (freshmen), $3,500 (sophomores), and $5,500 (juniors and seniors) with a maximum cumulative total of $23,000. Both principal and interest are deferred while the student is enrolled at least half-time. The federal government deducts a 3% processing fee from the amount borrowed. Federal Direct Stafford Loan (Unsubsidized) Students who do not qualify for all or part of the subsidized Stafford Loan program may qualify for an unsubsidized Stafford Loan, that is, a loan for which the student must either start paying interest while still in school or allow the interest to accrue. Students may borrow up to the limits of the subsidized program less any subsidized loan they may already have. The federal government deducts a 3% processing fee from the amount borrowed. Federal Work-Study Program This is a need-based program for students with very high needs. Jobs earn $6.25 per hour up to $1,850 per year. Other Programs In addition to these general forms of student assistance, the federal government has aid programs directed to specific groups of students. Examples include the U.S. Bureau of Indian Affairs, Aid to Native Americans Higher Education Assistance Program, and Veterans Administration (VA) educational benefits. Students who may be candidates for these programs are urged to contact the Financial Aid Office. Application Based on the FAFSA, the Financial Aid Office reviews eligibility for these programs and makes awards within program guidelines and formulas (as always, subject to available funds). Detailed information on eligibility, award schedules, distribution of funds, cancellation, and specific rights and responsibilities of recipients is available from the Financial Aid Office. Academic progress To remain eligible for these Title IV federal student assistance programs, students must earn a specified number of credit hours and maintain a required grade point average each year. These requirements are published annually and are distributed to recipients with their awards. Students who fail to maintain the minimum credit hours or achieve the required grade point average are placed on federal financial aid probation and have one academic year in which to earn sufficient credits or achieve the required grade point average before losing federal aid eligibility. Students denied federal financial aid for failure to make satisfactory academic progress may appeal through the Office of Financial Aid. ROTC Financial Aid Programs Financial assistance is available for both scholarship and nonscholarship Reserve Officers Training Corps (ROTC) students. The former receive scholarships for periods varying from two to four years. These provide tuition ranging from approximately $4,000 to full tuition. A variable allowance for books, some fees plus $200 a month stipend. Students entering Rensselaer with certain ROTC Scholarships receive an additional scholarship covering the average cost of on-campus room and board. This scholarship will be paid each year the student remains eligible for ROTC Scholarship benefits and resides in on-campus housing and participates in a meal plan. Nonscholarship students receive $200 a month during their junior and senior years. Deadlines for scholarship applications vary among the Army, Navy, and Air Force. Details are available from service representatives: Aerospace Studies (Air Force), (518) 276-6236 New York State Grant Programs New York offers a number of financial aid programs to residents. The Tuition Assistance Program (TAP) and Higher Education Opportunity Program (HEOP) are described below. In addition, the state offers other special programs including the following for which details and application information are available at New York State Higher Education Services Corporation, 99 Washington Avenue, Albany, NY 12255:
Tuition Assistance Program (TAP) TAP awards are available to New York residents attending Rensselaer full time during the academic year (half time during the summer). They are based on New York state taxable income and vary from $275 to $5,000. Financial aid awards to New York residents include a TAP award at a level estimated based on information provided on the FAFSA. Students, however, must complete an Express TAP application and send it to the New York State Higher Education Services Corporation, 99 Washington Avenue, Albany, NY 12255. Notification of the actual grant amount is received from this agency approximately four weeks after receiving the application. Undergraduate students may generally receive TAP awards for four years of study. Students enrolled in approved five-year programs or in state-sponsored opportunity programs may receive undergraduate awards for five years. To remain eligible to receive New York state financial assistance, students must earn a certain number of credit hours each semester, maintain a minimum grade point average, and achieve what is referred to as “satisfactory program pursuit.” These requirements are published annually and are distributed to recipients with their awards. Higher Education Opportunity Program (HEOP) This program is open to New York state residents who matriculate at an independent college or university in New York state, and who are academically and economically disadvantaged according to guidelines approved by the Board of Regents and the director of the budget. Application is made to Rensselaer, and Rensselaer’s HEOP program selects the students eligible for participation. The amount of assistance depends on need as determined by Rensselaer within state and federal guidelines. For more information contact the director, HEOP Program, Office of Minority Student Affairs, at (518) 276-6272. Other State Grant Programs Both Vermont and Rhode Island offer grant programs that provide partial support for study at Rensselaer. Vermont Incentive Grant applications are made to the Vermont Student Assistance Corporation, Champlain Mill, P.O. Box 2000, Winooski, VT 05404-2000. Rhode Island State Scholarship applications are made to the Office of Scholarships, Rhode Island Department of Education, 199 Promenade Street, Providence, RI 02908. In addition to the above, there are other possibilities for undergraduate students or, in some cases, their families. Part-time employment There are many opportunities for part-time work during the college year, both on the campus and in surrounding communities. It should be noted, however, that Rensselaer’s academic programs are demanding of both energy and time, and students should not expect to earn a large part of their college expenses through part-time employment. Information on part-time employment is available from the Career Development Center, (518) 276-6234. Alternative Loans There are several alternative loan programs available for students attending Rensselaer. Additional information and/or application materials are available in the Financial Aid Office. Federal Direct Parent Loan for Undergraduates (PLUS) If creditworthy, parents of undergraduates may be eligible to borrow up to the cost of attending Rensselaer (minus other financial aid accepted). The PLUS interest rate varies annually with a cap of 9%, and repayment begins 60 days after the funds are fully disbursed. A one-page application form is available from the Financial Aid Office. The U.S. Department of Education approves these loans based on a credit check, and loan proceeds are credited directly to the student’s account. The federal government deducts a 4% processing fee from the amount borrowed. Student Rights and Responsibilities As a student, you have the right to know and understand all aspects of the financial aid process at Rensselaer. Specifically, you have the right to ask the Financial Aid Office staff:
If you feel you have been treated unfairly, you may request reconsideration of your award. Along with these rights, students have responsibilities. Yours include:
List of Undergraduate Scholarships Industrial and foundation scholarships are financed by annual grants from their sponsors. Restricted endowed scholarships are awarded from annual endowment earnings; the date in parentheses indicates the year in which the scholarship was established. Industrial and Foundation Scholarships and Annual Grants Sal Alfiero ’64 Scholarship First preference given to students from Buffalo, New York or New Bedford, Massachusetts. Michael D. D’Angelo ’94 Memorial Scholarship For a student enrolled in the school of engineering who graduated from East Greenbush School District or the Albany Academy for Boys, or a high school in the NY Capital District. General Electric Foundation Scholarship For a minority student entering sophomore year. Student must be majoring in mechanical, electrical, or management engineering, or computer science and must rank in the top quartile of his or her class. Renewable for junior and senior years. General Motors Minority Engineering Scholarship For a freshman enrolled in an engineering program of interest to General Motors. Renewable for sophomore, junior, and senior year. IBM Minority Scholarship For students majoring in a field designated by IBM each year. International Paper Minority Scholarship Program For students majoring in a field designated by International Paper each year. A. Lindsay and Olive B. O’Connor Foundation Scholarship Preferably for students from Delaware County, NY, or for students from counties surrounding Delaware County. Herman J. Schafer Scholarship For electrical and civil engineering students. Restricted Endowed Scholarships
Full-time, degree-seeking graduate students may be eligible for financial aid from Rensselaer. Aid is awarded by the individual departments on the basis of the candidate’s academic record and background, the availability of awards, and, in some cases, financial need. Aid generally is awarded for the full academic year. Most departmental assistance is allocated during March and April for the following academic year. Loan determinations are made by the Financial Aid Office during July. The progress of continuing graduate students is reviewed by academic departments each term. Continuation of or changes in aid are determined by this review and depend on satisfactory academic and research or teaching performance. A graduate student may be supported on a Rensselaer fellowship or assistantship for a maximum of five years given continued availability of funds. Financial Assistance from Rensselaer Several types of assistance to help defray the cost of graduate study are available from Rensselaer funds. Graduate assistantships Each department selects a number of graduate students each academic year to work as graduate teaching and/or research assistants. The graduate teaching assistant assumes classroom, laboratory, and/or grading responsibilities for his or her department. The graduate research assistant conducts directed research with individual faculty members. A full-time assistant receives both a stipend and tuition scholarship, and is responsible for 20 hours of work each week. The remuneration and work load are determined by the department and approved by the Graduate School. Occasionally, an assistant is allowed to accept less than or more than the 20 hours of work responsibilities. In such cases the stipend is adjusted by the department to reflect the overall balance of work and study during the term. These awards are made on the basis of the student’s academic record, previous experience, potential to perform needed duties, and recommendations. Satisfactory performance of assigned job functions and the meeting of academic requirements are conditions for continued support. Opportunities exist for additional work and study during the summer in many programs. Rensselaer scholarships Full- or partial-tuition scholarships may be awarded by the departments to students of high academic merit and/or unusual financial need. These awards provide tuition allowances and are not available in stipends. Rensselaer Graduate Fellowships The institute awards full stipend, tuition, and fees fellowships for select incoming students. Nominees are put forward by the departments based on the strength of the application information. No separate forms are necessary. Corporate, foundation, and private fellowships Many corporations, foundations, and individuals offer fellowships for graduate study at Rensselaer. The benefits for grants vary; most include cost-of-living stipends and tuition allowances.
Federal Financial Assistance The federal government offers the Stafford loan program to graduate students. Federal Direct Stafford/Ford Loan Program Graduate students may borrow up to $8,500 per academic year for a cumulative total of $65,500, including any loans for undergraduate study. Repayment begins six months after the student ceases to be enrolled at least half-time. New borrowers have a variable interest rate capped at 8.25%. The federal government deducts a 3% processing fee from the amount borrowed. Federal Direct Unsubsidized Stafford/Ford Loans Interest rate, loan limits, and processing fees are the same as for the subsidized Federal Stafford Loan, with interest payments beginning 60 days after the loan is disbursed. Interest payments can be paid monthly, quarterly, or can be capitalized and added to the loan principal. Borrowers can receive both subsidized and unsubsidized loans for the same loan period. The combined total borrowed for both programs cannot exceed the maximum annual limit of $18,500 for graduate students. Stafford Loan eligibility is affected by changes in credit hours taken and in the amount of outside and department aid received. New York State Aid Residents of New York state may be eligible for Tuition Assistance Program (TAP) grants of $100 to $1,100. Awards are based on N.Y.S. taxable income. Applications must be filed annually with the New York State Higher Education Services Corp., 99 Washington Avenue, Albany, NY 12255. Students who receive tuition awards from Rensselaer are required to apply for a Tuition Assistance Program award if eligible; the Rensselaer award will be reduced by the amount of the TAP award. Other Opportunities for Graduate Students Veterans’ benefits Veterans and children of veterans may qualify for educational benefits. These are handled by the veterans’ coordinator in the Registrar’s Office, who should be contacted as soon as the student arrives on campus. The veterans’ coordinator will provide forms and information for initiating benefit procedures. The Registrar’s Office is responsible for certifying all veterans who receive benefits. A veteran who changes his or her credit hour load or who withdraws from the Institute must notify the veterans’ coordinator immediately. International students Rensselaer encourages applications from highly qualified international students. Over 700 international graduate students representing more than 72 countries are currently enrolled at Rensselaer. Financial aid is available to well-qualified first year students in the form of scholarships, fellowships, and assistantships. Competition for awards is very high; approximately 30% of accepted students are offered aid. Generally, awards are committed well before the start of the academic year; awards are usually mailed during March and April for the following fall term. The minimum provision for living and personal expenses for the 2000-01 academic year is approximately $11,500 beyond tuition and fees. If the student intends to stay in the United States for the summer vacation period and enroll in classes at Rensselaer during that time, he or she must have adequate additional funds. Students also must pay for round-trip transportation to Rensselaer. A nonrefundable fee of $35 is required for an orientation program held prior to registration. Immigration restrictions generally preclude spouse employment. |
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