Types of Aid

Scholarships

Scholarships are financial awards made based on factors like academic merit, community service, and area of study. 

Be sure to notify the Office of Financial Aid if you earn an outside scholarship or grant from local, state, or national organizations or companies. These awards may affect your eligibility for other forms of financial aid.

College Foundation scholarships

The Old Westbury College Foundation is a not-for-profit organization dedicated to ensuring SUNY Old Westbury and its students excel. The Foundation offers scholarships based on academic merit, financial need, community service and more. 

Each Foundation scholarship requires a separate application.

SEARCH OLD WESTBURY COLLEGE FOUNDATION SCHOLARSHIPS

other private scholarships

Many local, statewide and national organizations offer scholarships to deserving students.  Use our list of helpful resources to see what might apply to you.

Other Private Scholarship Resources

NYS Excelsior scholarship

The Excelsior Scholarship, in combination with other student financial aid programs, allows New York State residents to attend a SUNY or CUNY college tuition-free.

EXCELSIOR SCHOLARSHIP INFORMATION

 

Grants

A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund).

pell grants

Pell Grants are Federal financial aid available to undergraduate students who do not already have Bachelor’s degrees.  Amounts can change yearly. The maximum Federal Pell Grant award is $6,195 for the 2020–2021 award year. The amount you get, though, will depend on:

  • your financial need,
  • your cost of attendance,
  • your status as a full-time or part-time student, and
  • your plans to attend school for a full academic year or less. 

You may not receive Federal Pell Grant funds from more than one school at a time.

** Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit.

Pell Recalculation Policy

The Federal Government requires all colleges to set Pell Grant recalculation dates for every semester.  Old Westbury’s policy is as follows:

  • The Office of Financial Aid reviews and recalculates Pell Grant eligibility at the end of the 100% tuition liability period.  Pell may be reduced or increased based on actual enrollment. 
  • Federal regulations also require the college to recalculate Pell Grant eligibility when a student fails to attend any course(s) for which they are receiving a Pell Grant
Supplemental Educational Opportunity Grants

Federal Supplemental Educational Opportunity Grants (S.E.O.G.) are available to undergraduates with exceptional need. Priority is given to Federal Pell grant recipients. Funds are limited and awarded to qualified students that meet established deadline dates.

College work study

The Federal College Work Study Program is available to students that demonstrate need. Funds are limited and awarded to qualified students that meet established deadline dates. Money is earned while attending school.

    Aid for Part-Time Study

    Aid for Part-Time Study (APTS) provides assistance to eligible part-time undergraduate students in approved programs to help meet tuition charges.

     

    Loans

    When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.

    how much can i borrow?

    There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit.  These limits vary depending on:

    • Your level of standing (year) in school, and
    • Whether you are a dependent or independent student.

    If you are a dependent student whose parents are ineligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds.  The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.

    Year

    Dependent Students (except students whose parents are unable to obtain PLUS Loans)

    Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)

    Freshman (0-31 Credits)

    Undergraduate Annual Loan Limit

    $5,500—No more than $3,500 of this amount may be in subsidized loans.

    $9,500—No more than $3,500 of this amount may be in subsidized loans.

    Sophomore (32-56 Credits)

    Undergraduate Annual Loan Limit

    $6,500—No more than $4,500 of this amount may be in subsidized loans.

    $10,500—No more than $4,500 of this amount may be in subsidized loans.

    Junior and Beyond (57+ Credits)

    Undergraduate Annual Loan Limit

    $7,500—No more than $5,500 of this amount may be in subsidized loans.

    $12,500—No more than $5,500 of this amount may be in subsidized loans.

    Graduate or Professional Students Annual Loan Limit

    Not Applicable (all graduate and professional students are considered independent)

    $20,500 (unsubsidized only)

    Subsidized and Unsubsidized Aggregate Loan Limit

    $31,000—No more than $23,000 of this amount may be in subsidized loans.

    $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.

    $138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

    Notes:

    • The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have previously received under the Federal Family Education Loan (FFEL) Program. As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program.
    • Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study. 

    If the total loan amount you receive over the course of your education reaches the aggregate loan limit, you are not eligible to receive additional loans. However, if you repay some of your loans to bring your outstanding loan debt below the aggregate loan limit, you could then borrow again, up to the amount of your remaining eligibility under the aggregate loan limit.

    To apply for a Direct Loan, you must submit the Free Application for Federal Student Aid (FAFSA). Even though the unsubsidized Stafford Loan is available to all students regardless of financial need, you must still submit the FAFSA to be eligible. You can receive a subsidized loan and an unsubsidized loan for the same period.

    federal direct loans

    The Direct Loan program is comprised of the Subsidized Direct Loan and the Unsubsidized Direct Loan:

    • Direct Subsidized Loans are available to undergraduate students only.
      • Students must demonstrate financial need
      • Generally, no interest is charged when the student is enrolled at least half time, during the grace period or during deferment periods
    • Direct Unsubsidized Loans are available to undergraduate, graduate and professional students.
      • Students do not need to demonstrate financial need.
      • Interest is charged during all periods

    To apply for a Direct Loan, you must first submit the Free Application for Federal Student Aid (FAFSA). 

    *Even though the Unsubsidized Direct Loan is available to all students regardless of financial need, you must still submit the FAFSA to be eligible. 

    federal direct plus loans

    Direct PLUS loans are available to graduate and professional students as well as parents of dependent students. Here’s a quick overview of Direct PLUS Loans:

    • The U.S. Department of Education is the lender
    • The borrower must not have an adverse credit history
    • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received
    • Interest is charged during all periods
    • Borrowers may request deferment while the student is enrolled at least half time and for additional six months after the student ceases to be enrolled half time
    alternative loans

    Alternative loans help bridge the gap between the actual cost of the student’s education and the amount of financial aid received. Alternative loans are offered by private lenders and there are no federal forms to complete.

    However, you will need to notify your Financial Aid Advisor once you are approved for an alternative loan and inform them which lender you chose.

    Interest rates and repayment plan options vary by lender, it is important to explore all available financial options prior to finalizing your financial aid package.

     

    Alternative Financing

    SUNY Old Westbury offers a convenient and affordable way for students and parents to pay educational expenses. The Tuition Payment Plan, available for the fall and spring semesters, allows tuition and fees to be paid in one of two payment plan options. Payments for the fall semester begin in August and the spring semester payments begin in December.

    There is a nominal cost to sign up for these programs.

    Payment Plan Information