Financial Aid Programs

Grants | Loans | Employment | Other

Grants

New York State Tuition Assistance Program (TAP)
The TAP program is funded by New York State for residents who are enrolled full-time during the academic year and/or at least half-time during summer. Awards range from $500 to $5,000 and are based on a family's New York State net taxable income. To apply, students must complete a TAP application which can be done when filing the FAFSA. Tap eligibility is limited to the equivalent of four years of full-time study.
Other State Grant Programs
Vermont and Rhode Island have transferable grant programs for their residents. The amounts vary and are usually based on need. Contact your state higher education assistance office for information.
Federal Pell Grant Program
Federal Pell Grants are awarded based on demonstrated federal need as determined by the FAFSA form. Awards range from $890 to $4731. Full and part-time students are eligible for Pell with a prorated amount used for part-time students. Students must file the FAFSA and submit supporting documentation as requested by the Financial Aid Office.
New York Higher Education Opportunity Program (HEOP)
To qualify for this program a student must be a NY State resident and be economically and educationally disadvantaged. Union has a similar program for non-New York residents (AOP). Need is met through a combination of state, federal, and institutional funds. In addition to the financial component, the program offers support services such as counseling and tutoring. There is not a separate application required for this program.
Federal Supplemental Educational Opportunity Grant
Federal grants ranging from $1000 to $4000 offered to the neediest students who are also Pell recipients. Full and part-time students are eligible for SEOG. To apply students must file the FAFSA and submit supporting documentation as requested by the Financial Aid Office.
Federal Academic Competitiveness Grant (ACG)
This program is for freshman and sophomores who have completed a rigorous program of study in high school. Recipients of this grant must also qualify for a Pell Grant. In addition, to receive the grant as a sophomore, the student must have a 3.0 cumulative grade point average by the end of freshman year. The amount of the grant is $750 for freshman and $1300 for sophomores. The financial aid office will notify the student if he or she qualifies.
Federal Smart Grants
These grants are for juniors and seniors who are majoring in certain areas as defined by the Department of Education. Like the ACG program, recipients must be Pell eligible. Students must maintain a 3.0 GPA to be eligible. The amount of the grant is $4000 per year for both juniors and seniors.
Union College Scholarships
Including all of the College’s endowed and annual scholarships, this is by far the largest single source of assistance available to our students. Most of the scholarship money offered is based on need as determined by the FAFSA and PROFILE forms. Union does offer some merit awards ranging from $5000 to $10,000 per year. It is not necessary to complete a separate application to qualify for a merit scholarship.

Loans

Federal Perkins Loans
The federal government provides these loan funds to the College so they can be awarded to students with the greatest financial need. Awards range from $100 to $4000 per year. The interest rate is fixed at 5% and interest does not accumulate while the student is enrolled. Repayment does not begin until the student graduates or leaves school and a nine month grace period has expired. Repayment can be deferred for graduate study.
Federal Stafford Loans
Federally subsidized Stafford loans are available to students who demonstrate need for this loan upon filing a FAFSA and submitting supporting documentation to the school. Students are eligible to borrow up to $3500 for freshman year, $4500 for the sophomore year and $5500 for the junior and senior year. The interest rate is fixed at 6.0 percent and the government pays the interest while the student is enrolled at least half-time. Repayment begins after the student leaves school or drops below half time and a six month grace period has expired.

Unsubsidized federal Stafford loans are available to students regardless of need. To qualify, the student must file the FAFSA and provide supporting documentation. The loan limits, interest rate and deferments are the same as the subsidized loan but the interest does accumulate while the student is enrolled. Students have the option of paying the interest while in school or having the interest capitalized at repayment. Students who meet the federal criteria for independent status can borrow addition loan funds up to $4000 as freshmen and sophomores and up to $5000 as juniors or seniors.

Repayment for both the subsidized and unsubsidized loans can be deferred for graduate study.
Federal Parent Loans
With this federal loan programs, parents are able to apply for a loan up to the cost of attendance minus any financial aid the student is receiving. The interest rate is fixed at 8.5% and there is a 3% origination fee deducted from the loan before disbursement. Approval is based on a credit check performed by the lender. Repayment begins 60 days after the loan is fully disbursed and parents have up to 10 years to repay the loan. The parent may qualify for a forbearance and delay payments for a specified period of time if needed.
Union College Loans
These college funded loans normally range from $1000 to $5000 and have a fixed interest rate of 8%. The interest does not accumulate while the student is enrolled and repayment begins 6 months after the student has graduated or leaves school. These loans are generally based on need and the standard application procedures apply. Repayment can be deferred for graduate school.
Alternative Loan Programs
These non-federal education loans are available to students from various lending institutions. The interest rate is variable and differs from lender to lender. The loan can be deferred until after graduation but the interest on the loan does accumulate while the student is enrolled. In most cases a co-borrower with good credit is necessary for the loan to be approved. Since the federal loan programs have better terms, we advise students to consider these options before applying for an alternative loan.
Chester Arthur Undergraduate Support for Excellence Awards (CAUSE)
Awards are made to incoming freshman students who demonstrate financial need and who wish to engage in public service work upon graduation. In exchange for cancelable loans, students are asked to make a societal contribution. Interested applicants must follow standard financial aid application procedures and submit a separate CAUSE application. These forms are available through the Admissions Office.
Supplemental Financing Options
Please contact the lenders in your community to learn about the educational supplemental loan programs they offer. Feel free to contact Union's Financial Aid Office for more information about private supplemental options.

Employment

Federal College Work-Study Program (FWSP)
This is a need based federally subsidized work program administered by the college and offered to students as part of their financial aid package. Students are assigned part time jobs on campus and can earn from $1500-$1800 during the academic year. In addition to the standard application procedures, a separate application for employment must be submitted to the financial aid office each year.
Other Employment Opportunities
Students not eligible for the federal work-study program may apply on their own for part-time employment on campus.

Other Programs

Reserve Officer Training Corps (ROTC)
Union students may enroll in Reserve Officer Training Corps (ROTC) programs of the Navy and Air Force at Rensselaer Polytechnic Institute, Troy, and in the Army ROTC program at Siena College, Loudonville. ROTC courses do not carry credit toward graduation.
Monthly Payment Option
Families not in need of additional assistance from the College, but who wish to pay educational expenses out of current income through regularly scheduled payments, may want to consider the College's Monthly Tuition Payment Plan. This is an interest-free plan that budgets expenses over ten months rather than the usual larger payments due at the beginning of each term.  Click here for more information from the Student Accounts Office.