FINANCIAL AID OFFICE

PRIVATE LOANS

Below details the federal aid programs available to eligible students at Buffalo State.  Students must meet basic eligibility criteria set by the federal government and be making satisfactory academic progress toward their degree to be eligible for federal student aid.  To apply for federal aid, students need to submit a Free Application for Federal Student Aid (FAFSA) each year.

 
Federal Pell Grant  top

The Federal Pell Grant is available to undergraduate students pursuing their first bachelor's degree that demonstrate financial need as determined by the FAFSA.  Pell Grants do not need to be repaid and awards range from $602 to $5,730, annually (2014-15 academic year).  The exact award amount is dependent upon the student's enrollment status (full-time, 3/4 time, half-time, or less than half-time) and their Expected Family Contribution (EFC) which is calculated by the federal government based on the information supplied on the FAFSA.  

Pell Grant Lifetime Limits
  • A student may receive a Pell Grant for the equivalent of 12 full-time semesters or 600% OR
  • Until the student has met the degree requirements of a bachelor's degree, whichever happens sooner.

Federal Supplemental Educational Opportunity Grant top

SEOG is awarded to undergraduate students with the lowest EFC who will also receive a Federal Pell Grant in that academic year.   Funding is limited so students are strongly encouraged to file the FAFSA by March 1st.  SEOG is awarded based on Buffalo State's packaging philosophy and is typically $100 per semester.  Financial need is required.    

SEOG Grant Lifetime Limits
  • A student may receive an SEOG grant as long as they are pursuing their first bachelor's degree and are receiving a Pell grant.

Federal TEACH Grant Program  top

The Teacher Education Assistance for College and Higher Education (TEACH) program provides grants of up to $4,000* a year to undergraduate or graduate students who are completing or plan to complete course work needed to begin a career in teaching.  A TEACH Grant is different from other federal student grants because it requires the recipient to take certain kinds of classes in order to qualify for the grant, and then do a certain kind of job to keep the grant from turning into a loan.  If a student fails to complete the service obligation after graduation, the grant is converted into an unsubsidized loan with retro-active interest. 

Students must file the FAFSA, meet GPA requirements and complete TEACH Counseling and an Agreement to Serve each year in which they want to use TEACH Grant funding.  Students may receive up to $3,716 per year in TEACH grant funds.

TEACH Grant Lifetime Limits
  • Undergraduate Students:  $16,000
  • Graduate Students:  $8,000
* Note that TEACH Grants are subject to Federal Sequestration and will be reduced by a small percentage.  Refer to the TEACH Program Website for more information.   
Federal Work Study  top

The maximum Federal Work Study (FWS) award for the 2013-2014 school year is currently $3,072 (subject to changed pending final funding allocations) and is based on financial need at Buffalo State.  FWS is available only during the fall and spring semesters.  Funding is very limited and awarded on a first-come, first-served basis so students are encouraged to submit their FAFSA by March 1.

Federal Perkins Loans top

A Federal Perkins Loan is a low-interest federal student loan for undergraduate and graduate students with exceptional financial need.  The interest rate is fixed at 5% and no accrues while the student is in school.  Repayment begins nine (9) months after the student graduates, leaves college, or ceases to be enrolled at least half time (6.0 credit hours). The FAFSA is required to determine eligibility.  Perkins loans are based on annual funding levels and awarded based on the following guidelines at Buffalo State:

Eligibility Criteria and Annual Amounts

   Undergraduate Students
  • EFC below $8,000
  • $2,000 annually ($1,000/semester) for in-state students who reside on campus
  • $4,000 annually ($2,000/semester) for out-of-state  students regardless of where they reside;
  • National Student Exchange/Study Abroad Programs awarded on case-by-case basis
   Graduate Students - Eligibility Criteria and Annual Amounts
  • EFC below $8,000
  • $2,000 annually ($1,000/semester) regardless of where they reside
Perkins Loan Lifetime Limits (at all schools)
  • Undergraduate Limit: $27,500
  • Graduate Limit: $60,000
Federal Direct Subsidized and Unsubsidized Loans  top


Federal Direct Subsidized and Unsubsidized loans are available to students from the federal government through the Department of Education. 

Subsidized loans are interest free while the student is enrolled at least half-time.  Fixed interest rates are set by the federal government and subject to change.  The interest rate for subsidized loans originated on or after July 1, 2014 is 4.66%.  To be eligible for this loan, a student must demonstrate financial need as determined from the FAFSA.

Unsubsidized loans accrue interest while the student is in attendance.  Students have the option to make interest only payments on the loan while they are in school or defer all payment until after they graduate or leave school for any reason.  Interest that has accumulated while the student is in school will be capitalized and added onto the principal balance of the loan.  Students who do not qualify for a subsidized loan will usually qualify for an unsubsidized loan.  The fixed interest rate for unsubsidized loans is currently 4.66% for undergraduate students and 6.21% for graduate students.

Annual loan limits are set for each class year by the Department of Education and cannot be changed by the school.  Eligibility requirements are also determined by the Department of Education and all regulatory policies must be strictly adhered to by the college.

Annual Subsidized/Unsubsidized Loan Limits by Class Year

Class Level

Dependent Students Independent Students
(and dependents whose parents are unable to obtain PLUS Loans)
Freshmen
0-29 credit hours
$5,500 per year; No more than $3,500 of this amount may be subsidized. $9,500 per year; No more than $3,500 of this amount may be subsidized.
Sophomore
30-59 credits
$6,500 per year; No more than $4,500 of this amount may be subsidized. $10,500 per year; No more than $4,500 of this amount may be subsidized.
Junior and Senior
60+ credit hours
$7,500 per year; No more than $5,500 of this amount may be subsidized. $12,500 per year; No more than $5,500 of this amount may be subsidized.
Teacher Certification $5,500 per year; All may be subsidized $12,500 per year; No more than $5,500 of this amount may be subsidized.
Graduate Students
All year levels
Not Applicable $20,500 per year; No amount may be subsidized.


Lifetime Subsidized/Unsubsidized Loan Limits by Degree Level

Degree Level

Dependent Students Independent Students
(and dependents whose parents are unable to obtain PLUS Loans)
Undergraduate $31,000; No more than $23,000 of this amount may be subsidized. $57,500 - No more than $23,000 of this amount may be in subsidized loans.
Teacher Certification $31,000; No more than $23,000 of this amount may be subsidized and includes all prior undergraduate loans. $57,500; No more than $23,000 of this amount may be subsidized and includes all prior undergraduate loans.
Graduate Not applicable. $138,500; No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes all federal loans received for undergraduate study.


Federal Direct Parent PLUS and Graduate PLUS Loans top

Direct PLUS loans for graduate and professional degree students can be considered only after accepting the maximum eligibility for Federal Direct Unsubsidized loans.  The Graduate PLUS loan can be borrowed if there is a gap between the student’s cost of education and all other aid including the Direct Unsubsidized loan.  As with all loan programs, we urge you to borrow conservatively.