How Much Financial Aid is Awarded?
Each financial aid award is based on need, eligibility, and available funds. First consideration goes to students who apply early and show the greatest need. Need is determined by comparing the cost of attending Cayuga with the expected family contribution as calculated by a federal formula. Budgets used for financial aid vary depending upon your status, residency, and program. Standard budgets used for awarding financial aid are available from the Financial Aid Office.
The following is an estimated budget for fall 2009 and spring 2010, for a dependent full-time student living at home in Auburn or Fulton:
- Tuition — $3,560
- Fees — $300-400
- Books — $1,200
The actual amount awarded may be different from the estimated award. The actual award may be adjusted based on additional information, revised regulations, or changed student status. Financial aid will only be paid for classes that you are currently attending and that are required for your degree.
Dropping classes or failing to attend classes for which you are registered may result in loss of or adjustments to your financial aid, even after you have received it.
View information on Student Responsibilities and Maintaining Eligibility for financial aid.
How and When is Financial Aid Paid Out?
Financial aid is disbursed (paid) as follows:
- If you have been informed of a financial aid award, the College may defer the cost of your tuition and fees and deduct those costs from your financial aid. (Deferral means that your payment is due when your financial aid is received, rather than when classes start.)
- If you have been awarded more aid than you need for tuition, fees, and other College charges, the College will issue a book deferral for you at the College bookstore. You may use this to purchase your textbooks and supplies. You can check for your book deferral amount on your myCayuga account.
- After tuition, fees, bookstore costs and other authorized charges are covered, any remaining financial aid will be disbursed to you, beginning approximately the sixth week of classes. You will need to cover your own expenses for the first five weeks of school.
- For a student loan to be disbursed, you must be registered for and attending at least six credits of classes.
- Payments will be disbursed based on classes that you are attending that are required for your degree.
- Aid for late-start classes will be disbursed after those classes begin.
- The amount of a Pell award will be based on the classes required for your degree that you are enrolled in and attending at the end of the drop/add period.
- For TAP to be disbursed, you must be registered for and attending at least 12 credits of classes.
- Your award check will be mailed to you at the address on file at the Registrar’s Office. Contact the Registrar’s Office if you need to change or correct your address.
- Financial aid will be disbursed only if:
- You have returned your signed tuition bill to the Business Office, even if you have enough aid to cover your bill.
- You are in compliance with applicable state regulations regarding meningitis and measles, mumps and rubella (MMR) immunizations. Details are available from the Health Services Office.
- You have provided the Admissions Office with a final high school transcript or a copy of your GED, or you have passed the College’s Ability to Benefit Test.
- You have completed your online Entrance Counseling and Promissory Note for student loans. (For more information see your myCayuga account.)