Vaughn College of Aeronautics and Technology offers federal, state and institutional grants and scholarships to help students pay for their education. More than 85 percent of our students are eligible for financial aid.

Scholarships and grants are funds that do not have to be repaid. Vaughn College provides merit-based scholarships, as well as need-based grants and scholarships to qualified students. A large number of Vaughn College students are also eligible for federal and state grants and many students receive a combination of government aid and Vaughn College grants or scholarships that cover their entire tuition.

In order to be eligible for any type of federal, state, or Vaughn College institutional aid, students must file the Free Application for Federal Student Aid (FAFSA) form. The FAFSA may be picked up at a student's local high school guidance office, community college advisement center, or by visiting or contacting Vaughn College. The FAFSA may also be filed online by visiting http://www.fafsa.ed.gov. We have found students experience better service and quicker processing time by filing the FAFSA online. New York state residents who would like more information about the Tuition Assistance Program (TAP) may also contact the Higher Education Services Corporation (HESC) by visiting http://www.hesc.com.

In order to receive full consideration for scholarships and grants, both your application for admission, as well as your FAFSA must be filed by March 1 (for students starting in September) or November 15 (for students starting in January).

For more information about any of Vaughn College's financial aid opportunities, or to schedule an appointment for an individual counseling session, please contact the Vaughn College Office of Financial Aid by calling 866.6VAUGHN, extension 100, or sending an e-mail to financialaid@vaughn.edu.

Government Grants and Loans

Federal Pell Grant

This is a grant provided by the federal government to matriculated students who meet the financial need requirements, are in good academic standing, and are making satisfactory academic progress.

Annual award range: $261.50 to $4731.00, depending on enrollment status and federal funding for the program.

Note: Students pursuing a second associate's or bachelor's degree are not eligible to receive a Pell Grant.

Federal Supplemental Educational Opportunity Grant (SEOG)

This grant is awarded to students with exceptional financial need as determined by the financial aid office. To receive an SEOG grant; students must be a PELL recipient. Priority is given to students with the lowest eligibility index.

Annual award range: $25.00 to $600

Academic Competitiveness Grant (ACG)

To receive ACG, students must: be a U.S. citizen, receive a PELL grant for the same award year, enrolled full-time in an associate or bachelor's degree program, be enrolled in the first or second academic year of a program of study, have completed a rigorous secondary school program and graduated, from high school, after January 1, 2006, for first year students and after January1, 2005, for second year students.

Annual award range: 750 - 1300

National SMART Grant (SMART)

To be eligible for the National SMART Grant, students must; be a U.S. citizen, receive a PELL grant for the same award year, enrolled full-time in a bachelor's degree program, be enrolled in the third or fourth academic year of your program of study, have a cumulative GPA of at least a 3.0 and majoring in engineering or technology.

Annual award range: 2000 - 4000

TEARCH Grant

To qualify for a TEACH Grant, a student must: be completing coursework necessary to begin a career in teaching, have a cumulative GPA of at least a 3.25 and a student must agree to the TEACH Grant provisions for accepting and keeping the grant (see Vaughn College's financial aid counselors for additional information)

Annual award range: 2000 - 4000

Tuition Assistance Program (TAP):

Students must be New York state residents, enrolled full-time, and in good academic standing. The award is based on New York state net taxable income. Students must complete the FAFSA and TAP application forms that will be mailed to them after they have filed the FAFSA.

Annual award range: $250 to $5,000

New York State Aid For Part-Time Study (APTS)

This program has the same eligibility criteria as TAP; to receive an APTS award, students must: be enrolled for 3 to 11 credits, complete an APTS application, submit New York State Tax Returns for the student and parent and have a cumulative GPA of at least a 2.0.

Annual award range: 250 - 1000

More information about grants and scholarships can be found by visiting: http://www.hesc.com/content.nsf/SFC/0/Grants_Scholarships_and_Awards_Quick_Reference

Federal Family Education Loan (FFEL) Program:

Federal Stafford Subsidized Loans

This loan is for students who have demonstrated financial need. Applicants must be in attendance at least part-time (six credits); be in good academic standing and maintain satisfactory progress toward their degree. Amounts per year:

$3500.00 for first year
$4500.00 for second year
$5500.00 for subsequent years

The federal government subsidizes these loans so the loans do not accumulate any interest until the students begin repayment. Subsidized student loans are basically interest free loans that are backed by the federal government, which means no interest accumulates until repayment begins.

A fee is deducted from the loan by the lender and the guarantor. A loan cannot exceed the cost of education minus the expected family contribution (EFC) and other financial aid. For first-time borrowers, the loan proceeds cannot be disbursed until 30 days after the first day of class.

For loans disbursed after July 1, 1994, the interest rate is variable, but will not exceed 8.25 percent. The interest rate is adjusted each year on July 1. You'll be notified of interest rate changes throughout the life of your loan. Loan repayment begins six months after the student is no longer in attendance, if the student falls below six credits per semester or the student graduates. Borrowers may take up to 10 years to repay the loan.

Federal Stafford Unsubsidized Loans

Financial need does not have to be demonstrated for this loan. Interest accrues from disbursement of funds until the loan is paid in full. A borrower can choose either to pay the interest or allow it to accumulate until repayment begins. The government guarantees the loan, but does not subsidize the interest, which means the government does not pay the interests while the student is in school.

Applicants must be in attendance at least part-time (six credits), be in good academic standing, and maintain satisfactory progress toward their degree.

Amount per year for dependent students:
$1000-6000.00 for first year
$1000-6000.00 for second year
$1000-7000.00 for subsequent years

Amount per year for independent students not eligibly for subsidized loans:
$9500.00 for first year
$10,500 for second year
$12,500 for subsequent years

More information about subsidized and unsubsidized student loans can be found by visiting http://www.hesc.com/content.nsf/SFC/5/About_Stafford_Loans

Parent Federal PLUS Loans

All parents and some stepparents are eligible to apply for a PLUS Loan regardless of income, as long as they have a good credit history. Additionally: Your child must qualify as your dependent, You and your child must be U.S. citizens, nationals, permanent resident aliens, or other eligible non-citizens, You or your child cannot be in default on any Title IV student loan or owe a refund on any Title IV grant, Your child must be accepted or enrolled (at least half time) in an undergraduate program leading to a degree, certificate, or diploma at an eligible college or school, Your child must maintain satisfactory academic progress. Your child must comply with applicable Selective Service requirements.

The interest rate on PLUS Loans made after July 1, 2006 is fixed at 8.5%. The rate on PLUS Loans made prior to July 1, 2006 varies based on US Treasury Bill rates and is subject to change annually. Under present law, this variable rate cannot exceed 9%. Each loan also carries an origination fee of 3% and a federal default fee of 1% of the amount borrowed.

The first payment is due within 60 days from when the loan is fully disbursed (when the lender sends the final disbursement to the college). Interest, however, begins accruing on the day of the first disbursement. While you can capitalize the interest — that is, add it to the principal — you should pay it whenever possible. You can also include PLUS Loans in the Federal Consolidation Loan Program. Discuss loan consolidation with your lender. Deferments to delay repayment are available to eligible borrowers through your lender or their loan service.

More information can be on PLUS loans may be accessed by visiting http://www.hesc.com/content.nsf/SFC/5/About_Parent_PLUS_Loan

Graduate PLUS Loan

Graduate and professional students can now apply for federal Graduate/Professional PLUS Loans to help finance their college education. This loan helps qualifying students pay the difference between the financial aids already received - from scholarships, grants and student loans - and the cost of attendance.

To be eligible for a Graduate/Professional PLUS Loan, you must: be a U.S. citizen or an eligible non-citizen and have a social security number, be enrolled in a graduate or professional program, complete the Free Application for Federal Student Aid (FAFSA), already have applied for the maximum annual amounts for which you qualify in federal subsidized and unsubsidized Stafford student loans, and meet credit eligibility requirements -- no debts 90 days or more delinquent and no defaulted student loans, wage garnishment, bankruptcy or foreclosure in the past 5 years.

There are no set annual or aggregate limits for Graduate/Professional PLUS Loans. You may borrow up to the full cost of attendance, minus any other financial aid received (including subsidized and unsubsidized loans, scholarships and fellowships).
You may have to pay an origination fee of up to 3 percent and a federal default fee of up to 1 percent.

Your first payment will be due 60 days after the loan is fully disbursed. Generally, this will be while you are still in school. There is no grace period.

You may request an in-school deferment as long as you are enrolled in at least a half-time status. Keep in mind, your Graduate/Professional PLUS Loan accrues interest while in deferment status and the interest will be capitalized unless arrangements are made with the lender to pay interest quarterly.

You must apply separately for an in-school deferment on your Graduate/Professional PLUS Loan, even if you have already received in-school deferments on FFEL subsidized or unsubsidized loans. If you choose to have an in-school deferment, your loan will become due 45 days after the deferment end date.

You will have up to 10 years to repay the Graduate/Professional PLUS Loan and a choice of four repayment options.

Alternative or Private Loans

private loans originate outside of the college and require a separate application. Private loans offered through commercial lenders, and are approved according to the family’s ability to repay the loan. Priavate loans available to the students parents. Amounts, interest rates and repayment terms, and application procedures vary according to the individual loan program. Before considering a private loan, students should be certain they understand their rights and responsibilities under the loan program, including how interest is assessed, when repayment begins, and what repayment options are available.

Federal Work Study

Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study.

You'll be paid by the hour if you're an undergraduate. No FWS student may be paid by commission or fee. Your school must pay you directly (unless you direct otherwise) and at least monthly. Wages for the program must equal at least the current federal minimum wage but might be higher, depending on the type of work you do and the skills required. The amount you earn can't exceed your total FWS award. When assigning work hours, your employer and financial aid counselor will consider your award amount, your class schedule, and your academic progress; student must maintain a culcumative GPA of at least a 2.0

Veteran's Educational Benefits

The GI Bill

Available to veterans with at least 181 days of continuous active duty service, any part of which occurred after January 31, 1955 and before January 1, 1977. Applications are available at the College, all Veteran's Affairs (VA) offices, active duty stations and American embassies.

Tuition Awards for Vietnam Veterans

Eligibility requirements:

1. Residency in New York State on the effective date of the law at the time of entry into service and resumption of residency by September 1, 1987.
2. Service in the US Armed Forces in Indochina between January 1, 1963 and May 7, 1975.
3. Discharge under other than dishonorable conditions.

Full-time awards are for up to eight semesters for a four-year program or 10 semesters if a program that normally requires five years.
Part-time awards are for students taking 6 to 11 credits per semester or the equivalent in an approved undergraduate program. Awards are available for 16 semesters (eight years) or 20 semesters (10 years) for programs normally requiring five years of full-time study. Amount: Full-time awards are $1,000 per semester, or tuition, whichever is less. The total award cannot exceed $10,000.

Persian Gulf Veterans Tuition Assistance Awards

Eligibility requirements are the same as above for veterans who have served in the US Armed Forces in the hostilities that occurred in the Persian Gulf beginning August 2, 1990.

Veterans Educational Assistance Program

Applications are available at Vaughn College, all VA offices and active duty stations. For more information and applications, please consult with Jean Rivera, the College's Veterans Affairs Liaison and Assistant to the Manager of Student Accounts at 866.6.VAUGHN, extension 150. Her e-mail address is jean.rivera.@vaughn.edu

The first step in the financial aid process is filing the Free Application for Federal Student Aid (FAFSA) and the New York State Tuition Assistance Program (TAP) application, if you are a state resident. Applications should be filed as soon as possible since processing can take up to eight weeks.

Financial aid advisors are available to assist you in making the process as simple as possible. You may visit the financial aid office for help with completing forms or to develop a plan to help you pay for college.

For more information on financial aid, contact our office at 866.6VAUGHN, extension 187.
We look forward to hearing from you.