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Phoenix Fall Education SpecialFinancial Aid Makes Higher Education Less ExpensiveBY LIZ KOCHAs tuitions escalate, applying for college means not only a trip to the admissions office with SAT scores and high school grades in hand, but also a trip to the financial aid office in search of money to pay for college.In the last two decades, as private college costs have soared and public institutions have raised their tuition, financial contraints join academic achievement as a determining factor for pursuing a higher education. Whether a student hurries from high school into college or takes a ten year break in between, obtaining a college degree is an expensive proposition.Financial aid is becoming the key concept in selecting a college. Students looking to attend college in Brooklyn may find that tuition costs are still lower than at many other schools and some of the aid packages that include federal, state and and City assistance as well as scholarships from the colleges can alleviate the financial burden of acquiring an education. And you don%u2019t have to meet age requirements.THREE TYPES OF HELPMost financial aid comes in the form of a grant (money that a student does not have to pay back), loans and job or tuition credit. For students attending colleges or universities in Brooklyn, the two most popular forms of aid that do not need to be repaid are the Federal Pell Grant and the State%u2019s Tuition Assistance Program (TAP). And despite tighter Federal restrictions on eligibility of student loans, according to several Brooklyn banks, loan allocations from the federally guaranteed National Direct Student Loan (NDSL) and state backed Guaranteed Student Loan (GSL) are on the rise with more students applying for the low interest loans.The major restriction for obtaining many loans and grants is financial need. Independent adults earning their own income may confront limitations on how much aid is available to them but many schools do offer academic scholarships to students excelling in academics.Good news came recently for students in New York, when Governor Cuomo signed legislation on July 17 increasing the size of TAP grants to both undergraduate and graduate students and extends income eligibility to students whose family income is as high as $32,000. The measure creates a new awards payment schedule that will provide New York an additional $46 million inTAP money, qualifying as many as 11,000 additional students for aid as well as providing increased awards for 200,000 students.TAP GAINS $1,200The TAP program, administered by the New York State Higher Education Department, provides a maximum of $2,850 a year to be applied directly to tuition. Under the new legislation graduate TAP awards have been increased to $1,200 year for full-time students, an increase of nearly 50 percent. Increases in undergraduate awards range from $150 to $200. TAP money is available through most Brooklyn colleges from Kingsborough Community College to the Institute of Design and Construction.Procedurally, if TAP money does not sufficiently cover the costs of education, the federal Pell Grant is the next step in obtaining money. In order to receive the award, students must prove financial need and also be enrolled at least as a half-time student in their school. Awards range from $150 to $2,100 per year but will be no more than half the total costs of attendance, upon which the amount of the award is based. Unlike the TAP money, Pell Grant funds are available for both full and part-time students. The New York State Higher Education Services Corporation will determine a student%u2019s TAP award based on levelof study, tuition charge, New York State taxable income and the number of previous TAP payments received by the student. MORE FOR DISADVANTAGEDFor students who are educationally disadvantaged, the State%u2019s Supplemental Tuition Assistance Program (STAP) provides one additional year of TAP awards. The money is for students who need to take remedialThe major restriction forobtaining many loans and grantsis financial need. Independentadults earning their own incomemay confront limitations o f whatis available to them.courses in college, with the one year of funding being devoted to basic skills education. The award requires full-time attendance. %u201cEducationally disadvantaged%u201d is defined as being in need of and then registered for at least six remedial hours or equivalent courses.In addition to the Pell Grant, the federal government has several other financial aid programs available. Students must fill out a CUNY Student Aid Form to be eligible for Supplemental Educational Opportunity Grant (SEOG), NDSL, College Work Study(CWS) and Nursing Student Loan (NSL). A student%u2019s eligibility for the aid is determined by the financial office of the school. The SEOG provides between $200 and $800 per academic year. Student loans provide between $150 and $2,100. Students on College Work Study hold on or off-campus jobs that help pay for a part of their tuition for a minimum of $3.35/hour.Two newer aid programs, the Aid for Part-Time Study (APTS) and Vietnam Veterans Tuition Program (WTA) provide aid for a pool of students otherwise overlooked. APTS provides financial aid to undergraduate students pursuing a degree on a part-time basis while WTA provides financial assistance to Veterans enrolled in undergraduate degree programs on either a full- or part-time basis. To be eligible for the program, the veteran must have served in the armed forces of the U.S. in Indochina between January 1 1963 and May 7 1975. Full-time awards are $500 per semester or tuition or $250 for part-time or tuition.The Mayor%u2019s Scholarship is an aid program provided through the City and Federal government and is for eligible residents in designated community development areas, which in Brooklyn include East New York, Bedford Stuyvesant, Oceanhill, Brownsville and Crown Heights. Students must be eligible for a Pell Grant and attend school full-time. The awards fluctuate in amount with a maximum allocation of $500 per semester.The predominant source of aid for many students are the student loans. The Guaranteed Student Loan (GSL) is processed by the school%u2019s financial aid office before being sent to the lending institution of the student%u2019s choice. Currently money may be borrowed at a rate of eight percent and repayment begins six months after completing or leaving school. A student may borrow up to $12,500 for undergraduate study. The iow interest rate on the loans are subsidized by the federal government and gross income of the student%u2019s family may not exceed $30,000.The same criteria applies to the Parent I/oan for Undergraduate Students (PLUS). PLUS loans are meant to provide additional funds for educational expenses. The interest rate for these loans is 12 percent and parents of financially dependent children can borrow up to $3,000 per child for anyContinued on Page 21Local Banks Offer Different Types O f AidLoans for a college education can be obtained from several Brooklyn lending institutions. Interest rates on loans vary from 8 percent for the Guaranteed Student Loans to 12 percent for Auxiliary Loans to Assist Students (ALAS) and Parent Loans for Undergraduate Students (PLUS).Two banks that offer the largest variety of student loans are Hamilton Federal Savings and Loan Association and Independence Savings Bank. Hamilton Federal which has seen an increase in applications for all types of loans, offers the GSL, the ALAS and the PLUS Loan. All three of these loans are based on a needs test that the student fills out through their school. The loans are then sent to the New York State Higher Education Processing Service where the loan is either approved or denied. Processing of loans, which usually takes approximately three weeks, can be expedited with the bank%u2019s MAP system, adirect hook-up to New York State Higher Education by which loans can be processed in one day.Independence Savings Bank also offers the three types of loans as well as the parttime ALAS loans. Under the terms of the GSL, students must begin repaying their loans six months after finishing or leaving school. For the ALAS, payment on the interest of the loan is begun immediately. For the PLUS loans, repayment begins one month after the loan is taken.At the Williamsburgh Savings Bank only the GSL loans are available. Deadlines for the loan applications vary, but general advice is that the application be completed before the end of the school term. For additional information call the loan department at the bank. Hamilton Federal, 625-4234; Independence Savings, 624-6620; Williamsburgh, 270-4242. %u2014 L.K.A SAMPLING OF THE MONEY AVAILABLE IN BROOKLYNS c h o o l A i d A v a i l a b l e ( s o u r c e ) S c h o o l A i d A v a i l a b l e ( s o u r c e )Institute of Designand ConstructionMedger Evers CollegeKingsborough CollegeSt. Joseph%u2019s CollegePell Grant/Guaranteed Student Loan/TAPPell Grant/TAP/Aid for Part-time SupplementalTuition Assistance Program/Vietnam VeteransTuition Awards/Guaranteed Student Loan/Parent Loans for Undergraduate Students/Auxiliary to Assist Students/Mayor%u2019s Scholarship/CUNY Student Aid Form/CollegeDiscovery.Pell Grant/TAP/CUNY Student Aid Form/Supplemental Education Opportunity Grant/Guaranteed Student Loan/National Direct Student Loan/College Discovery.Pell Grant/TAP/Guaranteed Student Loan/Supplemental Educational Opportunity Grant/National Direct Student Loan/Mayor%u2019s Scholarship/Additional private money availablethrough the college:Scholarships through the Board of Trusteesthat pay full tuition based on academicachievement. Presidential scholarship basedon academic achievement. Medaille Scholarship awarded to students recommended byhigh school and based on achievement. Paysfull tuition. Scholastic Achievement pays upto $2,000 a year based on academic achievement. Endowed scholarships are available forfU !! or part'3* tuition to Students W h n s h o wacademic promise of need. Alumnae scholarships are awarded to sons and daughters ofalumnae. Department scholarships are alsoavailable.St. Francis CollegePolytechnic InstituteLong Island UniversityCity of New YorkTechnical CollegeBrooklyn CollegePell Grant/TAP/Supplemental Educational Opportunity Grant/National Direct Student Loan/Guaranteed Student Loan.Pell Grant/TAP/Guaranteed Student Loan/National Direct Student Loan/Additional money:Grants are available through individual departments. Board of Trustees awards provide fulltuition to high school seniors based onacademic achievement and high math scores.Division of Arts and Sciences pays half tuitiongeared for students of math and physics whoare not in the engineering track. Contemporary Liberal Arts pays full tuition for a nonengineering student.Pell Grant/TAP/Supplemental Tuition Assistance Program/Guaranteed Student Loan/ParentLoans for Undergraduate Students/HealthEducation Assistance Loan/National DirectStudent Loans/Supplemental Educational Opportunity Grant/Additional money:Academic Scholarships/Continuing StudentStudy Grant/lnternational Student Grants/Dean%u2019s Awards/Residence Hall Awards/HonorsProgram Book Award.Pell Grant/TAP/Aid for Part-time Study/VietnamVeterans/CUNY Supplemental Tuition Assistance/Supplemental Educational OpportunityGrant/Mavor%u2019s ScholarshiD/AII loans.Pell Grant/TAP/CUNY Supplemental TuitionAssistance/Supplemental Educational Opportunity Grant/National Direct Student Loan/Guaranteed Student Loan.Page 20, THE PHOENIX, Septem ber 4, 1986