Each student should meet with the Financial Aid Officer for an advisement appointment in order to discuss the most suitable financial aid package.
Financial aid is distributed to students based on their computed financial need as determined by the financial aid applications filed. Your “financial need” is the difference between the cost of education (tuition, fees, room and board, transportation and personal expenses) and the total contribution expected from your family. Your family contribution is based on an analysis of the financial aid application. Among the items considered are family income, the number of family members, number in college, assets, and your own resources such as savings and Veterans Benefits for which you may qualify.
There are two available financial aid packages:
- The Tuition Assistance Program (TAP)
- The Federal PELL Grant Program
Tuition Assistance Program (TAP)
Tuition Assistance Program (TAP) awards are available to New York State students who are enrolled full-time at the school. Students must be enrolled in a program that has at least 1440 instructional hours to receive a TAP award. Award amounts are based on NYS taxable income and are received by filing and application for each award year (July 1 through June 30) of attendance at the institute. The maximum amount a student may receive is $5000 per year. Amounts received are applied against tuition charges only and need not be repaid. To receive TAP in subsequent semesters, a student must maintain satisfactory academic progress.
Some of the eligibility requirements for the State Assistance program in New York are as follows:
- New York State resident for one year;
- U.S. citizen or permanent resident alien;
- Enrolled in a TAP eligible program at MBS;
- Not in default on a Federal student loan;
- Maintain satisfactory academic progress.
The Federal PELL Grant Program
The Pell Grant awards are federal aid awards available to student who are enrolled at least half-time at the institute. The Pell Grant provides up to $3800 for each undergraduate year. Amounts received are grants for educational expenses and need not be repaid. Pell Grants are not available to students who have received a bachelor’s degree. Application for the Pell Grant must be submitted each award year (July 1 through June 30) that the student is in attendance. Award amounts are based on federal income tax return information, non-taxable income, and parent and student financial resources.
Some of the eligibility requirements for Federal Assistance programs are as follows:
- Enrolled/Accepted for enrollment;
- Citizen, national, or permanent resident;
- At least a half-time student;
- Maintain satisfactory academic progress;
- Not in default on any federal loan;
- Do not owe a repayment on Federal or State grants at any school;
- Sign a Statement of Educational Purpose;
- If required, register with the selective service;
- File a federal Financial Aid Application;
- Be free of Drug Abuse;
- Complete a Financial Aid Transcript for any college attended.