Financial Aid

Click on a link to be taken to the entry below.

• Undergraduate Financial Aid
• Graduate Financial Aid

Education for leadership in the technological professions requires substantial resources. As a private university, Rensselaer helps with the costs of education, laboratories and facilities, student services, and administrative support through a combination of tuition, fund raising, and endowment earnings.

While a quality education adds value well in excess of its cost, many students and families are unable to meet the cost with their own resources. Rensselaer participates in federal, state, and its own institutional aid programs. These encompass scholarships, grants, work, and loans. Rensselaer aid programs consist of merit-based and need-based aid programs. All prospective freshmen and transfer students are automatically considered for Rensselaer merit-based financial aid programs.

International Students
International students cannot receive institutional aid, unless they are a Rensselaer Medal Scholarship recipient or receiving a Division I Athletic Scholarship. An exception to this policy is Canadian citizens who apply for admission on or after the Fall 2012 semester shall be considered for institutional aid. For federal or state assistance, international students must be U.S. citizens or permanent residents; possess a valid alien registration receipt card; have an arrival-departure record (I-94) from the Department of Homeland Security showing a status of refugee, asylum granted, parole (I-94 confirms paroled for a minimum of one year and status has not expired), or Cuban-Haitian entrant; possess a valid temporary resident card (I-688); or have a conditional permanent resident card (I-551C).

Current and prospective students are invited to contact the Office of Financial Aid, at (518) 276-6813, or via email at finaid@rpi.edu. Additional information may be found at www.rpi.edu. 

Applying for Financial Aid 

Prospective first-year freshman and undergraduate transfer students apply for need-based financial aid by submitting the Free Application for Federal Student Aid (FAFSA) as well as the College Scholarship Service (CSS) Profile. These forms entitle the applicant to consideration for all financial aid administered by Rensselaer. Additional applications may be required for state financial aid programs.

Returning students requesting need-based aid must submit the FAFSA, however the CSS profile is not required.   If the subsequent year FAFSA indicates a lower financial need than the prior year, need-based RPI awards may be reduced. This happens most often when income has increased or if siblings have departed college since the first year application was processed.

Returning students seeking summer session financial aid are required to submit the Rensselaer Summer Financial Aid Application.

CSS Profile: https://profileonline.collegeboard.com (School Code 2757)
FAFSA: www.fafsa.gov (School Code 002803)
New York State Tuition Assistance Program: www.hesc.org (School Code 0635)

Priority filing deadline dates:
 

The priority deadline date for returning students is April 1 of the year the applicant is seeking aid.

Applicants who file after any of these filing deadline dates will be reviewed, but cannot be guaranteed full consideration of all aid programs.

Both the FAFSA and CSS Profile applications are available in early October each year. The Profile application may only be filed electronically. The FAFSA may be filed in paper or electronically. Applicants are strongly encouraged to file electronically.

It is the student’s responsibility to complete all forms or applications for aid which he or she is determined to be eligible unless declining the aid source being offered. A student selected for verification by the Department of Education and/or Rensselaer is required to submit additional information which may include federal tax transcripts and other supporting documentation.

Eligibility for Rensselaer need-based financial aid is determined by taking the Cost of Attendance minus the Expected Family Contribution (EFC) as determined by the Institute. An EFC is determined by evaluating family income and assets. Families are expected to utilize a combination of income, assets, and borrowing ability to fund educational costs. When determining the EFC for Rensselaer awards, we look to all information as reported on the CSS Profile and/or FAFSA applications. We do not consider parents attending college nor siblings attending graduate study. For Canadian citizens, only the CSS Profile application is required to determine eligibility for Rensselaer need-based financial aid.

Coterminal Program Financial Aid Eligibility:  Students enrolled in Coterminal degree programs are considered undergraduate students for financial aid purposes during the timeframe prior to completion of their Bachelor Degree requirements. Once the student has completed the undergraduate portion of the program, they are awarded as graduate students. The Office of Financial Aid works with campus partner offices to identify students accepted into co-terminal degree programs and actively assists students with FAFSA updates and other information needs during the transition to graduate student status. 

Coterminal students may receive up to 2 additional terms of Rensselaer gift aid funding during the graduate timeframe. Students enrolled in Coterminal MBA programs may receive up to 3 additional terms of Rensselaer gift aid funding.  Students who were eligible for Federal Pell Grant or Supplemental Education Opportunity Grant (SEOG) funding during their last term of undergraduate study will be considered for additional need-based funding to replace these awards during the graduate timeframe.  This is because graduate students are not eligible for Federal Pell and SEOG awards.  Visit the Office of Financial Aid website, www.financialaid.rpi.edu, for additional instructions and details.

STUDENT SELF HELP – Rensselaer utilizes the College Scholarship Service recommended minimum student contribution from income from summer earnings when determining need-based Institute funding regardless of the federally calculated EFC. Beginning with the 2022-2023 academic year, all first-year undergraduate students are expected to contribute a minimum of $2,200.

An award of Federal Work Study employment is not a guarantee of a job. Federal Work Study offers represent the maximum a student may earn once s/he is assigned a work study position. There are a limited number of off-campus community service positions. Students may not work more than 20 hours per week while classes are in session.

Loan programs such as the Federal Direct and PLUS loan programs are liabilities that must be repaid, with interest. Repayment schedules may begin immediately or  have grace periods of six or nine months, depending on the loan program.

Cost of Attendance The total estimated expenditure for a Rensselaer undergraduate for the nine-month 2022-2023 academic year for an undergraduate student living on-campus is as follows:

Direct Loan Fee: A Federal Direct Loan fee is added to these costs when determining aid eligibility (the actual fee paid depends on amount borrowed and will reduce the amount of loan funds disbursed…..it does not appear as an RPI “billed expense”).

Technology / Laptop Costs:  All new undergraduate students are required to have a laptop computer, which may be purchased through the Mobile Computing Program at an approximate expense of $1,600 for most majors. Architecture majors and certain engineering majors require a higher capacity laptop at an approximate expense of $2,500.   The cost is determined annually by the MCP and provided when placing orders.

Updated cost information is available online at www.rpi.edu/cost.

Aid Award In making aid awards, Rensselaer’s typical approach is to award scholarship funds first, then add self-help awards (loans and work-study jobs) to help meet need. Most awards are a combination of scholarship(s), grant(s) loan(s), and/or job.

Adjustments Rensselaer evaluates parent and student IRS tax data and verifies the enrollment status of other family members in college. Awards may be adjusted when there are differences between FAFSA/Profile estimates and actual figures. If you receive aid from sources other than what is provided on your award notification, you must inform the Office of Financial Aid of these awards.

Generally, outside aid will be treated as follows:

• first, it will be used toward any unmet need in your package. Unmet need is the difference between your Estimated Family Cost to Attend Rensselaer and your Federal EFC.
• if the outside aid exceeds your unmet need, the outside aid will replace need-based federal sources (i.e. Federal Work Study, Perkins Loan, SEOG, and/or subsidized Direct Loan programs).
• finally, if there is still outside aid left, the remaining outside aid will replace existing Rensselaer need-based aid rounded up to the nearest $50 increment.

REVISION OF AID AWARDS

The Rensselaer Office of Financial Aid reserves the right to revise your award according to Federal, State, and Institute policies and regulations or due to unexpected business disruptions caused by natural disasters or other emergency situations impacting campus operations.

Situations when awards are reviewed for revision include but are not limited to the following:

• When the student or family make changes to their original application information
• When we make application information changes while completing an income verification review or resolving conflicting information (Federal or Institute Selections)
• Based on student receipt of additional outside aid awards such as Veteran Education Benefits, Tuition Remission, or other “Outside Scholarships”
• When the student withdrawals from some, or all, of their courses
• If the student’s renewal FAFSA indicates a lower calculated need for funding (Cost of Attendance minus FAFSA EFC or “Student Aid Index”)
• If the student is granted waiver approval to end their on-campus housing and meal plan obligation sooner than required by Living and Learning policies

Annual Renewals

Funding Renewals:  A student receiving Rensselaer merit-based awards will automatically have those awards renewed as long as he or she has not been academically dismissed and meets all other eligibility requirements. Need-based awards are renewed subject to the student continuing to demonstrate financial need as determined by the Office of Financial Aid. Students must complete the FAFSA by the priority filing deadline date to be considered for renewal of need-based awards.

Some awards from the Institute may be replaced all or in part by other Institute awards. For example, a student may receive an initial Rensselaer scholarship such as the Leadership Award and then receive notification that a portion of the Leadership Award is funded by a scholarship provided through the generosity of donors, alumni, corporations, or other friends of the Institute. Recipient selection and renewal are subject to the conditions set forth by the donor.

Rensselaer awards typically require full-time attendance, but may be prorated if a student is attending on a part time status. Students are encouraged to meet with an Assistant Director prior to deciding to attend part-time to understand any impacts on financial aid eligibility.



Eligibility Timeframe:  New students entering Rensselaer at the Freshman level may receive a maximum of eight semesters of Institute funding toward their undergraduate study; ten semesters for Architecture majors.  For transfer students, the number of terms of Institute gift aid is determined based on the academic level assigned to the student at the start of enrollment (ex:  Transfer-in Juniors may receive four semesters of Rensselaer gift aid awards).   

The Office of Financial Aid routinely monitors students approaching the minimum amount of credits required for graduation. This is because eligibility for Federal awards ends when degree attainment requirements are met whether or not the student applies to graduate from their program.   Upon request, a student must provide to the Office of Financial Aid an approved academic plan from his/her academic adviser stipulating coursework required for graduation. In such instances, federal and institutional aid is only provided for coursework to meet graduation requirements.

A student who has utilized eight semesters of eligibility (10 if in Architecture) seeking institutional aid must appeal in writing with an academic plan from his/her adviser outlining the coursework needed for graduation.

Federal and state aid recipients are subject to the terms and conditions of those programs. For example, Full time attendance requirements may apply to New York State grant awards; annual and aggregate borrowing limits apply to Federal Direct Loans; and all Federal need-based awards require annual FAFSA filing to determine renewability.

Satisfactory Academic Progress (SAP): Students must remain in Good Standing based on Federal, State, and Institute “Satisfactory Academic Progress” policies in order to qualify for awards.  Although specific policies vary by program, the general concept is that students who do not complete all of the Full Time credits they register for, or who have cumulative GPAs below 2.0 risk being placed into SAP Warning or SAP Suspension status.   Additionally, Federal Student Aid awards may not be provided after the time it is determined that the student will not be able to complete their degree program within 150% of the typical timeframe needed to attain the degree.

The Office of Financial Aid measures SAP using both qualitative (GPA) and quantitative (percentage of credits completed) data at the end of each term.  A student who is not making SAP is no longer eligible to receive federal aid until s/he returns to Good Standing or is granted federal financial aid probation.

Students who become SAP suspended are notified and may file a “Petition for Reinstatement” through the Office of Financial Aid. Disbursement of future term awards for students in Warning or Suspension status may be delayed until academic outcomes from the most recently completed term are finalized.

Additional details about SAP guidelines are available at www.financialaid.rpi.edu.

Waiver of NYS Tuition Assistance Program Satisfactory Academic Progress Standards

The standards for program pursuit and satisfactory academic progress may be waived, provided a student can show fully documented medical or unusual personal circumstances. Request for a waiver of the NYS TAP standards are made to the Registrar’s Office.

Additionally, under New York State education law, the president of the New York State Higher Education Services Corporation (NYSHESC) can waive the academic progress requirement of a minimum C (2.00) cumulative GPA for a student who has received two years of state-funded aid.

The student may appeal in writing; the circumstances must be specific to the issue of the student’s inability to achieve the C (2.00) cumulative GPA as of the end of a particular semester or term. The state’s language provides for a waiver of the 2.00 requirement for undue hardship based on the death of a relative of the student, personal injury or illness of the student, or other extenuating circumstances. Use of the one-time president’s waiver does not preclude the possibility of waiver of the C (2.00) cumulative GPA requirement alone in a subsequent semester. Conversely, waiver of the C (2.00) cumulative GPA requirement alone in a term does not affect a student’s subsequent eligibility for the one-time waiver of the NYSHESC standards. Waivers of standards are granted for one semester only.

Financial Aid Awards

Rensselaer Aid Programs for Undergraduate Students

To provide access to a quality education for high-quality students, Rensselaer offers substantial financial aid from its own funds. Scholarships and grants are awarded after full consideration of any of the following factors: relative financial need, academic achievement and promise, qualities of character as suggested by recommendations submitted on behalf of the student, evidence of willingness to help oneself by working, and participation in community and school activities. Students do not apply separately for these awards.

If a student earns multiple Rensselaer merit scholarships prior to admission, Rensselaer will award the highest merit award for which the student is qualified, but does not combine multiple Rensselaer awards. Recipients of the Rensselaer Tuition Remission benefit are not eligible to receive other Rensselaer scholarships or grants unless the student would otherwise receive Rensselaer aid that would exceed the Tuition Remission benefit. The total of all sources of grants/scholarships may not be greater than the published cost of attendance used for financial aid purposes.

All Rensselaer scholarships and grants are awarded based upon full-time attendance. Less than full-time attendance may result in a reduction or elimination of awards; federal and state aid programs may also be adjusted if a student is attending less than full-time. A student is expected to meet with a staff member in the Office of Financial Aid prior to attending less than full-time to understand the implications on financial aid sources s/he is receiving.

Please see the Eligibility Duration segment of the Annual Renewals section for description of how maximum terms of eligibility is determined for transfer students entering at above a Freshman grade level.

Awards below with an asterisk (*) assist recipients to attain the benefit of a Rensselaer education and are supported by donations from Rensselaer alumni and friends since the inception of the Institute in 1824. If an award is not need based, all (or a portion of these awards) may be replaced with other Rensselaer merit award(s) that best match a student’s overall attributes and/or academic record; if the award is based on financial need, the award may be replaced all or in part with other Rensselaer need-based awards. Need based awards require continued demonstrated need for renewal in a subsequent year.

Rensselaer Leadership Award/Rensselaer Merit Award* These merit-based awards are given in recognition of an outstanding record of academic and personal achievements, a strong commitment to excellence, and illustration of intellectual curiosity. Recipients receive one of these awards for a maximum of eight semesters of full-time undergraduate study. School of Architecture students may receive awards for up to 10 semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer Medal Scholarship First presented in 1916, the Medal is a merit-based scholarship awarded to promising secondary school juniors who have distinguished themselves in mathematics and science. Responsibility for selecting the Medalist belongs to the faculty and staff within the participating secondary school. Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

2024 Bicentennial Award* This award assists recipients to attain the benefit of a Rensselaer education and is supported by donations from Rensselaer alumni and friends since the inception of the Institute in 1824. All (or a portion of this award) may be replaced with other Rensselaer merit award(s) that best match a student’s overall attributes and/or academic record; however the total value will be equal to the original 2024 Bicentennial Award. Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer Grant* (formerly Rensselaer Alumni Scholarship) This need-based grant is awarded to students who exhibit strong academic and extracurricular achievement, and display a strong commitment to excellence. Award amounts may change if the student’s demonstrated need decreases significantly. Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer Access Grant* This limited need-based grant is awarded to students who demonstrate extreme financial hardship as determined by the Rensselaer Office of Financial Aid. Award amounts may change if the student’s demonstrated need decreases significantly.  There is no minimum grade point average required for renewal each year. Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer Recognition Award* This limited fund is provided to select students based upon a holistic view of the students’ academic record, extracurricular activities, and potential for success at the Institute. It is not based on financial need. There is no minimum grade point average required for renewal each year.  Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer National Merit Scholarship The Institute is a sponsor in the National Merit Scholarship Corporation (NMSC) program, which provides up to $2,000 to students who list Rensselaer as their first-choice institution in accordance with NMSC guidelines.  Recipients receive this award for a maximum of eight semesters of full-time undergraduate study. School of Architecture program students may receive the award for up to ten semesters of undergraduate study. There is no minimum grade point average required for renewal each year.

Coterminal degree students may receive up to 2 additional semesters of funding after completing their undergraduate degree requirements.   Students in coterminal MBA programs may receive up to 3 additional terms of funding.

Rensselaer National Merit Recognition Award This award is provided to students who list Rensselaer as their first choice institution but do not meet NMSC criteria for the maximum award. Recipients are eligible to receive up to $1,000. The combination of the Rensselaer Merit Scholarship and the Rensselaer National Merit Recognition Award cannot exceed $2,000. Co-terminal and Architecture students may not receive more than eight semesters of eligibility.

ROTC Room & Board Scholarship The ROTC Room & Board Scholarship is awarded to all ROTC scholarship recipients attending on a full-time basis. The ROTC Room and Board Scholarship is equal to the average room and board allowance provided to non-ROTC students residing on-campus as determined by the Office of Financial Aid. If an ROTC student is receiving a Rensselaer merit based award, the student will receive the merit award s/he would otherwise receive or the ROTC Room and Board Scholarship, whichever is greater except as follows:

The sum of all other grants and scholarships (including ROTC Scholarships) cannot exceed the cost of attendance determined by the Office of Financial Aid. In such cases the ROTC Room and Board Scholarship and/or other Rensselaer grants and scholarships are adjusted.

RPI Athletic Grant-in-Aid The Grant-in-Aid is awarded to Division I athletes who have been recruited and selected by the ice hockey coaches. Rensselaer is Division I for men’s and women’s ice hockey. (Please note that Division III athletes are prohibited from receiving any financial aid that is based upon athletic participations/performance per NCAA regulation.)

Transfer Student Awards

With the exception of the Phi Theta Kappa Award, the awards listed below provide a minimum of $18,000 per academic year.

Affiliated Two-Year Community Colleges

The Award for Excellence Provided to the top student transferring into a non-engineering program from two-year affiliated colleges and universities.

The Joseph H. Smith Jr. ‘45 Award This award was created for the most outstanding student in the engineering science program at the Institute’s affiliated community colleges. The award is presented to the qualifying student with the highest cumulative average.

Four-Year Affiliated Colleges and Universities

The Award for Excellence Provided to the top student transferring to a Rensselaer engineering program from each of the Institute’s four-year affiliated colleges and universities.

Two- and Four-Year Affiliated Colleges

The Garnet D. Baltimore Rensselaer Award and Scholarship for Minority Students This annual scholarship is awarded to the qualifying African American, Hispanic, or Native American student with the highest combined average in mathematics and science at each of the Institute’s two- and four-year affiliated colleges.

Phi Theta Kappa Society Scholarship Phi Theta Kappa recognizes intellectual achievement in American two-year colleges. All Theta Kappa Society transfer students who are accepted and subsequently enroll at Rensselaer Polytechnic Institute will receive the $5,000 annual scholarship.

Corporation, Endowed, Foundation, and Industrial Scholarships

A great many scholarships are given to Rensselaer by corporations and foundations and through the generosity of alumni and friends. Some of these scholarships are available to first-year students and continue for four years; others are available only in the upper-class years. Currently over 400 of these scholarships exist for undergraduate students. Most are awarded on the basis of financial need, academic excellence, major, community service, leadership, or other criteria established by the donor. No special application is required. Award amounts vary, ranging from $500 to full tuition. These awards may replace all or in part previously awarded Rensselaer funds.

Federal Grants, Loans, and Work-Study Assistance 

Full details on all federal financial aid programs may be found at http://studentaid.edu.gov. Recipients of federal aid programs must be United States citizens or eligible non-citizens and meet other requirements. The federal government offers a number of grant, loan, and work-study programs. Additionally, students enrolled in a study abroad program approved for credit by Rensselaer may be considered as enrolled at Rensselaer for purposes of determining federal student financial aid eligibility. The programs listed below are most popular with Rensselaer students and require the completion of the FAFSA (Free Application for Federal Student Aid) for determination of eligibility:

Federal Pell Grant The maximum award for the 2020-21 academic year is $6,195 . Eligibility is determined by data provided on the FAFSA; however a student whose parent or guardian died as a result of service in Iraq or Afghanistan after 9/11/2001 is provided the maximum award. Students must be enrolled for a minimum of three credits to be eligible. Effective 7/1/2012 and thereafter, all Pell grant recipients are limited to receive no more than 12 semesters of Pell Grant awards. 

Book Expenses for Federal Pell Grant Recipients:  All colleges must provide a mechanism for Federal Pell Grant recipients to obtain their books within seven days from the start of each term if the student is expected to receive a credit balance refund from their Pell Grant.  Rensselaer accommodates this need by allowing books to be added to the student’s Bursar billing account charges.

Federal Supplemental Education Opportunity Grant (SEOG) These additional grants are made to Pell Grant recipients who demonstrate exceptional financial need. Maximum award is $4,000.

Federal Perkins Loan 2017-2018 was the last award for this program.  No new loans can be made after September 30, 2017. No renewal loans may be provided for the 2018-2019 year or beyond.

Continuing students with existing Perkins Loans will receive repayment and “exit counseling” information through the Bursar’s Office.  Additional program information is available through the Office of Financial Aid or online at www.studentaid.gov.  Students may view their full Federal Student Aid history including Perkins Loan amounts by award year using the Student Access feature of the Federal National Student Loan Data System (NSLDS), https://nslds.ed.gov

As of March 2019, students may contact Pamela McCumber, Assistant Bursar, via email to mccump@rpi.edu with questions about Perkins Loan repayment.

Federal Direct Loan (Subsidized) “Subsidized” means that the federal government pays the interest on the borrower’s behalf while attending college at least half-time and six months thereafter. Eligibility is based on financial need.. The annual interest rate is a fixed rate equal to the high yield Treasury Note as of June 1st plus 2.05%. The Department of Education may retain up to 1.069% of the amount borrowed for an origination fee. Annual borrowing maximum amounts vary based on the student’s year in school. The maximum cumulative aggregate total allowable borrowing is $23,000. Both principal and interest are deferred while the student is enrolled at least half time.

Effective July 1, 2013 new borrowers under the program may receive subsidized loans, in the aggregate, to 150 percent of the published length of the student’s current educational program. Once the student has reached that limit, s/he may borrow only unsubsidized loans, and interest begins to accrue on the student’s outstanding subsidized loan.

Federal Direct Loan (Unsubsidized) “Unsubsidized” means that the federal government does not pay the interest on behalf of the borrower while the individual attends college at least half-time. The borrower is responsible for the accrued interest while in school. Should the student choose not to make payments while in school, interest accrued will be added to the principal amount borrowed. Eligibility is based on the cost of attendance minus other aid awards Undergraduate students may borrow up to the limits of the subsidized program less any subsidized loan they may already have. The Department of Education will retain 1.069% of the amount you borrow for loan fees. Graduate students may borrow up to $20,500 per year. The annual interest rate is a fixed rate equal to the high yield Treasury Note as of June 1st plus 2.05%. 

Annual Federal Direct Loan eligibility:

Freshman: $5,500 with no more than $3,500 from the subsidized program.
Sophomore: $6,500 with no more than $4,500 from the subsidized program.
Junior and beyond: $7,500 with no more than $5,500 from the subsidized program.
Graduate students: $20,500 from the unsubsidized program only. No eligibility for the subsidized program.
For additional program details including aggregate borrowing limits, visit www.studentloans.gov.

Participation in the Federal Direct Loan program requires a student to confirm his/her acceptance via Rensselaer’s Student Information System (SIS), complete a Master Promissory Note, and successfully complete an Entrance Interview and Exit Interview explaining the rights and responsibilities in the program.

Various deferments allowing postponement of repayment are available depending on when the student received the first loan. Periods of deferment are limited to those who are (1) in school at least half-time; (2) on graduate fellowships or rehabilitation training; (3) unemployed; (4) serving on active duty during a war, being on active duty as a member of the national guard, or (5) in economic hardship. Students should contact the Direct Loan Servicing Center (https://studentloans.gov/myDirectLoan/index.action) for specific information.

Federal Work-Study Program This is a need-based program for students with a substantial financial need. Recipients earn an hourly wage based on New York State minimum wage laws with an academic year maximum earnings of up to $2,000 per year. In addition there are a limited number of community service positions available. Students selected to participate in this program must provide proof of employment eligibility to work in the United States. An acceptance of an offer of work study is not a guarantee of employment nor may a recipient utilize anticipated work study earnings to pay bills owed to the Institute.

Federal Direct PLUS (Parent Loan for Undergraduate Students) Borrower must be the natural parent or custodial stepparent of a financially dependent undergraduate. Student eligibility is similar to federal Direct Loan program. Student must complete the FAFSA (Free Application for Federal Student Aid).

The borrower utilizes the Department of Education (DOE) Direct Loan Web site (www.studentloans.gov) to initiate the required credit check and complete a Master Promissory Note (MPN).

Parent borrower must complete a separate form for the Rensselaer Office of Financial Aid called a PLUS Loan Request Form (PLRF). The Office of Financial Aid transmits appropriate information to the federal Department of Education (DOE).

The maximum amount of Direct PLUS loan is the total cost of attendance, minus other financial aid. An origination fee of 4.276% is deducted from the gross amount borrowed. Repayment begins 60 days after the final disbursement for the loan period and a borrower has 10 to 25 years to repay. In addition, the borrower may defer payments while the student is enrolled at least half time.

About the Federal National Student Loan Data System (NSLDS):  As a Federal Student Aid Programs Eligible Institution, Rensselaer is required to submit detailed information about the Federal Student Loans we certify to the Federal NSLDS.  Eligibility details about Federal Direct Loans, Perkins Loans, and Pell Grants received by students, including award periods, award amounts, and schools where funds were used is provided.  The NSLDS is accessible by guarantee agencies, lenders, and schools determined by US Department of Education to be authorized users of the data system.  School users are required to access the NSLDS to review student award history prior to disbursing awards to ensure compliance with Federal Student Aid Program certification rules which interact with the student’s history at prior institutions. When new awards are processed, schools are required to post the new award details to NSLDS.

Students are encouraged to sign up for direct access to their NSLDS Federal Student Aid award history at www.nslds.ed.gov.  This site provides information about the student’s current loan servicing agent as well as details about Federal loan and grant awards received throughout enrollment.

Additional Federal Aid Programs and Eligibility Rules

In addition to these general forms of student assistance, the federal government has aid programs directed to specific groups of students. Examples include the U.S. Bureau of Indian Affairs, Aid to Native Americans Higher Education Assistance Program, and Veterans Administration (VA) educational benefits. Students who may be candidates for these programs are urged to contact the Office of Financial Aid.

Application Based on the FAFSA, the Office of Financial Aid reviews eligibility for these programs and makes awards within program guidelines and formulas (as always, subject to available funds). Detailed information on eligibility, award schedules, distributions of funds, cancellation, and specific rights and responsibilities of recipients is available from the Office of Financial Aid.

Satisfactory Academic Progress (SAP) As described in the SAP segment of the Annual Renewals section, to remain eligible for these Title IV federal student assistance programs, students must complete a specified percentage of attempted credit hours and maintain a required cumulative grade point average (GPA) as well as a minimum semester grade point average each semester.

Students who fail to maintain the minimum credit hours or achieve the required grade point averages may be placed on federal financial aid warning for one semester, allowing for the potential to continue receiving federal aid. Thereafter, a student who is not making SAP will no longer be eligible to receive federal aid until s/he regains SAP or is granted federal financial aid probation. Students denied federal financial aid for failure to make satisfactory academic progress may appeal through the Office of Financial Aid. For complete details, visit the Office of Financial Aid Web site (www.financialaid.rpi.edu)

Federal Policy on Drug Conviction & Aid Eligibility A student who has been convicted of any offense under any Federal or State law involving the possession or sale of a controlled substance shall not be eligible to receive any federal Title IV grant, loan, or work assistance during the period beginning on the date of such conviction and ending after the interval specified in the following table:

A student whose eligibility has been suspended may resume eligibility before the end of the ineligibility period if the student satisfactorily completes a drug rehabilitation program, defined by the Secretary, that includes two unannounced drug tests; or the conviction is reversed.

ROTC Financial Aid Programs

Financial assistance is available for both scholarship and non-scholarship Reserve Officers Training Corps (ROTC) students.

ROTC scholarship recipients receive awards for periods varying from two to four years. These provide tuition ranging from approximately $18,000 to full tuition, a variable allowance for books, some fees, plus a monthly stipend. Students entering Rensselaer with ROTC scholarships receive an additional scholarship covering the average cost of on-campus room and board. This scholarship will be paid each year the student remains eligible for ROTC scholarship benefits regardless if the recipient resides on or off-campus. Please refer to the ROTC Room and Board Scholarship for details.

Non-scholarship students receive a monthly stipend during their junior and senior years.

Deadlines for scholarship applications vary among the Army, Navy, and Air Force. Details are available from service representatives:

Aerospace Studies (Air Force), (518) 276-6236
Military Science (Army), (518) 276-6254
Naval Science (Navy/Marines), (518) 276-8001

Veterans Assistance (VA) Programs

The Institute has provided a specific Web site with detailed information for veterans: http://www.rpi.edu/veterans/index.html.

Students receiving VA benefits may also qualify for additional federal grant, loans, and work-study programs. VA recipients not qualifying for the Yellow Ribbon program will be considered for Rensselaer merit based scholarships and grants.

In addition to participation in various GI educational programs, the Institute is partners with the VA in the Post-9/11 GI Bill® Yellow Ribbon Program; Post-9/11 GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA).   This program provides qualified veterans or their benefit eligible dependents with total scholarship funding that meets the cost of tuition. The funding is provided through a combination of the maximum VA Benefit tuition support award (about $36,000 per year) and Yellow Ribbon awards from VA and Rensselaer which cover the level of tuition above the VA annual support maximum.  Yellow Ribbon program is applicable to residential programs.

A Yellow Ribbon recipient is not eligible to receive other Rensselaer merit or grant aid programs.

The University maintains records to show the progress of each Veteran or eligible student and makes all records available for inspection.  Records are retained for at least 3 years following the students last day of enrollment

New York State Grant Programs

New York offers a number of financial aid programs to residents. The Tuition Assistance Program (TAP) is described below. In addition, the state offers other special programs including the following for which details and application information are available on the Web at www.hesc.ny.gov.

Tuition Assistance Program (TAP) The Tuition Assistance Program (TAP) provides grant assistance to help eligible New York residents attending in-state postsecondary institutions pay for tuition. TAP grants are based on the applicant’s and his or her family’s New York State net taxable income. Applicants may apply directly to HESC or file the Free Application for Federal Student Aid (FAFSA), authorizing the release of information to HESC.

The amount of the TAP award is scaled according to type of school, level of study, tuition charge, and net taxable income. Seven award schedules are currently in effect. Award schedules may be changed by subsequent legislative action. All income data reported are subject to verification by the New York State Department of Taxation and Finance and NYSHESC.

Undergraduate award amounts currently range from $500 to $5,165, depending on family New York State net taxable income and when the student receives his/her first TAP payment.

Recipients must be in good academic standing in accordance with commissioner’s regulations and must not be in default of a federal loan or a loan guaranteed by NYSHESC.

Part Time TAP

This program helps eligible New York State residents attending in-state postsecondary institutions on a part-time basis to pay for tuition. The student must have earned at least 12 credits in each of two consecutive semesters, for a total of 24 credits earned. Award amounts vary depending on the number of credit hours the student is taking. Note that this program is not the same as the Aid for Part-Time Study (APTS) program.

Rensselaer does not currently participate in Part Time TAP programs.

Segal AmeriCorps Educational Award
AmeriCorps provides opportunities for adults of all ages and backgrounds to serve through a network of partnerships with local and national nonprofit groups. In return for their service, members of AmeriCorps programs earn money for school in the form of an education award that can be applied to outstanding student loans or future higher educational and vocational training pursuits. Full-time AmeriCorps members perform 1,700 hours of service.

For additional information, see the AmeriCorps Web site. New York residents can contact the New York State Office for National and Community Service, 52 Washington St., Rensselaer, NY 12144. AmeriCorps Web site is www.americorps.gov/

Vocational Rehabilitation Programs

Persons with disabilities may visit the New York State Education Department website, www.nysed.gov, for more information about higher education and training award availability as well as other living services.  The Adult Career and Continuing Education Services-Vocational Rehabilitation (ACCESS-VR) agency can assist with questions about access to a full range of services for disabled persons.

Other Non-New York State Grant Programs

Both Vermont and Rhode Island offer grant programs that provide partial support for study at Rensselaer.

Vermont Incentive Grant applications are made to the Vermont Student Assistance Corporation, 10 East Allen St., P.O. Box 2000, Winooski, VT 05404 or via the Web at www.vsac.org.

Rhode Island State Scholarship applications are made to the Office of Scholarships, Rhode Island Department of Education, 560 Jefferson Blvd., Suite 100, Warwick, RI 02886 or via the Web at www.riheaa.org.

Rensselaer encourages all non-NY residents to check with their state agencies to see if their educational grant or loan programs may be used while in attendance at the Institute.

Other Opportunities for Undergraduates

 In addition to the above, there are other possibilities for undergraduate students or, in some cases, their families.

Part-time Employment There are many opportunities for part-time work during the college year, both on the campus and in surrounding communities. Information on part-time employment is available from the Career Development Center, (518) 276-6234 or on the CCPD website.

Alternative Loans These non-federal loans are secured through private lending institutions. Typically in such programs, the student is considered the primary borrower, with a credit worthy co-signer. Please be aware that most lenders will not lend to a student who has not attained his/her 18th birthday at the time of application, regardless if a co-signer is used. Interest rates are variable, typically ranging from 2.25% - 12.99% depending on the borrower(s) credit rating. In addition, the lender will look to other factors such as income and current outstanding debt. Repayment begins after disbursement, and the borrower may have up to 20 years to repay. Payment may be postponed while the student is in school at least half time. The borrower chooses the lender, submitting the application through that lender. The lender will communicate with Rensselaer and the Office of Financial Aid in turn will notify the lender of the amount a student is eligible to borrow. Individuals should always consider Federal Loan programs before borrowing through alternative loan programs. Rensselaer does have some preferred lenders, selected because of their popularity with Rensselaer students, commitment to customer service, competitive interest rates, and interactive Web sites. Please visit www.elmselect.com for additional information.

Financial Aid Refund and Repayment

When students withdraw from all classes prior to the end of a term, their billing account is reviewed to identify the amount of tuition, fees, and other charges they remain responsible to pay. Their financial aid account is reviewed to identify the amount of Federal, State, or Institutional aid that may be retained as payment against their adjusted charges. The return of funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged.  

The student’s last date of attendance is used for both account adjustment calculations and reflects the date the student began the Institute’s withdrawal process, the student’s last date of recorded attendance (or other acceptable academic activity), or the midpoint of the semester for a student who leaves without notifying the Institute. Official withdrawals and leaves are coordinated through the Office of Student Experience.

The tuition refund percentages below apply to all students whether or not they are federal aid recipients. The same percentages apply to the reduction of Rensselaer gift aid programs. Descriptions of the award retention environment for Federal and NY State TAP Grant programs are provided further below. The chart shown applies to tuition and room and board charges based on a 15-week semester.   

Note that a student who qualifies for an 80% tuition refund will have their Rensselaer total gift aid reduced by 80%: the student remains responsible to pay 20% of their initial tuition bill and they retain 20% of their Rensselaer gift aid. Also note that tuition, room, and board charges may be refunded but fees are non-refundable (i.e. student activity, registration, late payment, laboratory, matriculation, transcript, technology, and other special fees).  

To determine the percentage of Federal aid to be retained, divide the number of calendar days completed by the total number of calendar days in the enrollment period (excluding scheduled breaks of five days or more AND days that the student is on approved leave of absence). The student is eligible to retain the same percentage of Federal aid eligibility as the percentage of time enrolled.  For example, a student who attends for 17% of the term may retain 17% of their Federal aid eligibility.

Federal financial aid is returned to the program from which it was disbursed in the following order: unsubsidized Federal Direct loan, subsidized Federal Direct loan, Federal Perkins loan, Federal Direct PLUS, Federal Pell grant, Federal Supplemental Grant (SEOG) funds, and other Title IV aid programs.

New York State Tuition Assistance Program (TAP) award refund amounts are dependent upon the outcome of the Federal and Institutional tuition and financial aid program refund calculations. In general, the maximum amount to be retained by the student will be no more than the difference between the finalized tuition charges minus the amount of Federal and Institutional aid the student is eligible to retain.

Once a student’s final charges and aid eligibility are determined they are notified of their billing account status. In some cases, the student may owe a balance due to the Institute even if their account was considered to be “paid in full” prior to their withdrawal. Any credit balance remaining on the student’s account after all charges and awards are re-calculated will be provided to the student.

More detailed information, including examples of refund and repayment calculations, is available in the Admission, Bursar, and Financial Aid offices.

Special Considerations

Students who take a leave of absence, or withdraw, and are also Title IV aid recipients should be aware of the following: The grace period for federal loans (Perkins, Direct PLUS, and Direct Loan) begins from the student’s last date of attendance as determined by the Office of Student Experience. A student who is on an approved leave of absence will be considered as in school for purposes of repayment of federal loans. Should the student not return from an approved leave of absence, the last date of attendance will be considered the date the approved leave of absence began.

When a student withdraws from the Institute, the last date of attendance will be determined as outlined under the Academic Information and Regulations section of the Catalog.

Federal regulations do not allow for the period of study to be interrupted for more than 180 days, excluding standard periods of non-enrollment.

Before being granted approval for withdrawal, or leave of absence, all students who are federal loan recipients are advised to be counseled by the Office of Financial Aid to discuss the consequences of their changed status on loan programs.

Only full-time, degree-seeking graduate students are eligible for financial support from Rensselaer in the form of research assistantships, teaching assistantships, or fellowships. The Office of Graduate Education awards Rensselaer Graduate Fellowships and the schools and departments award fellowships and research assistantships, teaching assistantships, and scholarships. In the awarding of student support, the Office of Graduate Education and the departments consider such factors as the candidate’s academic record and background, and Rensselaer Graduate Fellowships are awarded for the full academic year and are typically allocated in March or April for the following academic year. Assistantships consist of full academic year tuition and a stipend of at least $ $24,450 for the 2022-23  academic year and, if the student is requested to register and work full time during the summer, at least $32,374  for the current calendar year. The Office of Financial Aid makes student loan determinations during July.

Academic departments review the progress of continuing graduate students each term. Continuation of or changes in aid are determined by this review and depend on satisfactory academic and research or teaching performance, as well as the continued availability of funds.

College Cost – Graduate - The total estimated expenditure for a Rensselaer graduate student for the nine-month 2019-2020 academic year is as follows:

                                             Graduate Students

Federal Direct Loan fees are also added for loan program borrowers.

Financial Assistance from Rensselaer

Several types of assistance to help defray the cost of graduate study are available from Rensselaer funds.

Graduate Assistantships Each department selects a number of graduate students each academic year to work as graduate teaching and/or research assistants. The graduate teaching assistant assumes classroom, laboratory, and/or grading responsibilities for his or her department. The graduate research assistant conducts directed research with individual faculty members.

A full-time assistant receives an academic year stipend and tuition scholarship, and is responsible for 20 hours of work each week. The remuneration and workload are determined by the department and approved by the Office of Graduate Education.

Opportunities exist for additional work and study during the summer in many programs. Students receiving assistantships are expected to devote their full-time efforts to the assistantships and their scholarly activities.

Rensselaer Graduate Fellowships The Institute awards full-stipend, tuition, and fees fellowships for select incoming students. Nominees are put forward by the departments based on the strength of the application information. No separate forms are necessary.

Corporate, Foundation, and Private Fellowships Many corporations, foundations, and individuals offer fellowships for graduate study at Rensselaer. The benefits for grants vary; most include tuition allowances. Any student awarded a fellowship through the Institute will receive a stipend equal to or greater than the Institute approved rate. A list of these fellowships is provided at the end of the graduate financial aid section of this catalog.

Federal Financial Assistance

Federal and aid recipients are subject to the terms and conditions of those programs. Satisfactory Academic Progress (SAP), full time attendance, and aggregate limits are evaluated for renewability. Details on SAP guidelines are available at http://admissions.rpi.edu/aid/info.html. For Federal aid programs students must complete the FAFSA application annually.

Graduate students are awarded up to Cost of Attendance or up to the annual Direct Loan limits, whichever comes first. Direct Loan Eligibility is affected by changes in credit hours taken and in the amount of outside and department aid received.

Complete details on Federal Financial Assistance is available at https://studentloans.gov/myDirectLoan/index.action.  Rensselaer is required to review and utilize student loan history information available through the National Student Loan Data System when certifying new Federal loan awards for students.   A more complete description of the “NSLDS” appears in loan information area of the Undergraduate Financial Aid section.

Federal Direct Loan (Subsidized)
Note that this program is no longer available to graduate students for any loan period beginning on or after 7/1/2012.

Federal Direct Loan (Unsubsidized)
Graduate students may qualify for an unsubsidized Direct Loan, that is, a loan for which the student must either start paying interest while still in school or allow the interest to accrue. The Department of Education will retain 1.069% of the amount you borrow for loan fees. Graduate students may borrow up to $20,500 per year. The annual interest rate is a fixed rate equal to the high yield Treasury Note as of June 1st plus 3.06%. Please note that interest rates and fees are subject to change July 1 of each year.

Graduate PLUS Loan Program
Available to graduate and professional students. Borrowers can supplement the Federal Stafford loans currently available to them by borrowing a Graduate PLUS loan up to the full cost of their education, including books, living expenses, and more.  Repayment begins 60 days from disbursement, unless deferment has been requested to the federal processor. The PLUS loan requires an initial credit application in addition to a Master Promissory Note. Students are advised to exhaust other Direct Loan eligibility prior to applying for a Graduate PLUS loan.

Disbursement of Federal Direct Loans
Federal Direct and Graduate PLUS Loans are disbursed to the school in equal installments unless scheduled for a single term. Initial disbursements are made during the first week of each eligible term. Loans established after initial disbursement will be disbursed on a rolling basis.

Repayment of Federal Direct Loans
Students are required to complete student loan exit counseling for Federal loans upon exiting school. Instructions will be sent to students on how to complete the counseling upon leaving school.

Depending on loan type, students may receive a six month grace period prior to the required repayment period with the Direct Loan programs. Students may need to verify their grace period with the federal Direct Loan Service Center (https://studentloans.gov/myDirectLoan/index.action). The standard repayment term for the Direct Loans is 10 years. Other repayment options may be available to students including extended, graduated, income-based and income sensitive repayment.

Satisfactory Academic Progress (SAP) To remain eligible for these Title IV federal student assistance programs, students must complete a specified percentage of attempted credit hours and maintain a required cumulative grade point average (GPA) as well as a minimum semester grade point average each semester. Students who fail to maintain the minimum credit hours or achieve the required grade point averages may be placed on federal financial aid warning for one semester, allowing for the potential to continue receiving federal aid. Federal financial aid warning status may only be granted once. Thereafter, a student who is not making SAP will no longer be eligible to receive federal aid until s/he regains SAP or is granted federal financial aid probation. Students denied federal financial aid for failure to make satisfactory academic progress may appeal through the Office of Financial Aid.

For complete details, visit the Office of Financial Aid Web site (www.financialaid.rpi.edu).

Financial Aid Refund and Repayment:   

When students withdraw from all classes prior to the end of a term, their billing account is reviewed to identify the amount of tuition, fees, and other charges they remain responsible to pay. Their financial aid account is reviewed to identify the amount of Federal, State, or Institutional aid that may be retained as payment against their adjusted charges. The return of Federal funds does not apply to any student whose date of withdrawal is beyond the 60 percent enrollment period for which the student has been charged. 

Additional details about Financial Aid Refund and Repayment  policies are provided in the in the Undergraduate financial aid information section of this catalog and on the www.financialaid.rpi.edu website.

Other Opportunities for Graduate Students

Veterans’ Benefits Veterans and children of veterans may qualify for educational benefits. The veterans’ coordinator in the Registrar’s Office handles these benefits and should be contacted as soon as the student arrives on campus. The veterans’ coordinator will provide forms and information for initiating benefit procedures.

The Registrar’s Office is responsible for certifying all veterans who receive benefits. A veteran who changes his or her credit-hour load or who withdraws from the Institute must notify the veterans’ coordinator immediately.

International Students Rensselaer encourages applications from highly qualified international students. Over 500 international graduate students are currently enrolled at Rensselaer.

Financial aid is available to well-qualified first year students in the form of fellowships and assistantships. Competition for awards is very high. Generally, awards are committed well before the start of the academic year; awards are usually mailed during March and April for the following fall term.

If the student intends to stay in the United States for the summer vacation period and enroll in classes at Rensselaer during that time, he or she must have adequate additional funds. Students also must pay for round-trip transportation to Rensselaer. A nonrefundable fee of $35 is required for an orientation program held prior to registration. Immigration restrictions generally preclude spouse employment.

Financing for International Students:
International students may be eligible for private (alternative) student loans up to their Cost of Attendance. Most private loan suppliers will require a U.S. credit-worthy co-signer to accompany the applicant. Students may contact the Office of Financial Aid for more information on private loans for International students.
 

List of Graduate Fellowships

The following fellowships are administered by departments, and in some cases the Office of Graduate Education, and are awarded after a review of the admissions application. No separate application is necessary.

Code of Conduct

Policy Statement
Rensselaer Polytechnic Institute, as a participant in federal loan programs, is required to have a code of conduct applicable to the institution’s officers, employees, and agents. The code of conduct requirements are set forth in the Higher Education Opportunity Act (HEOA) signed into law on August 14, 2008. The Code of Conduct Related to Student Loan Activities is a requirement specific to certain transactions and activities related to financial aid matters. In addition, the law includes requirements related to publication of the code and annual disclosures.

Reason for Policy
The HEOA program participation agreement, which must be executed by all institutions participating in Title IV financial aid programs including student loan programs, requires a code of conduct with which the institution’s officers, employees, and agents shall comply. Such code must prohibit a conflict of interest with the responsibilities of an officer, employee, or agent of an institution with respect to such loans, and include the provisions set forth in the HEOA related to conflicts. The law further specifies that the code shall be displayed prominently on the institution’s Web site and that all institutional officers, employees and agents with responsibilities related to such loans be annually informed of the provisions of the code of conduct. Rensselaer Polytechnic Institute also adheres to the Student Lending, Accountability, Transparency and Enforcement (SLATE) Act.

Code of Conduct
Rensselaer Polytechnic Institute adopts the following provisions from the HEOA, Section 493 as its Code of Conduct Related to Student Loan Activities and will annually inform all institutional officers, employees, and agents with responsibilities for student loan activities and decisions of the provisions of this code. Where New York State law under the SLATE Act is stricter than federal law inserts are in bold.

(1) BAN ON REVENUE-SHARING ARRANGEMENTS

(A) Prohibition—The institution shall not enter into any revenue-sharing arrangement with any lender.

(B) Definition—For purposes of this paragraph, the term ‘revenue-sharing arrangement’ means an arrangement between an institution and a lender under which—

(i) a lender provides or issues a loan that is made, insured, or guaranteed under this title to students attending the institution or to the families of such students; and
(ii) the institution recommends the lender or the loan products of the lender and in exchange, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution, or an agent.

(2) GIFT BAN

(A) Prohibition—No officer or employee of the institution who is employed in the Office of Financial Aid, or an individual who has been assigned by the Rensselaer Polytechnic Institute President with supervisory authority over the Director of Financial Aid, or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans.

(B) DEFINITION OF GIFT

(i) In General—In this paragraph, the term ‘gift’ means any gratuity, favor, discount, entertainment, hospitality, loan, stock, or other item having a monetary value of more than a de minimus amount ($25 per year). The term includes a gift of services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, computer hardware, printing costs or services for which the recipient pays below-market value, payment in advance, or reimbursement after the expense has been incurred.

(ii) Exceptions—The term ‘gift’ shall not include any of the following:

(I) Standard material, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy, such as a brochure, a workshop, or training.

(II) Food, refreshments, training, or informational material furnished to an officer or employee of an institution, or to an agent, as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of education loans to the institution, if such training contributes to the professional development of the officer, employee, or agent. Reimbursement of expenses to a covered institutional employee for serving on the board of bona-fide professional association recognized by the Commissioner of NYS Education Dept., related to student financial aid.

(III) Favorable terms, conditions, and borrower benefits on an education loan provided to a student employed by the institution if such terms, conditions, or benefits are comparable to those provided to all students of the institution.

(IV) Entrance and exit counseling services provided to borrowers to meet the institution’s responsibilities for entrance and exit counseling as required by subsections (b) and (l) of section 485, as long as—

(aa) the institution’s staff are in control of the counseling, (whether in person or via electronic capabilities); and

(bb) such counseling does not promote the products or services of any specific lender.

(V) Philanthropic contributions to an institution from a lender, servicer, or guarantor of education loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in exchange for any advantage related to education loans.

(VI) State education grants, scholarships, or financial aid funds administered by or on behalf of a State.

(iii) Rule for Gifts for Family Members—For purposes of this paragraph, a gift to a family member of an officer or employee of an institution, to a family member of an agent, or to any other individual based on that individual’s relationship with the officer, employee, or agent, shall be considered a gift to the officer, employee, or agent if —

(I) the gift is given with the knowledge and acquiescence of the officer, employee, or agent; and

(II) the officer, employee, or agent has reason to believe the gift was given because of the official position of the officer, employee, or agent.

(3) CONTRACTING ARRANGEMENTS PROHIBITED

(A) Prohibition—An officer or employee who is employed in the Office of Financial Aid or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

(B) Exceptions—Nothing in this subsection shall be construed as prohibiting—

(i) an officer or employee of an institution who is not employed in the institution’s Office of Financial Aid and who does not otherwise have responsibilities with respect to education loans, or an agent who does not have responsibilities with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans;

(ii) an officer or employee of the institution who is not employed in the Office of Financial Aid but who has responsibility with respect to education loans as a result of a position held at the institution, or an agent who has responsibility with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans, if the institution has a written conflict of interest policy that clearly sets forth that officers, employees, or agents must excuse themselves from participating in any decision of the board regarding education loans at the institution; or

(iii) an officer, employee, or contractor of a lender, guarantor, or servicer of education loans from serving on a board of directors, or serving as a trustee, of an institution, if the institution has an interest policy that the board member or trustee must excuse themselves from any education loans at the institution.

Sanctions
Violations of Institute policies, including the failure to avoid a prohibited activity or disclose a conflict of interest in timely manner, will be dealt with in accordance with applicable Institute policies and procedures, which may include disciplinary actions up to and including termination from the institution.