Unlocking Opportunities: A Guide to the Peter F. Vallone Scholarship and Other Financial Aid Options

For students aspiring to pursue higher education, the financial aspect can often be a significant hurdle. Fortunately, numerous financial aid programs exist to support eligible students in achieving their academic goals. This article focuses on the Peter F. Vallone Scholarship and other available financial aid options, particularly within the context of New York City and the Fashion Institute of Technology (FIT).

Understanding Financial Aid Eligibility

Generally, citizens/eligible noncitizens may be eligible for need-based institutional, federal, or state financial assistance to support their cost of attendance (COA). To be considered for federal financial aid, students are required to file the Free Application for Federal Student Aid (FAFSA) each academic year. The FAFSA can be completed and submitted online at fafsa.gov.

Federal Aid Programs

A federal financial aid award may include:

Pell Grant: This grant is based on the Student Aid Index (SAI) and is limited to the equivalent of six years of full-time funding for students who have not yet earned a bachelor's degree.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Subsidized or Unsubsidized Student Loan: These are part of the William D. Ford Federal Direct Loan Program (Stafford Loan). Eligibility is determined by the FAFSA for citizens/eligible noncitizens. Students must be enrolled in a minimum of 6 credit hours required for their degree programs. Eligible students must submit a Direct Stafford Loan request, complete a one-time Master Promissory Note (MPN), and complete an entrance counseling session/interview. A Direct “subsidized” Stafford Loan is a loan where the federal government pays the interest while the student is enrolled and taking at least 6 credit hours. A Direct “Unsubsidized” Stafford Loan is a loan where the federal government does not pay the interest while the student is enrolled and taking at least 6 credits. The interest is added to the principal (capitalized) upon disbursement. Loan payments can be paid while the student is enrolled or deferred until completion of their enrollment. Direct Stafford Loans are the recommended first choice in borrowing for both undergraduate and graduate enrollment.
Federal Work Study (FWS): To be eligible for the FWS program, students must indicate their interest in receiving the award by completing a survey. Awards are made based on the availability of funds allocated to FIT and are not guaranteed to be awarded each academic year. Students awarded an FWS position will be paid twice a month for a maximum of 10 hours per week. The salary earned through an FWS position can be applied toward books, supplies, or personal expenses.
PLUS Loan: A PLUS loan requires a parent's credit approval and is only applicable for dependent students. Once a student has reached the annual Direct Stafford Loan limit, they may choose from several federal loan options based on their degree status. The loans include the PLUS loan for parents of dependent undergraduate students or the PLUS loan for graduate students. Parents with “good” credit histories may borrow up to the cost of attendance (COA) less other financial aid for their dependent undergraduate student who is enrolled in an undergraduate degree-seeking program at least half-time.

State Aid Programs (New York)

In addition to federal financial aid, full-time degree-seeking students with demonstrated financial need who are residents of New York State may be eligible for grants or scholarships, including the Tuition Assistance Program (TAP) and the Excelsior Scholarship. The Senator José Peralta New York State DREAM Act gives undocumented and other students access to New York State-administered grants and scholarships that support their higher education costs.

Tuition Assistance Program (TAP): Citizens/eligible noncitizens and New York State residents may be eligible for a TAP grant ranging from $500 up to full tuition per year. Part-time degree-seeking students registered for between 3 and 11.5 credits may also be eligible for a state grant called Part-Time TAP or apply for the Aid for Part-Time Students (APTS) program with the Financial Aid Services office. Full-time students must be enrolled for at least 12 credits in their degree program at the time of their TAP certification. TAP awards are based on New York State net taxable income and tuition charges. Final determination of awards is made as a result of the completion of the Express TAP Application (ETA) each year, and funding levels are dependent on the passing of the New York State Budget. Before being certified for a specific TAP payment, students must have accrued a minimum number of credits toward their degree while maintaining a minimum cumulative grade point average (CGPA). Regulations allow for one waiver during a student’s undergraduate career.
Excelsior Scholarship: The Excelsior Scholarship, combined with other financial aid grants/scholarships, allows eligible students to attend a SUNY/CUNY undergraduate college tuition-free. Excelsior Scholarship recipients attending the Fashion Institute of Technology (FIT) may receive an annual tuition award up to the full cost of tuition for the fall and spring semesters. The award does not extend to FIT’s winter and summer sessions. Students are responsible for paying all educational expenses incurred during the winter and summer sessions. Students are also responsible for paying fees, housing, meals, and books or using some other form of financial aid to cover these educational expenses. The maximum scholarship award amount is reduced by other forms of student grant aid, such as the Federal Pell Grant; NYS Tuition Assistance Program (TAP); Federal Supplemental Educational Opportunity Grant (SEOG); tuition waivers; institutional and external scholarships not earmarked for other purposes; Access-VR; and certain military benefits, if applicable. Students must enroll in at least 12 college credits during the fall and spring semesters and complete 30 credits during the academic year. There are some conditions under which a student may appeal the loss of their Excelsior Scholarship eligibility. Full program requirements are available online at www.hesc.ny.gov/excelsior.
Senator José Peralta New York State DREAM Act: The New York State DREAM Act gives undocumented and other eligible students access to New York State-administered grants and scholarships, such as TAP and the Excelsior Scholarship.

Institutional Aid Programs (FIT)

FIT Foundation Scholarships: Scholarship funds are administered by FIT from funds donated to the FIT Foundation by corporations, organizations, and individual donors. These scholarship awards are based on financial need as well as superior potential to succeed in a major area. The majority of the scholarship awards are given to students who have successfully completed at least two semesters or more of coursework. To reapply for the scholarship for the following academic year, recipients must maintain at least a 3.0 semester GPA at FIT and must reapply for financial aid by filing a new FAFSA each academic year. Scholarships are not automatically renewed each year. Renewal is based on the scholarship guidelines and financial need, as well as semester grades and availability of funds. Recipients must also maintain a full-time course load (12 or more credits required for the undergraduate degree program) to maintain eligibility. The FIT Foundation grant is administered by FIT from funds donated to the FIT Foundation by many corporations, organizations, and individual donors. These scholarship awards are based on financial need and availability of funds. Eligibility is determined each year and is based on full-time undergraduate enrollment (12 or more required credits), maintaining a 2.3 GPA, and availability of funds.

The Peter F. Vallone Scholarship: A Closer Look

The Peter F. Vallone Academic Scholarship rewards New York City high school graduates who have proven their ability to succeed academically while they were in high school. There is no separate application for the scholarship.

Eligibility Requirements

First-year students graduating from a New York City high school with an 80 average may qualify for the Peter F. Vallone (NYC Council) Merit Scholarship contingent upon state funding. Citizens/eligible noncitizens with an 80 average are eligible for an award if they enroll as a full-time student (12 or more credits) within one year after high school graduation.

Students pursuing their first associate’s degree may receive the Peter F. Vallone Academic Scholarship for a maximum of six semesters.

Award Details

Students may receive a certain amount per year (amount subject to change), split into payments per semester. Funding is determined by the New York City Council, and the scholarship award amount is subject to change based upon an allocation provided each academic year.

The scholarship can be renewed each academic year if the recipient remains a full-time student and has achieved a minimum grade point average of 3.0.

Additional Scholarship Opportunities

Care Workers for our Future Scholarship: The Care Workers for our Future Scholarship rewards New York City high school graduates who have proven their ability to succeed academically while they were in high school to attend a CUNY college with the aim of being a nurse, a social worker, mental health service provider or counselor. There is no separate application for the scholarship. Students pursuing an associate’s degree may receive the Care Workers for our Future Scholarship for a maximum of six semesters.
The New York City Council Fellows Program: The New York City Council and CUNY have partnered to create a program to assist and recruit social workers to the Master’s programs in Social Work at Hunter College, The College of Staten Island, Lehman College and York College. This program will provide scholarship opportunities to 100 students seeking their Master’s degree and licensure in social work. Potential candidates having a bachelor’s degree would apply for selection into the Master’s program in Social Work at Hunter College, College Staten Island, Lehman College and York College. The selection criteria for The New York City Council Fellows will include applicants in good standing in CUNY MSW Programs, a demonstrated commitment to social justice; excellent academic performance overall; and financial need.
Macaulay Honors College (MHC) Financial Aid: Students in the Macaulay Honors College (MHC) may be eligible for additional financial aid.

Maintaining Financial Aid Eligibility: Satisfactory Academic Progress (SAP)

Students who fail to meet one or both of the requirements as set forth in these standards will be considered as not making satisfactory academic progress in their educational program and will therefore become ineligible for further financial aid. A review of federal aid eligibility will be completed at the end of each Spring semester to determine eligibility for the new aid year.

For readmitted students: upon readmission after any period of non-enrolment in the same major and degree program, their SAP status remains as it was at the end of their last semester of attendance.

Students who have lost their financial aid eligibility due to not meeting the minimum SAP standards may appeal the decision to the SAP Appeal Review Committee if they can document that extenuating circumstances affected their academic performance. Appeals are reviewed on a case-by-case basis by the committee and students with approved appeals will be given a probationary semester in which they will regain eligibility for federal aid for one semester. Their progress will then be reviewed at the end of the probationary semester to determine their eligibility for aid in the next semester. If the student still does not make SAP, they will become ineligible for federal aid. It should be noted that submission of an SAP Appeal does not guarantee its approval by the committee.

Pace of Completion Standard (Credit hours-based): Attempted credits vs. Maximum Time Frame for Completion of Degree Program requirement: all students, full-time and part time, cannot attempt more than 150% of the published required credit hours to complete their degree program.

Minimum Percentage of Coursework Completion requirement: all students, full-time and part time, must earn with a passing grade at least 67% of all cumulative attempted credit hours.

TAP Specific Requirements

Before being certified for a specific TAP payment, students must have accrued a minimum number of credits toward their degree while maintaining a minimum cumulative grade point average (CGPA).

Students with disabilities are not required to register full-time. However, they still must meet Academic Progress Pursuit as listed above.

Excelsior Scholarship Specific Requirements

Students must enroll in at least 12 college credits during the fall and spring semesters and complete 30 credits during the academic year. Remedial courses do not count toward full-time enrollment for Excelsior Scholarship purposes.

The Excelsior Scholarship promotes on-time degree completion. Students who change their major may continue to receive Excelsior Scholarship funding as long as they are on track to complete the new undergraduate degree program in two years. If the student changes the major and requires more time to complete the new degree, the student becomes ineligible for future payments of Excelsior Scholarship funding.

Students may use the summer and winter sessions to satisfy the 30 credits per academic year requirement, as well as eligible transfer credits. There are no Excelsior Scholarship payments for enrollment in the summer and/or winter sessions.

Students who fail to successfully complete the annual 30-credit-hour requirement will receive their first Excelsior Scholarship payment and be responsible for the tuition liability for the second semester. In addition, students become ineligible for any future payments of Excelsior Scholarship awards because they are no longer on track to complete their degree on time. Once a student loses their eligibility for the Excelsior Scholarship, the award cannot be renewed.

Important Considerations

Annual Application: Federal and state financial aid awards are not automatically renewed. Students must submit the FAFSA and the required state applications each academic year to be considered for need-based financial aid. Degree-seeking students wishing to be considered for New York State financial aid noted above must file the FAFSA annually in addition to the required state applications, including the Tuition Assistance Program (TAP) and the Excelsior Scholarship.
Financial Need: Federal and state need-based financial aid is based on the information provided on the FAFSA and state applications using a standardized formula for calculating the Student Aid Index (SAI). Each year, FIT administers federal and state need-based financial aid to eligible students based on congressional guidelines and appropriations.
Award Disbursement: All financial aid awards will be posted to the student’s FIT account. If the award amount is greater than the direct charges (such as tuition, fees, dorm charges) per semester, the Bursar’s Office will refund the difference to the student.
Alternative Loans: Alternative private loans are offered by the lender to credit-worthy students in order to meet educational expenses not covered by financial aid. Students who are not eligible may apply with a credit-worthy co-borrower. FIT strongly recommends that students file the FAFSA to be considered for financial aid, which may include federally subsidized/unsubsidized loans. Parents may also elect to secure an educational fixed or variable rate loan from a private lender. It is recommended that parents consider the interest rates, origination fees, deferment, and repayment options before finalizing a loan agreement.

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