Transfer Scholarships are awarded to students who have a minimum GPA of 3.0 with the offer of admission to the University. The Terms of Award a student must meet to receive and renew these scholarships are listed below. Transfer students who have earned less than 24 credits may qualify for first-year scholarships.
Nature of Award
The Transfer Scholarship consists of a waiver that is applied to non-tuition expenses. The award will be credited to the recipient’s account to assist with coverage of these expenses. The award is for a maximum of four consecutive semesters.
Full-Time Study Status
All scholars must maintain full-time status (minimum 12 credits per semester) for the fall and spring semesters while receiving a scholarship. Anyone taking or reducing their academic load to less than full-time study will lose eligibility for the scholarship for the current and all subsequent semesters. Although 12 credits are considered to be full-time status, all scholarship recipients are encouraged to take a minimum of 15 credits per semester.
Grade Point Average (GPA)
Scholars must maintain an institutional GPA of at least 3.25 for the renewal of the scholarship for the next academic year. This criterion will be reviewed annually after the spring semester, at which time all scholars must have a minimum 3.25 institutional GPA.
Scholars are expected to maintain continuous attendance for the fall and spring semesters for the duration of their scholarship. Those separating from the University or taking a leave of absence will forfeit eligibility for the scholarship and may not regain eligibility if they return in a subsequent semester.
Filing of Financial Aid Applications
It is encouraged that all scholars annually apply for federal and state aid by filing both the Free Application for Federal Student Aid (FAFSA), NYS Tuition Assistance Application (TAP) and other required forms by the published recommended deadlines.
Coordination with Other Financial Aid
In no case may a student’s total aid exceed the cost of attendance figure as calculated by the Financial Aid Office. In addition, if federal self-help aid (federal loans or work-study employment) is received, total aid may not exceed the student’s documented financial need as displayed on the student’s financial aid award letter. If an overaward does occur, it will be necessary to reduce offered aid by first reducing federal self-help aid (loans or employment) and then reducing the Transfer Scholarship if necessary. Receipt of additional aid after the initial award letter has been sent may result in an aid adjustment.
Transfer Scholars as Resident Assistants (RA)
Each year there are Transfer Scholarship recipients that are hired as resident assistants in the residence halls. Students who are employed as resident assistants receive a full room and partial board waiver. This benefit duplicates the funds already received from a Transfer Scholarship and will result in the cancellation of the scholarship. The original scholarship received with the offer of admission would be reinstated if the student ceases to be a resident assistant, providing all other eligibility criteria have been met.
Taxability of Scholarships
The Federal 1986 Tax Reform Act affects all scholarships and fellowships, including New York Tuition Assistance Program (TAP), Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), Federal Teach, institutional grants, scholarships or fellowships, which are to be considered as federal taxable income. Student loans are not considered income for federal tax purposes. Matriculated students may exclude amounts used for tuition and fees, books, supplies, and equipment required for courses of instruction. Prometheus Scholarships are applied to room expenditures and as such are considered to be taxable income. It is very important that students keep receipts to document any excludable expenditures. The law places upon the student the obligation to determine the taxable amount of their scholarships and fellowships by offsetting the above allowable expense against the total of all grants received. Domestic students please contact the U.S. Internal Revenue Service or your tax preparer if you have any questions.
Tax Withholding Regulations for Nonresident Alien Scholarships
Federal policy requires all Colleges and Universities to withhold a designated dollar amount from scholarships and grants awarded to nonresident aliens as anticipated tax payments. The amount withheld may differ based upon the student’s country of origin’s tax treaty with the United States.
The school must withhold tax at 14% (or lower treaty rate depending on a student’s country of origin) of the taxable part of any grant or scholarship for nonresident alien students or grantees with an *F, *J, *M, or *Q visa who receive a U.S. source grant or scholarship that is not fully exempt. Payments made to nonresident alien students in any other immigration status are subject to 30% withholding. An alien student may claim a tax treaty exemption for a scholarship by submitting Internal Revenue Service (IRS) Form W-8BEN to the Payroll Office. The scholarship recipient must provide his or her SS# or Individual Taxpayer Number (ITIN) on Form W- 8BEN if their country of origin has such a treaty with the United States.
This federal taxation policy will reduce the amount that a scholarship covers for room expenses. Students will most likely have an amount owing on their student bill and will be required to pay this remaining balance to the Office of Student Accounts.
International students may visit www.irs.gov/publications/p519/index.htm for further information on the taxability of scholarships regarding nonresident aliens. For further questions regarding this tax policy, please contact the Office of International Education at (585) 395-2119.
It is expected that all Transfer Scholarship recipients will adhere to the Codes of Student Social Conduct and all University policies. They are expected to foster integrity, civility and justice. Scholarship students subject to disciplinary action, either due to academic misconduct (e.g., cheating, plagiarism) or student behavioral conduct actions, may lose their scholarship eligibility.