For the purposes of subdivision 5 of Education Law, section 6405, a needy student is one who demonstrates need according to the criteria used in the financial need analysis system which the institution uses for purposes of the Federal student assistance program it administers under parts A (Supplemental Education Opportunity Grant Program), C and D of title IV of the Higher Education Act of 1965 ( Public Law 89-329), as amended.
N.Y. Comp. Codes R. & Regs. Tit. 8 §§ 145-5.1