Financial Aid for Graduate Students
Funding Your Education:
Federal Student Loans
LIM College is approved by the U.S. Department of Education to award Federal Direct Stafford loan funds at the graduate level. To determine your eligibility, please complete the Free Application for Federal Student Aid (FAFSA) online by our priority deadline of June 1 for the academic year starting in September. LIM College federal school code: 007466. Be sure to read the application instructions thoroughly before completing the application.
Accepted matriculated graduate students enrolled at least half-time (6 credits per term) are eligible for loans under this program. Applicants with financial need are eligible for a Subsidized student loan, while those without financial need are eligible for an Unsubsidized loan. The federal government pays the interest on subsidized loans while in school, while borrowers are responsible for interest payments under the unsubsidized loan program. Please note that interest on Unsubsidized Stafford loans accrues while the student is in school.
These funds are borrowed directly from the federal government, not through private lenders. For the 2010-2011 academic year the fixed-interest rate on the Subsidized Stafford Loan is 4.5% and the Unsubsidized Stafford Loan is 6.8%. For loans made after July 1, 2011 these rates are subject to change. Students receive an up-front rebate of 1% that reduces the loan origination fee to 0.5%, but in order to keep this rebate the first twelve monthly payments must be made on time, otherwise the rebate is added to the principal balance owed.
Graduate students can borrow Federal Stafford loans up to $20,500 per year based on need between Subsidized and Unsubsidized, with a total borrowing limit not to exceed $138,500 (including undergraduate Stafford Loans).
Grad PLUS loan
Graduate students who need to borrow more than the maximum Subsidized and Unsubsidized loan amounts to meet educations costs that are not covered by other financial aid may apply for this loan.
Students who are enrolled at least half-time may be eligible for a Federal Direct Plus Loan. The interest rate for the 2010-2011 academic year is 7.9% fixed. These loans are based on creditworthiness. Students should complete a Plus Loan credit consent form with the Financial Aid Office to begin the process and confirm their credit approval. Students receive an up-front rebate of 1.5% that reduces the loan origination fee to 2.5%, but in order to keep this rebate the first twelve monthly payments must be made on time, otherwise the rebate is added to the principal balance owed.
Grad PLUS loan borrowers have the option of beginning repayment 60 days after the loan is fully disbursed or delaying repayment (with interest accruing) for a period of time that includes up until six months after the student graduates or ceases to be enrolled at least half-time.
Academic Eligibility Criteria for Federal Awards
Federal regulations require students to maintain satisfactory academic progress toward a degree in order to continue to receive federal student aid. Satisfactory progress is measured by qualitative as well as quantitative standards. The MBA program requires that students maintain a minimum cumulative GPA of 3.0 throughout the program in order to be in good standing. Students must also satisfy the qualitative standard of progressing to degree completion within a maximum timeframe of 60 months.
Satisfactory Academic Progress is monitored at least once a year, at the end of Term 4 for all MBA students, and also in the middle of the year, after Term 2 for full-time students (averaging 9 credits or more per term). Students who do not maintain satisfactory academic progress will lose their eligibility for federal student aid but may appeal to the College for a waiver if they believe there were extenuating circumstances that affected their ability to make academic progress. Students receiving waivers continue to be eligible for federal financial aid for an additional term or one academic year, depending on circumstances. Questions regarding academic progress should be directed to the Associate Director of Student Financial Services or the Dean of Student Financial Services.
New York State Tuition Assistance Program (TAP) for Graduate Students
Graduate students who meet New York State eligibility requirements may receive TAP funds. Please visit http://www.hesc.org to complete the TAP application. The LIM College TAP code is 5178.
*For the 2010-2011 academic year, the New York State budget did not include funding for graduate TAP awards.
- For all graduate students, awards range from $7 to $550
- Graduate or professional students may also receive an additional four years of TAP. Eligible students can receive a maximum or eight years of combined undergraduate/graduate assistance
- Single independent graduate students with no dependents - $5,666 NYS net taxable income
- Dependent graduate students or independent graduate students who are married or have tax dependents - $20,000 NYS net taxable income.
Private/Alternative Education Loans
Students can apply for credit-based private education loans to finance their education. Depending on your credit history, you may need a co-signer for approval. To determine which lenders offer the best terms and conditions for you, we recommend that you utilize a comprehensive lender comparison site, such as SimpleTuition. LIM College also encourages students to compare lenders and to also use mainstream internet resources to search for and review lenders. The Office of Student Financial Services will certify a loan through any lender if you meet that lender’s eligibility criteria.
Nelnet Business Solutions (FACTS Installment Plan)
To help meet your educational expenses, LIM College offers an installment payment plan through Nelnet Business Solutions (formerly FACTS Management Co). There are no interest or convenience fees, and payments can be made using a credit card (all major credit cards accepted) or Automatic Bank Payment (ACH). The cost to budget your interest-free, flexible payment plan option is $25 per term.