A college education is an investment into your future. LIM College offers a great value with the combination of a private education and career-building experience. We're committed to helping you explore financing options that will enable you to reach your educational goals.
Complete the Free Application for Federal Student Aid (FAFSA) online to apply for financial aid. If you completed the prior year’s FAFSA online, you will receive information from the federal processor on how to file online for the current year. If you will be a new student at LIM College, you need to apply for admission for the upcoming semester. Your FAFSA information will be received but not processed until you have been admitted to LIM College. You may be required to submit additional documents to us, if requested.
To have your FAFSA information sent to LIM College, please list our Federal School Code on your application.
Federal School Code
The U.S. Department of Education requires that students and parents have the ability to compare prices and net costs of various institutions of higher education. LIM College’s Net Price Calculator provides an estimate of potential academic eligibility for merit-based scholarships and income eligibility for need-based grants, loans and work-study awards.
COST OF ATTENDANCE
2015-2016 Fall & Spring Undergraduate
Estimated budget for 9 months
|Expense||One Semester||Two Semesters|
|Personal Expenses||Refer to Home Expenses||Refer to Home Expenses|
|Books and Supplies||$450||$900|
|Commuter Home Expenses||$1,600||$3,200|
|Expense||One Semester||Two Semesters|
|Books and Supplies||$450||$900|
|Expense||One Semester||Two Semesters|
|Books and Supplies||$450||$900|
*Please note: The off-campus apartment budget assumes that most students need a minimum of $800 per month for rent based on the average amount that most pay in a shared apartment. Students in off-campus apartments are required to provide a copy of their lease to verify their monthly rent if they intend to use loan funds to cover their living expenses. The maximum housing allowance is $1,300 per month.
2015-2016 Graduate Master of Professional Studies (MPS)
Estimated budget for 3 semesters and 30 credits
Estimated at a minimum of $800 per month for an off-campus apartment (18 month lease). Must be enrolled in 5 or more credits. Lease required to document and a maximum of $1,500/month is allowed.
Estimated at $1,800 per Fall and Spring term; and $1,200 for Summer (enrolled in 5 credits or more is required).
Estimated at $600 per term Fall and Spring and $1,200 for Summer (6cr) based on 12 credits or its prorated below 12 credits.
Estimated at $900 per Fall and Spring term; and $600 for Summer (enrollment in 5 or more credits is required).
Books & Supplies
Estimated at $600 per term for the first two semesters (based on 12 credits; prorated below 12 credits).
*The off-campus apartment budget assumes that most students need a minimum of $800 per month for rent based on the average amount that most pay in a shared apartment. Students in off-campus apartments are required to provide a copy of their lease to verify their monthly rent if they intend to use loan funds to cover their living expenses. The maximum housing allowance is $1,500 per month.
In order to be eligible to have the indirect costs of housing, food and personal expenses included in the cost of attendance for the purpose of determining maximum loan amounts, a student must be relocating to the area or ceasing current level of employment (full-time or part-time). In other words, students who are not incurring these living expenses as a cost specifically associated with the decision to enroll in the MPS program are limited to borrowing educational loans for tuition, books, supplies and transportation. Students who are enrolled in the LIM College Student Health Insurance policy are eligible to include that expense in their cost of attendance should they choose to. All requests to borrow for indirect costs must be made in writing on the Indirect Costs Request form and eligibility are verified by a Student Financial Services counselor.
LIM College offers scholarships, grants, loans and student employment opportunities to help support your entire educational career. Funds for federal and state grants and work-study programs are limited, so most students eligible for financial aid must also accept our offer of recommended loans to meet their costs of attendance. Parents, when applicable, are also expected to contribute in proportion to their financial ability as determined by federal methodology.
Submit a completed LIM College application for admission by the priority deadline and automatically be considered for some LIM College Merit Scholarships. You must meet the appropriate eligibility criteria and funds depend on availability.
LIM College offers a number of need-based and non-need-based competitive scholarships. LIM College Business Leadership Scholarship and the LIM College/New York BOCES Scholarship are two competitive scholarships offered to Freshmen students.
The Continuing Student Supplemental Scholarship is for continuing students and requires a 400-500 word essay, a submitted FAFSA and two letters of recommendation.
LIM Fashion Education Foundation Scholarships
Founded in 1977, the LIM Fashion Education Foundation (FEF) has, as its primary purpose, the provision of scholarship and grant aid to students who wish to attend LIM College. The FEF Scholarship Application requires a 400-500 word essay, submission of a FAFSA, two letters of recommendation and a submitted application sent to the Office of Financial Services.
Students who submit a FAFSA (Free Application for Federal Student Aid) by the priority deadline are considered for need-based LIM College Grant-in-Aid awards up to $4,000 if they meet the appropriate eligibility criteria, pending funds availability.
LIM College Residence Grant
Students residing at the 1760 Third Avenue Residence Hall are considered for an LIM College Residence Grant of up to $2.000 if they meet the appropriate eligibility criteria and pending funds availability.
Choosing to attend college is a big investment in your future and is one of the most personally rewarding and demanding challenges you will ever accept. LIM College is a great value by combining an outstanding private education and real-world, career-building experience with one of the most affordable and competitive tuition rates in the New York City metropolitan area.
Along with your investment of time and effort, your college education requires financing. At LIM College we are committed to helping students explore financing options that enable them to reach their educational goals. During 2014-2015, approximately 82% of LIM College students received some form of aid which averaged $20,447 (including all loans) per student. We offer a variety of scholarships, grants, loans and student employment opportunities that are designed to support the entire educational career of our students. During 2014-2015, LIM College students were recipients of scholarships and/or need-based grants averaging $6,669.
Accepted matriculated undergraduate students enrolled at least half-time (6 credits per term) are eligible for Subsidized student loans, while those without financial need are eligible for Unsubsidized loans. The federal government pays the interest on subsidized loans while in school; and borrowers are responsible for interest payments under the unsubsidized loan program.
Undergraduate students can borrow Federal Direct loans up to $5,500 for their Freshman year based on need between Subsidized and Unsubsidized, up to $6,500 for their Sophomore year and up to $7,500 for Junior and Senior years. The total borrowing limit cannot exceed $31,000. Independent and dependent students whose parent(s) have been denied a PLUS (Parent) Loan are eligible for additional Unsubsidized Direct Loan funds of $4,000 to $5,000 (depending on the grade level) with a total borrowing limit not to exceed $57,500.
Undergraduate students enrolled in at least three credits and demonstrate significant financial need according to the federal formula are eligible to receive monies under this federal program. Students should apply for the Pell Grant by using the Free Application for Federal Student Aid (FAFSA).
Supplemental Educational Opportunity Grant (SEOG)
Undergraduate students who demonstrate high financial need may be eligible to receive monies under this federal program. Awards at LIM College currently vary from $250 to $1,500 per year. Students must complete a Free Application for Federal Student Aid (FAFSA) to be eligible.
Work Study Opportunities
Federal Work-Study involves part-time work opportunities on campus in various student services offices and in the community. You are considered automatically, on a first-come first-serve basis, for Federal Work-Study upon LIM College’s receipt of your processed FAFSA.
Our community service opportunity is with The New York City Public Service Corps/America Reads Program. The Public Service Corps is dedicated to providing students with opportunities to service their communities, build professional skills and learn about careers in the public sector. A Public Service Corp internship links meaningful community service experience with academic learning, personal growth and civic responsibility.
Financial need is required for Work-Study programs. Work-Study awards are up to $2,800 per year and student wages from $9 to $11 per hour based on work experience. The award amount is based on the student’s financial need, the availability of funds to the campus, the number of hours the student can work per week and the current pay rate.
Federal Direct Parent Loans For Undergraduate Students (PLUS)
Parents of dependent students who are enrolled at least half-time (6 credits per term) at LIM College may be eligible for a Federal Direct Plus Loan. These loans are based on credit-worthiness. Parents may borrow up to the cost of education less all other financial aid. Parents should complete the PLUS application at studentloans.gov. Repayment of principal and interest begins within 60 days of receipt of the loan.
Parent 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.
Federal Aid for Extenuating Circumstances
The Office of Student Financial Services is authorized to exercise professional judgment and discretion in reviewing extenuating financial circumstances that our students and parents may experience. Extenuating experiences include involuntary loss of employment, as well as incurring certain expenses such as: unreimbursed medical expenses, funeral expenses, private school tuition, child care costs and adult dependent care (including nursing home costs).
Academic Eligibility Criteria for Federal Awards
Federal regulations require students to make satisfactory progress toward a degree in order to receive any federal student aid. Satisfactory progress is measured by qualitative as well as quantitative standards (effective fall 2011).
|Semester||Minimum Number of Credits Earned
|Minimum Number of Credits Earned
Students who do not make satisfactory progress will lose their eligibility for federal student aid but may appeal to the College for a waiver if they believe there are special circumstances that affected their ability to make academic progress. Students receiving waivers continue to be eligible for federal financial aid for an additional semester or one academic year, depending on individual 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 & Other State Aid
Submitting the FAFSA is required and is the first step in applying for New York State's Tuition Assistance Program (TAP). Awards for the 2015-2016 academic year range from $500 to $5,165 annually.
Students and parents who submit the FAFSA online will have the opportunity to complete the Express TAP Application (ETA) online as well. The LIM College TAP code is 2178. All others will be mailed an ETA to complete, sign and return to NYS Higher Education Services Corporation (HESC) for processing. Check the status of your ETA online at the HESC website and get info on other NY State-sponsored scholarships and grants.
For a listing of additional New York State sponsored scholarships and grants, visit the HESC Reference site.
Several other states sponsor awards that can be used to attend a college outside a home state, visit FinAid and click on the link for U.S. State Government aid to find your state agency.
Other Aid Sources
As a student, you should actively look for and apply to outside organizations for additional scholarship assistance. The Office of Student Financial Services can provide individual assistance and guidance during your scholarship search. Additionally, the LIM College Writing Center, can assist in reviewing your scholarship essay(s) and in providing valuable feedback to strengthen your writing submission(s).
Below are reputable and free online scholarship search services that we encourage you to use as resources to help find scholarships:
- Fastweb Scholarship Search
- Scholarship Experts
- College Board's Fund Finder
- Weekly Scholarship Alert
- SRN Express
- Princeton Review
- Find Tuition from CareerBuilder.com
- International Student & Study Abroad scholarships
- Scholarship Central (includes international scholarships)
- Ronald McDonald House Charities/HACER Scholarships
Private Alternative Loans
Private alternative loans may be an option if you need to borrow additional funds after exhausting your federal loans, or you are not eligible for federal aid. These loans are credit-based and typically require that you apply with a credit-worthy co-signer for approval.
In accordance with New York State and Federal recommendations, we will not certify a private loan unless you have first applied for and accepted your eligible federal Stafford Loan(s).
Private loans accrue interest while you are in school and typically represent the most expensive form of college financing.
As such, we strongly encourage students and parents to consult with the Office of Student Financial Services prior to applying for an alternative education loan, to ensure that you have explored all other financing and payment options first.
Before applying for an alternative loan, here are some questions you should ask yourself when comparing lenders:
- What is the interest rate or what is the expected range of interest rates
- How often is interest on my loan calculated?
- How and when does my interest rate change?
- Are there any loan fees, and if so, are they added or subtracted from the loan amount?
- Is a cosigner required and how does that affect the interest rate?
- Can the cosigner be released from the loan and what is required to qualify?
- What are the penalties for missing a payment?
- What deferment or forbearance options are available?
- What borrower benefits/discounts are available and what is required to qualify?
- Can my loan be sold to another company, and if so, will the borrower benefits transfer?
- What are the minimum monthly payments?
- When does repayment begin?
- Can the loan be consolidated with other loans?
- How long is the repayment period and are there any early payment penalties?
- What is the total amount that you will have to repay over the life of the loan and what will the monthly payments be?
- How long do I have to repay the loan?
LIM College 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. The maximum loan amount is the cost of attendance minus any other financial aid.
Graduate Student Aid
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 as soon as possible. LIM College’s federal school code is 007466. Accepted matriculated graduate students enrolled at least half-time (6 credits per term) are eligible for loans under this program. Graduate students can borrow Federal loans up to $20,000 per year. Graduate students who need to borrow more than the maximum Unsubsidized loan amounts to meet education costs that are not covered by other financial aid may apply for the Graduate PLUS loan.
LIM College offers several options for making payments towards your tuition and fees.
Make a payment using personal check, money order or cash in person or via mail. Do not mail cash. Make all check payments payable to LIM College and mail to:
Office of Student Financial Services
12 East 53rd St.
New York, NY 10022
Sign up for the monthly payment plan offered by Nelnet Business Solutions (service charge applies).
International Student Payments Online
LIM College partnered with peerTransfer to streamline the process of international payments. peerTransfer allows you to pay securely from any country and any bank, generally in your home currency.
Undergraduate Tuition & Fees Dates
|Enrollment deposit for new accepted students||$400||May 1|
|Fall semester balance (12-19 credits) without insurance charge||$12,413||July 31|
|Spring semester balance (12-19 credits) without insurance charge||$12,412||Dec. 1|
|Student Activity Fee||$138|
Forms & Resources
For Students selected for Verification only
If you are unsure of the proper worksheet, please reference your missing document letter or email us.
Student Financial Services Code of Conduct
LIM College has adopted the code of conduct policy from the National Association of Student Financial Aid Administrator's (NASFAA) Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals. Further, the Higher Education Opportunity Act (“HEOA”) conditions the eligibility of educational institutions to participate in Title IV programs on the development of and compliance with a code of conduct prohibiting conflicts of interest for its financial aid personnel (HEOA § 487(a)(25)). LIM College’s officers, employees and agents involved in financial aid programs at LIM College are required to comply with this code of conduct. The following specific provisions are intended to comply with LIM College’s obligations under federal law (HEOA § 487(e)).
LIM College’s financial aid professionals shall:
- Refrain from taking any action for his or her personal benefit.
- Refrain from taking any action he or she believes is contrary to law, regulation or the best interests of the students and parents he or she serves.
- Ensure that the information he or she provides is accurate, unbiased and does not reflect any preference arising from actual or potential personal gain.
- Be objective in making decisions and advising LIM College regarding relationships with any entity involved in any aspect of student financial aid.
- Disclose to LIM College in writing any involvement with or interest in any entity involved in any aspect of student financial aid.
- Not enter into any revenue-sharing arrangements with any lender.
- Not direct borrowers to or assign, through award packaging or other methods, the borrower's private (alternative) loan to a particular lender; or refuse to certify, or delay certification of, any loan based on the borrower's selection of a particular lender or guaranty agency.
- Not solicit or accept any gift from a lender, guarantor or servicer of education loans. For purposes of this prohibition, the term "gift" means any gratuity, favor, discount, entertainment, hospitality, loan, services, transportation, meals or other item, whether provided in kind, by purchase of a ticket, payment in advance or by reimbursement, having a monetary value of more than a de minimus amount. The term “gift” does not include: standard material, activities or programs on issues related to a loan, or food, refreshments or training that are part of a training session to improve service if the training contributes to professional development of an LIM College financial aid professional.
- 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.
- Not enter into a consulting arrangement or other contract with an eligible lender or serve on an advisory board for an eligible lender.
- Not request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the institution providing concessions or promises regarding providing the lender with: (a) a specified number of loans made, insured or guaranteed under Title IV; (b) a specified loan volume of such loans; or (c) a preferred lender arrangement for such loans.
Financial Aid FAQs
What forms do I need to complete in order to apply for federal, state, and LIM College aid?
You must complete the Free Application for Federal Student Aid (FAFSA) every academic year. The LIM College priority deadline for Fall enrollment is March 1 every year for your FAFSA to be submitted to the Federal Student Aid Program. You can still apply for financial aid after this date, but some forms of financial aid may not be available. You should use this year’s tax returns as a guide in completing the form. If it's not yet available you can use last year’s taxes as an estimate in order to meet the priority deadline and then update your FAFSA with this year’s information when available. The federal college code for LIM College is 007466. You must also complete an LIM Financial Aid Application which, upon receipt of your FAFSA, will be mailed to you along with notification of any other required documents. For Undergraduate New York residents, the FAFSA data generates an Express TAP Application (ETA). You can complete and electronically sign the TAP application online or an ETA will be mailed to you by New York State Higher Education Services Corporation (NYSHESC). The college code for TAP is 2178. Learn more about TAP.
Where do I get the forms?
Prospective students can complete the FAFSA form online. Returning students who have previously filed a FAFSA can view, update and submit a Renewal FAFSA with their federal PIN number as of January 1 each year. Students and parents who do not have a PIN can apply for one online (both student and parent(s) must apply for a PIN to electronically complete the FAFSA). The FAFSA PIN is also used to electronically sign the Master Promissory Note for the Federal Direct student and parent PLUS loans.
To be considered for financial aid, you must:
- Be a U. S. citizen or a permanent resident of the U.S. (or other eligible non-citizen)
- Be admitted to LIM College (although you should submit your FAFSA even prior to acceptance).
- Not owe an immediate refund or repayment on a Title IV grant or loan or be in default on a Title IV loan.
What happens after I have submitted the FAFSA?
Step One: We receive the electronic version (ISIR) of your FAFSA within approximately 10-14 days. If you are formally admitted to LIM College, your application moves to Step Two.
Step Two: Your file is reviewed for documents. If something is missing, you will be contacted in writing by our office. Notifications begin in February, but are dependent on when you filed the FAFSA.
Step Three: Your file is evaluated and reviewed for completeness, accuracy, financial aid eligibility, etc. The Office of Student Financial Services may ask for additional documents or clarification on submitted information. Please note: Your file will not be considered complete until ALL requested documents are received by the Office of Student Financial Services. Once your file is complete, your Financial Aid will be processed and you are mailed a Financial Aid award letter.
My parents don’t support me. Can I exclude their income when completing the FAFSA?
To determine eligibility for federal aid, there are 13 questions (Questions 48 through 60 on the FAFSA) that determine a student’s dependency status. However, if you believe you have an exceptional reason for excluding parental information, you should contact the Office of Student Financial Services to discuss further. Dependency status questions for New York State TAP are handled by NYSHESC directly. If you answer “No” to all of the dependency questions on the application and are under 22 years of age, you will be contacted by NYSHESC for further information.
Are international students eligible for federal or state aid?
No. International students are not eligible for federal or state aid. All students can apply for a private student loan with an eligible co-signer. Visit a lender comparison site and use mainstream online search engines to review some of your lender options. In addition, all undergraduate students are eligible to be considered for LIM College scholarship funds.
What types of funding does LIM College offer?
LIM College offers several renewable scholarships and grants that are both non-need and need-based. Entering freshmen who submit a complete LIM College application for admission by the priority date of March 1 are automatically considered for an LIM College Merit Scholarship. For transfer students, the priority admissions deadline is April 1. You are considered for merit scholarships on a funds available basis after these deadlines.
How do I apply for additional scholarships offered by LIM College?
The LIM College Supplemental Scholarship Application mailed to accepted students beginning in February. The award criteria for each scholarship are listed on the application and in the LIM College Catalogue. Students who apply are notified in mid-July of whether or not they have been selected for a supplemental scholarship.
My award letter includes a loan; do I get the application from the bank?
No. If your award letter includes a Federal Direct Stafford and/or Federal Direct PLUS Loan and/or a Federal Direct Grad PLUS Loan that you have accepted, the LIM College Office of Student Financial Services will apply for the loan electronically. This is done after you have signed and returned the award letter, the Direct Loan Request form(s), the Borrower Rights & Responsibilities checklist (for students) and the electronic Master Promissory Note (e-MPN). For parents who are borrowing a PLUS loan from a lender other than Direct Loans, you may be able to complete your loan promissory note online as well; check with your lender for further details.
My aid exceeds my tuition and fees, what happens to the additional money?
If you and/or your parent(s) have chosen to borrow additional funds and your aid exceeds the cost of tuition and fees (and housing, if applicable), you will receive a refund to use for other educational related expenses. After the add/drop period (first week of classes), the Office of Student Financial Services issues a refund within 7-10 business days of funds disbursement into your account. Refunds issued as a result of a parent PLUS loan are sent directly to the parent borrower. Please note that financial aid funds that are still pending (not yet paid) are not refunded until 7-10 business days after those funds become available. Students who have a credit balance and are awaiting confirmed financial aid funds to be disbursed to receive a refund but need access to funds more quickly to assist with meals and/or living expenses can request an advance check from our office of up to $1,000 per semester for undergraduate students and $1,500 per semester for graduate students.
What other forms of assistance are available?
Outside scholarships and alternative education loans. We strongly encourage students to pursue outside scholarships. Students who have exhausted federal loan eligibility and international students who are not eligible for those funds may explore additional financing through alternative education loans. Visit a lender comparison site and use mainstream online search engines to review some of your lender options.
What should I do if I am having trouble completing the forms or applying for scholarships?
You can always contact the Office of Student Financial Services for additional assistance. We have information on outside scholarships and other resources that may be helpful to you individually.
When are payments due?
Payment in full for the Fall undergraduate semester is due by July 28. Payment in full for the Spring undergraduate semester is due by December 1. Payment in full for each graduate term is due by the end of the first week of classes. A late payment fee will be assessed after the first day of classes if a student has an outstanding semester balance due. All confirmed financial aid funds are applied as anticipated payments towards tuition, fees and housing (if applicable).
Are payment plans available?
LIM College offers a payment plan option using Nelnet Business Solutions/FACTS Tuition Management as the plan provider and servicer. This service allows you to make payments to your LIM College account on a monthly basis. This is not a loan. There is a one-time fee of $45 to enroll in the program for the entire academic year or $25 for a semester plan. Please visit Nelnet Business Solutions to enroll in the program.
What forms of payment are accepted by LIM College?
Families can pay tuition by check, cash, Nelnet Business Solutions/FACTS Tuition Management payment plan, one-time payment or wire transfer. Please contact the Office of Student Financial Services if you plan to wire transfer funds.
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