Applying for Financial Aid
Instructions for All Applicants
If you lack the necessary financial resources to achieve your educational goals, we’re here to help.
LIM College offers you a variety of scholarships, grants, loans and student employment opportunities, all of which are designed to support your entire educational career. Funds for federal and state grants and work-study programs are limited, so most students who are eligible for financial aid must also accept our offer of recommended loans to meet their costs of attendance.
You’re expected to meet part of your need through earnings from summer or school-year employment. Parents, when applicable, are also expected to contribute in proportion to their financial ability as determined by federal methodology.
How to Apply for Financial Aid
1. Complete the Free Application for Federal Student Aid (FAFSA) online after Jan. 1. If you completed the prior year's FAFSA online, you’ll receive information from the federal processor regarding the process to file online for the current year. If you did not receive information from the federal processor, go to the FAFSA website to complete the form. Be sure to read the application instructions thoroughly before completing the application.
2. Apply for admission if you will be a new student at LIM College. Your FAFSA information will be received, but it will not be processed until you have been admitted to the college. Non-matriculated students are not eligible for financial aid. Admission to LIM College requires a separate application process. Please contact the Office of Admissions for an application. NOTE: Do not wait until you’re admitted to apply for financial aid. It is important that you begin the financial aid application process as soon as possible after Jan. 1 and no later than our priority deadline of March 1.
3. At a later stage in the application review process, you may be required to: Submit additional documents, if requested. These may include copies of your own and/or your parent's signed income tax return, an I-551, verification of selective service registration, DD-214, documentation of veteran benefits, and/or the federal Verification Worksheet. We will notify you, in writing, if additional information is required. Keep photocopies of all materials you submit to us. Please include your name and Social Security Number on ALL documents you send to us.
Priority Filing Date: LIM COLLEGE'S PRIORITY FAFSA DEADLINE IS MARCH 1.
We receive the results of your application from the federal processor electronically on a continuous basis. Financial aid will be awarded to eligible applicants on a first-come, first-served basis until funds have been exhausted, beginning with the applicants who have completed files.
Apply online and make certain your financial aid file is complete. Only official results of the FAFSA received from the federal processor will be considered. To have LIM College receive the results of your application, be sure to list our TITLE IV CODE on your FAFSA. LIM College’ TITLE IV CODE IS 007466
What happens next?
1. We receive the electronic version (ISIR) of your FAFSA. If you are formally admitted, your application moves to Stage Two.
2. Your file is reviewed for documents. If something is missing, you’ll be contacted in writing by our office. This notification will begin at the end of February.
3. Your file is evaluated and reviewed for completeness, accuracy, financial aid eligibility, etc. The Financial Aid Counselor may ask for additional documents or clarification of submitted information at this stage and all further processing stops until you or your parents send the appropriate response. Please note: Your file won’t be considered complete until ALL requested documents are received in the Office of Student Financial Services. Clarification may be required at any point in this stage.
4. You’re notified of your eligibility for financial aid.
How your financial aid is determined
Financial aid can be offered only to meet the gap (financial need) between what you and, when applicable, your family (expected family contribution) can contribute, and what it costs to attend LIM College (cost of attendance).Cost of Attending LIM College (COA) - Expected Family Contribution (EFC) = Financial Need
The COA at LIM College is based on the estimated budget established by the college. The EFC is calculated from the information you (and your parents, if you are dependent) provide on the Free Application for Federal Student Aid (FAFSA).
Cost of Attendance at LIM College
2015-2016 estimated 9-month budget
Cost of Attendance for Full-Time (12-19 credits) Flat Rate
|2 Semesters||1 Semester||2 Semesters|
|Room and Board||$2,000||$4,000||$9,925||$19,850|
|Books and Supplies||$450||$900||$450||$900|
Off-campus students must provide a copy of their lease agreement to the Office of Student Financial Services. The maximum allowance is up to $1300 per month. Please reference the commuter student budget for other allowable expenses.