All students applying for financial aid must submit the Free Application for Federal Student Aid (FAFSA) each year. To have your FAFSA information sent to LIM College please be sure to list ou Federal School Code: 007466 on your application. LIM COLLEGE'S PRIORITY DEADLINE FOR FINANCIAL AID IS MARCH 1. Submit your FAFSA online.
Criteria and Responsibilities
Aid eligibility is determined by criteria for the specific awards. No distinctions are made on the basis of age, national origin, race, religion, gender, physical disability, or sexual orientation. Students must be in good academic standing to continue to receive aid. Significant changes in the financial situation of the student’s family need to be reported in writing and may affect the amount of aid offered. Similarly, any additional outside assistance must be reported to LIM College, which reserves the right to alter the financial aid package accordingly. Failure to do so may jeopardize the entire package.
All federal aid recipients are required to sign the Statement of Educational Purpose confirming that they are not in default on any educational loan, that they do not owe a federal refund on any grant issued by another educational institution, and that all aid payments will be used solely for educationally related expenses to attend LIM College. Upon request of the Office of Student Financial Services, aid applicants must submit copies of their own and/or their parents’ tax returns.
Federal Financial Aid (Title IV)
To receive aid from any of the federal student aid programs, you must meet all of the following criteria:
- File the Free Application for Federal Student Aid (FAFSA).
- Demonstrate financial need, except for some loan
- Have a high school diploma or a General Education Development (GED) certificate or complete a high school education in a home school setting that is treated as a home school or private school under state law.
- Be enrolled as a matriculated student working toward a degree.
- Be a U.S. citizen or eligible non-citizen.
- Have a valid Social Security Number.
- Meet satisfactory academic progress standards set by the College.
- Certify that you are not in default on a federal student loan and that you do not owe money on a federal student grant.
- Comply with Selective Service registration, if required.
- Fulfill any other requirements stipulated by the U.S. Department of Education
Pell Grant Program
Undergraduate students who are enrolled for at least three credits and demonstrate significant financial need according to the federal formula are eligible to receive monies under this federal program. Pell Grant Awards for 2014-15 range from $602 to $5,730 (Maximum awards are established each year by Congress.) Students should apply for the Pell Grant by using the Free Application for Federal Student Aid (FAFSA).
Information on student body diversity of gender and race/ethnicity of enrolled full-time students who receive Federal Pell Grants will be made available on the College website and through the U.S. Department of Education's College Navigator website (http://nces.ed.gov/collegenavigator/) as required to be reported.
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).
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 serve 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 range from $9 - $11 an 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.
Some opportunities for non-need based employment are also available at the college.
Federal Direct Stafford Loans
Accepted matriculated undergraduate 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 2014-2015 academic year the fixed-interest rate on the Subsidized Stafford Loan and the Unsubsidized Stafford Loan is 4.66%. For loans made after July 1, 2014 these rates are subject to change.
In addition to interest, a Loan Origination Fee of 1.051% is charged on the principal amount of each subsidized and unsubsidized Federal Direct Student Loan received. The U.S. Department of Education will deduct the fee before the loan disburses, so the loan amount disbursed will be less than the amount originally borrowed. Students are responsible for repayment of the entire amount, including the fee.
Undergraduate students can borrow Federal Stafford 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 with a total borrowing limit not to exceed $31,000. Independent students and dependent students whose parent(s) have been denied a PLUS (Parent) Loan are also eligible for additional Unsubsidized Stafford Loan funds of $4,000 to $5,000 (depending on grade level) with a total borrowing limit not to exceed $57,500.
Annual Loan Limits - Stafford Loan
|Dependent Student||Combined Base Limit for Subsidized and Unsubsidized Loans||Additional Limit for Unsubsidized Loans||Total Limit for Unsubsidized Loans (minus Subsidized amounts)|
|Third-Year and Beyond Undergraduate||$5,500||$2,000||$7,500|
Annual Loan Limits - Stafford Loan
|Independent Student (and dependent student whose parents were denied a PLUS Loan||Combined Base Limit for Subsidized and Unsubsidized Loans||Additional Limit for Unsubsidized Loans||Total Limit for Unsubsidized Loans (minus Subsidized amounts)|
|Third-Year and Beyond Undergraduate||$5,500||$7,000||$12,500|
Repayment of Stafford loans begins six months after the borrower graduates, leaves school, or drops to below half-time status.
Please note: All students who borrow any federal loan are required to complete mandatory loan entrance requirements upon enrolment and loan exit requirements upon graduation or withdrawal from LIM.
Federal Direct Parent Loans for Undergraduate Students (PLUS)
Parents of dependent students who are enrolled at least half-time may be eligible for a Federal Direct Plus Loan. These loans are based on creditworthiness. Parents may borrow up to the cost of education less all other financial aid. Parents should complete a Plus Loan credit consent form with the Financial Aid Office to begin the process and confirm their credit approval. Repayment of principal and interest begins within 60 days of receipt of the loan. For the 2014-15 academic year the interest rate on PLUS loans in the Direct Loan program is set at a fixed interest rate of 7.21%. For loans made after July 1, 2014 these rates are subject to change.
In addition to interest, a Loan Origination Fee of 4.288% is charged on the principal amount of each Federal Direct PLUS Loan. The U.S. Department of Education will deduct the fee before the loan disburses, so the loan amount disbursed will be less than the amount originally borrowed. The parent is responsible for repayment of the entire amount, including the fee.
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.
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 (Quantitative)||Minimum Cumulative GPA (Qualitative)|
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.
The Office of Student Financial Services is authorized to exercise professional judgment discretion in reviewing extenuating financial circumstances that our students and parents may experience that include involuntary loss of employment 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). Please contact Student Financial Services to discuss your circumstance and to determine the appropriate documentation procedures.
In the event that the parent(s) of a dependent student has ended financial support and refuses to file a FAFSA form the Office of Student Financial Services may offer such student federal financial aid in the form of an Unsubsidized Stafford Loan only based on current grade level. Verification must be obtained in the form of signed and dated documentation from a parent attesting to such circumstances.