Applying for Financial Aid

Instructions for All Applicants

LIM makes every attempt to assist students without the necessary financial resources achieve their educational goals.

LIM offers a variety of scholarships, grants, loans and student employment opportunities, all of which are designed to support the entire educational career of the LIM student. Funds for federal and state grants and work-study programs are limited. Therefore, most students who are eligible for financial aid must also accept our offer of recommended loans to meet their costs of attendance.

Students are expected to meet part of their 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)- previous filers could receive a renewal application in the mail. Mail the FAFSA to the processor as soon after January 1 as possible or file on-line at www.fafsa.ed.gov. Students who completed the prior year's FAFSA on-line will receive information from the federal processor regarding the process to file on-line this year. If you did not receive information from the federal processor, get the FAFSA from the Financial Aid Office or go on-line. 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. 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 requires a separate application process. Please contact the Office of Admissions (212-752-1530) for an application packet. NOTE: Do not wait until you are admitted to apply for financial aid. It is important that you begin the financial aid application process as soon as possible after January 1st and no later than our priority deadline of April 15th.

At a later stage in the application review process, you may be required to:

Submit additional documents, if requested, such as a 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'S PRIORITY FAFSA DEADLINE IS APRIL 15TH. We receive the results of your application from the federal processor electronically and 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 on-line or mail your FAFSA application and make sure your financial aid file is complete. Only official results of the FAFSA received from the federal processor will be considered. To have LIM receive the results of your application, be sure to list our TITLE IV CODE on your FAFSA.

LABORATORY INSTITUTE OF MERCHANDISING'S TITLE IV CODE IS 007466

What happens next?

Stage One: We receive the electronic version (ISIR) of your FAFSA. If you are formally admitted, your application moves to Stage Two.

Stage Two: Your file is reviewed for documents. If something is missing, you will be contacted, in writing, by our office. This notification will begin at the end of February.

Stage Three: Your file is evaluated and reviewed for completeness, accuracy, financial aid eligibility, etc. The evaluator 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 will not 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.

Stage Four: You are notified of your eligibility for financial aid.

How Your Financial Need is Determined

Financial aid can be offered only to meet the gap (financial need) between what the student and, when applicable, the family (expected family contribution) can contribute, and what it costs to attend LIM (cost of attendance):

Cost of Attending LIM (COA) - Expected Family Contribution (EFC) = Financial Need

The COA at LIM 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).

2008-2009 Estimated 9 Month Budget - Cost of Attendance @ LIM

Cost of Attendance for FULL-TIME (12-19 credits) FLAT RATE	Commuter Student		Resident Student		Off-Campus Apartment
	1 Semester @ $ 9,650	2 Semesters @ $ 19,300	1 Semester @ $ 9,650	2 Semesters @ $ 19,300	1 Semester @ $ 9,650	2 Semesters @ $ 19,300
Tuition	$ 9,650	$ 19,300	$ 9,650	$ 19,300	$ 9,650	$ 19,300
Fees	$ 263	$ 525	$ 263	$ 525	$ 263	$ 525
Meals & Home Maint.	$ 2,000	$ 4,000
Room (Housing)			$ 7,475	$ 14,950	$ 3,600	$ 7,200
Board (Meals)			$ 2,000	$ 4,000	$ 2,000	$ 4,000
Transportation	$ 1,000	$ 2,000	$ 600	$ 1,200	$ 600	$ 1,200
Personal Expenses	$ 1,000	$ 2,000	$ 1,000	$ 2,000	$ 1,000	$ 2,000
Books & Supplies	$ 550	$ 1,100	$ 550	$ 1,100	$ 550	$ 1,100
TOTALS:	$ 14,463	$ 28,925	$ 21,538	$ 43,075	$ 17,663	$ 35,325