Financial Aid FAQs

Financial aid can be confusing. Let us help you figure it out.

You must complete the FAFSA (Free Application for Federal Student Aid) 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.

For undergraduate New York State 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 LIM College code for TAP is 2178. 

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 October 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 as soon as possible and can do so prior to being accepted for admission)
  • Not owe an immediate refund or repayment on a Title IV grant or loan or be in default on a Title IV loan

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 January, 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 (212-310-0689 / 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 we will mail you a Financial Aid award letter.

To determine eligibility for federal aid, there are questions 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.

No. International students are not eligible for federal or state aid. However, 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 students are eligible to be considered for LIM College scholarship funds.

LIM College offers several renewable scholarships and grants that are both non-need (merit) and need-based.

The LIM Fashion Education Foundation Scholarship application is available to accepted students beginning in February. Students who apply are notified in mid-July of whether or not they have been selected for a scholarship.

No. If your award letter includes a Federal Direct Stafford Loan that you have accepted, the LIM College Office of Student Financial Services will apply for the loan electronically. In order to receive your loan, you must complete Entrance Counseling and the electronic Master Promissory Note (e-MPN). For parents who are borrowing a PLUS loan, you are required to complete your loan promissory note as well. 

Entrance Counseling: 
Entrance Counseling | Federal Student Aid 

Master Promissory Note: 
Completing a Master Promissory Note | Federal Student Aid 

Parent Master Promissory Note:
Completing a Master Promissory Note | Federal Student Aid

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 (212-310-0689 / issues a refund through our third-party refunder ECSI 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.

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 or use mainstream online search engines to review some of your lender options.

Contact the Office of Student Financial Services (212-310-0689 / for additional assistance. 

Payment in full for the Fall semester is due by July 27. Payment in full for the Spring semester is due by December 15. 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).

LIM College offers a payment plan option using Nelnet Business Solutions 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 $50 to enroll in the program for the entire academic year or $30 for a semester plan. Please visit Nelnet Business Solutions to enroll in the program.