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 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. 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 (212-752-1530 ext 389 / email@example.com) 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 (212-752-1530 ext 389 / firstname.lastname@example.org) 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 (212-752-1530 ext 389 / email@example.com) 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.