Financial Aid Options

Committed to meeting the financial aid needs of our students.

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Concerned about how you'll afford your education? Help is available.

Our team is ready to help you find the resources you need, and facilitate your access to financial aid through LIM, federal and state loans, and other sources.

Types of Aid

You’re investing in your education – so we invest in you. Last year, we gave out over $6 million in scholarships and grants.

Submit your completed admissions application by the priority deadline, and you will automatically be considered for LIM College Merit Scholarships for new students.

LIM College Scholarships and Grants: Non-Need-Based

AWARDS

ELIGIBILITY FOR CONSIDERATION

AMOUNT PER YEAR AND RESPONSIBILITY

PROCEDURES

Freshman Academic Achievement Scholarship

High school students submitted academic credentials will be evaluated to determine eligibility.

Awards of $1,500-$10,000 based on H.S. academic credentials. Renewable based on maintaining a cumulative GPA of 3.0 or higher.

Academic credentials are evaluated upon acceptance to LIM College.

Adrian G. Marcuse Presidential Scholarship

A student who entered the College as a first-year, first-semester freshman and is now entering his or her senior year beginning the fall semester. Based on merit and exceptional academic credentials (GPA of 3.50 or above).

One full-tuition scholarship to a student entering her or his senior year.

Final candidates will be interviewed by the President of the College. Application by invitation only.

LIM College Academic Scholarship

Current LIM College students who have completed 30 credits and have a GPA of 3.80 or higher.

Limited number of awards of $1,500. Non-renewable.

Submit scholarship application. Application available Spring 2020.

LIM College Sibling Tuition Award

Siblings who are concurrently enrolled at LIM College or a student who has a sibling who previously attended LIM College and graduated.

25% of tuition charges, not to exceed the full cost of tuition in conjunction with all other tuition-specific awards. This award is only available to matriculated undergraduate students enrolled either full-time or part-time with a minimum cumulative GPA of 2.0 and in good academic standing.

Complete the LIM College Sibling Award Application in the Office of Student Financial Services to establish eligibility by no later than the eighth week of the semester.

LIM College Transfer Scholarships

Incoming graduates of a two-year college with an associate degree and a cumulative college GPA of 3.00 or higher.

Awards ranging from $1,500 to $7,000 per year based on college GPA. Must maintain a cumulative GPA of 3.00 or higher for renewal.

Transcripts are evaluated upon acceptance to LIM College.

Maxwell F. Marcuse Founders Scholarship

A student who entered the College as a first-year, first-semester freshman and is now entering his or her senior year beginning the fall semester. Based on merit and exceptional academic credentials (GPA of 3.50 or above).

One half-tuition scholarship to a student entering her or his senior year.

Final candidates will be interviewed by the President of the College. Applications by invitation only.

Transfer Academic Achievement Scholarship

Transfer students with at least 15 approved transfer credits and a cumulative college GPA of 3.00 or higher.

Awards of $1,000 - $6,000 based on college GPA. Renewable based on maintaining a cumulative GPA of 3.0 or higher.

Transcripts are evaluated upon acceptance to LIM College.

 

LIM College Scholarship & Grants: Need-Based

AWARDS

ELIGIBILITY FOR CONSIDERATION

AMOUNT PER YEAR AND RESPONSIBILITY

PROCEDURES FOR 2019-2020

LIM/Community College Scholarship

Incoming community college graduates with an earned associate degree. Based on merit, exceptional academic credentials (minimum cumulative college GPA of 3.30 for consideration), and need.

Highly competitive selection. Limited number of renewable awards of half tuition for eligible students. Must maintain cumulative GPA of 3.30 or higher for renewal.

A select group of students will be nominated by the office of Undergraduate Admissions for consideration. FAFSA required.

LIM/FIDM Scholarships

Incoming graduate of the Fashion Institute of Design and Merchandising (FIDM) with an associate degree. Based on merit, exceptional academic credentials (GPA of 3.30 or higher) and need.

One renewable award of half tuition. Must maintain cumulative GPA of 3.30 or higher for renewal.

A select group of students will be nominated by the office of Undergraduate Admissions for consideration. FAFSA required.

Mario Abela Scholarship

Current LIM College student who is the first in his/her family to attend college and was born (or has a parent who was born) outside of the U.S. Must also have worked while in high school and continue to work part-time while enrolled at LIM College to help with educational expenses. Need and ability.

Established in honor of long-time staff member Mario Abela for his more than 35 years of service to the College and our students.

One award of $1,500. Minimum cumulative GPA of 3.0 at LIM College after having attended at least two semesters and no Math grade below a B. Non-renewable.

FAFSA required. Submit a separate essay which should discuss your work history and financial need to continue working. Application available Spring 2020.

 

LIM Fashion Education Foundation Scholarships

Founded in 1977, the LIM Fashion Education Foundation (FEF) has, as its primary purpose, the provision of scholarship and grant aid to students who wish to attend LIM College. The FEF Scholarship Application requires a 400-500 word essay, submission of a FAFSA (for need-based scholarships only), two letters of recommendation and a submitted application sent to the Office of Financial Services.

  • LIM FEF Scholarship Application Fall 2021 - Spring 2022
    • (Application deadline March 26, 2021. 2022-2023 application expected to be released in February 2022.)
  • LIM FEF Scholarship Recommendation Form

Fashion Educators Grant

College and university instructors who currently teach fashion-related courses and have professional experience in the fashion industry yet do not currently hold a graduate degree are invited to apply for an LIM College Fashion Educators Grant. Grant funds cover 50% of the cost of tuition for an LIM College master’s degree program (either on-campus or online) of the recipient’s choice. Learn more about Fashion Educators Grants or email graduateadmissions [at] limcollege.edu to speak with an admissions counselor.

 

LIM Grant-in-Aid

Students who submit a FAFSA (Free Application for Federal Student Aid) by the priority deadline are considered for need-based LIM College Grant-in-Aid awards up to $4,000 if they meet the appropriate eligibility criteria, pending funds availability.

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Loans

Accepted matriculated undergraduate students enrolled at least half-time (6 credits per term) are eligible for Subsidized student loans, while those without financial need are eligible for Unsubsidized loans. The federal government pays the interest on subsidized loans while in school; and borrowers are responsible for interest payments under the unsubsidized loan program.

Undergraduate students can borrow Federal Direct 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. The total borrowing limit cannot exceed $31,000. Independent and dependent students whose parent(s) have been denied a PLUS (Parent) Loan are eligible for additional Unsubsidized Direct Loan funds of $4,000 to $5,000 (depending on the grade level) with a total borrowing limit not to exceed $57,500.

 

Pell Grants

Undergraduate students enrolled in at least three credits and demonstrate significant financial need according to the federal formula are eligible to receive monies under this federal program. Students should apply for the Pell Grant by using the FAFSA (Free Application for Federal Student Aid).

 

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 FAFSA (Free Application for Federal Student Aid) to be eligible.

 

Work-Study Opportunities

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 service 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 from $11 to $13 per 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.

 

Federal Direct Parent Loans For Undergraduate Students (Plus)

Parents of dependent students who are enrolled at least half-time (6 credits per term) at LIM College may be eligible for a Federal Direct Plus Loan. These loans are based on credit-worthiness. Parents may borrow up to the cost of education less all other financial aid. Parents should complete the PLUS application at studentloans.gov. Repayment of principal and interest begins within 60 days of receipt of the loan.

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.

 

Federal Aid for Extenuating Circumstances

The Office of Student Financial Services is authorized to exercise professional judgment and discretion in reviewing extenuating financial circumstances that our students and parents may experience. Extenuating experiences include involuntary loss of employment, as 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).

 

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
(QUALITATIVE)

MINIMUM NUMBER OF CREDITS EARNED
(QUANITATIVE)

1

0

0

2

6

1.60

3

15

1.80

4

27

1.85

5

39

2.00

6

54

2.00

7

70

2.00

8

84

2.00

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.

 

New York State's Tuition Assistance Program (TAP)

Submitting the FAFSA is required and is the first step in applying for New York State's Tuition Assistance Program (TAP). Awards for the 2015-2016 academic year range from $500 to $5,165 annually.

Students and parents who submit the FAFSA online will have the opportunity to complete the Express TAP Application (ETA) online as well. The LIM College TAP code is 2178. All others will be mailed an ETA to complete, sign and return to NYS Higher Education Services Corporation (HESC) for processing. Check the status of your ETA online at the HESC website and get info on other NY State-sponsored scholarships and grants.

 

Enhanced Tuition Awards (ETA)

The Enhanced Tuition Awards (ETA) program provides tuition funds to New York State residents attending a private college in New York State.

Eligibility requirements include:

  • Total family adjusted gross income of $110,000 or less
  • Be enrolled full-time (at least 12 credits per semester) and complete 30 credits each academic year
  • Live and work in New York State after graduation for the same number of years you receive an ETA

View ETA FAQS

 

Other Federal & State Aid

For a listing of additional New York State-sponsored scholarships and grants, visit the HESC Reference site.

Several other states sponsor awards that can be used to attend a college outside a home state, visit FinAid and click on the link for U.S. State Government aid to find your state agency.

Outside Scholarships

As a student, you should actively look for and apply to outside organizations for additional scholarship assistance. The Office of Student Financial Services (212-752-1530 ext. 389 / sfs [at] limcollege.edu) can provide individual assistance and guidance during your scholarship search. Additionally, the LIM College Writing Center, can assist in reviewing your scholarship essay(s) and in providing valuable feedback to strengthen your writing submission(s).

Below are reputable and free online scholarship search services that we encourage you to use as resources to help find scholarships:

 

Private Alternative Loans

Private alternative loans may be an option if you need to borrow additional funds after exhausting your federal loans, or you are not eligible for federal aid. These loans are credit-based and typically require that you apply with a credit-worthy co-signer for approval.

In accordance with New York State and Federal recommendations, we will not certify a private loan unless you have first applied for and accepted your eligible federal Stafford Loan(s).

Private loans accrue interest while you are in school and typically represent the most expensive form of college financing.

As such, we strongly encourage students and parents to consult with the Office of Student Financial Services prior to applying for an alternative education loan, to ensure that you have explored all other financing and payment options first.

Before applying for an alternative loan, here are some questions you should ask yourself when comparing lenders:

  • What is the interest rate or what is the expected range of interest rates
  • How often is interest on my loan calculated?
  • How and when does my interest rate change?
  • Are there any loan fees, and if so, are they added or subtracted from the loan amount?
  • Is a cosigner required and how does that affect the interest rate?
  • Can the cosigner be released from the loan and what is required to qualify?
  • What are the penalties for missing a payment?
  • What deferment or forbearance options are available?
  • What borrower benefits/discounts are available and what is required to qualify?
  • Can my loan be sold to another company, and if so, will the borrower benefits transfer?
  • What are the minimum monthly payments?
  • When does repayment begin?
  • Can the loan be consolidated with other loans?
  • How long is the repayment period and are there any early payment penalties?
  • What is the total amount that you will have to repay over the life of the loan and what will the monthly payments be?
  • How long do I have to repay the loan?

LIM College encourages students to compare lenders and to also use mainstream internet resources to search for and review lenders. The Office of Student Financial Services will certify a loan through any lender if you meet that lender’s eligibility criteria. The maximum loan amount is the cost of attendance minus any other financial aid.

LIM College is approved by the U.S. Department of Education to award Federal Direct Stafford loan funds at the graduate level. To determine your eligibility, please complete the FAFSA (Free Application for Federal Student Aid) online as soon as possible. LIM College’s federal school code is 007466. Accepted matriculated graduate students enrolled at least half-time (6 credits per term) are eligible for loans under this program. Graduate students can borrow Federal loans up to $20,000 per year. Graduate students who need to borrow more than the maximum Unsubsidized loan amounts to meet education costs that are not covered by other financial aid may apply for the Graduate PLUS loan.

 

LIM Graduate Excellence Award

Awards of $1,500-$4,500 per year are conferred and students must maintain a GPA of 3.0 or higher. A student must enroll in a minimum of six credits for up to three semesters. Based on availability. Incoming graduate students with a minimum GPA of 3.5 will be evaluated on a first come, first served basis. Please note that additional application materials will be considered prior to awarding the scholarship. Academic criteria are evaluated during the admissions application review process.

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