Types
of Aid

Scholarships

LIM College offers scholarships, grants, loans and student employment opportunities to help support your entire educational career. Funds for federal and state grants and work-study programs are limited, so most students eligible for financial aid must also accept our offer of recommended loans to meet their costs of attendance. Parents, when applicable, are also expected to contribute in proportion to their financial ability as determined by federal methodology.

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MERIT SCHOLARSHIPS

Submit a completed LIM College application for admission by the priority deadline and automatically be considered for some LIM College Merit Scholarships.

 

SUPPLEMENTAL SCHOLARSHIPS

LIM College offers a number of need-based and non-need-based competitive scholarships. LIM College Business Leadership Scholarship and the LIM College/New York BOCES Scholarship are two competitive scholarships offered to Freshmen students.

The Continuing Student Supplemental Scholarship is for continuing students and requires a 400-500 word essay, a submitted FAFSA (Free Application for Federal Student Aid) and two letters of recommendation.

SUPPLEMENTAL SCHOLARSHIPS (Application available in Spring 2018)
RECOMMENDATION REQUEST FORM (Recommendation form available in Spring 2018)

 

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, two letters of recommendation and a submitted application sent to the Office of Financial Services.

LIM FEF Scholarship Application (Available Spring 2018)

LIM FEF Scholarship Recommendation Form (Available Spring 2018)

Grants

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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LIM COLLEGE RESIDENCE GRANT

Students residing at the 1760 Third Avenue Residence Hall are considered for an LIM College Residence Grant of up to $2,000 if they meet the appropriate eligibility criteria and pending funds availability.

Federal Aid

Choosing to attend college is a big investment in your future and is one of the most personally rewarding and demanding challenges you will ever accept. LIM College is a great value by combining an outstanding private education and real-world, career-building experience with one of the most affordable and competitive tuition rates in the New York City metropolitan area.

Along with your investment of time and effort, your college education requires financing. At LIM College we are committed to helping students explore financing options that enable them to reach their educational goals. During 2014-2015, approximately 82% of LIM College students received some form of aid which averaged $20,447 (including all loans) per student. We offer a variety of scholarships, grants, loans and student employment opportunities that are designed to support the entire educational career of our students. During 2014-2015, LIM College students were recipients of scholarships and/or need-based grants averaging $6,669. 

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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 & Other State Aid

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.
 
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.

Other Aid Sources

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@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.

Graduate Student 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 3.0 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.