Frequently Asked Questions
Financial Aid questions? Get your questions answered 24/7 at LIM College Financial Aid TV!
What forms do I need to complete in order to apply for federal, state, and LIM College aid?
Where do I get the forms?
What happens after I have submitted the FAFSA?
My parents don’t give me any money. Can I exclude their income when completing the FAFSA?
Are International Students eligible for federal or state aid?
What types of funding does LIM College offer?
How do I apply for additional scholarships offered by LIM College?
My award letter includes a loan; do I get the application from the bank?
My aid exceeds my tuition and fees, what happens to the additional money?
What other forms of assistance are available?
What should I do if I am having trouble completing the forms or applying for scholarships?
When are payments due?
Are payment plans available?
What forms of payment are acceptable at LIM College?
A: You must complete the Free Application for Federal Student Aid (FAFSA) every academic year. The LIM College Priority deadline 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 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 info when available. The federal college code for LIM College is 007466.
For New York residents, the FAFSA data will generate an Express TAP Application (ETA). You can complete and electronically sign the TAP application online; otherwise an ETA will be mailed to you by New York State Higher Education Services Corporation (NYSHESC). The college code for TAP is 2178.
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.
A: Prospective students can complete the FAFSA form via the FAFSA website. Returning students who have previously filed a FAFSA can view, update, and submit a Renewal FAFSA via the web with their federal PIN number as of January 1st 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.
Step One: We receive the electronic version (ISIR) of your FAFSA, generally with 10-14 days. If you are formally admitted to LIM, your application moves to Stage Two.
Step Two: Your file is reviewed for documents. If something is missing, you will be contacted, in writing, by our office. This notification will begin in February, but will depend 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 may ask for additional documents or clarification on submitted information.
A: Probably not. 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.
A: 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) and are eligible to be considered for LIM College scholarship funds. Visit a lender comparison site and use mainstream online search engines to to review some of your lender options.
A: 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 will be automatically considered for an LIM College Merit Scholarship. For transfer students, the priority admissions deadline is April 1. You’ll be considered for merit scholarships on a funds-available basis after these deadlines.
A: The LIM College Supplemental Scholarship Application is available in the Scholarships section of our website and is also mailed to accepted students starting in February. The award criteria for each scholarship are listed on the application, and in the LIM College Catalogue. Students who apply will be notified in mid-July of whether or not they have been selected for a supplemental scholarship.
A: No. If your award letter includes a Federal Direct Stafford and/or Federal Direct 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.
A: 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 educationally-related expenses. After the add/drop period (first week of classes), the Office of Student Financial Services will issue a refund within 7-10 business days when the appropriate funds have been disbursed to your account. Refunds issued as a result of a parent PLUS loan will be sent directly to the parent borrower. Please note that financial aid funds that are still pending (not yet paid) will not be 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 in order 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.
A: Outside Scholarships: We strongly encourage students to pursue outside scholarship. Please visit the Scholarships for a listing of scholarship resources.
Alternative Education Loans: 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.
A: You can always contact the Office of Student Financial Services for additional assistance. We have information on outside scholarships and other resources that may be helpful to you individually.
A: Payment in full for the fall semester is due by July 15. Payment in full for the spring semester is due by December 1. A late payment fee will be assessed after the first day of classes if a student still has an outstanding semester balance due. All confirmed financial aid funds will be applied as anticipated payments towards tuition, fees, and housing (if applicable).
A: 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.
A: 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).