Federal & State Aid

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 the student is in school. In the Unsubsidized loan program, borrowers are responsible for interest payments.

Undergraduate students can borrow Federal Direct loans up to $5,500 for their first year, based on need, between Subsidized and Unsubsidized; up to $6,500 for their sophomore year, and up to $7,500 for the 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.

Undergraduate students who are enrolled for at least 3 credits and demonstrate significant financial need according to the federal formula are eligible to receive funds under this federal program. 

Students should apply for the Pell Grant by using the FAFSA (Free Application for Federal Student Aid).

Undergraduate students who demonstrate high financial need may be eligible to receive funds under this federal program. At LIM College the SEOG is $1,000 per year ($500 Fall / $500 Spring). Students must complete the FAFSA (Free Application for Federal Student Aid) to be eligible.

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.

Financial need is required for Work-Study programs. Work-Study awards are up to $10,000 per year with student wages of $15 per hour. The award amount is based on the student’s financial need and the availability of funds to the campus.

LIM's 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.

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 creditworthiness. Parents may borrow up to the cost of the education less all other financial aid. Parents should complete the PLUS application. 

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 6 months after the student graduates or ceases to be enrolled at least half-time.

Federal regulations require students to make Satisfactory Academic Progress (SAP) toward a degree in order to receive federal student aid. SAP is measured by qualitative (cumulative GPA) as well as quantitative (earned credits) standards as indicate on the chart below that stipulates those minimum academic requirements that must be met based on total credits attempted* and within a maximum timeframe that is no longer than 150% of the published program length.

To assess continued Federal (Title IV) financial aid eligibility, students’ records are reviewed annually after the spring semester. Students who fail to make SAP are placed on Academic Probation and will lose their eligibility for federal student aid (until back in good standing) unless they submit a successful appeal (waiver) request to receive financial aid while on probation with an approved academic plan (see SAP Policy below).

*Total Credits Attempted includes:

• credits attempted at LIM College (includes all completed courses with an earned Letter Grade or Pass/Fail grade)
• courses with an earned “FA” (Failure for Lack of Attendance) grade
• withdrawn (“W”) courses
• accepted transfer credits listed on LIM College transcript

A student placed on Academic Probation must satisfy the terms of their academic probation plan to avoid Academic Dismissal from the College. In the event a student is academically dismissed from the College, they may petition in writing to the Office of Academic Affairs to return for a semester on Conditional Academic Probation, which is normally without the benefit of Federal (Title IV) financial aid eligibility, while working to return to good standing and make SAP.

The Satisfactory Academic Progress (SAP) policy is jointly administered by the Offices of Academic Affairs and Student Financial Services to coordinate the communication to students regarding SAP status and appeal provisions for the purpose of Federal Title IV aid eligibility (and New York State Aid Programs, where applicable). The Office of Student Financial Services reviews SAP annually after spring semester grades are finalized in conjunction with the Office of Academic Affairs.

Students are notified by the Office of Academic Affairs if they are not meeting SAP requirements. Students will then be advised of their right to submit a written appeal to request a waiver of SAP requirements while on Academic Probation. The student’s appeal will be reviewed by the Offices of Academic Affairs and Student Financial Services and the decision will be communicated in writing. If approved, students will be offered an Academic Plan(s) to return to good standing by the Office of Academic Affairs. Upon accepting the terms and conditions of their Academic Plan, a student will have access to Federal (Title IV) financial aid eligibility under that plan. Students are advised to meet with a staff member in the Office of Student Financial Services to discuss SAP’s impact on continued financial aid eligibility.

The Office of Student Financial Services is authorized to exercise professional judgment and discretion in reviewing extenuating financial circumstances that students and parents may experience. These circumstances may include involuntary loss of employment, as well as incurring certain expenses such as unreimbursed medical expenses, funeral expenses, private school tuition, childcare costs, and adult dependent care (including nursing home costs). Please contact the Office of Student Financial Services to discuss your circumstances and to determine the appropriate documentation procedures.

In the event that the parent(s) of a dependent student has ended financial support and refuses to file a FAFSA form, the Office of Student Financial Services may offer such students federal financial aid in the form of an Unsubsidized Stafford Loan only, based on current grade level. Verification must be obtained in the form of signed and dated documentation from a parent attesting to such circumstances.

Awards range from $500 to $5,665 annually. To apply, complete the NYS TAP application at www.hesc.ny.gov/. 

Students have the opportunity to complete the Express TAP Application (ETA) online. The LIM College TAP code is 2178. 

You can check the status of your ETA online at the HESC website and get info on other NY State-sponsored scholarships and grants.

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 $125,000 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

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.

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.