Meeting LIM College’s Costs
Financial aid is generally offered to meet the gap (financial need) between what a student can contribute (expected family contribution), and what it costs to attend LIM College (cost of attendance): Cost of Attending LIM College (COA) - Expected Family Contribution (EFC) = Financial Need. Students may use certain types of loans to finance their expected financial contribution as well. The COA at LIM College is based on the estimated budget established by the College (see below). A student’s EFC is calculated from the information provided on the FAFSA.
2017-2018: Estimated MPS Cost of Attendance (COA) Budget - Completion in THREE SEMESTERS
|Full-Time Study: Completion in 3 semesters for a total of 30 credits @ $925 per credit
|Graduate Comprehensive Fee ($200 full-time (9+ credits), $100 part-time)
|Total Direct Cost (Tuition and Fees):
|Indirect Costs (Based on an off-campus living arrangement in the NYC Metro area):
|Room (Housing) estimated at a minimum of $800 per month to a maximum of $1,500 per month for an off-campus apartment (12 months)
||$9,600 - $18,000
|Board (Meals) estimated $1,800 per semester-fall/spring and $1,200 for summer
|Transportation estimated $600 per semester-fall/spring and $300 for summer (6 credits)
|Personal Expenses estimated at $900 per semester-fall/spring and $600 for summer
|Books and Supplies estimated at $600 per semester for the first two semesters
|Total Indirect Costs
||$19,750 - $28,150 (depending on housing expenses)
|Total Direct and Indirect Costs:
||$48,000 - $56,400 (depending on housing expenses)
International students will also be assessed a $500 per semester Visa Maintenance Fee and $350 per semester Graduate International Student Fee (regardless of credit load).
In order to be eligible to have the Indirect Costs of room, board, and personal and transportation expenses included in the Cost of Attendance, for the purpose of determining the maximum amount of loan funds a student may borrow, a student must be relocating to the area and/or ceasing current employment in order to attend the graduate program. In other words, students who are not incurring these living expenses as a cost specifically associated with the decision to enroll in an MPS program will be limited to borrowing educational loans for tuition, fees, books and supplies. Students who are enrolled in the LIM College Student Health Insurance plan are eligible to include that expense in their Cost of Attendance should they choose to. All requests to borrow for Indirect Costs must be made in writing on the Indirect Costs Request form and eligibility will be evaluated individually and verified by a Student Financial Services Counselor.
The COA at LIM College is based on the estimated budget established by the College. The EFC is calculated from the information provided on the Free Application for Federal Student Aid (FAFSA).
Enrollment Deposit (students enrolled in on-campus degree programs)
Upon acceptance, students enrolled in on-campus degree programs are required to submit a $500 non-refundable enrollment deposit to be considered an enrolled student at LIM College. The enrollment deposit must be submitted with the Graduate Tuition Agreement and will be applied as a payment towards the first semester’s tuition. Please also see Tuition Liability.
Transfer Students Applying to LIM College Graduate Programs
Each transfer student’s record will be evaluated and interpreted individually for course equivalencies. Only transfers from accredited graduate institutions will be taken into consideration. Students can apply to transfer a maximum of six credits, earned within five years prior to the date of application.
Tuition and Fees
For the 2017-2018 academic year, the tuition rate is $925 per credit hour. LIM College requires that each applicant submit a non-refundable $40 application fee. The application fee can be paid online as a one-time payment using LIM’s e-cashier site from Nelnet Business Solutions. There is a $2 convenience fee for an immediate full payment through the Nelnet Business Solutions payment portal. For more information and to pay the application fee, please visit www.limcollege.edu/gradpay. The application fee can also be paid with a check or money order made payable to LIM College.
Graduate Comprehensive Fee
- The Graduate Comprehensive Fee is associated with technology resources and student activities programming for graduate students (not including Commencement). The fee is $200 per semester for full-time study (9 or more credits) and $100 per semester or module for part-time study (less than 9 credits).
Additional Tuition and Fee Information
LIM College provides several payment options for students to pay the enrollment deposit and tuition charges:
1. In-Person Payment: Payment may be made in person at the LIM College Office of Student Financial Services (The Townhouse, 12 East 53rd Street, 3rd floor) with a check, money order or cash. Checks or money orders should be made payable to LIM College.
2. Mailing Payment: Payment by mail can be made with a check or money order to: LIM College / 12 East 53rd Street / New York, NY 10022 / Attn: Office of Student Financial Services. Checks or money orders should be made payable to LIM College.
3. Online E-Cashier Payments through Nelnet Business Solutions: A one-time payment or installment payments may be made online with an ACH checking/savings account or credit card (all major credit cards are accepted). Please visit www.limcollege.edu/pay.
4. International Student Payment Option: LIM College has partnered with FlyWire (https://www.flywire.com/pay/limcollege) to streamline the process of payments from international banks. Flywire allows students to pay securely from any country and any bank, generally in their home currency.
For questions regarding the payment options above, please contact the Office of Student Financial Services at 212-752-1530 Ext. 389 or firstname.lastname@example.org
Merit-Based Scholarships (only available to students enrolled in on-campus degree programs)
A limited number of merit-based scholarships are available to graduate applicants, ranging from $1,500-$3,000. Applicants with a cumulative undergraduate GPA of 3.50 or higher will automatically be considered for scholarships at the time of admissions review. Funds depend on availability and are awarded on a first-come, first-serve basis. Scholarship recipients will be notified via an award letter and will have an enrollment deadline date, which will be specified in the award letter.
Federal Financial Aid
To receive aid from any of the federal student loan programs, students must meet all of the following criteria:
- File the Free Application for Federal Student Aid (FAFSA)
- Have completed a bachelor’s degree
- Be enrolled as a matriculated student working toward a degree
- Be a U.S. citizen or eligible non-citizen
- Have a valid Social Security number
- Meet satisfactory academic progress standards set by the College
- Certify that you are not in default on a federal student loan and that you do not owe money on a federal student grant
- Comply with Selective Service registration, if required
- Fulfill any other requirements stipulated by the U.S. Department of Education
Federal Student Loans
- Federal Direct Unsubsidized Loan
Students enrolled at least half-time (minimum of six credits) are eligible for this loan. Graduate students are eligible to receive up to a maximum of $20,500 per academic year. For the 2017-2018 academic year, the fixed-interest rate for Unsubsidized Direct Loans is 6.0% (rate subject to change July 1 each year). Direct Loans are also assessed a 1.069% up-front origination fee that is deducted from the amount of loan funds disbursed to the College (subject to change on October 1 annually).
- Federal Direct Graduate PLUS Loan
This is a non-need-based loan for graduate students to borrow funds to help meet educational expenses not met by the Direct Unsubsidized Loan. Successful credit approval is required. For the 2017-2018 academic year, the interest rate on Federal Direct PLUS loans is a fixed rate of 7.0% (rate is subject to change July 1 each year). PLUS Loan borrowers are assessed a 4.276% up-front origination fee that is deducted from the amount of loan funds disbursed to the College (subject to change on October 1 annually).
All students who borrow any federal loan(s) are required to complete mandatory loan entrance requirements upon enrollment and loan exit requirements upon graduation or withdrawal from LIM College.
To determine eligibility, a Free Application for Federal Student Aid (FAFSA) form, available at www.fafsa.ed.gov, must be submitted annually by the priority deadline of June 1 for fall enrollment. (See the LIM College website for other start dates). The LIM College federal school code is 007466.
Federal (Title IV) Return of Funds
The U.S. Department of Education requires the return of Title IV funds if a student receives federal assistance and withdraws completely on or before completing 60 percent of the semester. Students have only “earned” the portion of their federal aid that is equal to the percentage of the semester that they have completed. Thus, the percentage of Title IV funds that must be returned to the government is essentially equal to the percentage of the semester that the student has not completed at the time of withdrawal. The order in which Title IV funds are to be returned has been determined by the U.S. Department of Education and is as follows:
- Federal Direct Unsubsidized Loan
- Federal Direct PLUS Loan
(Please note: LIM College does not currently offer loans in the Federal Perkins Loan program.)
The U.S. Department of Education has different rules and regulations for each type of aid offered in the Federal Title IV Aid Program. Students who partially withdraw likely will require adjustments to their Federal Title IV Aid. Please consult with the Office of Student Financial Services to determine how your aid may be affected prior to withdrawal from a course(s).
Installment Payment Plan from Nelnet Business Solutions
To help meet educational expenses, LIM College offers an installment payment plan through Nelnet Business Solutions. Payments can be made using an Automatic Bank Payment (ACH) from a checking or savings account or by credit card (all major credit cards are accepted). The cost to budget this interest-free, flexible payment plan option is a $25 per semester non-refundable enrollment fee. There are no convenience fees charged for credit card payments.
Visit www.limcollege.edu/gradpay to enroll.
If a student withdraws from a course or the program within the first several weeks of a semester or module (measured from the date classes start), the student will be charged an adjusted tuition amount based on a percentage of the original tuition amount and tied to the week in which he/she withdrew from the course and/or program. The tuition liability scales for full or partial withdrawal are listed below for on-campus and online respectively.
On-Campus Graduate Tuition Liability for Withdrawal
Students who withdraw fully from the College or partially from one or more course during the first four weeks of the fall (semester 1), spring (semester 2), or summer (semester 3) terms will be charged an adjusted tuition amount based on the week of withdrawal as follows:
Week 1: 0% tuition liability
Week 2: 25 % tuition liability
Week 3: 50% tuition liability
Week 4: 75% tuition liability
After Week 4: 100% tuition liability
Housing charges and associated fees are subject to the terms and conditions of the housing contract. For further information, please contact the Office of Housing & Residence Life at email@example.com or (212) 752-1530 Ext. 330.
Online Graduate Student Tuition Liability Schedule for Each Module:
Students who withdraw fully from the College or partially from one or more courses during the first two weeks of each module will be charged an adjusted tuition amount based on the week of withdrawal as follows (each week ends at 11:59 p.m. Sunday - Eastern Time):
Schedule Adopted September 12, 2017
During 1st week: 0% tuition liability
During 2nd week: 50% tuition liability
There after Week 3: 100% tuition liability
Former Schedule (Prior to September 12, 2017)
Week 1: 0% tuition liability
Week 2: 25% tuition liability
Week 3: 50% tuition liability
After Week 3: 100% tuition liability