How to Afford LIM College

How to Afford LIM College

LIM College offers several types of financial assistance programs. There are scholarships, grants, loans, and work opportunities available to both full- and part-time degree students. In addition, students may participate in tuition-payment plans that budget the cost of tuition and fees over a specific, predetermined time frame. During 2012-2013, 83% of LIM College students received some form of aid, averaging $19,497 (including all loans). In addition, the average amount of grant/scholarship aid received from all sources was $5,703 per student and the average amount of undergraduate Direct Stafford Loans borrowed for that year was $7,461. Most students find they are eligible for a financial aid package, which commonly includes a variety of financial aid sources such as LIM College itself, the LIM Fashion Education Foundation, the federal and state governments, and external agencies. Financial aid may be based on merit or financial need. It is important to research and apply for all forms of aid for which you may be eligible. All students are strongly encouraged to apply for financial aid every year by submitting the Free Application for Federal Student Aid (FAFSA).

LIM College Tuition and Fees

LIM College’s costs as follows:

How Your Financial Need Is Determined

Financial aid can be offered to meet the gap (financial need) between what the student and the family 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.

The COA at LIM College is based on the estimated budget established by the College. The EFC is calculated from the information you and your parent(s) provide on the Free Application for Federal Student Aid (FAFSA).

Types of Financial Aid

Merit Scholarships

LIM College offers a number of scholarships based strictly on academic merit. Financial need is not a factor. Awards range from $1,000 up to full tuition. Most merit awards offered by the Office of Admissions are renewable for the duration of full-time study (up to four years) as long as students maintain the minimum cumulative grade point average (GPA), enrollment requirements, and other criteria stipulated in their award letter.  Some examples include:

• Adrian G. Marcuse Scholarship: up to full tuition (one award annually for senior year of study)
• LIM College Fashion Scholars Program - Honors Scholarship: $6,000 to half tuition per year
• Academic Achievement Scholarship: $1,000 - $6,500 ($3,500 for transfer student)

Grants

Available from LIM College, the federal government, and state agencies, grants vary in eligibility requirements, value, and duration. They do not have to be repaid.

• LIM College Grants and Scholarships, based on financial need and academic potential, range from $1,000 to full tuition.
• LIM College Sibling Tuition Award. LIM College offers a tuition discount award to siblings who are concurrently enrolled at the College or to students who have a sibling who previously attended LIM College and graduated. Sibling Tuition Awards will be equal to 25% of the semester tuition charges for an eligible student, not to exceed the full cost of tuition in conjunction with all other tuition-specific awards. Students will be required to complete the LIM College Sibling Award Application in the Office of Student Financial Services to establish eligibility. This award is only available to matriculated undergraduate students enrolled full-time with a minimum cumulative GPA of 2.00 and who are in good academic standing.
• Federal Pell Grants, for families with significant financial need, provide full-time awards ranging from $602- $5,730per year.
• Supplemental Educational Opportunity Grants (SEOG) provide awards from $500 - $1,000 per year to students with significant financial need.

Loans

Loan programs, usually offered at below-market interest rates, are available as follows:

• Federal Direct Stafford Loans, available regardless of need, may provide between $5,500 - $7,500 per year depending on class standing, with a total borrowing limit not to exceed $31,000 for a dependent undergraduate student or $57,500 for an independent undergraduate student.
• Federal PLUS (Parent) Loans allow parents to borrow up to the full cost of each academic year (minus any financial assistance) at a fixed interest rate.
• Alternative Education Loans are credit-based private financing options that can be used by students who need to borrow additional funds beyond their federal loans, as well as international students who are not eligible for federal funds.

How to Apply for Financial Aid

• Complete the Free Application for Federal Student Aid (FAFSA). Be sure to read the application instructions thoroughly before completing the application.
• File the FAFSA online at www.fafsa.ed.gov by the annual priority deadline of March 1.
• Apply for admission if you will be a new student at LIM College. Your FAFSA information will be received, but it will not be processed until you have been admitted to the College. Admission to LIM College requires a separate application process. Please contact the Office of Admissions (212-752-1530 Ext. 289) or visit www.limcollege.edu for an application. NOTE: Do not wait until you are admitted to apply for financial aid. It is vital that you begin the financial aid application process as close to January 1 as possible and no later than March 1 to receive priority consideration for all forms of financial aid.

Criteria and Responsibilities

Aid eligibility is determined by criteria for the specific awards. No distinctions are made on the basis of age, national origin, race, religion, gender, physical disability, or sexual orientation. Students must be in good academic standing to continue to receive aid. Significant changes in the financial situation of the student’s family need to be reported in writing and may affect the amount of aid offered. Similarly, any additional outside assistance must be reported to LIM College, which reserves the right to alter the financial aid package accordingly. Failure to do so may jeopardize the entire package.

All federal aid recipients are required to sign the Statement of Educational Purpose confirming that they are not in default on any educational loan, that they do not owe a federal refund on any grant issued by another educational institution, and that all aid payments will be used solely for education-related expenses to attend LIM College. Upon request of the Office of Student Financial Services, aid applicants must submit copies of their own and/or their parents’ IRS tax return transcript from the IRS.

Federal Financial Aid (Title IV)

To receive aid from any of the federal student aid programs, you must meet all of the following criteria:

• File the Free Application for Federal Student Aid (FAFSA)
• Have a high school diploma or a General Education Development (GED) certificate, or complete a high school education in a home school setting that is treated as a home school or private school under state law
• 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 Pell Grant

The Federal Pell Grant Program is based upon financial need. Eligibility is determined from the information provided on the FAFSA. Full-time award amounts range from $602- $5,730 for the 2014-2015 academic year.

Information on student body diversity in the categories of gender and race/ethnicity of enrolled full-time students who receive Federal Pell Grants is available on the College’s Consumer Information page:  www.limcollege.edu/consumerinfo.

Federal Supplemental Educational Opportunity Grant (SEOG)

Students with exceptional financial need may be eligible for this grant. Awards range from $500 - $1,000 per year.

Federal Direct Stafford Loan

Students enrolled at least half-time (minimum of six credits) are eligible for this loan. Students with need may obtain a Subsidized Loan, which means the federal government pays the interest while the borrower is in school. Students who do not demonstrate financial need may obtain an Unsubsidized Loan, which means they must pay interest while they are in school as well as during repayment. First-year students may borrow up to $5,500, sophomores up to $6,500, and juniors and seniors up to $7,500 each year based on need between Subsidized and Unsubsidized Loan funds. Independent students and dependent students whose parent(s) have been denied a PLUS (Parent) Loan are also eligible for additional Unsubsidized Loan funds of $4,000 - $5,000 annually based on year in college. For the 2014-2015 academic year the fixed-interest rate for the Subsidized and Unsubsidized Stafford Loan is 4.66% (unless Congress approves a lower rate).  Stafford Loans are assessed a 1.073% up-front origination fee that is deducted from the amount of loan funds disbursed to the College.

Please note: 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.

Federal PLUS (Parent) Loan

PLUS Loans allow natural or adoptive parents of dependent students to borrow funds to help a student meet educational expenses. This is a non-need-based loan. A credit check is required. For the 2014-2015 academic year the interest rate on PLUS loans continues at a fixed rate of 7.21%. For loans made after October 1, 2014 these rates are subject to change. PLUS Loan borrowers are assessed a 4.292% up-front origination fee that is deducted from the amount of loan funds disbursed to the College. 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 Work-Study Program

A work-study award offers the recipient the opportunity to work on campus in student service areas or in an approved off-campus community service organization. The hourly rate range is $9 - $11, depending on the type of work performed and the student’s previous experience. Students receive a paycheck every two weeks.

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.

Students who do not make satisfactory progress will lose their eligibility for federal student aid unless they successfully appeal for probationary status.

Satisfactory Academic Progress Policy

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 NY State TAP, where applicable). The Office of Student Financial Services reviews SAP annually after finalization of spring semester grades in conjunction with the Office of Academic Affairs.

Students are notified by the Office of Academic Affairs if they are not meeting Satisfactory Academic Progress (SAP) requirements. Student will then be advised of their right to submit a written appeal to request probationary status. Students will also meet with the Associate Dean of Academic Affairs or a designee to develop an academic plan. Students are advised to meet with the Office of Student Financial Services to discuss SAP’s impact on continued financial aid eligibility. 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. 

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. These circumstances may 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). 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.

New York State Grant Programs

Tuition Assistance Program (TAP)

TAP provides awards between $500 and $5,000 a year to full-time students who are New York State residents. Awards are based on the family’s New York State net taxable income. Students who wish to apply for TAP must file the FAFSA listing, LIM College as the college they are planning to attend. New York State Higher Education Services Corporation (HESC) provides students with an online Express TAP Application (ETA) based on the information reported on the FAFSA. Students are required to submit online ETAs to HESC in a timely fashion in order to confirm eligibility and to have their TAP payment processed.

Aid for Part-Time Study (APTS)

This program provides tuition assistance to New York State residents enrolled for 3 to 11 credits per semester. The family’s New York State taxable income cannot exceed $50,550 in the case of dependent students and $34,250 if the student is independent. Award amounts are determined by the Office of Student Financial Services and cannot exceed tuition charges. Applications and additional information are available from the Office of Student Financial Services.

Academic Criteria for State Awards

To receive New York State-sponsored grants a student must be in good academic standing. For financial aid purposes, good academic standing consists of two components:

• Pursuit of Program: a requirement that a student receive a passing or failing grade (A-F letter grade) in a certain percentage of courses each term, depending on the number of state awards the student has received
• Satisfactory Academic Progress: a requirement that a student accumulates a specified number of credits and achieves a specified cumulative GPA each term, depending on the number of state award payments the student has received

The following charts list the minimum number of credits earned and cumulative GPA a student must achieve in order to remain in good academic standing:

An exception to this requirement exists for students who are enrolled in a “program of remedial study,”  which is defined as being enrolled in at least six (6) semester hours of non-credit remedial courses, as approved by the New York Commissioner of Education, in the first term they received a Tuition Assistance Program (TAP) award in a degree-granting program. Students who meet this definition of remedial study are allowed to meet the Satisfactory Academic Progress (SAP) requirements outlined below (which became effective in the 2006-2007 academic year) for the duration of their studies at LIM College:

New York State Education Law stipulates that no undergraduate student enrolled in a four-year degree program shall be eligible for more than four academic years (eight semesters) of State awards.

Loss of Good Academic Standing: Students who lose good academic standing in a term when they received a State grant are not eligible for an award for the next term.

Reinstatement of Good Academic Standing: Students who have lost good academic standing may restore this standing in one of the following ways:

• make up past academic deficiencies by completing one or more terms of study without receiving any State grants or scholarships
• be readmitted to school after an absence of at least one year or transfer to another institution

One-Time TAP Waiver: New York State Commissioner of Education regulations permit students, at the discretion of the College, to receive a one-time waiver of the good academic standing requirement as an undergraduate. Upon appeal to the TAP Appeals Committee, students with extreme and extenuating circumstances and a reasonable expectation of regaining good academic standing may be eligible for a one-time TAP waiver. Circumstances that will be considered include:

• the death of a student’s immediate relative
• the student’s extended personal illness or long-term injury

LIM College Scholarships and Grants

The Office of Student Financial Services administers a number of scholarships and grants as listed in these charts .

LIM Fashion Education Foundation Scholarships and Grants

Founded in 1977, the LIM Fashion Education Foundation has, as its primary purpose, the provision of scholarships and grant aid to students who wish to attend LIM College. All LIM Fashion Education Foundation scholarships and grants are subject to availability of funds.

An independent, tax-exempt institution with a Board of Directors that is separate and distinct from LIM College, the Foundation raises funds through research projects for industry members, individual and corporate contributions, and special fundraising events.

The charts  list eligibility, application procedures, and specific scholarship/grant details.

Additional Tuition and Fee Information

Refunds

Refunds from a student’s account occur when all payments, in addition to all financial aid, exceed the amount owed to LIM College. These refunds will be made out to the student (or parent, if aid from a Parent Loan (PLUS) is causing the refund) once the funds are processed and received by LIM College. Please allow 7 to 10 business days from the time that the funds are processed and disbursed to receive your refund via direct deposit or check. Refunded monies are to be used to cover additional educational expenses.

Withdrawal from a Course/Institution

Students should be aware that withdrawing from enough courses to go below full-time (12 credits) or half-time status (6 credits) can affect eligibility for financial aid in both the current and upcoming semesters. If students are unsure of how a withdrawal will affect them, they should speak with their Academic Advisor and Financial Aid Counselor prior to submitting the withdrawal paperwork. Please note that, once submitted, a withdrawal from a course cannot be reversed. If a student is withdrawing from all courses in a semester, it is considered a Withdrawal from the Institution.

Withdrawal forms can be obtained from the Office of the Registrar, either in person, requested by emailing registrar@limcollege.edu, or by writing to LIM College, Office of the Registrar│545 5th Avenue │New York, NY 10017. Withdrawals from a course can only be done by submitting a completed Add/Drop/Withdrawal form to the Office of the Registrar. Official student initiated withdrawals from the Institution can only be done by submitting a Withdrawal/Leave of Absence Form, also to the Office of the Registrar. In both cases emails, phone requests, or withdrawal attempts submitted to other offices or administrators are not acceptable.

Tuition Liability

If a student fully withdraws from the College within the first eight weeks of a semester, 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. One hundred dollars of tuition paid in a semester is non-refundable and will be charged as a $100 non-refundable fee. The following chart represents the eight-week tuition liability scale for fully withdrawing students:

If a student partially withdraws from the College within the first eight weeks of classes in a semester and drops below full-time status (maintains fewer than 12 credits excluding withdrawn courses), the student will be charged a percentage of her/his full-time tuition liability (see the Full-Time Tuition Liability chart above) and a percentage difference of her/his part-time 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 212-752-1530 Ext. 330.

Financial Aid: Federal (Title IV) Funds

The U.S. Department of Education requires the return of Title IV funds if a student received federal assistance in the form of a Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Federal Stafford Loan, or a PLUS Loan and withdrew 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:

1. Federal Unsubsidized Stafford Loan
2. Federal Subsidized Stafford Loan
3. Federal PLUS Loan
4. Federal Pell Grant
5. Federal Supplemental Educational Opportunity Grant (SEOG)

(Please note: LIM College does not currently offer new 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 will likely 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.

New York State (NYS) Aid

Students receiving NYS Tuition Assistance Program (TAP) grants who fully or partially withdraw from the College may choose to utilize their grant to cover the charges for the semester in which they are withdrawing. Students who fully withdraw and choose to keep their award will not be eligible to receive a NYS TAP payment in their next full-time semester of enrollment at any college based on the program pursuit requirements set forth by the NYS Higher Education Services Corporation (HESC). Students who partially withdraw are able to retain their NYS TAP eligibility for the semester in which they withdraw, but may not be eligible the following semester based on program pursuit guidelines set forth by NYS HESC.

LIM College assumes that all students who withdraw with NYS TAP eligibility will not want to retain their NYS TAP grant at LIM College for the semester in which they are withdrawing. If a student would like to retain her/his NYS TAP grant eligibility for the semester in which she/he is withdrawing, then the student must complete a Tuition Assistance Program (TAP) Retention Authorization for Withdrawal form.

LIM College Scholarships and Grants

Students who withdraw and are receiving LIM College grants or scholarships can retain a prorated portion or their entire award based on the week in the semester in which they withdraw and their assessed tuition liability.

Please refer to our website for updated information in all areas.