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financial aid at mcny

Your Responsibilities

What follows is important information about protecting and maintaining your financial aid:

    Institutional Policy

    Standards of Academic Progress - Financial Aid - Effective Summer 2009

    The receipt of financial aid is a privilege that creates both rights and obligations. The United Stats Department of Education requires every post-secondary institution receiving federal funds (Title IV) to have an academic progress policy that is used to determine eligibility for and continued receipt of federal funds. Title IV federal funds affected by this policy include the Pell, FSEOG, FWS, and FFELP. MCNY also uses this standard to renew institutional aid. Some merit aid may have different standards. Refer to those programs for additional information. Recipients of the NY TAP must also meet certain academic progress guidelines (contact HESC for these guidelines at 888.697.4372).

    Federal regulations require that students be monitored for academic progress and must maintain a minimum cumulative GPA. A review is made at the conclusion of every two semesters. Full time students are expected to complete required credits and cumulative GPA based on the following schedule (minimum credit loads are listed):

    Academic Progress
    Semester U/G Att. Crs. Minimum Credits Comp Minimum GPA Achieved
    Associate Bachelor Master Associate Bachelor Master
    2 32 / 24 8 8 24 2.0 2.0 3.0
    4 64 / 45 20 20 45 2.0 2.0 3.0
    6 96 / na 65 32   2.0 2.0  
    8 128 / na   64     2.0  
    10 160 / na   96     2.0  
    12 192 / na   129     2.0  

    The following policies are used in measuring whether students have met the above standards:

    • A fulltime semester is interpreted as the number of credits attempted divided by 16.
    • Transfer credits are calculated as if earned at MCNY, and are factored as semesters attended by dividing transfer credits by 16.
    • Part-time semesters are pro-rated into fulltime equivalent semesters of 16 credits.
    • Students who fail to meet all of the standards mentioned above will be placed on probation. The student will continue to receive financial aid for an additional semester. The student will be notified of the probationary standing and asked to meet with a student service advisor to discuss academic performance and determine an academic plan to succeed. The next semester’s measurement of progress must be met in order to continue to receive aid in subsequent semesters.
    • If the student fails to meet the academic standard a second time, he/she will be denied further aid.
    • A student with denied aid status may appeal to the director of financial aid to discuss mitigating circumstances. These must have occurred during the semesters in question. Such circumstances, which must be documented, include illness, severe injury, death in the family, etc. Representatives from the offices of Financial Aid, Bursar, and Registrar will meet to review the appeal. The student will be notified in writing of the decision. If the appeal is approved, the student will be returned to probationary status and asked to schedule a meeting with the Dean of Students to develop an academic plan for success. As with probationary status, the student’s progress will be reviewed at the end of the term.


  • re-file your FAFSA and report any changes. Again, we strongly urge you to complete this process online by visiting You can do this as early as January 1st.
  • Pursuit of Program and Satisfactory Academic Progress

  • Under State and Federal regulations, there are two conditions necessary to maintain eligibility for financial aid: Pursuit of Program and Satisfactory Academic Progress:
    • Pursuit of Program: A student must complete a program within a given period of time and must accumulate credits at a specified rate. The rate varies depending on the degree program. Please see a financial aid counselor for more detailed information.
    • Satisfactory Academic Progress: MCNY (in compliance with Federal and State regulations) defines Satisfactory Academic Progress as movement from one academic level to the next within a prescribed time frame and maintenance of a minimum cumulative GPA.
  • Entrance/Exit Interviews

  • All students receiving Financial Aid are required to completed Entrance and Exit Interviews.
    • Entrance Interview: Before receiving a student loan, borrowers must complete an entrance counseling session. The counseling session provides useful tips and tools to help the student develop a budget to manage educational expenses and to understand their loan responsibilities. Students can arrange to have their interview in person at the Financial Aid Office, or take it online by following the links below in English or Spanish:
    • Exit Interview: Prior to graduating or leaving college, borrowers are required to complete an exit counseling session. This exit interview is to make sure that students understand their rights and responsibilities as a loan borrower. If a student fails to complete all requirements of the final semester, the student must submit a new Application for Graduation along with a new Exit Interview completion date. Students can arrange to have their interview in person at the Financial Aid Office, or take it online by following these links in English or Spanish:
  • Withdrawal and Refund Policy

  • If for any reason you decide you are unable to continue at MCNY, you are required to officially withdraw from the College. This can help protect your financial aid for when you decide to return.

    Tuition Refund policy:

    If a student officially withdraws from the College during a semester, credit for that semester will be issued as follows:

    Notification date during
    First week . . . . . . . . . . . . . . 75%
    Second week . . . . . . . . . . . . 50%
    Third week . . . . . . . . . . . . . . 25%
    After the third week . . . . . . . .0%

    *All fees are non-refundable

    Students who cease attendance but do not officially withdraw will be liable for 100 percent of charges for the semester. To officially withdraw, students must contact the Office of the Registrar. The date of notification will be the official withdrawal date.

    Unpaid balances at the time of withdrawal, will be the responsibility of the student. Any overpayment of tuition will be refunded.

    Students who withdraw up to the tenth week from the College, may have their financial aid adjusted. The amount of aid for disbursement under federal and state programs will be recalculated in accordance with federal and state regulations. Refunds will be made in accordance with the federal refund allocation schedule.

    Credit Balance Policy

    Enrolled students with credit balances in their accounts will be issued refund checks. If the semester’s credits include College aid, the College will use the credit balance, up to the amount of that College aid, to pay outstanding balances from other semesters.

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Mailing Address MCNY (431 Canal Street New York, NY 10013 · 529 Courtlandt Avenue Bronx, New York 10451)
Phone Number  (800) 33 THINK | 212 343 1234