Metropolitan College of New York
financial aid at mcny

Types of Financial Aid

While the primary responsibility for financing an education rests with the students and parents, few families can foot the entire bill themselves and there are a wide variety of resources available to help you pay for your education. In fact, 85% of MCNY students receive some financial aid in the form of:

In addition, here are some other sources that you might want to consider looking to help pay for your education:
  • Income from full-time or part-time jobs
  • Unions that may have programs designed to assist members or dependents
  • Veteran benefits - contact your local Veteran's Administration Office or the MCNY Registrar
  • Scholarships that may be offered through many foundations, religious organizations, fraternities and sororities, civic groups and the National Honor Society
  • Private funding such as home equity loans, savings, borrowing against insurance policies or 401k(s)
  • Employer tuition remission

Additional information and the Student Guide are available at the U.S. Department of Education.

Grants

Grants are financial awards that do not have to be repaid. They are available through federal government and state agencies. Students apply for both Federal and State grants using the FAFSA – click here if you would like information on applying now.

The most common grants for undergraduate students are:

Some students from outside of New York State may qualify for funds from their state that can be used at MCNY. Contact your state financial aid agency (call 1-800-433-3243 to get its telephone number and address) to find out if you qualify and to obtain program requirements and application procedures. If you qualify, you should submit your eligibility notice from your state program to the MCNY's Office of Financial Aid.

Federal Pell Grant
The Pell Grant is a federal program designed to help students meet the costs of their education. Application is usually made through FAFSA. Factors considered in determination of student eligibility include the student's income, number of dependents, etc. Pell payments are available to students for two full time semesters of study a year. Pell Grants for the current year will depend on program funding. The maximum Pell Grant for the 2005-2006 award year is $4,050.

New York State Tuition Assistance Program (TAP)
TAP is a New York State entitlement grant program open to New York State residents enrolled in full-time, higher education study. It is designed to aid students in the payment of tuition charges at an approved post-secondary educational institution such as Metropolitan College of New York. State grants (TAP) Monies for which graduate and undergraduate students can apply. The primary government sponsored grant for graduate students is the New York State Tuition Assistance Program (TAP). You must be a New York State resident for a least one year to apply.

Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG is a federal need-based entitlement program designed to provide additional support to students whose costs cannot be covered through their own resources or other financial aid.

Federal College Work Study (FCWS)
The College participates in the federally funded work study program which provides eligible students with a small salary for part-time college related work.

State Disability Benefits
New York State students with disabilities may be eligible for assistance from the New York State Department of Social Services and/or VESID (formerly the New York State Office of Vocational Rehabilitation). Inquiries should be made directly to those offices.

Loans

The College participates in the Federal Family Education Loan (FFEL) Program, which is open to undergraduate and graduate students. Various options are offered under this program, including subsidized and unsubsidized Federal Stafford Loans and the Federal Parent Loan for Undergraduate Students (PLUS). Note: This is subject to change under legislation or regulation.

As a general policy, loans are calculated for three semesters. However, the three semester calculation may not apply to all students.

Loans are obligations that must be repaid. There are loan opportunities for all income levels. Complete your FAFSA online and your financial aid award Letter will determine the type of loan for which you are eligible and how to apply for these loans.

What is Different About Student Loans?
Several features make student loans extremely attractive to students who need funds to cover their tuition and related expenses. There are several types of student loans, but in general, what makes student loans different from other loans is that they offer students:

  • A fixed low rate (generally the lowest rates available.)
  • Longer repayment periods which mean lower monthly costs than “non-student” loans
  • A rate that is capped can never go above a certain amount
  • Flexible repayment options
  • The ability to defer payments due to change in work status or upon enrolling in another degree program
  • The option of not having to start paying back the loan until after completed school
  • The ability to secure the loans without previous credit history being taken into account (so long as a student hasn’t defaulted on an earlier student loan)
  • A wide variety of student loan programs; there are as many student loan options as there are circumstances surrounding the need for and/or amount of the loan
  • The option of consolidating the loan in the future at a lower rate if current rates go down
  • Tax deductibility on the interest
Different Types of Loans

Federal Stafford Loans
Federal Stafford Loans are low interest, long-term loans designed to provide student with funds to help pay for their education; and are regulated by the federal government. You may be borrowing this loan from a bank, a credit union, other eligible lenders, or directly from the government.
Federal Stafford Loans are the most common source of education loan funds, and are available to both graduate and undergraduate students. There are two types:

  1. Federal Subsidized
    This is a need-based, long-term, low-interest loan designed to provide undergraduate and graduate students with funds to help pay for their education. The federal government pays the interest on these loans while the student is in school and repayment does not start until a 6-month grace period after leaving school.

    Subsidized loans are need-based. The federal government pays the interest on these loans while the student is in school.

    Eligibility:
    You must be a U.S. citizen or permanent resident; full- or half-time undergraduate or graduate student. A credit check is not required.

    Loan limits:
    Annual Limits:
    Year 1 $3,500
    Year 2 $4,500
    Years 3 and 4 $5,500 per year
    Graduate Student $8,500 per year

    Interest rate:
    As of July 1, 2006, Federak loans will have a fixed interest rate of 6.8%

    Repayment begins:
    Following a 6-month grace period after leaving school.

  2. Federal Unsubsidized
    These loans are available for students who don't qualify for subsidized loans. You, the borrower, are responsible for the interest on these loans as soon as it is taken out. Most of the terms and conditions of subsidized and non-subsidized Stafford loans are the same.

    These loans are available for students who don't qualify for subsidized loans or increased borrowing for independent students. You, the borrower, are responsible for the interest on these loans as soon as it is taken out. Most of the terms and conditions of subsidized and non-subsidized Stafford loans are the same.

    Eligibility:

    • U.S. citizen or permanent resident.
    • Full- or half-time undergraduate or graduate student.
    • Non-need based.
    • No credit check required.

    Loan limits:
    Independent students are allowed to borrow more than dependent undergraduate students in the Unsubsidized loan program.

    Annual limits:
    Year 1 $3,500 (dependent)
    $7,500 (independent)
    Year 2 $4,500 (dependent)
    $8,500 (independent)
    Year 3 and 4 $5,500 per year (dependent)
    $10,500 per year (independent)
    Graduate student $20,500 per year (less amount of subsidized Stafford load awarded)

    Cumulative loan limits differ for undergraduate and graduate/professional students. For undergraduate students:

    • Dependent—$23,000 between subsidized and unsubsidized Stafford loans
    • Independent—$46,000 (up to $23,000 may be in subsidized Stafford loans)

    For graduate and professional students:

    • $138,500 (up to $65,500 may be in subsidized Stafford loans)

    Interest rate:
    Annual limits are variable and may change on July 1. For loans disbursed on or after July 1, 1998, rates are set. For 2005-2006, this rate is 4.7%

    3. Repayment begins:
    Following a 6-month grace period after leaving school.

Federal PLUS Loans
Federal PLUS Loans are available to parents with dependents who are full or half time undergraduate students. Eligibility is not based on financial need. These loans are based on credit history and require a credit check. The interest rate is low and repayment may begin immediately. Parents may borrow up to the cost of education less any financial aid the student receives.

Graduate PLUS Loans
Federal Graduate PLUS loans are available to students enrolled in Masters Degree programs. These loans are based on credit history and require a credit check. The interest rates are low and payment can be deferred while in school. Students may borrow up to the cost minus any financial aid.

Alternative Loans
Private Loans are education loans offered by private lenders to help eliminate or reduce the difference between what your school offers you and what you have to pay. These loans are offered to supplement federal and state programs. Usually, there is a higher interest rate than government loans, and there are no government forms to complete.

Private lenders often require a credit check and/or an income-to-debt ratio check on either you (the borrower), co-signer or both. Some private loans can be obtained directly from your school. These loans are not based on financial need. Lenders provide different types of loans programs based on a student's level of study. As a borrower, you should compare competitive interest rates and repayment options with those of other loans, including federal and state education loans, credit cards, personal loans from relatives or friends, and other types of loans. Be sure to ask about any hidden charges and fees.

Because they are less attractive in terms of interest rate and payment options than Student Loans, students and families usually only consider Private or alternative loans when the financial aid package does not provide enough funding to meet needs.

Loan Payment Deferments
If you are already repaying, or expect to begin repaying student loans, and face a particular situation which jeopardizes the repayment schedule, you may apply for deferment status, and, in so doing, avoid inadvertently falling into loan default status. Check with your lender on how to apply for deferments.

Loan Repayment Information
A loan is a debt that must be repaid. In fact, paying your student loans is a great way to build a good credit history. Likewise, failure to repay your student loans will be detrimental to your credit history.

Go to http://www.finaid.org/calculators/loanpayments.phtml to estimate what your monthly payments will be.

Scholarships

MCNY works hard to find every possible way to off-set the cost enrollment. It is recognized that the degree you attain from MCNY provides you with many opportunities, but also realize that students have many commitments that place a strain on their ability to make ends meet. Over the last several years, hundreds of thousands of dollars have been set aside to help students finance their education. Below are guidelines, criteria and other pertinent information, to assist students to finance their education.

All scholarship/award applicants must have an application on file; a FAFSA - Free Application for Federal Student Aid ; be in good academic standing; not be in default on loans; and have all required documents for acceptance to MCNY.

All persons wanting to be considered for a scholarship/award must complete a MCNY Scholarship/Award Application and provide any additional documents that have been noted in the criteria.

The Financial Aid Office may disburse scholarships/awards to students that have not completed an application(s) yet meet some or all of the criteria.

Scholarships and Awards that have been granted do not require repayment unless so stipulated in the criteria (usually based on attendance and/or time of withdrawal).

For scholarships/awards to be applied to a student account the student must first use all eligible grants, such as PELL and TAP, to their account first. International students on a visa will not be required to file a FAFSA for consideration.

MCNY reserves the right to change, amend or discontinue scholarships/awards without notice.

We have prepared this Scholarship Packet which contains important information about our scholarships in an easy to understand format.

For questions, email us at . Below is a list of MCNY scholarships as well as other scholarship resources:

MCNY Scholarships

Friends and Family Scholarship
The Family and Friends Scholarship is pilot initiative being offered by Metropolitan College of New York to assist our current students by offering a $500.00 dollar award towards their tuition for every student they refer to MCNY. Feel free to copy this form should you have more than one referral.

Criteria and Rules

1.The referring student must:

a. File and attach to this document the MCNY Scholarship/Award Application (also available through MCNY web site as a pdf file)

b. Be enrolled at MCNY during the Summer 2008 semester at the time of referral

c. Unless graduating at the end of the Summer 2008 term, be registering and remain in attendance for the Fall 2008 semester

d. Be in good academic standing at the end of the Summer 2008 semester (cum GPA of 2.0 for undergraduate student; 3.0 for graduate students)

e. Must have current FAFSA/Student Aid Report (SAR) on file with the Financial Aid Office (International student’s on a visa are exempt from this requirement)

2. To have referring student attain award, the student being referred must

a. Not already have an application or inquiry on file as of the date on this referral

b. Must file an Application for Admission by August 31, 2008

c. File a FAFSA and be eligible to be considered for grants and loans  (International student’s on a visa are exempt from this requirement)

d. Referred student must be registered by the start of class, Tuesday, September 2, 2008

e. Remain in attendance through the Fall 2008 semester

Download the required forms here: Family Friends Scholarship Application, Scholarship Application

Amount: $500 per student referred

Dispersement: One Time – Fall 2008

Eligibility Group: Currently Enrolled Students Summer 2008 – Only referrals between June 2008 and September 2008 (past referrals not accepted)

Renewal Criteria: Not Applicable

Application Deadline: September 2, 2008

Notification Date: November 3, 2008

 

The Audrey Cohen Memorial Scholarship
In honor of the College's founder and first President, four awards will be given each year to upper level undergraduate students who perform outstanding Constructive Actions. Selection will be made by faculty of the School for Human Services and the School for Business, in consultation with the Board of Trustee's Scholarship Committee. The Audrey Cohen Memorial Scholarships will be given in addition to the Presidential Scholarships and other awards, if the recipient so qualifies. It is anticipated that two students from each fall semester and two students from each spring semester will be honored with these awards.

The Juanita Blake Scholarship
The College also offers assistance under its Juanita Blake Scholarship Fund. Each year an outstanding student, meeting the criteria established to receive this award, is chosen by the Juanita Blake Scholarship Fund Committee to receive $500 to be applied to the next semester's tuition. Information about this scholarship is distributed to all students by the Director of Administrative Services, during the fall semester.

The Kenneth A. Facey Memorial Scholarship
This scholarship may be given once a year to an advanced student who is in need of assistance to complete the degree. The individual designated to receive the scholarship must have demonstrated outstanding public service as part of his/her performance as a student at the College.

Dr. Bruce R. Buglione Memorial Scholarship
MCNY's newest scholarship, in memory of professor Bruce Buglione, is available to Purpose 8 students with a cumulative GPA of at least 3.0, planning to enroll in a graduate program at the College. One student will be awarded $7,500, divided by three semesters. Students wishing to apply should submit an essay of 1,000 words or less on "What I hope to achieve through graduate school" to .

Paul Freehill Memorial Scholarship
This fund was established to honor the late Paul Freehill, a former student and college employee of the Admissions Office. This one-time $600 scholarship award is applied toward the student’s tuition for the Spring semester. Second, third and fourth term undergraduate human service and business students are eligible. Faculty, staff and students may nominate current students who will have completed 32 – 60 credits at MCNY and who have at least a 3.0 grade point average. Applying students will need to submit an essay of 250 – 300 words describing how he/she has made significant life changes directly related to enrolling at MCNY. Students should feel free to nominate themselves. Nominations and essays can be e-mailed to: , or faxed to 212 343-7399. Faculty and staff members please note: If you are nominating a student please inform them that they will need to write an essay in order to qualify. Please refer to the essay requirement above.

The Francesco P. Cantarella Memorial Public Affairs Fellowship
This fellowship was established to honor the late Francesco P. Cantarella, who served as Vice President of Public Affairs for A&S, Stern's, Jordan Marsh and Bloomingdales for over 15 years.  The $15,000 award goes to a promising MCNY Master of Public Administration in Emergency and Disaster Management graduate student who exemplifies the commitment to the community and innovation in public service that typified Mr. Cantarella's life.  This fellowship has been graciously underwritten by Macy's East.

William Randolph Hearst Scholarship
For continuing undergraduates.

Haskell Lazere Human Rights Memorial Scholarship
For continuing MPA students.
Award: 1 a year, given by the end of May for third-semester tuition for the previous spring, fall, or summer semester.
Amount: $500
Duration: 1 semester
Eligibility: MPA students who have completed two semesters and have demonstrated through “the most outstanding CAs” their commitment to “promoting community relations, effective citizenry, and/or human rights.”
Process: Faculty makes nomination to dean who makes selection.

Giselle Gauthier-Cameron Scholarship
The following are the criteria for students who wish to apply for this $500 scholarship:

  1. Must have 64 credits already accumulated toward BBA/BPS/BUS
  2. Must have at least a 2.5 GPA
  3. Essay of 300-500 word on how you were inspired by someone close to you who has cancer. In spite of the turbulence in your life you were able to continue with your education and not drop out or due to seeing the affect of cancer you decided to return to school in the hopes of giving back within your community.
  4. The deadline for entries would be August 1, 2008 winner to be announced August 27, 2008. 
  5.  All essays must be e-mailed to cameron.gauthierscholarship@gmail.com by August 1, 2008.
  6. Must have attended the summer 2008 and must be enrolled for the fall 2008 term

Mayor's Graduate Scholarship
For entering MPA students and MBA students who are employees of the city of New York.

Other Scholarship Resources

FastWEB
FinAid Scholarship Search
Hispanic Scholarship Fund
National Merit Scholarships
Peterson's Scholarship Search
New York State Scholarships and Grants
Scholarship Scams
Scholarships for New York City Students (PDF)
Student Gateway to the United States Government
Veterans Administration Educational Benefits

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