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 program provides assistance to students who demonstrate financial need according to economic criteria and program requirements established by the federal government.  To be eligible you must enroll in a degree program and be matriculated for your first undergraduate degree.  An award will be listed on your award letter if you were determined to be eligible based on your Student Aid Report results.  The maximum Pell award for 2008-2009 is $4731 per year. 

New York State Tuition Assistance Program (TAP)
NYS Higher Education Services Corp (HESC) sponsors a need based state grant program for New York residents who will be enrolled full-time at a New York State school during the 2008-2009 academic year.  TAP award range from $100 to $2500 per semester.  All NY residents applying for financial aid from MCNY are required to apply for TAP.  If a student is eligible for this grant and does not do so, the Financial Aid Office will not substitute MCNY funds or private loans for the computed state amount.  To apply for NYS TAP you must complete the Free Application for Federal Student Aid (FAFSA).  If you are a NYS resident and complete the FAFSA online, a link will be given to you at the end of the application process directing you to complete the TAP application online. 

Federal Supplemental Educational Opportunity Grant (FSEOG)
This program is funded by the US Department of Education and administered by MCNY to provide assistance to students with exceptional need.  All students with exceptional need are considered for this grant.  However, the funds for this program are limited and awards may be determined by availability of funds.

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. Students who qualify may be awarded Federal College Work Study (FWS).  Student earnings can be an important source of funding for education.  Students are expected to be employed during the school year, summer vacation and other breaks to help earn money that can be applied to the cost of education.  The FWS program at MCNY is designed to stimulate and promote the part-time employment of college students who have demonstrated financial need and who require wages from employment to pursue their vocational objectives. 
Students cannot work with the same employer as their academic internship.  If a student is interested in the FWS, the student should contact the Office of Financial Aid to find out how to secure a job.  There is no guarantee of finding a job.  Students should not expect award increased once the awarded amount has been earned. 

Important Notice:  Federal Work Study earnings are not credited toward tuition and fees, but are paid directly to the student on a bi-weekly basis.  Money earned from employment is normally used for books, transportation and personal expenses. 

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

A part of your financial aid package may be loans.  We may have suggested that you borrow through the Federal Stafford Student Loan Program or the Federal PLUS program.  A loan must be repaid.  Therefore, when deciding whether or not to borrow, you should examine your need for assistance and your future ability to repay.  Unlike consumer loans, student loans have lower interest rates; longer repayment terms, and in most cases are not repayable until you leave school.  You can complete your Master Promissory Note (MPN) and e-sign your MPN on Higher Education Service Corporation’s website at www.hesc.com.  In addition, you will need to complete your Entrance Interview online at mapping-your-future.org.

Please email or call the Financial Aid Office immediately if you have difficulty accessing these sites or questions about lenders.

Important Reminder Regarding Renewal of your Financial Aid Each Year!

Financial Aid is not automatically renewable.  You must complete the FAFSA online at www.fafsa.ed.gov each year in order to receive any type of financial aid.  The FAFSA filing deadline each year is March 15th. 

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.

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:

Federal Subsidized
If you have qualified for a subsidized loan, we may suggest that you borrow through the Federal Stafford Student Loan Program.  This loan is obtained from a bank or lender and is generally insured by both the state and federal governments.  This loan is interest free to the student while in school (the Federal Government pays the interest) and for a six month grace period after the student leaves school.  Once the grace period is over and the loan goes into repayment the student will be responsible for paying the principal and the interest from that point on.  The current interest rate for Federal Stafford Loans is a fixed rate of 6.0% for loans disbursed after July 1, 2008. 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.

  • 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 Maximum Loan Limits - SUBSIDIZED LOANS

     

    Dependent Student

    Independent Student

    Freshman: 0 - 31 credits

    $3,500

    $3,500

    Sophomore: 32 – 63 credits

    $4,500

    $4,500

    Junior/Senior: 64+ credits

    $5,500

    $5,500

    Graduate Students

    N/A

    $8,500


    Aggregate Maximum Loan Limits Amounts - SUBSIDIZED LOANS

    Dependent Student

    $23,000

    Independent Student

    $23,000

    Graduate Professional

    $65,500

    • Interest rate:
      As of July 1, 2008, these loans will have a fixed interest rate of 6.0%
    • Repayment begins:
      Following a 6-month grace period after leaving school.

     

    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.

    The Unsubsidized Federal Stafford Loan terms and conditions are essentially the same as the regular Stafford except that the government does not pay the interest while you are in school.  You may defer any repayments until you leave school, but the interest will be accruing and can be capitalized upon repayment. 

    There are two types of unsubsidized loans.  Student who do not have remaining need in their packages and are ineligible for the subsidized loan, are entitled to receive the same eligibility in an unsubsidized loan. 
    Independent students or student’s whose parents are denied a Parent PLUS loan are also eligible to receive additional Unsubsidized Student Loans.

    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:

    New loan limits effective July 1, 2008

    President Bush recently signed legislation increasing the unsubsidized loan limits for undergraduate students by $2,000. The loan limits are as follows:

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

     

    Annual Maximum Loan Limits - UNSUBSIDIZED LOANS

     

    Dependent Student

    Independent Student

    Freshman: 0 - 31 credits

    $5,500

    $9,500

    Sophomore: 32 – 63 credits

    $6,500

    $10,500

    Junior/Senior: 64+ credits

    $7,500

    $12,500

    Graduate Students

    N/A

    $20,500

     

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

    Aggregate Maximum Loan Limits Amounts- UNSUBSIDIZED LOANS

    Dependent Students

    $31,000

    Independent Student

    $57,500

    Graduate Professional

    $138,500

    *Although these are the maximum awards allowable for the academic terms, the total amount borrowed cannot exceed the cost of education minus all other financial aid.  Your actual amounts awarded may be lower than total listed here.  Unsubsidized amounts only pertain to independent students or dependent students whose parents have been denied a PLUS loan.

    • Interest rate:
      Annual limits are variable and may change on July 1. For loans disbursed on or after July 1, 2008, the rate is 6.8%.

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

    Federal PLUS Loans

    The Federal Parent PLUS loans enables parents to borrow up to the full amount of a MCNY education minus other aid.  The annual interest rate is 8.5% fixed for loans beginning after July 1, 2008. 

    Unlike other loans previously discussed, this loan is subject to credit approval and may be denied to those with an adverse credit history.  Repayment begins on these loans within 60 days of full disbursement.  Many lenders do allow deferment of payment until the student is finished with school.  You should consult with your lender to see if this is an option. 

    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.

    Teacher Loan Forgiveness Application
    The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, individuals who teach full time for five consecutive, complete academic years in certain elementary and secondary schools that serve low-income families and meet other qualifications may be eligible for forgiveness of up to a combined total of $17,500 in principal and interest on their FFEL and/or Direct Loan program loans. Click here to download the PDF file to apply for Teacher Loan Forgiveness Program.

    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 Spring 2010 semester at the time of referral

    c. Unless graduating at the end of the Spring 2010 term, be registering and remain in attendance for the Summer 2010 semester

    d. Be in good academic standing at the end of the Spring 2010 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 May 10, 2010

    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 - May 3, 2010 in a degree program

    e. Remain in attendance through the Summer 2010 semester

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

    Amount: $500 per student referred

    Dispersement: One Time – Summer 2010

    Eligibility Group: Currently Enrolled Students Spring 2010 – Only referrals between January 2010 and May 2010 (past referrals not accepted)

    Renewal Criteria: Not Applicable

    Application Deadline: May 10, 2010

    Notification Date: July 30, 2010

    Heritage Scholarship
    The Heritage Scholarship is pilot initiative being offered by Metropolitan College of New York to recognize our alumni and affiliates of the college by offering a $500.00 dollar award towards the first semester’s tuition of every student they refer to MCNY. (Please note: feel free to copy this form should you have more than one referral.)

    Criteria and Rules

    1. The referring alumnus(ae) 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 an alumnus(ae) of MCNY (Audrey Cohen College, College for Human Services)

    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 January 7, 2010

    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 -  January 7, 2010

    e. Remain in attendance through the Spring 2010 semester

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

    Amount: $500 per student referred

    Dispersement: One Time – Spring 2010

    Eligibility Group: Only referrals between September 2009 and January 2010 (past referrals not accepted)

    Renewal Criteria: Not Applicable

    Application Deadline: January 11, 2010

    Notification Date: March 15, 2010

    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 $400 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.

    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 Memorial Scholarship
    The following are the criteria for students who wish to apply for this $750 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, 2010 winner to be announced August 27, 2010. 
    5.  All essays must be e-mailed to cameron.gauthierscholarship@gmail.com by August 1, 2010.
    6. Must have attended the summer 2010 and must be enrolled for the fall 2010 term

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

    Jack Kent Cooke Foundation Graduate Scholarship
    Please be advised that the Jack Kent Cooke Foundation is sponsoring a graduate scholarship program. For further information and eligibility criteria, please visit the Jack Kent Cooke Foundation web site at www.jkcf.org. Professor Charles Gray is serving as the faculty representative and if you need further information, you can contact him at: Phone – x2405 | Email – cgray@metropolitan.edu | Office – Room 1245.

    Information regarding the program has also been posted throughout the College. The internal deadline for application submission is 3/2/09.
    Download the PDF: Jack Kent Cooke Foundation Graduate Scholarship

    Michael P. Murphy Public Service Scholarship
    For more information, contact Timothy James, Dean for Student Financial Planning and Services, at: Phone - x3508 | Email - tjames@metropolitan.edu.
    Download the PDF: Michael P. Murphy Public Service Scholarship

    State Scholarship Programs

    Some students from outside New York may receive funds from their state scholarship programs that can be used at MCNY.   To apply for a state scholarship contact your home state agency (call 1-800-433-3243 to get the telephone number for your state agency) for program requirements and application procedures.  When you receive your eligibility notice you should submit a copy to the Office of Financial Aid.

    Outside Scholarships and Grants

    You may be eligible for a specialized scholarship from an outside agency.  Some sources to explore are:  employers, unions, professional organizations and community or special interest groups.  Scholarship search resources are available free on the internet.  One good search engine is www.fastweb.com.  You must notify the Office of Financial Aid if you receive an outside scholarship.

    Other Scholarship Resources

    College.gov
    FastWEB
    FinAid Scholarship Search
    Hispanic Scholarship Fund
    National Federation of the Blind 2009 Scholarship Program
    National Merit Scholarships
    NYS Math and Science Teaching Incentive Scholarships
    New York State Scholarships and Grants
    Peterson's Scholarship Search
    Scholarship Scams
    Scholarships for New York City Students (PDF)
    Student Gateway to the United States Government
    Troop to Teachers
    Veterans Administration Educational Benefits

    Tax Credits

    There are two education tax credits available, the Hope Credit and the Lifetime Learning Credit. The credits are based on education expenses paid for you, your spouse, or your dependents. During any particular year, you can claim only one of the credits for each student.

    For more information, visit the IRS website and speak with your financial advisor

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    • Phone Number  (800) 33 THINK | 212 343 1234