Any student interested in applying for federal financial assistance must complete the Free Application for Federal Student Aid (FAFSA). The school may provide the student with information and estimates on federal, state, or other financial aid the student may apply and qualify for. However, it is the federal, state, and other authorities, and not the schools, that determine the student’s eligibility and amounts of financial aid the student is entitled to receive. Please contact the financial aid office for further information. In order to meet the general requirements for eligibility, the student must:
- Be enrolled/accepted in a program leading to a degree or diploma.
- Be enrolled at least half- time – Be a U.S. citizen or eligible non-citizen.
- Maintain good academic standing.
- Not be in default on any federally insured student loan (such as Stafford, Perkins), at any college.
- Not owe a repayment of any federal or state grant at any college.
- Register with the Selective Service (if required).
- Provide evidence of financial need.
- Sign a statement of Educational Purpose
Federal Pell Grant Program
A Federal Pell Grant does not need to be repaid. Current 2016/2017 year awards range from $598.00 to $5,815.00 The amount the student receives is based on the student’s family’s financial situation, enrollment status, and how much of the student’s remaining education at the school falls within the current federal award year (July 1 through June 30). In general, a student does not qualify for a Federal Pell Grant if they have already earned a bachelor’s degree.
Federal Plus Loan Program
The Federal PLUS Loan is a loan that a parent can borrow for their dependent undergraduate student. This loan is limited to parents with favorable credit history and enables the parent to borrow up to the cost of the student’s education less any other aid received by the student. Repayment of the loan begins after it is fully disbursed to the school. The interest rate is a permanent fixed rate of 6.31%. Parents will be obligated for a 4.272% origination fee on each Federal PLUS Loan received, for loans disbursed between 10/1/16 and 9/30/17 the origination fee will be 4.276%.
Federal Subsidized Stafford Loan Program
This loan program is available to eligible students enrolled at least halftime and are based on the financial need demonstrated by each student. The student may borrow up to $3,500 for the first academic year. The loan amounts will be prorated for academic years less than nine months. Repayment of the loan begins six months after graduation or termination of studies, and the monthly payment amount is based on the amount borrowed, but not less than $50. Certain circumstances may allow the borrower to contact the lender and have the loan deferred, such as while in school at least at half-time, inability to find full-time employment, or suffering economic hardship.
Federal Unsubsidized Stafford Loan Program
This loan program is available to eligible students enrolled at least halftime and who do not demonstrate financial need. The loan was created so that the student, regardless of income, could obtain a Federal Stafford Loan. Unlike the Subsidized Loan, the student is responsible for the interest that accrues on the loan while the student is enrolled in school and any deferment period. An independent student may borrow up to $6,000 for the first and second academic years. The loan amounts will be pro-rated for academic years less than nine months. Repayment of the loan begins six months after graduation or termination of studies, and the minimum monthly payment amount is based on the amount borrowed, but not less than $50.
NYIM is approved for the training of veterans, and other eligible persons by the NYS Division of Veterans Affairs. If the prospective student is a veteran, active National Guard or Reservist, or is the spouse or child of a deceased or 100% disabled veteran, they may qualify for benefits. Please contact the Financial Aid Office at NYIM to review your situation and obtain the forms you need to apply for benefits.
GI Bill® is a registered trademark of the U.S. Department of Vererans Affairs (VA). More information about education benefits offered by the VA is available at the official U.S. government website at http://www.benefits.va.gov/gibill
Net Price Calculator
This calculator is intended to provide estimated net price information (defined as estimated cost of attendance — including tuition and required fees, books and supplies, room and board (meals), and other related expenses — minus estimated grant and scholarship aid) to current and prospective students and their families based on what similar students paid in a previous year.