Financial Aid Facts

FAFSA (Free Application for
Federal Student Aid)
MCNY School Code: 009769

TAP School Codes:
Undergraduate: 1099
Graduate: 5425

FAFSA priority deadline: Be sure to file your FAFSA each year no later than March 15^th.

TAP and FAFSA applications in Spanish

Esto es una nueva característica: Conexiónes de ayuda financiera en Espanol! Nosotros hemos agregado la sigiente conexiónes para ayudar a nuestras familias que hablan espanol en el proceso de ayuda financiera para la Universidad.

FAFSA  TAP

6 Easy Steps

Click here to download The 6 Easy Steps to Apply for Financial Aid

Education: Investing in Your Future

When it comes to increasing your earning power and job security, your education is the best investment in your future that you can make.

Education and Pays
Learn More. You'll Earn More!

New York Higher Education Loan Program

Available for the Spring 2010 Semester, NYHELPs will help New York State students and family bridge the gap between college costs and State and federal student aid.

PDF

Applying

What is Metropolitan College of New York's federal school code?
009769

Who do I call to check on my financial aid status?
If you are a Day Campus or Evening Campus student at the Metropolitan College of New York, check with the Financial Aid Office at (212) 343-1234, ext. 5004

How can I get an estimate of my federal aid situation?
This Financial Aid Estimator will give you an estimate of your Expected Family Contribution (EFC). It will also give you an estimate of your financial need. Both of these are the basis for how schools award federal aid.

What is auto-packaging for financial aid?
MCNY auto-packages student aid. After the MCNY Financial Aid Office has received the student's FAFSA results, a financial aid "package" is automatically developed. An electronic award letter (eAward) outlining the financial aid award will then be sent to the student or can be requested on campus. Notification of the eAward is sent to a student's Self-Service and IQ Mail. The anticipated aid can also be accessed through eServices. A student can confirm loan amounts via the Award Letter; students may also reduce or decline funds.

Where are the financial aid forms for students and parents to submit?
The financial aid forms for students are on the MCNY website. The forms are found in the Financial Aid section. You can access this page from www.mcny.edu

How do I submit the documents once I have them?
Print the documents and fill them out. Then you can mail, or fax them to the Financial Aid Office. Our address is 431 Canal Street, New York, NY 10013 and our fax number is 212-625-2072. You can also bring the documents in or scan and email them to .

How long will it take to process my financial aid document?
The general turn-around-time for processing financial aid documents submitted to Columbia College is normally 10 business days. This processing period will likely increase during peak times, such as the beginning of a new school year, or decrease during periods of lower volume. Students are encouraged to submit documentation as early as possible. Additional supporting documentation may be required after the initial review.

What is the cost of attendance at MCNY College?
The cost of attendance for a student is an estimate of that student's educational expenses for the period of enrollment. Every program's cost is different so please visit the Financial Aid Office to find out more.

What are Origination Fees and the Up-Front Interest Rebate?
Origination fees are a percentage fee associated with federal loans that are between 1-4%. The Up-Front Interest Rebate is a rebate of a portion of the origination fees that are refunded to your loan balance that is contingent on the first 12 payments being made on time.

Subsidized and unsubsidized Federal Direct Loans have a 1.0% origination fee and also offer a 0.5% rebate on the origination fee, resulting in a net fee of 0.5% which will be deducted from the gross amount of the loan borrowed. Once you enter repayment and make your first 12 monthly payments on time, the rebate becomes permanent. If you fail to make 12 on-time monthly payments, however, a charge for the initial rebate will be added to the outstanding balance of the loan.

The Federal Direct PLUS Loan has a 4% origination fee and also offers a 1.5% rebate on the origination fee, resulting in a net fee of 2.5%, which will be deducted from the gross amount of the loan borrowed. The 12 on-time payment rule also applies to the PLUS Loan in order to keep the rebate.

Why is the cost of attendance lower for military students?
Effective July 1, 2010 the Higher Education Opportunity Act (HEOA) implemented a change that affects military students. Specifically, the HEOA, section 471 HEA Section 472(3) states:

The HEOA specifies that, for students living in housing located on a military base or housing for which they receive a basic allowance under Title 37 of the U.S.C - Pay and Allowances of the Uniformed Services, the room and board allowance shall include an allowance based on the expenses reasonably incurred for board only.

Because the housing allowance is not required to be reported on the FAFSA, the housing allowance must be excluded as part of the cost of attendance. (The cost of attendance is an estimate of a student's educational expenses for the period of enrollment). All monies awarded (including loans, grants, scholarships and military tuition assistance) cannot exceed the estimated cost of attendance for a session. Effectively, the removal of your BAH lowers a student's cost of attendance figure.

I am not receiving a military housing allowance at this time. What should I do to have my cost of attendance adjusted?
Please send a request to have your cost of attendance reviewed for adjustment. Be sure to provide the reason you are no longer receiving a military housing allowance along with this written request. All requests should be sent to .

If you can't find the information you are looking for, send us an email at and we will get back to you within 2 business days.