Metropolitan College of New York
financial aid at mcny

Frequently Asked Questions

These seem to be the questions we get asked the most. But if you can't find the information you are looking for, send us an email at and we'll get back to you within two business days.

What type of financial aid does your college offer?
While the primary responsibility for financing an education rests with the family, few families can afford the entire cost. 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:

What are the requirements to apply for and receive financial aid?

  • You must be a citizen or resident of the United States.
  • You must be attending at least half time.
  • You must be a matriculated student.
  • You must meet academic guidelines.

Note: You do not need to be accepted into MCNY to begin this process. In fact, the best time to apply for financial aid is when you are in the process of applying to school.

What is the process for applying for financial aid at MCNY?
You must submit a FAFSA via mail or online at www.fafsa.ed.gov. We strongly urge you to complete the process online. Some of the benefits of completing your FAFSA online are:

  • It's fast, your application will be processed in 3 to 14 days, rather than six weeks.
  • You can track the status of your application.
  • You can make changes, additions, deletions, and corrections in minutes.
  • Your application will go through a series of edit checks to help eliminate errors.
  • It's secure, sending your application over the Internet is completely safe.

What happens after my FAFSA is filed at your college?
 Between one and four weeks after you have submitted your FAFSA, you will be mailed or emailed a SAR reflecting your FAFSA information. This information must be verified by you for accuracy and then submitted to MCNY's Office of Student Financial Services. You also will receive your official state grant application (ETA). This application must be verified, signed and submitted to NYSHESC for approval.

What is the difference between dependent and independent students?
An independent student is someone who can answer yes to one of the following conditions:

  • Must be 24 years of age
  • Must be enrolled in a graduate program
  • Must be married
  • Must have child or children who receives more than half of their financial support from you
  • Must be a ward of the court by age 18, or an orphan
  • Must be a veteran of the U.S. Armed Forces
A dependent student is someone who answers no to every condition above. As a result, this student must provide information on his/her parents' income for the appropriate year.

What is the Cost of Attendance?
The cost of attendance (COA) is an estimate of how much it costs a student to attend Metropolitan College of New York. The financial aid counselor uses required formulas to calculate the cost of attendance. The COA includes tuition and fees; books and supplies, as well as indirect costs, such as food, transportation, medical and other personal expenses. The budget is intended to represent the average cost incurred by student, over the course of the school year.

What is an Award Letter?
It is a breakdown of the financial aid offer for the academic year.

What is an Expected Financial Contribution (EFC)?
This is an amount a student and his/her family are expected to contribute toward the student's cost of attendance as calculated by a Congressionally mandated formula known as Federal Methodology.

What do I do if I am selected for "verification"?
The U.S. Department of Education chooses some aid applicants for review to make sure the information submitted on the aid documents is correct. Approximately 30% of all applicants are selected for this process, known as verification. After being selected for verification, the student will receive a letter from the Office of Student Financial Aid explaining which documents need to be provided.

What is a Master Promissory Note?
This is a binding legal document that you signed to apply for a student loan. This application is valid for ten years and it lists the conditions and terms of the loan. It is very important to save and keep this document for future reference.

What is a subsidized loan?
This is a low-interest student loan which must be repaid and the government pays interest while you are in school and during grace and deferment periods. 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 and Federal Unsubsidized.

What is the maximum loan I can borrow per year?
Dependent & Independent students: Subsidized Loan amounts

  • First year (0-31 credits) $3,500
  • Second year (32-63 credits) $4,500
  • Third year (64-95 credits) $5,500
  • Fourth year (96-128 credits) $5,500
  • Graduate students $8,500

What is an unsubsidized loan?
This is also a loan which must be repaid. And, because it is unsubsidized, you the borrower are responsible for the interest during the life of the loan. 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 and Federal Unsubsidized.

What is the maximum loan I can borrow per year?
Independent students only (or dependent students who have been deemed a PLUS): Unsubsidized loan amounts

  • First year (0-31 credits) $4,000
  • Second year (32-63 credits) $4,000
  • Third year (64-95 credits) $5,000
  • Fourth year (96-128 credits) $5,000
  • Graduate students $12,000

What do the terms grace, deferment and forbearance mean?
A grace period refers to a specific period of time during which you are not required to begin paying your loans back. Different loans have different grace periods.

If you ever have a problem making your monthly loan payments, you may be able to postpone repayment through deferment or forbearance. Deferments may be offered on loans for periods or unemployment, enrollment in school, or economic hardship.

If you can't make payments on your loan for reasons such as unexpected personal problems or poor health and you don't qualify for a deferment, you may apply for a forbearance. During forbearance, you may make either no payments or smaller payments than originally scheduled for a limited period of time.

You will need to contact your lender directly to get information on your specific loan.

What is a PLUS Loan?
PLUS Loans allow parents with good credit to borrow monies to pay school expenses. This is applicable to dependent undergraduate students who are enrolled at least half time. Graduate PLUS loans are also available for students enrolled in a Masters Degree Program. Graduate students with good credit may apply on their own for the Graduate PLUS loan.

How often do I apply for financial aid?
You must apply for financial aid every year. We recommend that you submit your application as early as possible. The application can be submitted as early as January 1.

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