Loans and Grants

New York State Tuition Assistance Program (TAP)

The New York State Tuition Assistance Program (TAP) provides awards to students to assist them in paying tuition. To qualify you and your parents (if you are considered a dependent student) must have a New York State Net Taxable income (gross income less deduction and allowances for exemptions) of $80,000 or less. The New York State Higher Education Services (NYSHESC) administers this program. Income reported on the application is automatically compared with the records of the New York State Department of Taxation and Finance. TAP awards can be for as much as full tuition at a CUNY college. If TAP appears on your award letter as a form of financial aid you should consider it to be an estimate. You will receive an actual TAP award certificate directly from NYSHESC. You can check the status of your TAP application at www.hesc.com.

Aid for Part-Time Study Program

Pell Grants can be made for as much as $4,000 for the academic year, depending on your family income and your enrollment status. If you are eligible for a Pell Grant it is possible to receive an award as either a part-time or full-time student. 2008 - 2009 and 2009 - 2010(PDF Format) Awards

Federal Supplemental Educational Opportunity Grants (FSEOG)

FSEOG is awarded by CUNY using federal funds. To exceptional receive FSEOG you demonstrate financial need. These funds are limited and are made available to students who generally would not be able to attend CUNY without this assistance. Preference for FSEOG is given to students who are eligible to receive a Federal Pell Grant. In addition to exceptional financial need you must demonstrate a willingness to assist in the financing of your college education through part-time employment or student loan borrowing.

Federal Work-Study

The work-study program provides an opportunity to be placed in an employment situation that will accommodate your academic schedule during the school year. If you are awarded Federal Work-Study you must find an eligible work-study job, either on-campus or off-campus, to receive the money. You will be paid bi-weekly as a result of your hours worked. Assistance in finding a Federal Work-Study job is available at the financial aid office on your CUNY campus.

Federal Perkins Loans

The Federal Perkins Loan Program is a low-interest (five percent) loan from the federal government. Repayment of the principal is deferred and no interest is charged while you are enrolled for classes as at least a half-time student. After you leave college you receive a nine month grace period before you begin repayment. Once repayment begins you have a maximum of ten years to repay the loan. CUNY awards Perkins Loans to students who demonstrate exceptional financial need and have earned at least 28 degree credits. There is a limited amount of money available to lend to CUNY students. Not all eligible students receive a Perkins Loan. You are more likely to receive a Perkins Loan if you submit the FAFSA as early as possible after January 1 each year.

Federal Direct Loans

A Federal Direct Loan can be either subsidized or unsubsidized. If you have financial need after your family contribution and financial aid have been subtracted from your total cost of education you are eligible to borrow a subsidized Direct Loan. The federal government pays the interest on a subsidized Direct Loan while you are enrolled at least half time and for six months after you leave school.

You are eligible to borrow and unsubsidized Direct Loan to replace all or a portion of the family contribution if there is a loan eligibility remaining. If you borrow and unsubsidized Direct Loan you have the option of paying the interest as it accrues or you can let it be added to the principle of the loan periodically while you are in school.

Freshmen may borrow a maximum loan of $5,500. Sophomores may borrow up to $6,500.

If you are considered to be an independent student, using the federal governments definition, you may be eligible to borrow additional funds from the Unsubsidized Direct Loan program. This is also true if you are a dependent student whose parent had applied for a PLUS loan but has had the loan denied due to a negative credit history.

Direct Loans have a maximum interest rate of 8.25%. The interest rate varies each year and is adjusted each July 1. You'll be notified of interest rate changes throughout the life of your loan. Repayment on both subsidized and unsubsidized loans begins six months after you leave school.

CUNY does not automatically award these loans. If you are interested in borrowing from these programs you must request to receive these funds at the financial aid office on your CUNY campus. Complete information on this program is available in writing at the financial aid office.

College Based Scholarships and Grants

Many of the individual CUNY colleges have scholarship programs available to their students. Information about these scholarships can be obtained from the college catalog, the financial aid office or admissions office on your CUNY campus.

Other Financing Options

You may need additional assistance in financing a CUNY education beyond what is offered by the financial aid process. This can be the result of a high calculated family contribution or because there has been inadequate government financing of the student aid programs. If you are looking for additional options, we recommend the following:

Academic Management Services

CUNY participates in a payment program with Academic Management Service (AMS). This private company has a program which permits families to budget payments for tuition each year. Details about this program may be obtained at www.amsweb.com.

New York State College Savings Program

If you have a sibling planning to attend college in the future, your family can plan ahead by using the New York State College Savings Program. This program provides a New York income tax deduction on the funds saved on this program. The proceeds, when withdrawn for college expenses, are taxed at the students rate. More information may be obtained at www.nysaves.org.