Financial Aid

Undergraduate Financial Aid Information

All students and prospective students are encouraged to apply for financial aid. Each applicant should complete the Free Application for Federal Student Aid (FAFSA) by March 15th in order to be processed for the following fall and/or spring semesters.  Please use the FAFSA link on this website to file your FAFSA online.  The six-digit school code is 007273.

Students must reapply for financial aid every academic year. The information reported on the FAFSA is subject to verification by the Financial Aid Office.

 

Timeline

 

TIMELINE

First you must fill out your FAFSA here.  Once the FAFSA application has been processed, you will receive an email from the federal processor. If you have been chosen for verification, your financial aid cannot be processed. If you are unsure of what documents must be submitted to complete your record, please come in to the Financial Aid Office for assistance. You may also review your financial aid record through your CUNY portal account.

If your reported income has changed since it was reported on the FAFSA, you may apply for an income adjustment. Students who wish to be considered for an adjustment must contact the Financial Aid Office and submit documentation of the decrease or increase in income. Acceptable documentation could include: unemployment letter, letter or termination of employment and the the last pay stub received prior to the termination of employment.

Students who apply by April 1 will be considered for federal, state, and institutional aid. Students who apply after that date may be eligible to receive assistance from TAP, the Federal Pell Grant Program, and Federal Family Student Loans. All other aid will be dependent upon the availability of funds.

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WHO IS ELIGIBLE FOR FINANCIAL AID?

Financial Aid Eligibility

In order to be eligible for federal and state aid, a first-time Baruch student must be a United States citizen or an eligible non-citizen. Students who have defaulted on a loan or owe a repayment of a grant at any postsecondary school must make repayment arrangements with that institution before they will be eligible for aid at Baruch.

Only credits that are counted toward your degree will be used when calculating enrollment status for federal or state financial aid eligibility.  It is recommended that you see an academic advisor or consult DegreeWorks to confirm that the courses for which you have registered for will qualify you for aid.

United States citizens, eligible non-citizens, and those international students possessing an F-1 or J-1 student visa who are matriculated and making satisfactory pursuit toward a degree, as per federal guidelines, are eligible to apply for all programs of the Baruch Endowment Fund unless otherwise noted.

International students are not eligible for federal and state assistance.

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CONTINUED ELIGIBILITY:

Satisfactory Academic Progress

All recipients of financial assistance must be making satisfactory progress toward a degree. There are two different formulas used to make this determination, one for state aid and another for federal and institutional aid. Click here for more information.

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Secondary confirmation of eligible non-citizens

The Federal Government routinely verifies the eligibility of noncitizens by matching the alien registration number provided on the financial aid application with the Immigration and Naturalization Service (INS) records. The Financial Aid Office is required to submit copies of the alien registration and other appropriate documentation to the INS for anyone who appears as a nonmatch.

Financial aid eligibility cannot be calculated until this process complete.

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Calculating Student Aid Eligibility and Expected Family Contribution

Most student aid is awarded on the basis of need, defined as the difference between the cost of education, and the amount the family can afford to pay, "expected family contribution" (EFC). The expected family contribution is determined by the federal needs analysis formula, which uses information provided on the financial aid application.  It considers family size, number in college, taxable and nontaxable income and may consider the value of assets. 

Generally, financial aid eligibility is based on prior year income information.  However, if there is a change in the family financial situation, the student may be eligible to file for "Special Condition" consideration. Documentation of the change in circumstances must be submitted to the Financial Aid Office.
Expected Family Contribution (EFC) Formula

Copies of the federal needs analysis formula are available by writing to: Formula Book, Federal Student Aid Information Center, P.O. Box 84, Washington, DC 20044.

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Effects of Withdrawing from Classes

If you withdraw from some or all of your classes, your financial aid may be effected. If you are receiving federal financial aid and withdraw from all of your classes, you may be required to return a portion of the money you received.  A calculation is performed based on the number of days of  attendance and the Bursar returns the "unearned" aid to the federal government.  The Bursar will then bill you for the money. A hold will be placed on your transcripts and registration until the money is repaid.  Students who unofficially withdraw or withdraw during the add/drop period may be required to return all aid disbursed during the semester. Students who withdraw from, or never attend, some but not all classes, will have their federal aid adjusted to reflect their revised enrollment status. 

New York State requires that you make satisfactory progress toward your degree for semesters supported by state aid (TAP or APTS). The number of credits you are required to complete will depend on the number of payments of state aid you have received.  You should consult the academic progress chart to determine the number of credits you are required to complete during a given semester to receive your next payment of state aid.

There are federal regulations pertaining to recipients of financial aid funds who withdraw from school. They require the school, and sometimes the student, to repay some or all of the financial aid that was received. When these regulations require a larger repayment to federal funding sources than the amount specified by the school’s refund policy, the student will be responsible for the difference.

These “return of funds” regulations apply only if you withdraw before completing at least 60 percent of the term. However, even if you complete 60 percent of the term, you will still be subject to repaying any loans received according to the terms of the promissory note.

If you leave school during the semester without officially withdrawing, we will attempt to verify your last day of class attendance. We will then determine how much aid is to be repaid based on the documentation we receive from your instructor(s).

You must repay the required amount during the term in which you withdraw. Students failing to repay the required amount will have a hold placed on their records and will not be eligible to re-enroll at any CUNY college until repayment occurs.

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Student Budget

A student budget is an estimate of the amount of money that it will cost a student to attend college. It includes tuition, fees, books, transportation, housing, and food expenses. Additional allowances may be made for unusual expenses, such as child care costs.

Student budgets are set each year by the University. They reflect the average yearly expenses of all students who are living with their parents or living away from their parents. These budgets may be adjusted only if an individual can document an unusual expense not incurred by the average student. Students with disabilities should speak to a financial aid counselor about budget adjustments for their special needs. The student budget determines and limits the total amount of aid recommended in the financial aid package.

For the current Baruch College budgets for full-time in-state undergraduates Click here.

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Allocation and disbursement of financial aid

Financial aid awards are applied to a student's invoice in priority order at registration by the Baruch On-line Student System (BOSS). Students who do not want certain awards used for tuition or fees must put this request in writing to the Financial Aid Office.

Funds not used for institutional costs are distributed to students. The link to the Financial Aid check distribution calendar is available on the Financial Aid home page and contains information on the disbursement dates for Pell, SEOG, College Work-Study, Perkins Loan,and SEEK funds. Direct loans are disbursed by the Office of The University Controller. Students who wish to have their financial aid direct deposited must submit a direct deposit application.

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FINANCIAL AID OPTIONS DESCRIBED:

New York State/City Financial Aid Programs-

1.  Tuition Assitance Program (TAP) - http://www.hesc.com

This grant is awarded to New York State residents who are enrolled full time in a degree-granting program and who meet the income criteria.

Continuing students are eligible to receive assistance from TAP programs if they complete a minimum number of credits the prior semester, complete the appropriate number of cumulative credits, and have the appropriate grade point average at the beginning of each semester of state-supported study. Please consult the charts in the section labeled " TAP Academic Requirements."Only credits that may be applied toward your degree will be considered when calculating your enrollment status.  You may use DegreeWorks or consult an academic advisor to determine if the courses for which you have registered will be counted when calculating your enrollment status.

Students may receive awards for eight semesters. SEEK students may receive awards for ten semesters.

A student with a disability that prevents attendance on a fulltime basis may be eligible to receive TAP while attending on a part-time basis. Please consult the Office of Services for Students with Disabilities.

2.  State Aid for Non-New York Residents

To apply for aid as a Non-New York  State resident, complete the Free Application for Federal Student Aid (FAFSA).

The following states and the District of  Columbia currently offer grants to students who are residents attending school in other states.

For the most up to date information and to determine eligibility requirements, please contact your home state’s Department of Higher Education.

Further information is available on the following websites:

Delaware, District of Columbia, Maryland, Michigan, Pennsylvania, Rhode Island, and Vermont

3.  Aid for Part-Time Study (APTS)

This award provides assistance to students who attend less than full time, have accrued a minimum of  6 credits, and have not exhausted their TAP eligibility. In order to be eligible, a student must be a New York State resident and enrolled for at least 6 credits.

Students are eligible to receive assistance from the APTS program if they complete a minimum number of credits the prior semester, complete the appropriate number of cumulative credits, and have the appropriate grade point average at the start of the semester.

4.  CUNY Student Tuition Assistance (CUSTA)

Students who are otherwise eligible for a maximum TAP award but whose award is reduced because they have received four semesters of payment may be eligible for a CUSTA award of up to $50 a semester.

5.  New York City Council Scholarship (VALLONE SCHOLARSHIP)

Students who are New York City residents and graduates of any New York City high school and who have earned a high school cumulative academic average of 80 or higher are eligible for this award. Recipients must enroll full time and maintain a B average (3.0). The amount of the award is $500 per year. The City Council must approve funding for this program each fiscal year.

6.  CUNY Honors College

Admission to the Honors College is selective and is based on grades, SAT scores, and a full evaluation by the College Honors Committee. Honors College students have an educational account of 7,500, to be used over four years, and a laptop computer. The educational expense account is released to students after they have submitted a plan to use the funds to their advisor. Students are required to file FAFSA and TAP applications, and the Honors College tuition waiver will be reduced by the amount of the TAP award.

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FEDERAL FINANCIAL AID PROGRAMS:

A federal pursuit and progress standard applies to students seeking assistance from Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Perkins Loan, Federal Family Student Educational Loans, and Federal Work-Study programs.

To be eligible to receive assistance from these programs, students, after their fourth semester of study, must complete a certain number of credits in relation to credits they attempted and have the appropriate grade point average at the beginning of the semester in which they are seeking payment. Students are eligible to receive federal assistance for the equivalent of six years of full-time study. Please consult the chart found in the Schedule of Classes.

Students who become academically ineligible to receive assistance from federal or institutional programs due to a documentable unusual circumstance may apply for a waiver of the academic pursuit and progress requirements. Applications for the waiver are available in the Registrars Office.

1.  Federal Pell Grant

Grants ranging from $602 to $5550 a year are awarded to United States citizens and eligible non-citizens for full-time enrollment. Part-Time awards will be prorated. Recipients must be first-time undergraduates enrolled in a degree program who can demonstrate financial need. A first-time undergraduate is one who has not earned a bachelors degree or first professional degree.

Students may receive awards for the equivalent of six years of full-time study provided they are making satisfactory pursuit and progress toward a degree.

2.  Federal Supplemental Educational Opportunity Grant(SEOG)

Grants ranging from $100 to $4,000 a year are awarded to a limited number of United States citizens or eligible non-citizens who demonstrate extreme financial need as determined by the federal needs analysis formula. Recipients must be first-time undergraduates enrolled in a degree program and making satisfactory pursuit and progress toward a degree.

3.  Federal Work-Study

Employment opportunities are offered to United States citizens and eligible non-citizens who demonstrate financial need. Recipients must be enrolled in a degree program and be making satisfactory pursuit and progress toward a degree. Recipients are offered the opportunity to work 20 hours a week at various types of jobs both on and off campus. The starting rate of pay is $7.25 an hour.

4.  Federal Aid to Native Americans

Awards are granted to applicants who are at least one-quarter American Indian, Eskimo, or Aleut and a member of a tribe, band, or group on record with the Bureau of Indian Affairs. In addition, the student must be enrolled full-time in a degree-granting program and demonstrate need. For further information or to obtain applications, write to:

Department of Education
Indian Fellowship Program
400 Maryland Avenue SW, Room 2177
Washington, DC 20202

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FEDERAL PERKINS LOAN PROGRAM

Loans are available to United States citizens and eligible non-citizens who demonstrate financial need. Recipients must be making satisfactory pursuit and progress toward a degree and have a minimum 2.0 grade point average. Eligible students may borrow up to $3,000 for each of their undergraduate years of study. The actual amount of the loan is dependent on the students financial need and the availability of funds. The maximum aggregate amount for an undergraduate is $15,000.

The current interest rate is 5 percent. Borrowers are charged interest beginning on the first day of the ninth month in which they are no longer enrolled for at least 6 credits. Repayment for new loans begins on the first day of the tenth month in which the borrower is no longer enrolled for 6 or more credits. The minimum monthly repayment is $40.

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FEDERAL FORD DIRECT STUDENT LOANS

Loans are available to United States citizens and eligible non-citizens from both subsidized and unsubsidized programs. Recipients must be making satisfactory pursuit and progress toward a degree and have a minimum 2.0 grade point average. Dependent freshmen may borrow up to $5,500 in subsidized loans plus an additional $2,000 in unsubsidized loans; sophomores may borrow up to $4,500 in subsidized loans plus and additional $2,000 in unsubsidized loans; juniors and seniors may borrow up to $5,500 in subsidized loans plus an additional $2,000 in unsubsidized loans.

Independent freshmen may borrow up to $3,500 in a subsidized loan plus an additional $6,000 in an unsubsidized loan. Independent sophomores may borrow up to $4,500 in a subsidized loan plus an additional $6,000 in an unsubsidized loan. Independent juniors and seniors may borrow up to $5,500 in a subsidized loan plus an additional $7,000 in an unsubsidized loan.

The amounts above are subject to change depending on the student's need, budget, and other financial aid received. The aggregate amount a dependent undergraduate may borrow is $31,000, of which $23,000 may be in a subsidized loan.

An independent student may borrow up to $57,000, of which $23,000 may be in subsidized loans. Ford Loan interest rates are variable and are adjusted each year on July 1; however, the current maximum rate is fixed at 6.0 percent for subsidized and 6.8 for unsubsidized Ford Loans for undergraduates, and 6.8 percent fixed for both subsidized and unsubsidized for graduates.

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Subsidized Loans
Students may borrow up to the difference between Financial Need and their estimated or actual financial assistance, including veterans educational benefits. The amount of the loan may not exceed the pre-noted loan limits.

Interest on this loan is paid by the federal government for the period of time in which the student is registered for at least 6 credits and for the first six months after the student is no longer registered for 6 credits.

The student begins paying interest and repaying the loan on the day after the expiration of a six-month grace period that follows after he/she ceases to be enrolled for at least 6 credits.

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Unsubsidized Loans
Students may borrow up to the difference between the Student Budget and their estimated or actual financial assistance, including veterans educational benefits and subsidized loans. The amount of the loan may not exceed the pre-noted loan limits.

Payments of interest are the responsibility of the borrower during the in-school and grace periods but may be allowed to accrue and be capitalized.

Repayment on the principal begins on the day after the expiration of a six-month grace period that follows after the borrower ceases to be enrolled for at least 6 credits. The student may choose to make interest payments immediately or defer them to the end of the grace period.

Students who are independent of their parents and are freshmen and sophomores may borrow up to an additional $6,000 in unsubsidized loans. Independent juniors and seniors may borrow up to an additional $7,000 in unsubsidized loans.

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PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS)

The parents of dependent students may take out a loan for as much as the total college expenses computed as the student budget. Parents must be U.S. citizens or eligible non-citizens and credit worthy. The student must be making satisfactory pursuit and progress toward a degree and have a minimum 2.0 grade point average. The actual amount that can be borrowed is the difference between the student budget and the estimated or actual amount of the students financial assistance, including veterans educational benefits and student loans.

Direct PLUS loan interest rates are variable, but the current maximum interest rate is 7.9 percent.

Repayment begins 6 months after student graduates, stop taking classes or drops below half-time, and interest begins to accrue immediately. The PLUS application is available from the Financial Aid Office. The student is required to file the FAFSA before the PLUS loan is processed.

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BARUCH ENDOWMENT FUND

Funds are available annually to full-time matriculated undergraduate students who have financial need. Awards vary depending upon need and the availability of funds. Baruch Grant recipients are required to meet the federal pursuit progress requirements, which involve grade point average minimums and the completion of a specific number of credits in relation to credits attempted. Please consult the chart found in the Schedule of Classes for more specific information.

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BARUCH STUDENT EMPLOYMENT PROGRAM

Funds are available annually to full-time matriculated undergraduate students who are selected strictly on their ability to perform a job function. Baruch Student Employment workers are required to meet the federal pursuit and progress requirements, which involve grade point average minimums and the completion of a specific number of credits in relation to credits attempted. Please consult the chart found in the Schedule of Classes for more specific information.

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