Financial Aid Programs
Federal Direct Student Loan Program
New York State residents and residents of other states are eligible for loans guaranteed by New York State. U.S. citizenship or permanent resident status is required. Matriculated students registering for at least six credits per semester are eligible to apply for the Federal Direct Student Loan Program. Repayment begins six months after graduation or termination of at least half-time studies. Students can apply on-line by completing the FAFSA application at www.fafsa.ed.gov.
Federal Ford Loans may be subsidized or unsubsidized. When a loan is subsidized, the Federal Government will pay the interest on the loan while the student is in school. The borrower has to demonstrate financial need in order to qualify for this type of loan. The Financial Aid Office determines this status. If a student does not qualify for a subsidized Loan, he/she may apply for the unsubsidized Ford (formerly Stafford) Loan. It offers the same terms and conditions as the subsidized loan, except that the borrower is responsible for paying the interest that accrues while he or she is in school.
For each academic year, a graduate student may borrow up to the annual limit of $18,500. ($8,500 is the maximum amount for the subsidized loan, $10,000 for the unsubsidized loan.)
Students who are taking fewer than six credits will not be allowed any portion of the loan, which must be returned to the lending institution. Westchester Graduate Campus students receiving aid through any of the federal programs receive verification of their eligibility for this loan from the Brooklyn or C.W. Post Financial Aid Office.
Students receiving this financial aid assistance are required to meet standards of satisfactory progress toward their degree objective. Nine credits per major (fall or spring) semester is considered full-time for financial aid purposes, except for TAP consideration which requires the student to register for 12 credits per semester.
Federal Loan Forgiveness Programs
There are federal loan forgiveness programs for which students pursuing initial teacher certification may be eligible. Generally, these programs forgive a percentage of the outstanding federal loan balance for each year of teaching in a high-need district. For more specific information, check the Web site at: www.nslp.org.
You may qualify for $5,000 to $17,500 in loan forgiveness if you have:
- Been a full-time teacher for at least five complete, consecutive academic years with at least one year of teaching after the 1997-98 academic year.
- Received the loan to be forgiven before completing your final year of qualifying teaching service.
- Borrowed your outstanding loan(s) on or after October 1, 1998, and had no outstanding balance on FFELP or Federal Direct Loans received before October 1, 1998.
- Been teaching at an elementary or secondary school listed in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefit. The directory is in the “Repaying” section of the U.S. Department of Education's website at studentaid.ed.gov.
- Made satisfactory repayment arrangements on your defaulted student loans with your lender to re-establish your eligibility for Title IV student financial assistance.
- Not received a benefit for the same teaching service under the AmeriCorps program of Subtitle D of Title I of the National and Community Service Act of 1990.
Alternative Loan Programs
All students and parents are urged to consider the federal Title IV educational loans offered in the financial aid award notices before seeking loans from the Alternative Loan Program.
If you find that you need funding beyond the limits of the Federal Direct Student Loan Program, you may wish to consider the Alternative Loan Program. These loans are not guaranteed by the federal government and are considered private loans. We urge all students, parents and guardians to research any lender they are considering for this type of funding and to specifically ask about the interest rates and whether or not the loan may be sold to another provider with the same repayment provisions as the original loan, etc. Long Island University, Hudson Graduate Center does not recommend any particular alternative loan lender.
Alternative loan funding should be considered only after exhausting eligibility for Federal Direct Student Loans. If you wish to consider an alternative loan, you must complete the FAFSA in order for the Office of Student Financial Services to certify your eligibility for the loan. When applying for an alternative loan, you may be asked to provide a co-signer, as these loans are based on income and FICA scores, etc.
Most of the processes involved with securing alternative loans are electronic for application filing, institutional certification, and approval information. Generally, electronic processing requires at least 72 hours before a lender will respond. The Office of Student Financial Services will help you in this process and must determine for you the maximum loan amount you will be allowed to borrow without interrupting your eligibility for your other financial aid awards. The complete process can take anywhere from 7 to 10 business days.
If you are a dependent student and wish to borrow an alternative loan, you must submit the Loan Adjustment Form, You must have your parent or guardian complete the section pertaining to Declining All Federal Direct Student loans. The parent must check off the line which states "My parent wishes to decline the offer of a Federal Direct PLUS Loan so that the student will be able to apply for an Alternative Loan." Parent or guardian signature is required on the bottom section of the form.
The lenders on the list provided below are the lenders that other Long Island University, students have used over the past five years. This list is reviewed and updated annually. You are not required to use any lender on this list. You have the right to select the education loan provider of your choice. You will suffer no penalty for choosing a lender that is not on this list. All lenders on this list have certified to Long Island University that the advertised repayment terms will continue to the borrower’s benefit even if the loan is sold to another lender:
Chase - Chase has an agreement to sell its loans to an unaffiliated lending institution.
1 (866) 306-0868
Citibank - Citibank has an agreement to sell its loans to an unaffiliated lending institution.
1 (800) 788-3368
New Jersey Higher Education Student Assistance Authority
1 (800) 792-8670