Financial Aid Services

FIT directly administers its institutional grants and scholarships, which are provided by donors to the FIT Foundation. Federal funding administered by the college may include Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, and federally subsidized and unsubsidized loans for students and PLUS loans for parents, as well as the Federal Work Study program. New York State residents who meet state guidelines for eligibility may also receive Tuition Assistance Program (TAP) and/or Educational Opportunity Program (EOP) funds through FIT.  Students who graduate from a NYC high school with an 80 average or higher may also be eligible for a NYC Council Merit Scholarship (contingent on funding each year). 

Financial assistance is not automatically renewed. Since most financial aid awards are made for an academic year, students must reapply each academic year by submitting the required forms by the dates established and published by Financial Aid Services.

Financial aid at FIT is based upon financial need, which is determined by subtracting the estimated family contribution (EFC), which is calculated by the Department of Education based on the information submitted on the FAFSA, from the cost of attendance, which is determined by your state of residency, major, and housing status.The amount of financial aid awarded depends on funds available to FIT as well as the student's educational budget and anticipated available resources. Priority for institutionally administered funds is given to students who apply on time and are enrolled in designated full-time degree programs. Federal funds at FIT are contingent on congressional authorizations and appropriations, and institutional funds are subject to funding. Eligibility requirements and funding regulations governing federal and state programs may change from year to year depending on legislative action. For more information, go to: fitnyc.edu/financialaid .

All actual financial aid applied to the student’s account that is in excess of the direct charges (i.e. tuition, fees, housing, meal plans) will be refunded to the student by the Bursar’s Cashiering Office (Room B-127), starting at the end of the first week of classes, and on a weekly basis thereafter. Students may also choose to receive their refunds via direct deposit to their checking or savings account. Changes in tuition charges or housing plans can also affect aid eligibility as the cost of attendance changes. Financial aid is subject to change based on changes to government and institutional regulations or changes in availability of funds.    

FINANCIAL AID PROGRAMS

FIT Foundation Scholarship

Scholarship funds are administered by FIT from funds donated to the FIT Foundation by many firms, organizations, and individuals. These awards are based on financial need as well as superior potential to succeed in a major area. To reapply for the scholarship for the following semester, recipients must maintain at least a 3.0 semester GPA at FIT and must reapply for financial aid by filing a new FAFSA each academic year by January 1 of the prior academic year. Scholarships are not automatically renewed each year. Renewal is based on the scholarship guidelines and financial need, as well as semester grades and availability of funds. Recipients must also maintain a full-time course load (12 or more credits) to maintain eligibility. Scholarships are limited to four semesters in the lower division and four semesters in the upper division.

Federal Pell Grant

This award is based upon eligibility, determined by the Department of Education, as a result of the information submitted on the FAFSA. The award may be adjusted based on credit load each semester. Pell Grants are limited to the equivalent of six years of full-time funding for students who have not yet earned a Bachelor's degree.

Federal Supplemental Education Opportunity Grant (FSEOG)

This federal grant, administered by FIT, is awarded to undergraduate students who are Pell-eligible and demonstrate exceptional financial need. Awards are based upon the availability of funds.

Federal Work Study Program (FWS)

Federal Work Study is awarded based upon financial need, timely FAFSA application, request by the student on the FAFSA, and availability of FWS funds. Federal Work Study is not automatically renewed each year.  Students will be paid twice a month for hours actually worked with the maximum being 10 hours per week, therefore, funds cannot be directly credited toward the FIT bill. Part-time jobs are available on and off campus at approved agencies.  Off-campus opportunities are available at community service organizations such as the “America Reads Program” and the Public Service Corps. 

Educational Opportunity Grant (EOP)

A grant (from New York State funds), awarded to in-state students admitted to FIT who meet the EOP criteria described in the SUNY Admissions booklet. The amount of the award depends on financial need, the number of students in the program, and the amount of funds available. Students are required to attend meetings and participate in EOP programs to maintain eligibility.

New York City Council Merit Scholarship

The New York City Council Merit Scholarship rewards New York City high school graduates who have proven their ability to succeed academically while they were in high school. Eligible students will receive $800 per year ($400 per semester). Scholarship awards may vary for each academic year. To be renewed students must maintain continuous full-time (12 credits) enrollment with a cumulative GPA of 3.0 or higher.

Satisfactory Academic Progress (SAP) Standards for Financial Aid Recipients

The Higher Education Amendments require that colleges and universities provide federal aid to those students who are in good academic standing and making satisfactory progress in a degree program. The U.S. Department of Education requires that students make satisfactory academic progress (i.e., successfully complete at least 67 percent of attempted courses) and work toward a minimum cumulative GPA of 2.0.

SAP Federal Standards

Total Credit Hours Attempted	1.25 - 1.49 GPA	1.50 - 1.74 GPA	1.75 - 1.99 GPA	2.00 - 4.00 GPA
3-17	Warning	Satisfactory	Satisfactory	Satisfactory
18-35	Unsatisfactory	Warning	Satisfactory	Satisfactory
36-53	Unsatisfactory	Unsatisfactory	Warning	Satisfactory
54-71+	Unsatisfactory	Unsatisfactory	Unsatisfactory	Satisfactory

The Satisfactory Academic Progress (SAP) guidelines are available in Financial Aid Services and at fitnyc.edu/financialaid . Students are responsible for reading and adhering to these guidelines.

Students not meeting the SAP standards will be issued a warning and placed on financial aid warning. Once in this status, if a student again does not meet the SAP standards, the student’s status will be changed to financial aid termination. Under this status, the student will lose the benefit of federal and institutional aid. If there were extenuating circumstances that led to the termination, s/he may submit an appeal that will be reviewed by the SAP Appeals Committee. The student will then be advised, in writing, of the committee’s decision. Should the appeal be approved, the student will regain eligibility for one semester and be placed on financial aid probation. The student will be required to visit Academic Advisement and agree to an academic plan as well as complete select financial literacy courses online. Should the appeal be denied,  to be reinstated, the student must at their own expense successfully complete enough credits based on the classification as a full-time or part-time student, with a cumulative GPA of 2.0 or higher, to bring the quantitative and /or qualitative standards back to satisfactory levels. The student can then petition in writing to the SAP Review Committee requesting reinstatement of their financial aid eligibility. 

FINANCIAL AID WITHDRAWAL AND RETURN OF FUNDS

As of the first day of classes, the student is responsible for tuition and fee charges (or a portion) if registered.  It is extremely important to officially withdraw from the College if the student will not be attending classes in order to avoid being billed for the semester.  Please notify the Registrar of withdrawal, even if it is prior to the beginning of classes. Financial aid recipients who withdraw partially or fully must have their financial aid reviewed, and possibly adjusted. If students fully withdraw during the first 60 percent of the enrollment period and have any form of federal aid disbursed, the amount of refunds returned will be based upon a distribution formula as required by federal regulations. The refund distribution, prescribed by law and regulation, is in the following order: Unsubsidized Federal Direct Stafford Loan, Subsidized Federal Direct Stafford Loan, Federal Perkins Loan, Federal Direct PLUS Loan, Federal Pell Grant, Federal SEOG, other Title IV Aid programs, and other federal sources of aid.

Additional information on these refund and repayment policies may be obtained from Financial Aid Services.

TUITION ASSISTANCE PROGRAM (TAP) FOR NEW YORK STATE RESIDENTS

Full-time students who are New York State residents may be eligible for a TAP grant ranging from $500 to full tuition per year. New York State residents who are registered for 6–11 credits in a degree program may be eligible for Aid for Part-Time Students (APTS) or Part-Time TAP. For more information, visit fitnyc.edu/financialaid  or hesc.ny.gov . Only courses required for the student’s current degree program will count toward TAP enrollment.

Regulations require that full-time students receiving state awards complete a minimum number of credits each term in a degree program with a minimum GPA, and accumulate enough credits to graduate with an associate degree within a maximum of six semesters of aid, and a bachelor’s degree in eight total semesters of aid.

Also, students must be registered and enrolled for at least 12 credits in their degree program at the time of TAP certification. Three factors are considered in certification of eligibility:

Satisfactory Academic Progress (SAP) for Tuition Assistance Program (TAP) eligibility

TAP is a grant for New York State residents. It does not have to be paid back. Awards are based on New York State net taxable income and tuition charges. Final determination of awards is made as a result of the completion of the Express TAP Application (ETA) each year, and funding levels are dependent on the passing of the New York State Budget.

Before being certified for a specific TAP payment, a student must have accrued a minimum number of credits toward their degree while maintaining a minimum Cumulative Grade Point Average (CGPA). A student must also complete (pass or fail) a certain percentage of credits during the semester they receive TAP.

Baccalaureate Level

SAP Chart TAP Eligibility

Before Being Certified for This Payment*	Must Complete This Percentage of Previous Semester	Student Must Have Accrued at Least This Many Credits	Required GPA
First (6 PTS)	0%	0	.0
Second (12 PTS)	50%	6	1.5
Third (18 PTS)	50%	15	1.8
Fourth (24 PTS)	75%	27	1.8
Fifth (30 PTS)	75%	39	2.0
Sixth (36 PTS)	100%	51	2.0
Seventh (42 PTS)	100%	66	2.0
Eighth (48 PTS)	100%	81	3.0
Ninth EOP	100%	96	2.0
Tenth EOP	100%	111	2.0

*

TAP points may have differed based on whether or not the student took summer sessions. Students with disabilities are not required to register full-time. However, they still must meet Academic Progress Pursuit as listed above. EOP students are not allowed to receive TAP beyond the normal six-payment schedule.

50%   = 6.0
75%   = 9.0
100% = 12.0