HOW THE FINANCIAL ASSISTANCE PROCESS WORKS:

All students applying for federal financial aid must annually submit a Free Application for Federal Student Aid (FAFSA).  These forms can be obtained from the Main Office.  This form can also be obtained on-line at the following website: FAFSA – www.fafsa.ed.gov . Please indicate the following processing codes on your application.   FAFSA-002751, and TAP 5570.

The processed applications for financial aid, received by the Federal Assistance Office, are considered after you have been accepted by the Graduate Admissions Office, and matriculated into a degree-granting program.  You must be registered in a minimum of six credits each semester to be considered for federal assistance. 

Approximately 3 – 4 weeks later, you will receive a Student Aid Report (SAR) in the mail on or around the same time the University receives your application data electronically.  This is a summary of the information that you provided on the FAFSA.  Read through the SAR carefully.  Make sure all of the listed information is accurate.  If corrections are needed, please indicate and return to the federal government.  If no corrections are needed, do not do anything at this time.

Once a decision is made on your financial assistance eligibility, a statement of financial assistance known as the Financial Aid Award Letter is mailed directly to you listing the amount you qualify for.  If you wish to decline, reduce or increase the amount of money you have been awarded, you can use this form, or do nothing if no change is necessary.

Both new and continuing graduate students should file the FAFSA by March 1.  It is helpful to do so after you have completed your federal tax returns for the prior year.  Although, the FAFSA can be completed using estimated information.

Students receiving loan assistance will also need to complete an Entrance Interview on-line at www.dlssonline.com . This is a federal regulation.

First time direct loan student borrowers must complete an electronic Master Promissory Note (E-MPN) on-line at http://dlenote.ed.gov using the PIN number provided by the federal processor.  On the Promissory Note you must list 2 references.  One of the references may be residing with you, but the other must have a different address.  In order to fully complete the reference information, you must provide their names, addresses (include zip code), telephone numbers and their relationship to you.  You must electronically sign and date your promissory note utilizing your Personal Identification Number (PIN).  If you are unsure of your PIN please proceed to the following site:  www.pin.ed.gov.

Your loan money will be disbursed (applied to your account) once the Promissory Note is processed. 

The money will be applied directly to your tuition bill.  Any additional money above and beyond your tuition will be sent directly to you once your tuition is paid (approximately 2 – 3 weeks later). PLEASE KEEP IN MIND THAT A LOAN MAY TAKE APPROXIMATELY 6-10 WEEKS TO BE PROCESSED. LOANS ARE TYPICALLY DISBURSED AT THE BEGINNING OF EACH SMESTER (provided all the above criteria are met).

If you are a New York State resident, and enrolled in 12 credits a semester, you may be TAP eligible and should fill out a New York State Tuition Assistance Program (TAP) Application.  This application will be sent to you provided you complete the FAFSA and list our processing code.  TAP 5570.  You may also apply on-line at www.hesc.com .

Graduate Student Grants, Scholarships, and Fellowships available through the Federal Government and through New York State may be viewed on our website at www.liu.edu.

FEDERAL WILLIAM D. FORD DIRECT LOANS (SUBIDIZED/UNSUBSIDIZED)
Interest rates will not exceed 8.25%.

The maximum Direct Loan a graduate student may receive in any two semesters is $18,500.00.  For loan consideration a student must be registered for six credits each semester.  Based on the results of your FAFSA, your cost of attendance and any other assistance you are eligible to receive, a determination will be made concerning whether you are eligible for a subsidized or unsubsidized loan(s).  Financial aid can never exceed the student’s cost of attendance. Any student applying for a first loan at the Rockland Graduate Campus of Long Island University must participate in an on-line Entrance Interview at the following website www.dlssonline.com before your first loan disbursement can take place.

First time direct loan student borrowers must complete an electronic master promissory note (E-MPN) on-line at dlenote.ed.gov using your P.I.N.  This is provided by the federal processor.

Enrollment Status for “financial assistance” purposes-not “academic enrollment purposes” is as follows:
(Students are billed on a per credit basis)

No federal aid can be given to any student who is registered for fewer than six credits per semester.  There are Alternative Loan Programs (non-governmental sources) if you are considering taking fewer than six credits in a given semester.

Financial aid can not be processed if the student’s admission status is on a waiver (awaiting transcripts, GRE/GMAT test scores, etc.) and/or non –matriculated/non-degree.

FEDERAL REGULATIONS REQUIRE THAT A HISTORY OF YOUR FINANCIAL ASSISTANCE RECEIPT BE REVIEWED BEFORE ANY NEW FEDERAL ASSISTANCE IS AWARDED.  THIS INFORMATION IS NORMALLY PROVIDED THROUGH THE NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS) AND REPORTED ON YOUR STUDENT AID REPORT.

ALL BILLS MUST BE CLEARED (RESPONDED TO) AT THE BURSAR’S OFFICE IN ORDER FOR AID TO BE APPLIED TO YOUR ACCOUNT, EVEN IF YOUR ANTICIPATED FINANCIAL ASSISTANCE WILL COVER YOUR CHARGES.  YOU MAY CONTACT THE BURSAR’S OFFICE AT (516) 299-2323 IF YOU HAVE ANY QUESTIONS.

Students anticipating refunds of financial assistance are reviewed by both the Bursar and the Financial Assistance Offices to ensure compliance with all federal regulations concerning one ore more of the following: changes in enrollment status, additional awards made subsequent to loan processing, changes in housing status.  Please allow 2 -3 weeks after disbursement date for a refund.