Financial Aid Overview
PAYING FOR COLLEGE
Providing students with access to a quality education, regardless of their financial means, has always been CUNY’s mission. Since 1847, CUNY has lifted generations of families, and educated millions of people.
The cost of a college education is an important investment that should be carefully considered. When you look at the quality and cost of a CUNY education, you see that it is a tremendous value. More than 65 percent of CUNY undergraduates finish their degree free of federal student loan debt.
CUNY students dream big, work hard and accomplish much — often winning the most prestigious academic awards in the nation. If you think you will need assistance to pay for educational expenses, we recommend that you apply for financial aid. Educational expenses include tuition and fees, room and board, books and supplies, and transportation. While you and your family have the primary responsibility of paying for your education, funding is available from the federal, state and city government (as well as from CUNY) to help you.
New York state’s continuing commitment to support CUNY students in successfully completing college with little to no debt is evident in the launch of the Excelsior Scholarship. The Excelsior Scholarship provides eligible New York residents with the opportunity to receive state support for their tuition costs while attending CUNY. Now even more families can achieve the dream of a world-class education, free from the burden of student loans.
Learn more at cuny.edu/financialaid
Types of Financial Assistance
Grants: Aid awarded to the student that does not need to be repaid. Grants are typically based on financial need
Loans: Loans are funds that must be paid back within a specified period of time after the student graduates or leaves college for any reason.
Scholarships: Money that does not have to be repaid and usually is awarded on the basis of academic merit.
Federal Student Aid (FSA) Information
Contributor: A contributor refers to anyone who is required to provide a signature on the FAFSA form and to provide consent and approval to have their federal tax information transferred from the IRS directly into the form via direct data exchange. A contributor may include the student, the student's spouse, a biological or adoptive parent, and/or the parent's spouse (stepparent).
Cost of Attendance (COA): The cost of your education, whether it is at CUNY or any other college, includes more than tuition. When we calculate your eligibility for financial aid, we assign you a “Cost of Attendance Budget.” This budget includes cost of books, supplies, transportation and miscellaneous personal expenses. The estimated nine month budget for variable costs (in addition to tuition and fees) for students living at home is $11,396. If you plan to live away from home, The estimated nine month budget for variable costs (in addition to tuition and fees) is $31,851.
CUNY Net Price Calculator: To help determine the financial aid you may receive, a Net Price Calculator is available on the CUNY website. This tool calculates an estimated financial aid award package along with an estimated cost of tuition and fees. The Net Price Calculator also helps compare costs at CUNY to other institutions to determine which colleges are most affordable for you. Visit www.cuny.edu/financialaid to access the Net Price Calculator.
Your SAI is used to determine the amount of Federal financial aid you may qualify for, such as Pell, Work-Study and Federal Loans. In addition, the SAI can be used to determine your eligibility for various college scholarships.
Federal Direct Stafford Loans: Also referred to as Direct Loans or Federal Direct Loans. The lender of these loans is the U.S. Department of Education and repayment is to the Department. Between 10 and 30 years to repay, depending on amount owed and type of repayment selected. For additional information please visit https://studentaid.gov.
· Direct Subsidized Loan: A Title IV need-based loan available to undergraduate students for which interest does not accrue during in-school, grace, and deferment periods
· Direct Unsubsidized Loan: A Title IV non-need-based loan available to both undergraduate and graduate or professional students for which interest accrues during in-school, grace, or deferment periods.
Federal Pell Grants: Pell Grants are awarded to part-time and full-time undergraduate students who have not yet earned a bachelor’s degree
Federal Supplemental Educational Opportunity Grants (FSEOG): If you demonstrate exceptional financial need, CUNY may award you funds from FSEOG. Funds are limited and preference is given to students who receive a Pell Grant.
Federal Work-Study (FWS): Provides job opportunities for both undergraduate and graduate students who are eligible to participate in need-based programs. Federal Work-Study student workers will be placed in various departments on and off campus to earn wages to offset a portion of their educational expenses. To be considered for Federal Work-Study, complete the Free Application for Federal Student Aid (FAFSA) and indicate on the FAFSA your interest in Federal Work-Study
Financial Aid Package: Based on your financial need, CUNY constructs a financial aid package for you. The financial aid package may include various types of financial aid to help cover all or part of your college costs. If you have financial need, you may also be eligible for grants, work-study and subsidized loans.
Financial Need: Financial need is the difference between the Cost of Attendance and your Student Aid Index (SAI). COA – SAI = Financial Need
Free Application for Federal Student Aid (FAFSA): The application used to apply for all Title IV aid. The FAFSA is available at https://studentaid.gov/h/apply-for-aid/fafsa. Baruch’s Federal (FAFSA) Code is 007273
Institutional (Baruch) Scholarships: Baruch College has many undergraduate scholarships for degree-seeking/currently enrolled fall/spring students only; these have a variety of criteria such as academic achievement, financial need, program of study, extracurricular activities, and/or community service. Merit-based only scholarships are rarely available. Baruch Scholarship Information is available at: https://baruch.scholarships.ngwebsolutions.com/CMXAdmin/Cmx_Content.aspx?cpId=1119
Outside Scholarships: There are thousands of private organizations that provide scholarship assistance to college students. These scholarships are based on a variety of factors. For information on how to search for scholarships, as well a list of reliable search engines, please visit https://www.cuny.edu/financial-aid/scholarships/scholarship-search/
PLUS Loans: Parents of dependent students and/or graduate students are eligible to apply for their own federal loan to help pay college expenses. We do not assume parents want to borrow to pay educational expenses. A parent may borrow the difference between the Cost of Attendance and all other student aid received by the student. For additional information visit https://studentaid.gov.
Student Aid Index (SAI): SAI is an index number used by financial aid professionals when creating an aid offer. SAI is calculated using information that the student (and other contributors, if required) provide on the Free Application for Federal Student Aid (FAFSA®) form.
New York Aid Information
Aid for Part-Time Study (APTS): APTS is a grant from New York State for students pursuing a degree as a part-time undergraduate student. The amount of the grant is determined by CUNY and is based upon the availability of funds from New York State. Students may apply after completing the FAFSA, TAP application and the CUNY Financial Aid Supplement form.
Excelsior Scholarship: The Excelsior Scholarship, in combination with other student financial aid programs, allows students to attend a SUNY or CUNY college tuition-free. The program covers tuition for eligible SUNY and CUNY students. For the 2023-24 academic year, families who earned $125,000 or less in the tax year 2021 are eligible to apply. For more information on the Excelsior Scholarship, including requirements and deadlines. please visit https://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/the-excelsior-scholarship.html
FACTS (Financial Aid Certification Tracking System): The Financial Aid Eligibility and Certification Tracking System (FACTS) is a financial aid online tool designed to help students understand and monitor their eligibility for selected financial aid programs- New York State Tuition Assistance Programs (TAP) and scholarships.
Part-Time TAP: Part-Time TAP is a program from New York State that allows for partial TAP payments for students taking 6 to 11 credits. This program is available to CUNY, SUNY and Not-for-Profit independent degree granting college students who meet the specified requirements. To apply you must complete a FAFSA and a TAP application.
Senator José Peralta New York State DREAM Act Application: The DREAM Act gives undocumented and other students access to New York State‐administered grants and scholarships that support their higher education costs. The DREAM Act Application is available at https://www.hesc.ny.gov/dream/
Tuition Assistance Program (TAP): New York State’s Tuition Assistance Program (TAP) provides grants ranging from $500 to $5,665 a year to students to assist them in paying tuition. The TAP program is administered by the NY State Higher Education Services Corporation (HESC). Baruch’s State (TAP) Code is 1409
Vallone Academic Scholarship: The Peter F. Vallone Academic Scholarship (formally known as 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. Students may receive $700 per year ($350 per semester). Funding is determined by the New York City Council and the Scholarship award amount is subject to change based upon an allocation provided each academic year. Once a college has reached their allocation amount, no additional recipients can be awarded.
Apply for Financial Aid
Prepare to Apply
Gather records of your (and your parent’s if dependent) income and assets. These records may include your (and your parents’, if applicable) tax returns and W-2 form(s), Social Security numbers, and other records of income and assets.
Get an FSA ID
You may obtain/retrieve your FSA ID at https://studentaid.gov/fsa-id/sign-in/landing. Remember: your parent will need one too if dependent
Complete the FAFSA
Applying for federal student aid is free. All eligible students should complete the FAFSA at https://studentaid.gov/h/apply-for-aid/fafsa. For FAFSA Assistance via live chat, e-mail, or phone, please visit: https://studentaid.gov/help-center/contact
Complete the Application for New York State-based Aid
After you complete the FAFSA, you will be taken to a confirmation page; click on the state application link to apply for New York State-based financial aid. If you miss the link to the Tuition Assistance Program (TAP) application, you will receive an email from NYS Higher Education Service Corporation (HESC) after your FAFSA is processed, with information on how to apply for TAP. In addition to the TAP application, eligible students should file an Excelsior Scholarship application at www.hesc.ny.gov by the published deadline.
View your online FAFSA Submission Summary
1. log in to your StudentAid.gov account Dashboard,
2. selecting your processed FAFSA submission from the “My Activity” section, and
3. selecting “View FAFSA Submission Summary.”
Receive Your Financial Aid E-Offer Letter
Once your financial aid applications are completed and you demonstrate financial need, any CUNY colleges where you have been accepted will send you an award notification to indicate the financial aid programs for which you qualify.
Verification
A number of financial aid applicants, selected by both the federal government and Baruch College’s Financial Aid Services, may be required to document their household size, number in college, income, taxes paid, and assets. Students chosen for verification will not have their financial aid awards calculated until this process is completed and any conflicting information is resolved. Baruch College is required to refer all cases of suspected fraud to the U.S. Department of Education Office of the Inspector General.
Maintaining Eligibility for Aid
Attendance
To qualify for financial aid. you must begin attending your classes. Attendance information is collected from your instructors and is used to determine whether you began attendance in each of your classes. The credits for unattended classes will not be counted when calculating your enrollment status for determining your financial aid eligibility.
Withdrawal
Federal financial aid is awarded with the expectation that you will attend school for the entire period for which the awards were intended. If you withdraw from all of your classes before you have completed the semester, the college will determine the portion of your federal awards you are entitled to receive according to a prescribed attendance formula. Any unearned disbursed portion of the aid will need to be repaid to the college/U.S. Department of Education. Withdrawing from some or all of your classes may also impact your eligibility for New York State financial aid for the current or subsequent semester(s).
Satisfactory Academic Progress (SAP)
In accordance with federal and state guidelines and CUNY policy, you must be making satisfactory progress in your program of study in order to remain eligible for federal and state awards. Your academic record will be evaluated at least once each year according to the satisfactory progress standards established for each financial aid program. Detailed Federal and State SAP requirements are available on the CUNY SAP Page.
Contact Us
Federal Student Aid Questions - Financial Aid Services
Homepage: https://enrollmentmanagement.baruch.cuny.edu/financial-aid-services/
E-mail: fascustomerservice@baruch.cuny.edu
New York State Aid Questions – Office of the Bursar
Homepage: https://adminfinance.baruch.cuny.edu/bursar/
E-mail: TAP@baruch.cuny.edu