Financial Aid

An Overview

• Eligibility for Financial Aid

  All students, continuing and prospective, apply for financial aid by completing and filing the Free Application for Federal Student Aid (FAFSA) in order to be considered for all forms of financial aid (scholarships, loans, and/or work-study). Eligibility for most of our scholarships is based on need as determined by federal guidelines. If and when any non-need-based scholarships become available, applications are posted on the Bank Street Web site. A student must be admitted into a degree-granting program and all credits/courses taken must be part of the degree requirements in order to receive any type of financial aid.

  Students must be registered for a minimum of 5 credits or the equivalent in the Fall and/or Spring semesters or 2 credits in the June (S1) and/or July (S2) terms) to be eligible for financial aid.  The process of determining financial need has been standardized by the federal government and is based on information provided by the student on the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov .

  Financial aid at Bank Street College is awarded according to the financial need of each student.  The EFC for the student (calculated according to the information supplied on the FAFSA) is the chief variable in determining the student’s need (the dollar amount that the student will need to meet the cost of attendance).

  The EFC is the amount of money the student is expected to contribute toward the cost of his/her attendance and is based on the prior year’s income and assets.  A single student without dependents is considered a family of one. Federal income tax forms filed for the prior year are the basis of the student’s EFC for the current/upcoming financial aid year that begins with the  July (S2) semester.  The EFC is based on a nine-month academic year—half for the fall semester (4.5 months) and half for the spring semester (4.5 months).

  The needs analysis formula is:

  Semester Cost of Attendance – Semester EFC = Semester Need

  Semester Cost of Attendance is the total of the student’s tuition, fees, books and living expenses for the semester.

  
  

• Timelines

  All students, continuing and prospective, are encouraged to begin the financial aid application process early each year, preferably as soon as federal taxes are completed. To be considered for Bank Street College scholarships, the FAFSA must be completed and submitted to the federal processor by April 15 prior to the fiscal year (July through the following June) for which the student is seeking support.

  New Graduate School candidates who missed the priority deadline should apply using the FAFSA as soon as possible to be considered for possible aid.

  The financial aid application process must be repeated for each academic year. Both part-time and full-time students are eligible to apply for financial aid.

• Process

  The financial aid application process must be repeated for each financial aid year, which begins with the July (S2) term and runs through the Fall semester, Spring semester and ends with the June (S1) term. The report generated by the FAFSA is electronically transmitted to Bank Street College’s Office of Financial Aid and provides the Expected Family Contribution (EFC).  The EFC is the dollar amount that the federal government expects students to contribute towards the cost of their attendance (tuition, fees, books/supplies, and living expenses). The student’s EFC and the number of credits taken each semester determine eligibility. Once the FAFSA is processed all students will receive a Financial Aid Questionnaire from Bank Street College that must be completed and returned to the Office of Financial Aid  before a financial aid award package can be offered to the student.  The student should consult with an academic advisor and/or the college catalogue before completing the Financial Aid Questionnaire to determine the anticipated credits for each semester or term.  After the financial aid application is complete the student will receive an Estimated Financial Aid Award Letter consisting of a combination of scholarships, grants, loans and/or federal work study in accordance with the student’s need and depending upon the availability of funds.  Financial aid awards may be adjusted as the student’s enrollment status or financial circumstances change (e.g. a student may enroll for fewer credits than anticipated or may receive additional funding from a source not known at the time of application.)

• New Students

  We urge prospective students who think they might seek financial aid to file the FAFSA early in their process of applying to a Graduate School program at Bank Street. Prospective students should apply for both admission and financial aid at the same time; applicants should follow the priority timeline given above, if possible. New students will be considered for financial aid once they have received formal admission to the College. Applicants who begin their application process after the priority timeline will be eligible for loans, and may be eligible for scholarships pending the availability of funds.

  All financial aid materials and information are available in the Office of Financial Aid (Room 639), or may be found using links provided on this Web site. When applying for aid using the FAFSA form, you will be asked for the Title IV Code, which for Bank Street College is G02669 (zero-two-six-six-nine).

  Note: Private tutoring position listings are available to matriculated students in the Office of Career Services.

• Receiving Financial Aid

  The Office of Financial Aid sends an Estimated Financial Aid Award Notice to eligible students who have been accepted into a graduate program, completed the FAFSA, and submitted all required documentation. An Award Notice indicates the combination of scholarship(s), unsubsidized loan, and all other awards for which the student is eligible. In addition, a Disclosure Statement is sent to the student from the U.S. Department of Education Loan Origination Center, confirming the amounts of unsubsidized loan requested by the student for the relevant fiscal year (e.g. Summer 2 - Summer 1).

  Financial aid awards from scholarships and loans are applied first to institutional charges (tuition and fees). Any excess funds are refunded to students to meet other educational expenses.

  Students may be asked to attend entrance or exit counseling at the discretion of the Office of Financial Aid. Students applying to receive aid in subsequent years must demonstrate continued financial need, good academic standing, and satisfactory progress toward their degree.

  All students should remain in contact with the Office of Financial Aid in order to receive the most current information about financial aid awards.

• Samples of Financial Aid Packages

  The following are examples of financial aid packages for students enrolled for 5 credits, 9 credits and 12 credits in the Fall, Spring and Summer I semesters. THE FINANCIAL AID AWARDS IN THE EXAMPLES APPLY TO TUITION AND FEES ONLY.

  Example 1
  

  Semester	Fall	Spring	Summer 1
  Number of Credits	5	5	3
  Tuition ($1354 per credit x # of credits)	$6,770	$6,770	$4,062
  Fees	$100	$100	$50
  Direct College Cost Total:	$6,870	$6,870	$4,112
  Book Allowance	$250	$250	$150
  Semester Living Expenses	$8,100	$8,100	$1,800
  Semester Cost of Attendance:	$15,220	$15,220	$6,062
  Estimated Financial Aid Awards
  Bank Street Scholarship	$2,708	$2,708	$1,354
  Unsubsidized Direct Load (Net Amount)	$4,162	$4,162	$2,758
  Semester Financial Aid Award Total:	$6,870	$6,870	$,4,112

  Example 2
  

  Semester	Fall	Spring	Summer 1
  Number of Credits	9	9	3
  Tuition ($1354 per credit x # of credits)	$12,186	$12,186	$4,062
  Fees	$100	$100	$50
  Direct College Cost Total:	$12,286	$12,286	$4,112
  Book Allowance	$450	$450	$150
  Semester Living Expenses	$8,100	$8,100	$1,800
  Semester Cost of Attendance:	$20,836	$20,836	$6,062
  Estimated Financial Aid Awards
  Bank Street Scholarship	$4,062	$4,062	$1,354
  Unsubsidized Direct Load (Net Amount)	$8,224	$8,224	$2,758
  Semester Financial Aid Award Total:	$12,286	$12,286	$,4,112

  Example 3
  

  Semester	Fall	Spring	Summer 1
  Number of Credits	12	12	3
  Tuition ($1354 per credit x # of credits)	$16,248	$16,248	$4,062
  Fees	$100	$100	$50
  Direct College Cost Total:	$16,348	$16,348	$4,112
  Book Allowance	$600	$600	$150
  Semester Living Expenses	$8,100	$8,100	$1,800
  Semester Cost of Attendance:	$25,048	$25,048	$6,062
  Estimated Financial Aid Awards
  Bank Street Scholarship	$4,062	$4,062	$1,354
  Unsubsidized Direct Load (Net Amount)	$12,286	$8,000	$0
  Semester Financial Aid Award Total:	$16,348	$12,062*	$,1,354*

  
  *May need alternate source of financial aid (e.g. Perkins Loan, Grad PLUS Loan) to make up balance of Direct College Costs.

  The gross annual maximum borrowing limit under the William D. Ford Federal Direct Loan Program is $20,500.

  The monthly living expenses (which includes rent, transportation, food, clothing, medical costs, child care, and miscellaneous expenses) is set at $1,800 per month.  The Fall and Spring semesters are each 4.5 months long; the living allowance for one semester is 4.5 x $1,800 or $8,100.  The June (S1) and July (S2) terms are each 1 month long; the living expenses for one term is 1 x $1,800 or $1,800.

  IMPORTANT NOTE: Annual tuition charges are subject to revision by the Bank Street College Board of Trustees.

• Payments

  Financial aid awards from scholarships and loans are applied first to tuition and fee charges.  Any funds not designated for tuition and fee charges are distributed to the student to meet other educational and living expenses as a credit balance.

  Students must apply annually to receive aid in subsequent years and must demonstrate, in addition to continued financial need, good academic standing and satisfactory progress toward their degree.