The staff in the Office of Financial Aid at Career Institute is dedicated to assisting students and their families open the doors to a quality private education.
While the primary responsibility of meeting college costs rests with the student and family, our financial aid professionals seek to maximize financial aid opportunities by providing guidance and information about scholarships, grants, education loan, student employment, and payment options.
To obtain maximum consideration for financial aid, the student and family must learn:
- About Federal Aid Eligibility for various funding programs that are available.
- To follow instructions provided on various applications forms and other materials.
- To pay careful attention to Federal Aid Deadlines dates.
For your convenience, a list of Frequently Asked Questions (link) (FAQ) is included and, of course, you can always contact us directly with any questions or concerns.
Applications must be received by Federal Student Aid Programs by June 30 of the current academic year. A valid Institutional Student Information Record (ISIR) must be received by Career Institute by your last date of attendance.
Federal Pell Grant
FAFSA must be electronically received by the Financial Aid Office by the last date of attendance, WHICHEVER COMES FIRST, with a valid Expected Family Contribution (EFC). The FAFSA is available at www.fafsa.ed.gov (external link). Required verification information must be received for processing by the last date of enrollment for each start.
The Federal Stafford Loans and Federal PLUS Loans must be certified by the Office of Financial Aid by your last date of attendance. Applicable documents and acceptance of loan(s) should be completed at least 15 business days prior to your last date of attendance to allow time for processing.
Verification must be completed no later than 90 days past the last day of your enrollment for each academic year. Note that Federal Aid cannot be disbursed and Federal Stafford Loans may not be certified until verification is complete. Verification must be complete before the Office of Student Employment will meet with you for job placement.
The Career Institute Office of Financial Aid is here to assist students and their families with the challenge of financing post-secondary education. It is important that you read all available information carefully and keep up-to-date on policies. Staff is available for immediate assistance at both Garden City and Brooklyn Campuses.
The Free Application for Federal Student Aid (FAFSA) is the only required application. The federal formula is used to determine eligibility for financial aid, but please remember you must reapply each year you are seeking assistance. We encourage you to file online at www.fafsa.ed.gov (external link) to speed the process.
If you are offered a Federal Stafford Loan, and it is your first loan with Career Institute, you will be required to complete an entrance interview explaining the aspects of the loan program before the funds can be released. In addition, you must complete a master promissory note (MPN) with your lender. The offer of a Federal Stafford Loan will be sent to you via your Financial Aid Acceptance Agreement. You should log on to the CAREER INSTITUTE Online Information System to accept or decline your awards. New students will accept or decline on the award notice. Processing of the Stafford Loan will take 2-3 weeks at least to complete, so please do not delay.
General Eligibility Requirements are the following:
- Be enrolled as regular student in an eligible program of study on at least a half-time basis...
- High school graduate or GED holder or must pass the ability to benefit (ATB) test.
- U.S. citizen or eligible non-citizen and have financial need determined by the cost of attendance and expected family contribution.
- Not in default or owe a repayment to any federal program.
- Maintain satisfactory progress determined by the grade point averaged and progress towards program completion.
Independent Student Status:
You will be considered independent if you:
- are born before January 1, 1987
- are married
- are currently serving on Active Duty in the U.S. Armed Forces
- are a veteran of the U.S. Armed Forces
- have children who receive more than half of their support from you
- have dependents (other than children or spouse) that live with you and receive more than half of their support from you
- are an orphan or ward of the court, both parents are deceased, or in foster care
- are an emancipated minor as determined by a court in your state of legal residence
- are in legal guardianship as determined by a court in your state of legal residence
- were determined by your high school or school district homeless liaison that you were an unaccompanied youth who was homeless
- were determined by a director of an emergency shelter or transitional housing program funded by the U.S. department of Housing and Urban Development that you were an unaccompanied youth who was homeless
- were determined by a director of a runaway or homeless youth basic center or transitional living program that you were an unaccompanied youth who was homeless or were self-supporting and a risk of being homeless
Eligibility for need-based financial aid is derived from the Need Analysis calculation from the FAFSA form. A formula established by Congress is applied to the information you provide on your application resulting in an expected family contribution (EFC). The difference between the annual costs of attending school (COA) and the EFC is your need (COA-EFC=Need).
Cost of Attendance
Because there is more to pay for a student than tuition, the COA includes more than just tuition and fees. The elements that are included are:
- Tuition & Fees
- Room & Board
- Books & Supplies
- Personal Expenses
- Expenses to assist a disabled student attend classes (if applicable).
Available Financial Aid Programs
The financial aid awarded by the Financial Aid Office consists of the general categories: grants, scholarships, loans and work awards. All programs are awarded based on the eligibility criteria established by federal or state law or School policy.
Federal Pell Grant is a federal grant that does not have to be repaid. It is awarded based on the EFC calculated by the federal processor. Grants may be made to students enrolling for as few as one class if eligible.
Federal Supplemental Educational Opportunity Grant (FSEOG) is a federal grant awarded by the School based on exceptional need from an annual allocation. First consideration must be given to those students eligible for Pell grant.
Federal Stafford Loans are low fixed interest rate federal loans made for students. Students are offered 2 types of Stafford loans (Subsidized and Unsubsidized - interest rates vary depending on subsidized versus unsubsidized) and enter repayment 6 months after graduation. Students are eligible for the following levels of awards: freshman $3,500, sophomore $4,500, junior $5,500, senior $5,500. They are also offered an additional 2,000 in unsubsidized funds.
PLUS loans are low 7.9% fixed interest rate loans available to the parents of dependent undergraduate students to help with educational expenses. Parents may borrow up to an amount equaling the COA minus any other aid received. Repayment of these loans begins within 45-60 days after disbursement.
Scholarships are generally awarded by CAREER INSTITUTE and other organizations for academic or other merit. When you apply for admission, your school credentials are evaluated for scholarships. As you continue through your program with the School, scholarships are possible based on academic excellence.
Continuing students can pick up a Scholarship application at the Office of Financial Aid. Students can also contact their Major department chairperson to inquire about scholarship opportunities. Please refer to the Scholarship Award letter for the renewal conditions for each award.
The federal processor uses a system of edits, or flags, which produces a selection of certain applications for verification. If a student's application is selected for verification, this may mean that a date element in his or her application does not fit generally recognized patterns (not necessarily that the element is incorrect; it merely must be verified), or that the student was simply selected at random.
The Office of Financial Aid may also select files for verification if there appears to be a conflict of information. If a student is selected for verification, the student is notified on the Student Aid Report.
Satisfactory Academic Progress
Students must maintain satisfactory academic progress to receive funds under the Federal Work-Study, Federal Supplemental Educational Opportunity Grant, Federal Pell Grant or Federal Stafford Loan.
Students not meeting these guidelines will not be renewed for additional assistance. The appeals process is handled by the Academic Records Committee. These are the guidelines for satisfactory academic progress.
The federal processor uses a system of edits, or flags, which produces a selection of certain applications for verification. If a student's application is selected for verification, this may mean that a data element in his/her application does not fit generally recognized patterns (not necessarily that the element is incorrect; it merely must be verified), or that the student was simply selected at random.
CAREER INSTITUTE Student Financial Assistance Office also has the authority to select files for verification if there appears to be a conflict of information. If a student is selected for verification, the student is notified on the Student Aid Report (SAR).You will be notified by the Office of Financial Aid to submit the following:
Please Keep in Mind:
Corrections will be made for information that is not accurately provided by you could affect your ability to receive aid. You will be notified of any adjustments that need to be made. Most corrections that need to be made can be done electronically by our office. If they cannot be made electronically you will need to send your Student Aid Report (SAR) to the Federal Processor for corrections.
If the corrections are done electronically, you will be sent an updated Student Aid Report (SAR) from the Federal Processor.
Verification must be completed no later than 90 days past the last day of your enrollment for the each academic year, or by August 31 following each academic year, whichever comes first.
Corrections involving the Federal Processor must be made prior to mid-August.
Verification documentation in support of Federal Stafford Loans must be provided at least 45 days prior to the end of the quarter.
How to Choose a Loan and Evaluate a Student Loan Lender
We offer these suggestions to help students and families consider their choices and review the options available to them. We do not offer financial or professional advice on these matters, and individual circumstances vary greatly. If appropriate you should consult a professional of your choice to assist you in making these decisions.
There are several different types of education loans for which a student borrower may be eligible. Among the list are the following:
- Alternative/Private Educational Loans
Each type of loan has different costs and terms.
Stafford loans and Perkins loans (if eligible, please see below) are among the least expensive educational loans and often have the most flexible repayment options. Private education loans are among the most expensive, with the highest fees and interest rates, although they are generally less expensive than credit card debt or non-secured private consumer loans. We recommend that families explore their eligibility for other types of loans only after they exhaust their Stafford loan limits.
Families should evaluate the various terms and features associated with each loan, and make selections based on their best interests. Among the terms and features to consider are the following:
- Repayment terms
- Interest rates
- Loan benefits
- Deferred payments
- Rate reductions
- Principal reductions
- Auto debit rate reductions
Direct Loan (DL) (Stafford, PLUS, and GRAD PLUS) loans are provided by private lenders, such as banks, credit unions and savings & loan associations and are guaranteed against default by the federal government. Students may select any lender that participates in the FFELP program. Please see drop-down box selection below reflecting lenders available at Career Institute with HESC.
FEDERAL STAFFORD LOANS:Subsidized
Federal Subsidized Stafford Loans are need-based loans made available to students by participating commercial lenders and other lending institutions. The maximum amount students can borrow each year is based upon grade levels in school.
Unsubsidized Stafford Loans are not based strictly on demonstrated need. Independent undergraduates, graduates, and professional students can borrow additional money through this program. Amounts that may be borrowed annually vary by class level. Currently as of July 1, 2006, loans contain a fixed interest rate of 6.8 percent. Unpaid interest accrues from the start and compounds, increasing the total amount to be repaid. Repayment begins at disbursement unless you tell your lender to capitalize your loan. Students may be eligible to receive a combination of Unsubsidized and Subsidized Stafford Loans. For additional more specific information regarding Stafford Loan eligibility and loan aggregates, please go to Student Aid on the Web, or Mapping Your Future.
FEDERAL PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS):
PLUS loans provide a fixed rate of 8.5% and are made available to the parents of dependent undergraduate students to assist with educational expenses. The maximum amounts that parents may borrow are equal to Career Institute cost of attendance minus other aid. Loans require credit checks by the lending institution, and require completion of a Master Promissory Note (MPN) by the parents. Repayment of both principal and interest commences from the start, while students are attending school. ALTERNATIVE LOANS
The Career Institute recognizes that after all other financing options have been exhausted, students may also need to use alternative sources of financing to help offset the costs of attendance and living. Various lenders offer alternative loan programs to students. Students should be educated consumers and carefully compare the programs and terms offered. Alternative Loans are not subsidized by the federal government. Students must be at least 18 years old and creditworthy, or have a creditworthy co-signer to apply. Interest rates for these loans are largely based on the credit scores of the borrower and/or co-signer. For additional information, please see the information below on choosing a lender.
Frequently Asked Questions
Do I have to file for Federal Student Aid every year?
When are the deadlines?
Yes, you must apply each year! FAFSA applications are available for processing starting January 1st of the upcoming year.
What determines whether or not I will receive financial aid?
The Primary factor is financial need. Financial Need is based on determining the educational cost (tuition & fees, room & board, books & supplies and a personal allowance) minus the Estimated Family Contribution (based on federal and institutional formulas). The result of these two factors determine the need for federal financial assistance.
What are some of the common mistakes people make while filing for financial aid?
Some of the most common are:
- Not filing early enough
- Not reading the instructions
- Not fully completing the applications
- Not using the correct social security number
- Not signing it properly either electronically or on paper
Why does my award change each year?
At Career Institute, eligibility for financial aid is based on federal and institutional estimates of your family's ability to contribute to the cost of education. A typical award includes grants, loans and federal work-study.
Keep in mind that your award is likely to change each year for one or more of the following reasons:
- The cost of education goes up
- Your family's income changes
- The number of children in college changes
What should I do if I decide to attend another institution?
You must officially drop your CAREER INSTITUTE classes to avoid being charged for classes that you do not attend.
What happens if I fail to complete the application process?
Failure to complete the application process in a timely manner may result in loss of aid and an immediate demand for payment of tuition and other debts.
How do I know my application was processed?
How can I verify that CAREER INSTITUTE will receive the results?
About four weeks after sending in the FAFSA, you should receive a Student Aid Report (SAR). This is verification that you filed the FAFSA and that it has been processed. Check to make sure CAREER INSTITUTE is one of the schools listed in Step Five. Questions about FAFSA processing can be directed to the Federal Student Aid Information Center at 1-800-4FEDAID.
It has been a while since I have filed my application but I still have not received my SAR. What can I do?
Contact the Federal Student Aid Information Center at 1-800-4FEDAID to find out the status of your file.
Do I need to send a copy of my SAR to the Financial Assistance Office?
No. Provided that you listed CAREER INSTITUTE (code: 003897) as one of the schools in Step Six, we will receive the information electronically. Therefore, you do not need to send your SAR to our office.
CAREER INSTITUTE is not listed on my SAR, but I called the processors and they said you could request my record if I give you the PIN number. Is this correct?
Yes. If you did not list Career Institute school code, but you have a copy of your SAR, contact our office, and under certain circumstances we can electronically request your information. Another alternative is to call 1-800-4FEDAID and request that they add CAREER INSTITUTE electronically by providing them with your DRN # (located in the upper-right corner of your SAR.)
What is a Federal Stafford Loan?
The Federal Stafford Loan is a private lender, state/private guaranteed loan backed by the federal government. Interest rates are low and variable.
What is the difference between the Subsidized and Unsubsidized Federal Stafford Loan?
With the Federal Subsidized Stafford, the interest is paid by the government while you are in school. Conversely, the interest on the Unsubsidized stafford loan is accruing while you are in school and the student is responsible for the accrual upon the first disbursement of the loan. You have the option of paying the interest or deferring it until after you graduate, at which time it will be added to the principle of the loan.
What is EFT? Should I use it?
EFT or Electronic Funds Transfer, is used by lenders to transfer federal loan funds from lenders to schools without the use of paper checks. This method of disbursing loan funds shortens the length between receiving funds and the student having access to the funds.
It's likely I'll have to borrow every year to pay for my college expenses. How much should I borrow so that I know I can afford to pay it back?
Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment table to calculate how much you will have to pay each month. Then decide how much to borrow. You can use the criteria lenders use when they consider an applicant's ability to repay: the total monthly payment for all debts should not exceed 8 percent of your gross monthly salary. For a sample calculator please click on the link.
What if my educational or career plans change, or something happens after I'm out of school and working?
A change in career goals, the loss of a job, or other unexpected changes in your situation could make repaying your loan more difficult than you expected. In some cases, and at the lender's option, you may be permitted to temporarily stop making your payments, or your lender may accept smaller payments than scheduled. This is called a forbearance. In addition, for some loans, you may defer repayments temporarily, which may help. The promissory note for each loan you borrow outlines the specific terms under which you may be granted a deferment. Contact your lender if you think you may need to make arrangements.
What happens if I don't pay back my loan?
Not paying back your student loan can have serious consequences. If you go into default, your lender can require you to repay the entire amount immediately, including all interest plus collection and late payment charges. The lender can sue you and can ask the federal government for help in collecting from you. The Internal Revenue Service may withhold your income tax refund and apply it toward your loan. You cannot get any additional federal student aid until you make satisfactory arrangements to repay your loan. Also, the lender may notify credit bureaus of your default. This may affect your credit rating, which will make it difficult to obtain credit cards, car loans, home mortgages, etc in the future.
If I borrow from more than one loan program, I may have to pay several different lenders at the same time. May I consolidate my payments?
If you've borrowed from more than one type of loan program, you may be able to consolidate some of the loans and use one payment plan to repay the loans. In general, federal loans may be consolidated into one new loan at an interest rate of the weighted average of the original interest rates of the loans being consolidated. As mentioned you can consolidate Federal loans with other federal loans, and you can consolidate Alternative loans with alternative loans, but you can not consolidate Federal loans with Alternative loans. The length of the extension depends on the total amount of the loans consolidated.
Is the FAFSA required to apply for scholarships?
Many scholarships require you to file the FAFSA. It is highly recommended that students complete the FAFSA in order to be considered for the best award package.
What scholarships can I apply for at Career Institute?
Beginning in May of each year, the student should check with the Office of Financial Aid for our office's scholarship application. This application is used only for those endowment awards for which the Office of Financial Aid has decision authority. You should also contact your academic department for scholarships.
Why was my file selected to be verified?
Many student files are selected by the Federal Processor in the process of applying for aid. Some files are randomly selected while others are selected because of appearing to be error prone. If the student's file is selected, requested documentation should be submitted to the Office of Student Financial Assistance at CAREER INSTITUTE immediately because of specified deadline date requirements.
,b>Will a bad grade, dropping or withdrawing from classes affect my eligibility for aid?
Yes, it might. Our office is required to monitor a student's grade performance, check completion of hours and make sure a student stays within a time frame for seeking a degree. A student would want to make themselves familiar with our academic progress policies and seek counseling immediately from our office if the student has an academic progress concern.
This Scholarship Program is available to students at all Career Institute schools; it is available to students in our Business and Trade school programs.
Name of the scholarship
The name of the scholarship is the Career Institute’s Student Excellence Award.
Amount of each scholarship
The scholarship will be for a full program covering the cost of instructional tuition up to the amount of $13,025 which may be applied to any Allied Health or Service Technology clock hour program that is offered at the Career Institute.
The actual dollar amount of the scholarship will be determined as follows: All scholarship winners will be required to apply for financial aid; any grants that the student may be eligible for will be applied toward the instructional tuition. The amount of the scholarship will be the difference between the cost of the instructional tuition and the amount of grant money the student may be awarded. The student will be required to apply for financial aid for each financial aid award year that the student is attending classes at the Career Institute. Students who are not eligible to receive financial aid grants will be awarded the full value of the scholarship.
The scholarship has no cash value and may only be used toward tuition at the Institute. It will not cover books, uniforms, photo IDs, tools and registration fee. These will be paid for by the student as stated in the enrollment agreement.
Number of scholarships
The school will offer two full (2) scholarships and two half scholarships.
Total dollar value of the scholarship program
The total value of the scholarship program will be up to $39,075 per calendar year.
Time frame during which the scholarship will be offered
The Institute will offer two full (2) scholarships and two half scholarships per calendar year.
Who is eligible for the scholarship?
High school seniors currently attending a high school or BOCES Training Center and/or high school graduates are eligible to apply for the scholarship.
Criteria used to determine scholarship recipients
Students who are interested in the scholarship program should submit an application. A high school transcript is required along with a scholarship examination. The scholarship examination covers verbal and mathematical skills. A letter of recommendation from a guidance counselor and/or instructor is also a requirement. Each applicant will also be required to be interviewed by the Institute’s Scholarship Award Committee. The Committee will review the following in determining the Scholarship Award:
- Meet all entrance requirements of the Institute.
- High school GPA of 2.25 or higher.
- High school attendance rate of 85% or better.
- Score on the scholarship examination of 85% or better.
- Recommendation letter from the guidance counselor and/or instructor.
- Interview with the Scholarship Award Committee.
The final determination on the scholarship award will be made by the Scholarship Award Committee.
Members of the Scholarship Committee
The Scholarship Award Committee will consist of Anita Brownstein, V.P. of Academic Affairs; Dr. Ifran Akhtar, Program Director Allied Health; Yehuda Nishli, Program Director Service Technology; Ernst Ulysee, V.P. of Operations and Monifa Skelton, Campus Director of the Main Campus of the Career Institute.
It should be noted that once the dollar amount of the scholarship has been determined in the manner described above, the proceeds will be disbursed to the student’s account as follows: 50% after 30 days of attendance, and the balance 30 days after the midpoint is reached.
All scholarship winners will be required to maintain Satisfactory Academic Progress as stated in the Institute’s catalog and adhere to the School's Policies and Procedures (also listed in the catalog). This is required for continued eligibility.
Scholarship funds if the student is no longer eligible
If a student is no longer eligible to continue to receive the scholarship that dollar amount reverts back to the scholarship fund to be used the following calendar year.
How the school will make sure that applicants meet the entrance requirements of approved courses/curricula?
Entrance requirements are clearly outlined in the Institute’s catalog and the Scholarship Award Committee will be responsible to make sure that all entrance requirements are met prior to awarding a scholarship.
Who is funding the scholarship?
Through the generosity of trustees, alumni, faculty, staff and friends of the school, the scholarship program continues to grow on an annual basis. In case of a shortfall, the Board of Directors has appropriated funds in the annual budget to assure scholarship award money is available.