Financial Aid Policies & Procedures

Eligibility for Aid

• Admission to NYSID must be finalized and you must be classified as degree seeking or matriculated.  

• Must submit all information requested for the completion of your application.

• Must meet the standards for Satisfactory Academic Progress. 

• Must be a U.S. citizen or an eligible non-citizen, (e.g. resident alien). Eligible non-citizens include I-151, I- 551, and I-688 cardholders as well as some I-94 classifications.

• Must have a high school diploma, GED certificate, or the foreign equivalent.

• Male citizens of the U.S. and male immigrant aliens 18 through 25 years old must be registered with the U.S. Selective Service System.

• Cannot be in default on any federal educational loan or owe repayment on a federal grant at this or any other institution.

Award Procedures

Awards are based on the student's financial need, enrollment status, amount of available funds, and the date the student completes the application process. Initial award letters are mailed to

• First-time NYSID students after March 1. 

• Returning NYSID students after June 15. 

Students must return a signed copy of the award letter to accept, decline, or reduce the financial aid that has been offered. In addition, they must complete all required next steps as indicated on the information sheets included with the award letter. Failure to do so will result in a delay of financial aid processing.

Awards are subject to change. The amounts listed on initial award notifications are estimates based on full-time enrollment. Awards may be amended due to factors such as less than full-time enrollment, change of academic program, lack of academic progress, changes needed due to verification, incomplete files, exhaustion of federal award eligibility, etc. Students may not receive aid in excess of their cost of attendance.

It is the student's responsibility to be aware of credit hours and cumulative GPA requirements for each program. Students may not receive federal financial aid for classes that do not count towards their degree or certificate.  If a student is enrolled for ancillary courses, those courses cannot be factored into enrollment status for financial aid purposes.

Proration of subsidized/unsubsidized loan(s) is required by the Department of Education for undergraduate students whose remaining period of study is shorter than an academic year (i.e. December graduation).

Students are required to inform the Office of Financial Aid in writing of any additional aid, not yet listed on the award letter, that they expect to receive. This includes, but is not limited to, any private scholarships, third-party tuition payment/waivers, departmental payments, etc. Additional awards may necessitate a revision of the financial aid package.

Students can view their awards and any updates on the NYSID Portal. If awards are adjusted, a revised letter will only be sent if the changes warrant the student's approval. 

Disbursement

Each semester, after the Add/Drop period ends, financial aid awards are carefully reviewed and updated. Once this occurs, disbursement or the "pay out" of financial aid may take place. For the 2017-2018 academic year, disbursement dates for each semester are as follows:

Fall 2017
October 5, 2017

Spring 2018
February 22, 2018

No funds will be disbursed in advance. No exceptions will be made.

When financial aid disburses, the funds are sent directly to the Office of the Bursar to cover the outstanding charges on the student's bill. Any surplus aid will be mailed to the student in the form of a reimbursement check to be used for other educational expenses (i.e. books, rent, transportation, etc.). Per the Department of Education's regulations, the Bursar has 14 days from the date the federal student aid was disbursed to the student's account to refund any credit balances.

Federal Work Study and Assistantship awards are not credited to the student's account during disbursement. These awards are earned and given to the student in the form of a bimonthly paycheck. Earnings depend on the rate of pay and the number of hours worked during each payroll period.

Payments:

Once a student has registered for the approaching semester and the courses are approved by an academic advisor, the Bursar will send an email with payment instructions and deadlines. It is then the student's responsibility to compare the total of their financial aid awards to the amount due on their bill. If the amount of financial aid is...

• More than the amount due, no payment is required. The balance will be paid once financial aid is disbursed.
• Less than the amount due, resulting in a remaining balance, the student must pay this balance by the stated deadline.

Students are fully responsible for any tuition and fee charges. If the student has registered and decides not to attend, it is their responsibility to cancel enrollment in all courses. The schedule for tuition refund percentages can be found on the portal. Students who are not enrolled are not entitled to financial aid awards.

Withdrawal Policy

A student who officially, unofficially, or medically withdraws from the College within the first 60% of the semester will receive an adjustment to their student financial aid. An "official" withdrawal is obtained through the Registrar's Office and requires authorization from the Financial Aid Office.  An "unofficial" withdrawal occurs when a student stops attending class and receives a failing grade.  A "medical" withdrawal is obtained through the Registrar's Office and requires medical documentation.

This adjustment to the student’s financial aid will be based on a percentage which represents the amount of time completed in the semester and will be applied to the total institutional charges assessed the student, as well as the Title IV financial aid applied to the student’s account. The percentage that represents the amount of time remaining in the semester shall be determined by dividing the total number of calendar days in the semester not completed by the student by the total calendar days in the semester. The total calendar days in the semester begins with the first day of classes and ends with the last scheduled day of exams, includes weekends, but excludes scheduled breaks of five or more days and days that the student was on an approved leave of absence. No adjustments will be made to a student’s financial aid if the percentage representing the amount of time remaining in the semester is less than 40%.

NYSID will refund the amounts due from the College and the student to the appropriate Title IV program in the following order:

• Direct Unsubsidized Stafford Loans

• Direct Subsidized Stafford Loans

• Direct PLUS Loans (Graduate Student)

• Direct PLUS Loans (Parent)

If unearned funds remain to be returned after repayment of all outstanding loan amounts, the remaining excess must be credited to any amount awarded for the payment period of enrollment for which a return of funds is required in the following order:

• Federal Pell Grants

• Academic Competitiveness Grant

• Federal SEOG Program Aid

NYSID will assume the responsibility for making the appropriate refunds to the Title IV programs for overpayments by the student, as well as overpayments received by the College. It is the responsibility of the student to pay NYSID for these overpayments within 60 days of the date that the student withdrew from the College. Failure to repay NYSID the amounts of overpayment may jeopardize eligibility for further Title IV financial assistance at the New York School of Interior Design as well as other institutions of higher education.

If a student withdraws from NYSID, institutional aid or scholarships are subject to adjustment.

Books & Supplies 

A NYSID student who had been awarded a Pell Grant may be eligible to use a portion of their financial aid to purchase books and supplies in the NYSID Bookstore beginning the first day of the semester.  If a student's aid is more than their tuition and fees and financial aid funds have been authorized, the NYSID Bookstore will issue a voucher in the amount of the excess aid to purchase books and supplies.  The student may opt to not use this excess aid in the bookstore if they so choose and the money will be disbursed as scheduled with the rest of their aid package. If a student uses the voucher in the bookstore and withdraws completely from the college or drops all classes for the semester, they may be required to return those funds to NYSID before being allowed to re-enroll or have their records released.

Standards for Satisfactory Academic Progress

To be eligible to receive federal financial aid, a student is required to maintain satisfactory academic progress (SAP) in his or her course of study according to the College’s published standards and federal regulations.  NYSID requires students to maintain a minimum GPA and successfully complete 70% of their attempted credits within a specific timeframe.  A review is conducted at the conclusion of each semester to ensure each financial aid recipient is fulfilling both of these requirements.

Minimum cumulative GPA requirements:

• Undergraduate – 2.0 GPA
• Graduate – 3.0 GPA

Maximum Timeframe Eligibility:

• All students will be considered for financial aid for 150% of their program time.  In order to meet this timeframe, the College has established a schedule designating the minimum percentage of credits that a student must successfully complete at the end of each semester.  In order for a credit to be considered “completed” the student must receive a grade of D- or better.

Attempted each academic year / earned each academic year:

• 23 to 33 credits / 16 to 23 credits
• 17 to 22 credits / 12 to 15 credits
• 12 to 16 credits / 8 to 11 credits
• 6 to 11 credits / 4 to 7 credits

The following policies are considered in measuring whether students meet the above standards:

• A student’s status as undergraduate or graduate, as well as enrollment status (full-time, half-time, or less than half-time)

• Courses that are repeated will count toward enrollment status and SAP

• Credits hours earned at foreign institutions are included in the financial aid SAP evaluation if NYSID accepts the credit hours

• Continuing students, who have not received financial aid in the past, will have their prior academic history considered for satisfactory academic progress should they decide to apply for federal aid in a future semester

• Transfer students will be placed within the policy’s maximum timeframe level based on the number of transfer credits hours accepted by NYSID

The Review

At the conclusion of each semester, each financial aid student is reviewed to determine if the standards for satisfactory academic progress have been met.  The student will then be placed in one of the following statuses:

Good Financial Aid Standing:

• A student who has met the SAP standards listed above. This student is in good financial aid standing with the College and is eligible to receive financial aid during the next semester of enrollment.

Financial Aid Warning:

• The first time a student has not met all SAP standards listed above, he or she will be placed on financial aid warning. A student on warning status may continue to receive aid for one additional semester, but must repair the deficiencies and meet SAP at the conclusion of that warning semester. A student cannot be placed on two consecutive terms of financial aid warning; a student must return to good financial aid standing by the end of the warning semester to remain eligible to receive financial aid.

Financial Aid Probation:

• A student on financial aid warning who has not met all SAP standards by the end of the warning semester is no longer eligible to receive aid unless the student has an approved SAP appeal on file with the Financial Aid Office. (Please see following section on appeals.) If the student’s appeal is approved, s/he will be placed on financial aid probation and is eligible to receive assistance during the next semester of enrollment.

Financial Aid Suspension:

• A student on financial aid warning who has not met all SAP standards by the end of the warning semester and who does NOT have an approved appeal on file with the Financial Aid Office is no longer eligible to receive federal financial aid. This student will be placed on financial aid suspension must use personal funds or private loans to pay for continued enrollment.

Appeals

A student may appeal to have eligibility reinstated for one semester of financial aid probation if extenuating circumstances prevented the student from meeting SAP requirements.  Such circumstances might include: injury or extreme illness of the student, death of a relative, etc.

The procedures for appealing are as follows: complete SAP appeal form, attach supporting documentation, and submit to the Office of Financial Aid within ten (10) calendar days of notification. Submitting a SAP appeal does not guarantee approval or reinstatement of financial aid eligibility

Once an appeal is reviewed and a decision is made by the financial aid committee, the student will be notified and moved into the appropriate status.

If an appeal is:

• Approved: the student will be moved into financial aid probation status 

• Denied: the student will be placed on financial aid suspension. Students on suspension must use personal funds to pay for continued enrollment

Academic Dismissal/Suspension:

Students who have been academically dismissed/suspended are not eligible for financial aid. Once re-matriculated (re-admitted) by NYSID, students must complete the financial aid SAP appeal process. Students must submit an SAP appeal form. Financial aid eligibility will be reviewed by a SAP appeals committee and the student will be notified of the decision.

Repeated Course Work:

In accordance with regulations set by the Department of Education, students may only receive federal financial aid funding for one repetition of a previously passed course. There is an exception for courses which require repeats (see examples below). Students taking a required repeat of a course should work with the Student Financial Aid Office to ensure those credits are counted appropriately for financial aid eligibility. Please note that the student may need to provide documentation from his/her advisor regarding the requirement to repeat.

Examples of repeated coursework that may, or may not, count for financial aid eligibility:

1. Allowable: Repeated coursework may be included if the student received an unsatisfactory or failing grade. There is no limit on the number of attempts allowable if the student does not receive a passing grade.

2. Allowable: Repeated coursework may be included if a student needs to meet an academic standard for a particular previously passed course, such as a minimum grade. Example: Student received a D in a course which requires a minimum grade of C for his/her major.

3. Allowable: Student is enrolled in 15 credit hours which includes 3 credits repeating a previously passed course. Because the student is enrolled in a minimum of 12 credits which are not repeats, the student’s financial aid eligibility is not impacted by the repeat.

4. Not permissible: Student receives a D in a course which does not have a minimum grade requirement for the major and decides to repeat the course to improve his/her GPA. The student may repeat this passed course one time, but if the student wants to repeat it a second time, the second repeat would not count for financial aid eligibility. In this example, the student is enrolled in 12 credits, including the three credit second repeat, so only nine credits will count for financial aid eligibility.

All repeated courses do affect financial aid satisfactory academic progress calculations. A repeated course along with the original attempt must be counted as attempted credits.

Enrollment Status Definitions

Impact of conviction for possession or sale of illegal drugs on aid eligibility

Federal law provides that a student who has been convicted of an offense under any federal or state law involving the possession or sale of a controlled substance during a period of enrollment for which the student was receiving financial aid shall not be eligible to receive any federal or institutional grant, loan, or work assistance during the period beginning on the date of such conviction and ending after the interval specified in the following table.

If convicted of an offense involving:

A student regains eligibility the day after the period of ineligibility ends or when the student successfully completes a qualified drug rehabilitation program. Further drug convictions will make the student ineligible again.

A student whose Title IV eligibility has been suspended indefinitely may regain eligibility only by successfully completing a drug rehabilitation program. A student who is under a one- or two-year penalty may regain eligibility before the expiration of the period of ineligibility by successfully completing a drug rehabilitation program. If the student successfully completes an approved drug rehabilitation program, eligibility is regained on the date the student successfully completes the program. It is the student’s responsibility to certify to the school that he/ she has successfully completed the rehabilitation program.

To qualify the student for eligibility, the drug rehabilitation program must include at least two unannounced drug tests, and: Have received or be qualified to receive funds directly or indirectly under a Federal, State, or local government program; or Be administered or recognized by a Federal, State, or local government agency or court; or Have received or be qualified to receive payment directly or indirectly from a Federally- or State-licensed insurance company; or Be administered or recognized by a Federally- or State-licensed hospital, health clinic or medical doctor