Financial Aid
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Message to Applicants
Lisa M. Lye
Corporate Financial Aid Director
Introduction
Hunter Business School’s professional Financial Aid staff will be happy to aid you in the process of paying for your education. Financial Aid is available for those who qualify. Students who would like to apply for federal aid must complete a Free Application for Federal Student Aid (FAFSA®).
Hunter participates in the Federal Pell Grant Program, as well as the U.S. Department of Education’s Direct Loan Program. Students must meet the eligibility requirements for the Federal Pell Grant in compliance with federal and state laws, in addition to the policies of Hunter Business School.
Financial aid, including FAFSA and the Federal Pell Grant, should be applied for as soon as possible. Students are responsible for providing the Financial Aid office at Hunter with all required documentation in order to receive and maintain federal aid.
Financial aid must be approved and all documentation completed before aid can be awarded. It is granted on an award year basis. It may therefore be necessary for you to reapply for Federal Student Aid and Pell Grants during your enrollment at the school.
FAFSA Simplification Act
The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to award federal student aid starting with the 2024–25 award year. This includes the Free Application for Federal Student Aid (FAFSA®) form, need analysis, and many policies and procedures for schools that participate in federal student aid programs.
The law will also affect every state that uses FAFSA data to award state grant aid and every school that participates in the federal student aid programs.
Major changes required by the law include the following:
- Replacing the Expected Family Contribution (EFC) With the Student Aid Index (SAI)
Starting with the 2024–25 award year, students and families will see a different measure of their ability to pay for college, and they’ll experience a change in the methodology used to determine aid. The new need analysis formula removes the number of family members in college from the calculation, allows a minimum SAI of -1500, and implements separate eligibility determination criteria for Federal Pell Grants. - Modifications to Family Definitions in FAFSA Formulas
Expect changes in how a student’s family size is determined aligning more with what was reported on the student’s/parents’ tax returns. - Expanding Access to Federal Pell Grants
- The FAFSA Simplification Act will expand the Federal Pell Grant to more students and will link eligibility to family size and the federal poverty level (starting with the 2024–25 award year).
- Incarcerated students in federal and state penal facilities will regain the ability to receive a Federal Pell Grant (starting with the 2023–24 award year).
- Federal Pell Grant lifetime eligibility will be restored to students whose school closed while they were enrolled or if the school is found to have misled the student (starting with the 2023–24 award year).
- Streamlining the FAFSA Form
Where possible, the law mandates that we use data received directly from the IRS to calculate Federal Pell Grant eligibility and the SAI. This data exchange has been made possible by the Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act), which we’ll implement alongside FAFSA simplification starting with the 2024–25 award year. The FAFSA Simplification Act also removes questions about Selective Service registration and drug convictions. It also adds questions about applicants’ sex, race, and ethnicity, which have no effect on federal student aid eligibility (starting with the 2023–24 award year).
Federal Pell Grant Program
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG program is administered directly by the financial aid office at each participating school. Not all schools participate. To get an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSA®) form so your college can determine how much financial need you have. The financial aid office will award FSEOGs to students who have the most financial need. The FSEOG does not need to be repaid, except under certain circumstances.
Each participating school receives a certain amount of FSEOG funds each year from the U.S. Department of Education’s office of Federal Student Aid. Once the full amount of the school’s FSEOG funds has been awarded to students, no more FSEOG awards can be made for that year.
Direct Loan Program
All eligible students enrolled in a Hunter Business School course of study may apply for a loan through the Direct Loan Program. Financial need must be demonstrated through a needs analysis in order to be considered for a subsidized student loan. This means that the government will pay the interest on the loan while the student is in school.
Need is based on one’s cost of attendance. This is an important factor in determining student financial aid. The expected family contribution is subtracted from the cost of attendance to determine the financial need of the student.
All eligible students can apply for either a subsidized or unsubsidized loan. If a student is not eligible for a fully subsidized loan, he or she may borrow a combined total of $9,500 in an unsubsidized loan. Loan amounts are based on enrollment for a full academic year of 900 clock hours. Shorter programs have lower maximum loan limits. Interest on an unsubsidized student loan accrues while the student is in school and during a grace period.
Repayment of student loans begins six months after a student’s last day of attendance. The student may apply for a loan at Federal Student Aid.
Parent Loan to Undergraduate Students (PLUS Loan)
Parents of dependent students may also apply for a PLUS Loan up to the total cost the student’s tuition, less any other financial aid received. If a parent is denied a PLUS Loan, the student may be entitled to additional unsubsidized funds. Parents may apply at StudentLoans.gov.
Federal Student Aid Verification
Verification is the process of confirming the accuracy of student reported data on the Free Application for Federal Student Aid (FAFSA®). For any academic year, the Office of Student Financial Aid verifies one hundred percent Central Processing System (CPS) selected verifications.
Go here for details.
Veteran Benefits
Hunter Business School offers benefits afforded by the Post-9/11 GI Bill of the U.S. Department of Veterans Affairs, as well as other veteran benefits. Veterans who receive Veterans Affairs benefits should submit all documentation to Hunter’s Financial Aid office for certification. The VA will be notified of termination, withdrawal, or successful completion of your program.
Financial Aid Code of Conduct
As a participant in the federal Direct Loan Program, Hunter Business School processes federal loans directly through the federal government. Hunter Business School is committed to these best practices.
Conflict of Interest
No action shall be taken by Financial Aid staff members that is for their personal benefit or could be perceived to be a conflict of interest.
Employees within the Financial Aid office will not award aid to themselves or their immediate family members. Staff will reserve this task to an institutionally designed person to avoid the appearance of a conflict of interest.
Hunter Business School does not offer a preferred lender list.
No amount of cash, gifts, or benefits in excess of a de minimis amount shall be accepted by a Financial Aid staff member from any financial aid applicant (or his/her family), including any entity doing business with or seeking to do business with the institution (including service on advisory committees).
Financial aid professionals will disclose to Hunter Business School any involvement, interest in, or potential conflict of interest with any entity with which the institution has a business relationship.
Personal Gain
Information provided by the Financial Aid office is accurate and unbiased and does not reflect preference arising from actual or potential personal gain.
Award Notifications
Institutional award notifications and/or other institutionally provided materials shall include these components.
- Breakdown of the individual components of Hunter Business School’s cost of attendance, designating all potential billable charges
- Clear identification of each award, indicating type of aid (grant or loan)
- Renewal requirements for each award
Consumer Information
All required consumer information is displayed in a prominent location on Hunter Business School’s website and in any printed materials.
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