Frequently Asked Questions
Who is eligible to receive financial aid?
Financial aid is available to undergraduate and graduate students who have been accepted and enrolled as matriculated students in a degree program at Pace University. Students must also be enrolled for at least 6 credits, making satisfactory academic progress, and file a Free Application for Federal Student Aid (FAFSA) to receive most types of financial aid.
International students are not eligible for federal financial aid, and are not required to file a FAFSA. Non-degree seeking students are not eligible for federal, state or institutional aid, however they may apply for alternative loans.
When should I apply for financial aid?
All students who wish to be considered for University administered loans, work study, and grants must file the Free Application for Federal Student Aid (FAFSA) with the federal processor. The priority deadline for filing the FAFSA is November 15th. Some types of aid will be unavailable to students who file after the priority deadline.
How do I apply for financial aid?
For institutional and federal aid, you must file the FAFSA. For more information, visit the FAFSA website at www.fafsa.ed.gov. If you are a New York State resident, you must file the FAFSA and also complete the Express TAP application. For more information, visit www.HESC.ny.gov.
What is Pace University’s Federal School Code?
In order to have your FAFSA information forwarded to Pace University for financial aid consideration, you will need to provide our school code. Use only one of our codes: New York City Campus - 002791; Pleasantville Campus - 002792; White Plains Campus - 002727.
Do I have to reapply for financial aid each year?
Yes, a FAFSA must be completed each year. Remember to file by November 15th for consideration for all types of aid.
Is my financial aid guaranteed for four years?
If your family circumstances remain unchanged, you maintain Satisfactory Academic Progress and all paperwork is completed in a timely manner, your financial aid package should be comparable for your four years here at Pace University. However, many factors affect your eligibility and the availability of aid. Please read the entire Financial Aid section of this catalog for more detailed information.
What Pace University Scholarships are available to me?
Eligibility for Pace University Scholarships is determined and awarded, based on your academic achievements, during the admissions process.
In addition, Pace University has limited endowed funds which have specific criteria associated with the awarding of funds. Please visit the Endowed Scholarship section under Scholarships and Grants on our website for more information.
How do outside scholarships change my financial aid?
The terms of the outside scholarship will determine if your financial aid needs to be adjusted. Please provide the Financial Aid Office with a copy of your outside scholarship award letter so that your financial aid package can be reviewed.
Am I eligible for loans?
All students, who file a FAFSA, are entitled to Federal Direct Stafford Loans IF they:
- Are matriculated in a degree program at Pace University
- Are enrolled for at least 6 credits per semester.
- Are U.S. Citizens or eligible non-citizens.
- Are making Satisfactory Academic Progress.
- Have not exceeded their aggregate limits.
- Have not defaulted on any prior student loans and do not owe a repayment on any federal grants.
How much can I borrow in loans?
Your loan amounts are determined by your grade level/number of credits completed each year.
The loan amounts that Dependent students borrow are:
|Freshman (0-31 credits earned)||$5,500/year||(up to $3,500/year may be in Subsidized loans)|
|Sophomore (32-63 credits earned)||$6,500/year||(up to $4,500/year may be in Subsidized loans)|
|Junior (64-95 credits earned)||$7,500/year||(up to $5,500/year may be in Subsidized loans)|
|Senior or 5th year (96 or more credits earned)||$7,500/year||(up to $5,500/year may be in Subsidized loans)|
Aggregate loan limit for dependent undergraduate students is $31,000 (maximum of $23,000 from Subsidized loans)
The loan amounts that Independent students may borrow are:
|Freshman (0-31 credits earned)||$9,500/year||(up to $3,500/year may be in Subsidized loans)|
|Sophomore (32-63 credits earned)||$10,500/year||(up to $4,500/year may be in Subsidized loans)|
|Junior (64-95 credits earned)||$12,500/year||(up to $5,500/year may be in Subsidized loans)|
|Senior or 5th year (96 or more credits earned)||$12,500/year||(up to $5,500/year may be in Subsidized loans)|
Aggregate loan limit for independent undergraduate students is $57,500 (maximum of $23,000 from Subsidized loans)
What is a Parent PLUS loan?
Parents of dependent undergraduate students are eligible to assist in financing their children's education by obtaining a federal parent loan. This is a low interest educational loan where repayment begins 60 days after the second disbursement of the loan, or the loan repayment may be deferred based on a student’s half-time enrollment. Parents are eligible to borrow the difference between the cost of attendance and the student’s other financial aid.
How do I sign the promissory note for a Federal Direct Stafford loan?
A Master Promissory Note can be completed electronically at www.studentloans.gov.
Where can I complete my entrance/exit counseling session?
You may complete this federal requirement online at www.studentloans.gov.