We know that the very mention of the words “financial aid” and “FAFSA” (Free Application for Federal Student Aid) makes most people shudder and want to shut their laptops. But please don’t. Understanding how you can afford your graduate education is important to us, and we’re here to help with a few words of encouragement. You might be surprised at what Bank Street can offer you.
Did you know?
Each year, Bank Street Graduate School of Education offers over $8.5 million in financial aid to students. Aid at Bank Street comes in different forms:
- Grants: Grants are free money that can come from a variety of sources including governmental agencies, community-based organizations, or Bank Street College. These funds do not need to be repaid. An example of a federal grant is the TEACH Grant
- Federal and Private Loans: Low-interest loans will need to be paid back over time, but are useful as a supplement to your financial aid award.
- Federal Work-Study: A work-study job at Bank Street allows you to earn money to put toward your educational expenses. As opportunities become available, we will email listings to eligible students.
- Scholarships: We offer both institutional need-based scholarships and endowed scholarships that do not need to be repaid. (No applications are needed! You will be automatically reviewed and considered for scholarship opportunities upon receipt of your completed FAFSA form.)
Did you also know?
- Graduate students are considered to be independent, so you won’t need to include your parents’ information this time, making the process very different from the information required if you applied for aid as an undergraduate.
- Most people qualify for some type of financial aid, including low-interest federal student loans. Many other factors besides income—such as your family size and assets—are also taken into account.
IF YOU ARE WONDERING…
How do I know if I’m eligible for financial aid?
If you’re applying to Bank Street, then you’re eligible to apply for financial aid, and we encourage all applicants to complete the financial aid process and find out what they are eligible for. It is important for you to know that we cannot offer you financial aid of any kind unless you complete your FAFSA application.
How do I apply for financial aid?
As soon as you complete your admissions application, you should also submit the online Free Application for Federal Student Aid (FAFSA) at the Student Aid website. The FAFSA is released every October 1.
Here’s what you may be asked for when completing the online FAFSA form:
- Bank Street College’s school code: G02669 (G Zero 2669)
- Your demographic information
- Your social security number
- Your federal tax returns/information
- Financial account balances
- Investment balances, if any
Important to note: The FAFSA has to be completed annually. The good news is that we can offer you help when the time comes around each year!
What happens after I complete the FAFSA?
- If you have included Bank Street’s school code (G02669) on your FAFSA form, then we will receive your FAFSA data automatically. This process can take up to a week, so please complete the FAFSA as early as possible.
- We will use your FAFSA data to evaluate your financial need, including how much federal and institutional aid you may be awarded, and come up with an individual plan for you.
- An Estimated Financial Aid Offer Letter will then be sent to your personal email. You may be offered federal loans as part of your financial aid package. To utilize federal loans, you must accept your loans in your GSE Financial Aid portal and complete the Entrance Counseling and Master Promissory Note by visiting the Student Aid website
What happens if my estimated financial aid offer isn’t what I expected?
Our advice is to reach out to us at gradadmissions@bankstreet.edu to discuss financing options and the appeal process. Bank Street is small enough to be able to get to know each of our students, and this starts during the application process. We’re really good listeners and have a lot of expert knowledge. We will work with you to see how we can best support you.
Don’t forget to also mention to us if you need additional funds for living expenses, such as room and board, textbooks, and supplies.
How can I keep on top of this once I’m an enrolled student?
We recognize you have many responsibilities—there’s a lot to balance between your home, school, and work lives—which is why we work hard every day to make the student experience at Bank Street a great one. Upon enrolling, you will be assigned a Student Services Advisor (SSA). Think of your SSA as your “go-to” person for all student services needs. They’ll get you the answers you need. Your SSA will remind you of upcoming deadlines, send you the links you need to complete any forms, and share other important news about registration, classes, and more.
Are there payment plans for paying my tuition?
Yes! We request that tuition payments be made timely. You can also apply for deferred payment plans during the Fall and Spring terms, allowing you to make four tuition payments per semester. Your SSA can provide you with the proper form and can answer any additional questions
How can I get some help?
To assist our applicants, we offer 1:1 financial aid counseling as well as FAFSA completion workshops in order to answer any inquiries you may have about how to finance your Bank Street graduate degree. Reach out to learn more at gradadmissions@bankstreet.edu. We’re here to help.