Grants & Loans

FEDERAL PELL GRANTS: These grants are awarded to undergraduate students who have not yet earned a bachelor's degree. The amount of a Federal Pell Grant is determined by the EFC and the cost of attendance at Cooper Union. Pell Grants provide a foundation to which other aid may be added.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS: These grants, which usually range from $200 to $4,000 per academic year, are awarded to students with the greatest need. They are funded by both federal sources and Cooper Union.

FEDERAL ACADEMIC COMPETITIVENESS GRANTS & FEDERAL SMART GRANTS: These are two new federal grants. The Academic Competitiveness Grants are awarded to first and second year undergraduates who have completed a rigorous secondary school program and have earned a minimum 3.0 GPA. The SMART Grants are awarded to third and fourth year undergraduates in the School of Engineering who maintain at least a 3.0 GPA. In order to be eligible for these grants, a student must be a U.S. citizen, must be eligible for a Pell Grant and must meet certain academic requirements.

FEDERAL FAMILY EDUCATION LOAN PROGRAM: This program includes subsidized and unsubsidized Federal Stafford Loans. During the first year of undergraduate study, an eligible student may borrow up to $3,500; $4,500 in the second year; and $5,500 in subsequent years. Eligible dependent students may also borrow an additional $2,000 Unsubsidized Stafford Loan. Students who meet the federal requirements for independent student status and dependent students whose parents are not able to secure a Federal PLUS Loan may be eligible to receive additional funds through the unsubsidized Federal Stafford Loan Program. If eligible, first and second year students may borrow up to $6,000 and upperclass students may borrow up to $7,000.

When borrowing a Federal Stafford Loan, students have the right to select any lender of their choosing. Students will never be penalized for their choice of lender.

Also available under this program is the Federal PLUS Loan. Parents with good credit histories may borrow up to the cost of education, not covered by financial aid.

The interest rate for loans made before July 1, 2006 is adjusted annually but will never exceed 8.25% for Federal Stafford Loans or 9.00% for Federal PLUS Loans. Loans made after July 1, 2006 carry a fixed interest rate of 6.8% for Federal Stafford Loans and 8.5% for Federal PLUS Loans.

FEDERAL PERKINS LOANS: This is a low-interest (5%) loan for both undergraduate and graduate students with substantial need. These loans do not have to be repaid until nine months after you graduate or leave school.

COOPER UNION LOANS: These loans are offered by Cooper Union and carry the same conditions and interest rate as Federal Perkins Loans.

COOPER UNION GRANTS: Cooper Union has funds available from which awards are made to qualified students in need of aid. Cooper Union Grants are made possible through the income of Cooper Union endowment and the generosity of our alumni and friends who contribute to special funds.

The U.S. Department of Education publishes The Student Guide, the most comprehensive resource on federal student aid grant and loan programs. It includes information regarding the terms and conditions under which Federal Stafford borrowers may obtain deferments as well as sample repayment plans.