Grants and 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. 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 Direct 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. Students who receive Federal Direct Loans will have their loan information submitted to the National Student Loan Data System (NSLDS) and that information will be accessible by guarantee agencies, lenders and schools that are authorized to access your information.
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.
For loans made after July 1, 2012, Federal Subsidized and Unsubsidized Stafford Loans will carry a fixed interest rate of 6.8% and Federal PLUS Loans 7.9%
Students and parents should always exhaust federal student loan options before considering private 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.
Federal Work Study
Under this program eligible students may be employed on or off campus. Employment is generally limited to about ten hours a week during the academic year. Federal Work Study is paid as a salary, twice monthly, directly to the student.
The U.S. Department of Education publishes Funding Education Beyond High School, 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.