In considering applications for financial aid, first priority is given to first-degree undergraduates who have exceptional financial need and therefore could not complete their education without such aid. Second priority is given to first-degree students who demonstrate relative need. Second-degree students are prohibited under federal law from receiving federal grants and are not eligible for institutional aid beyond the full-tuition scholarship. Therefore, second-degree students are referred to the various loan programs for financial assistance.

The Cooper Union is willing to make every effort to assist the student and the student's family in helping to meet educational costs, but the school is unable to assume the role of substitute for the family.

Students who receive financial aid in their first year at The Cooper Union generally continue to be aided in accordance with their financial circumstances from year to year. This does not imply, however, that the aid will be the same each year. Each package depends on family resources, the availability of funds, the student's capacity for self-help and continued appropriations from the federal government. To continue to qualify for financial aid, students must maintain good academic standing and be making satisfactory progress as determined by the standards of the school. Students on academic probation for two semesters are not eligible for federal financial aid. Reduced programs may result in a reduction in financial aid.