Grants and Loans
Federal Pell Grants
Grants are awarded to undergraduate students who have not yet earned a bachelor's degree. The Federal Pell Grant is based on financial aid need demonstrated in the Free Application for Federal Student Aid (FAFSA) form. Graduate level courses that do not meet bachelor's degree completion requirements are not eligible for Pell grant or any Title IV undergraduate financial aid.
Federal Supplemental Educational Opportunity Grants
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 $5,500; $6,500 in the second year; and $7,500 in subsequent years. 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.
Graduate students may borrow unsubsidized Stafford loans up to a maximum of $20,500. 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 and graduate students with good credit histories may borrow up to the cost of education, not covered by financial aid.
For loans disbursed between July 1, 2023, and July 1, 2024, the interest rates are as follows: Federal Subsidized and Unsubsidized Stafford Loans carry a fixed interest rate of 5.50%, while Federal PLUS Loans have an 8.05% fixed interest rate. Graduate and Professional Students taking Federal Unsubsidized Stafford Loans will be subject to a fixed interest rate of 7.05%, and those who wish to take out a Federal PLUS loan will undertake an 8.05% interest rate. The origination fees of loans disbursed between October 1, 2020, and October 1, 2024 are 1.057% for Federal Subsidized and Unsubsidized Loans and 4.228% for Federal PLUS Loans (Parent and Graduate/Professional Student). You can find more details on studentaid.gov.
Students and parents should always exhaust federal student loan options before considering private loans.
The Carroll and Milton Petrie Student Emergency Grant Fund
This grant was created to provide quick-response emergency grants to matriculated students in good standing with short-term financial emergencies. This grant is administered through the Office of Student Affairs. More details can be found here.
Cooper Union Grants
The Cooper Union has funds available from which awards are made to qualified students in need of aid. The Cooper Union grants are made possible through the income of The Cooper Union endowment and the generosity of our alumni and friends who contribute to special funds.
All merit scholarships and institutional grants require full-time attendance and the maintenance of a minimum 2.0 cumulative grade point average. Please refer to the Satisfactory Academic Progress eligibility for more details.