Borrower-Based Academic Years: “Seasonal Loans”
A standard academic year for New York Institute of Technology is two semesters—fall and spring. However, a Borrower-Based Academic Year (BBAY) or Seasonal Loan is specific to the period of study that the student is attending and looking to borrow federal loans. For example, a summer/fall academic year (two semesters) or a spring/summer academic year (two semesters) represents a BBAY or Seasonal Loan period. Seasonal Loans are available upon request for those students who wish to receive federal student loans for borrower-based academic years.
Students who are enrolled at least half-time (six credits) during the summer session may request to be reviewed for Federal Direct Unsubsidized Stafford Loan eligibility for the summer term. The Office of Financial Aid will determine the student’s eligibility for federal and/or private loans for this period of enrollment based on FAFSA information and financial aid history. A student will be offered federal loans for a borrower-based year consisting of two terms, either summer/fall or spring/summer, unless the student is graduating or changing enrollment status.
In order to award aid to the student, the Office of Financial Aid needs a valid FAFSA on file for the appropriate academic year, as well as a completed Seasonal Loan Request form. The Office of Financial Aid will use this form to determine the cost of attendance and budget for the terms being awarded. Students must complete the form in full with information for both terms; otherwise it will not be processed.
Students should understand that Federal Direct Unsubsidized Stafford Loans taken during summer sessions still count toward their aggregate loan limits and may result in using up eligibility more quickly than with a traditional two-semester year (fall/spring). Students should also be aware that most scholarships and grants are only offered during the fall and spring semesters.
We strongly recommend that students speak with a Financial Aid Advisor when completing and submitting the Seasonal Loan Request form to the Office Financial Aid, as they may have pertinent questions that can be answered in advance to avoid processing delays.