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 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 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 offer aid to a student, the Office of Financial Aid must have a valid FAFSA on file for the appropriate academic year. Students borrowing loans for a BBAY, i.e., summer/fall or spring/summer, should also submit a Seasonal Loan Request form, which the Office of Financial Aid will use 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 Loans taken during summer sessions still count towards aggregate loan limits and may result in exhausting eligibility more quickly than with a traditional two-semester year (fall/spring). Students should also be aware that most institutional scholarships and grants are only offered during the fall and spring semesters.
Beginning July 1, 2026, federal student loans may be reduced for less than full-time enrollment per the One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025. Loan amounts will be reduced in direct proportion to the percentage of full-time enrollment.
We strongly recommend that students speak with a Financial Aid representative when completing and submitting the Seasonal Loan Request form to the Office of Financial Aid, as they may have pertinent questions that can be answered in advance to avoid processing delays.