TYPES OF AID AVAILABLE | HOW TO APPLY | BREAKDOWN OF AVAILABLE FINANCIAL AID PROGRAMS | EXAMPLES | HELPFUL LINKS | FAQs | SCHOLARSHIPS

An overwhelming majority of our students benefit from financial aid. You can, too.

We recognize that the cost of funding your culinary education can be intimidating, no matter how great an investment it is (and with average salaries in the upper five-figures, it’s an astonishingly great one). But we’re here to help you make your dreams come true, whether you want to pursue a new career or take your passion to the next level. In fact, a majority of the students attending The FCI's Classic Culinary Arts, Classic Pastry Arts, and The Art of International Bread Baking programs rely on financial aid and scholarships to help them attend our school. Some of these funding options are also available for students taking our Italian and continuing education courses. So you don't have to let money stand between you and a first-rate culinary education.

Below, you’ll find information on financial aid and scholarship options for The FCI’s programs, including some examples of how we can help you combine funding sources to finance your education. Of course, we realize that every case is unique so we encourage you to email or call 1-888-324-CHEF to speak with a financial aid advisor about your options. We're here to help.

Financial Aid
The French Culinary Institute is approved by the Federal Government for participation in Title IV financial aid programs, including Stafford Loans, Federal PLUS Loans, and Pell Grants. You can also apply for aid from several alternative loan programs, Veteran, and vocational rehabilitation programs. Each of these options are outlined below. To understand all of your alternatives, we encourage you to email us or call 1-888-324-CHEF and speak with a Financial Aid Advisor for assistance.     

Scholarships
There are many different scholarship opportunities available. They may be awarded based on need, experience, goals, and other factors, and the amounts may vary from a full scholarship to ‘book money’ (every little bit can help). Scholarships may be awarded for The FCI’s career, continuing education and Italian courses, as well as toward student housing. Please click here to find out about current scholarship opportunities and check back with us, as new ones are announced often. In addition, many employers and unions offer scholarships to employees or the children of employees, so it’s worthwhile to ask your family if theirs do.

Securing financial aid, as well as need-based scholarships, starts with just a few simple steps.

1. Submit your Application for Enrollment to The FCI.
2. Complete the Free Application for Federal Student Aid (FAFSA) online. The FCI's school code is 025754. You will need this to fill out your FAFSA form.
3. Complete the Educational Background Sheet
4. Satisfactory Academic Process
5. 2006 – 2007 verification worksheet
6. Statement of certification

Please make copies of all forms and documents for your records (including your FAFSA and confirmation) and mail the original completed forms to:

The French Culinary Institute
Office of Financial Aid
462 Broadway, 4th Floor
New York, NY 10013

Our Office of Financial Aid will process everything for you and contact you to let you know if there are any other forms that need to be completed. If you have any questions or need assistance, you can stop by with your paperwork, email, or call us at 1-888-324-CHEF.

Once the FAFSA is processed, you’ll receive your Student Aid Report (SAR) in the mail within a few weeks, which summarizes the information you provided on your report and tells you your Expected Family Contribution (EFC). This figure will be used to determine your financial aid.

If you need to make any corrections or changes to your SAR, you can submit the change online. If your SAR is selected for verification, then you’ll need to fill out the Verification Worksheet, as well.

For a printable Financial Aid checklist, please click here.  

The Financial Aid Interview. Come talk with us.

When applying for Financial Aid, we recommend that you come in for an interview with one of our Financial Aid advisors to determine your eligibility and to receive a list of items needed to complete your application. You may set up this interview at any time by contacting our Office of Financial Aid at 1.888.324.CHEF or email us.

Please bring the following items to your Financial Aid Interview:

• Proof of Income (i.e.: latest tax return, W-2 form, disability statement, or other documented proof of income).
• Proof of citizenship (i.e.: passport, birth certificate, residency card, or other documented proof).
• Social Security Card or documented proof from the Social Security Administration office.

Federal Programs

Pell Grant - If you have not yet earned a bachelor’s degree, you may be eligible for a Federal Pell Grant up to $2,160. This grant is awarded to students who display a financial need as determined by the U.S. Department of Education. A confirmed Pell Grant is then credited to your FCI student account in two equal installments. Unlike loans, Pell Grants do not need to be repaid.

The Federal loan programs may be applied only toward the following career courses: Classic Culinary Arts, Classic Pastry Arts, and The Art of International Bread Baking.

Stafford Loans - are fixed rate, low interest loans available to students attending accredited schools at least half the time. You may borrow up to $4,417. Loan proceeds are disbursed in two equal installments credited to your FCI student account. Following are a number of benefits that the Stafford Loans offer:

• Repayment begins six months after graduation or withdrawal from school
• Subsidized and Unsubsidized Stafford loans are available
• Government pays for the interest on the Subsidized Stafford Loan while attending school
• Low fixed interest rate of 6.80%
• $50 minimum monthly payment
• 10 year repayment period

PLUS Loan
The Federal PLUS Loan (Parent Loan for Undergraduate Students) is an affordable, low-interest loan designed for parents of dependent students only. With the PLUS Loan, parents can borrow up to their child's total cost of education minus other financial aid awarded to the student. This total cost can include tuition, books, food, housing, transportation, and more. The PLUS Loan offers the following great benefits:

• Cover 100% of education costs
• No income or asset requirements
• Pre-approval in minutes
• Fixed interest rate of 8.50%
• Flexible repayment options including zero payments for up to four years

Click here to apply www.parentanswer.com or call Parent Answer Services at 1-800-891-1410.

Alternative Loan Programs
The following loan programs are based on special relationships that The FCI has with outside financing companies .

Signature Student Loan - This loan opportunity offers competitive rates with no income requirements and no payments while attending school. Interest rates are variable and based on the Prime Rate. The better your credit and your co-signer’s credit the lower your interest rate will be. Interest rates are as low as Prime - .25%. Easy, secure online applications with immediate credit decision and electronic signature.

TERI - The FCI's culinary education students can finance their entire cost of education with this loan. You or your co-borrower must have a good credit rating, be employed for at least 2 years, must currently earn at least $18,000 a year, must have monthly equity 20% greater than monthly debt. Repayment can be over 25 years at the fluctuating prime rate minus 5%.

Career Training Loan - Finances the entire cost of culinary or pastry arts school. Eligibility requires that you or your co-borrower maintain a good credit rating, being currently employed, having monthly equity 20% greater than monthly debt and being a U.S. citizen or permanent resident. Repayment can be made over 20 years at the prime rate plus 1% - 6%.

CANHELP - Available to Canadian students studying in the U.S. Eligibility requires being a Canadian citizen or permanent resident of Canada, having a good credit history, being currently employed for a minimum of two years and earning at least $1,500 (U.S.) per month with a monthly equity 20% greater than monthly debt. Repayment in up to 25 years at variable prime rate.

Wachovia - Offers the Select Creditworthy Loan. Wachovia is one of the top 10 lenders of federally-insured education loans in the U.S. You can finance the entire cost of culinary education at The FCI. To be eligible, you or your co-borrower must have an acceptable credit rating, either you or your co-signer must be employed, have sufficient income to support the debt, be a U.S. citizen or permanent resident, and have a debt-to-income ratio of no higher than 50%. Repayment within 15 years with an interest rate as low as .25% above the prime rate.

Veterans’ Benefits
Veterans, and surviving family members of veterans whose deaths or disabilities were service-connected, are eligible for educational benefits while attending the FCI. Forms and information are available at all Veterans’ Administration offices or at www.va.gov. If this applies to you, please fill out the form below.

• Application For VA Education Benefits (22-1990 form)

Vocational Rehabilitation
If you have a disability, you may be offered assistance by your state’s Department of Vocational Rehabilitation, depending on the state’s criteria. If this applies to you, please have your rehabilitation counselor contact The FCI’s Office of Financial Aid.

The following are three different scenarios that illustrate how easily you can combine various types of financial aid and scholarships to fund your education at The FCI. To understand all of your options, we encourage you to email us or call 1-888-324-CHEF and speak with a Financial Aid Advisor for assistance.     

		Student “A” Age: 19 years Status: Dependent				Student “B” Age: 24 years old Status: Independent				Student “C” Age: 29 years old Status: Independent (FCI Alumni)
		Classic Culinary Arts Program				Classic Pastry Arts Program				Classic Culinary Arts Program
		FCI Young Talent Scholarship $ 3,414 James Beard Foundation Scholarship $ 5,000 Federal Pell Grant Award $ 2,160 Federal Stafford Loans $ 1,750 Parent PLUS $22,626				Police & Firefighter Scholarship $ 5,000 Imagine America Scholarship $ 1,000 Federal Pell Grant $ 500 Federal Stafford Loans $ 4,417 Alternative Loans $ 23,033				FCI Alumni Scholarship $ 3,314 Imagine America Scholarship $ 1,000 Federal Pell Grant $ 1,350 Federal Stafford Loans $ 4,417 Alternative Loans $ 24,869
		Total Aid $34,950				Total Aid $33,950				Total Aid $34,950

Following are helpful links to general financial aid and scholarship information to help you attend The French Culinary Institute.

Federal Student Aid: FSA Comprehensive U.S. Department of Education source.
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp

Private and Public Aid: finaid.org includes state aid, military aid, loans, other options. Good explanations.
http://www.finaid.org

Scholarships: scholarships.com Wide array of public, private, fraternal, civic, more, based on your experience and goals.
http://www.scholarships.com

Scholarships: fastweb.com Info on over 600,000 scholarships.
http://www.fastweb.com

Alternative Loans: Teri Educational Loans Private, nonprofit organization offers loans based on creditworthiness rather than income limitations.
http://www.teriloans.org

Alternative Loans: SLM Financial Corp Offers loans for technical and trade schools, distance learning and continuing education.
http://www.slmfinancial.com

Alternative Loans: Wachovia's wide range of alternative loans, terms, and repayment programs.
http://www.wachovia.com

Q: Who is considered to be an independent student?

 
A: For financial aid purposes the federal government has put together seven questions to determine whether a student is independent or dependent. If you are able to answer “yes” to one or more of the following questions, you are considered independent; if not, you are considered dependant.

1. Were you born before January 1, 1982?
2. At the beginning of the 2005-2006 school year, will you be working on a master’s or doctorate program?
3. As of today, are you married (Answer “Yes” if you are separated but not divorced)?
4. Do you have children who receive more than half of their support from you?
5. Do you have dependents (other than your children or spouse) who live with you and receive more than half of their support from you, now and through June 30, 2006?
6. Are both parents deceased, or are you (or were you until age 18) a ward/dependent of the court?
7. Are you a veteran of the U.S. Armed Forces?

If you answered “NO” to all of the questions above, you are considered to be a dependent student and will need to provide your parent(s) tax information.

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Q: Why do I need my parents’ tax information on the FAFSA?

 
A: If you are a dependent you do not have sufficient tax information of your own. Dependency status is determined by answering Step three on the FASFA application.

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Q: What is the benefit of applying for a Stafford loan?

 
A: The Federal Stafford Loans serve as a helpful tool to assist students with covering the cost of tuition. The benefits are as follows:

Subsidized Stafford Loan

• $1,750 – 3% processing fee = $1,697.50
• 10 yrs to repay
• Repayment begins six months after graduation or termination from school
• Government pays for interest while attending school
• $50 minimum monthly payment
• Interest rates are variable, but will not exceed 8.25%. (Can be as low as 4.7% for first time borrowers while in school and 5.3% during repayment)

Unsubsidized Stafford Loan

• $2,667 – 3% processing fee = $2,586.99
• Benefits are the same as the Subsidized Stafford loan except the government does not pay the interest while you are in school, and the loan begins to accrue interest 30 days after the 1st disbursement.

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Q: What is a Parent PLUS loan?

 
A: The Federal PLUS Loan (Parent Loan for Undergraduate Students) is an affordable, low-interest loan designed for parents. With the PLUS Loan, you can borrow up to your child's total cost of education minus other financial aid awarded to the student. This total cost can include tuition, books, food, housing, transportation, and more.

Great Benefits:

• Cover 100% of education costs
• No income or asset requirements
• Pre-approval in minutes
• Low interest rate of 6.10%
• Flexible repayment options including zero payments for up to four years
• Variable Rate – rate changes annually, but will never exceed 9%

The PLUS loan applies to dependent students only. Click here to apply www.parentanswer.com or call Parent Answer Services at 1-800-891-1410. You may also call The FCI’s Financial Aid department at 1-888-FCI-CHEF for more information.

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Q: How does the Alternative Loan Program work?

 
A: The Alternative Loan program is designed to aid our students with financing options that will adequately meet their needs for help with education costs. This loan allows you to borrow up to your Cost of Attendance, which means tuition, books, fees, transportation and housing costs may be included within your loan.

Requirements (for all applicants)

1. Approval is based on applicant’s credit history. (applicants may need to provide a co-borrower)
2. Applicant must be permanent resident or US citizen (or have a co-borrower that is)
3. Applicant must have 2 years working in the same field (if employed)
4. Applicant must earn an $18,000 yearly income (minimum)

A list of Alternative Loans are below:

TERI Education Loan Program (www.teriloans.com)

• You can receive up to 25 years to repay the loan depending on the loan amount
• There are 3 repayment options:
  Immediate Repayment—Pay principal and interest while you are in school, payments begin 45 days after funds are disbursed
  Interest Only—Pay interest while you are in school; begins 45 days after funds are disbursed.
  Deferred Principal and Interest—No payments until 6 months after graduation.
• The minimum monthly payment will be $50.00.
• All of TERI’S lenders have a Tiered Pricing system. The interest rate and origination fees will be based on the credit history of the borrower and the co-borrower. Interest rates can be as low as Prime +0% and origination fees can range from 0-10.5% depending on repayment option selected and creditworthiness. Keep in mind that as of 7/05, the Prime rate is 6.75% and the LIBOR (London Interbank Offered Rate) rate is 4.06%. (30-Day LIBOR) The rates will change throughout the life of the loan as the Prime and LIBOR rates change quarterly. The options are as follows:

Lender Interest Rate Origination Fees Bank of America LIBOR Index + 2.80% to LIBOR Index + 5.45% 0% to 9.5% Charter One Bank LIBOR Index + 2.80% to LIBOR Index + 5.45% 0% to 9.5% Citizens LIBOR Index + 2.80% to LIBOR Index + 5.45% 0% to 9.5% HSBC Bank LIBOR Index + 2.80% to LIBOR Index + 5.45% 0% to 9.5% National City Bank LIBOR Index + 2.80% to LIBOR Index + 5.45% 0% to 9.5% Penn Security Bank Prime Rate + 0% 5% to 10.5% Wachovia Education Finance Prime Rate + 0% to Prime Rate + 1% 6%

Wachovia Education Loan Program (www.educaid.com)

• There is no processing/origination fee.
• Up to 20 years to repay the loan. (25 years if the loan amount is more than $40,000)
• There are 2 repayment options:
  Immediate repayment—Make principal and interest payments in a fixed monthly amount beginning 30-60 days after funds are disbursed.
  Deferred repayment—Make no payments while in school for up to five consecutive years. Repayment will begin six months after graduation or termination from school. You may also choose to make payments during deferment or allow interest to accrue until repayment.
• There is a minimum monthly payment of $50.00.
• The interest will be as low as Prime Rate (6.75) + 0%.
• Monthly payments will be fixed once the student goes into repayment and will remain fixed throughout the life of the loan. If payments on principal (or payments on principal and interest) are deferred, the monthly payment amount will increase with interest rate increases, and will be calculated based on the interest rate applicable at the time repayment begins.
• Cost-Saving Repayment Incentive—you can qualify for a .50% interest rate reduction for having scheduled payments automatically withdrawn from your bank account using auto debit.

Sallie Mae Career Training Loan Program (www.slmfinancial.com)

• 0-4% processing fee (Depending on credit history of the borrower and the co-borrower)
• Up to 15 years to repay the loan
• There are 3 repayment options:
   Immediate Repayment—Make principal and interest payments beginning 30 days after the 1 st disbursement of the loan.
   Interest Only—Make interest only payments while in school. Payments begin 30 days after the 1 st disbursement of the loan.
   Deferred Interest—Make only a payment of $10 per month while in school. Payments will begin 30 days after the 1 st disbursement of the loan.
• Interest rates can vary and range from Prime + 0% to Prime + 5%. (Depending on the credit history of the borrower and the co-borrower, the rate will fluctuate throughout the life of the loan as the prime rate goes up or down)
• Borrowers can apply to defer up to two monthly payments per year after making 6 consecutive on time payments.
• Borrowers can apply to release a co-borrower after 24 consecutive on time payments providing that they meet the minimum co-borrower release credit requirements.

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Q: Can I apply for a loan to cover living expenses?

 
A: YES! The Alternative and PLUS Loan programs provide the option to include living expenses as a part of your loan.

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Q: When should I start applying for Financial Aid?

 
A: As soon as possible. Traditionally, we recommend for our students to have their financial aid package completed two months before the program begins.

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Q: Does the Federal Financial Aid program apply to all courses?

 
A: The Pell grant and the Federal Stafford loans only apply to The FCI’s career programs. However, the alternative loans apply to all programs.

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Q: How long will it take to complete the Financial Aid process?

 
A: Good news! With the help of a Financial Aid Advisor this process can be completed within one week.

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Q: Who can I contact if I have questions?

 
A: The Financial Aid Department is available to assist you. We are looking forward to hear from you.

Contact Information:
Bernice Kinsey Financial Aid Advisor (646) 254-7545		Carla Owens Financial Aid Advisor (646) 254-7540		Orlander Martin Assistant Director of Financial Aid (646) 254-8534

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