i havent received this letter, dont really need it because i have a full scholarship to a cuny, but sounds plausible. I think you should talk to the person or director who sent you that letter for more information. CUNY is pretty nice when it comes to that stuff so they can probably accommodate you. Also there are other programs, Tuition assistance (cant remember of the top of my head) that lets you pay in installments.

Either way, you shouldnt be scared or think your at Risk...at a public school like CUNY, a lot of people are in this situation.