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Being able to afford college is a chief concern among most students. At Swedish Institute, we offer many financial aid options for all who qualify. If you have questions about financial aid, you’re not alone. Below, you’ll find the answers to some of our most frequently asked questions. If you don’t see the answer you seek, please call our Financial Aid office at (212) 924-5900. One of our representatives will be more than happy to assist you.
I Might Not Qualify for Financial Aid. Should I Apply Anyway?
Yes!Many families mistakenly think they don’t qualify for financial aid and thereby prevent themselves from receiving it simply because they choose not to apply for it. In addition, a few sources of aid, such as unsubsidized Stafford and PLUS loans, are available regardless of need. The FAFSA form is free. Take advantage of the opportunity to apply.
Where can I get a copy of the FAFSA to apply for financial aid?
The Financial Aid office at Swedish Institute can assist students in completing the FAFSA online. The form is also available atstudentaid.ed.gov/sa/fafsa.
What types of federal Loans are Available?
Currently, three types of federal loans are available to students – Subsidized Stafford Loans, Unsubsidized Stafford Loans, and Parent Loans for Undergraduate Students (PLUS).
These programs are also known as Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans for Undergraduate Students.
What is a Subsidized Stafford Loan?
The Subsidized Stafford Loan is available to students who demonstrate need as determined by the FAFSA. To qualify, a student must be a U.S. citizen or eligible non-citizen with a high school diploma or GED. Like most federal student loans, interest does not accrue while the student is in school. If students qualify for a Subsidized Stafford Loan, the amount they can borrow will be stated on their award letter notification. Qualified students may receive Subsidized Stafford Loans up to 150 percent of the length of the program in which the student is enrolled.
How do I Apply for a Pell Grant and/or Other Types of Need-based Aid?
Complete and submit the FAFSA form. You should check the appropriate boxes to indicate interest in student employment, student loans, and/or parent loans. Checking these boxes does not commit you to accepting these types of aid. You will have the opportunity to accept or decline each part of your aid package once you are approved. Leaving these boxes unchecked will not increase or decrease the number of grants you receive.
What is an Unsubsidized Stafford Loan?
The Unsubsidized Stafford Loan is a little different from the other federal loans. For the Subsidized Stafford loan, students must demonstrate need as determined by the FAFSA. However, the Unsubsidized Stafford Loan is available to any student, regardless of need. Also, unlike Subsidized Stafford Loans, interest accrues while the student attends school. To apply for the Unsubsidized Stafford Loan, students must complete the FAFSA.
What Loans Are Available to Parents Paying for Their Child’s College Education?
Parents of dependent students can take out loans to supplement aid packages. The federal Parent Loan for Undergraduate Students (PLUS) is available through the Direct Loan Program, which allows parents to borrow money to cover any costs not already covered by the student’s financial aid package up to the full cost of attendance. There is no cumulative limit.
Parent PLUS loans are the parents’ financial responsibility, not the student’s. If the student agrees to make payments on the PLUS loan but fails to make the payments on time, the parents will be held responsible.
Where can I get Information About Federal Student Financial Aid?
You can meet with a Financial Aid Advisor at Swedish Institute, who will guide you through the process and answer your questions. You can also reviewthis video from the U.S. Department of Educationthat can answer additional questions about federal and state student aid programs and applications.
What is Swedish Institute’s Federal School Code?
Swedish Institute’s Federal School Code for the FAFSA is 016904.
How Can I Get an Estimate of How Much School Will Cost?
To get an early approximation of your potential costs to attend Swedish Institute, complete the forms in theNet Price Calculator. All financial results are only an approximation based on the information you will supply and cannot be considered an actual award.
Quick Web Links
These links can help find more information about student financial aid. Swedish Institute is not responsible for its content, nor does Swedish Institute endorse the accuracy, completeness, or reliability of the information provided in these links. By visiting websites of the U.S. Department of Education and other third parties, you are visiting websites subject to terms, conditions, and privacy policies outside Swedish’s control.
