The Importance of Financing a College Education
Financing a college education is one of the biggest concerns for students and their families. However, it is critical to understand the financial aid process and to seek out help and advice from financial aid counselors and professionals.
The following information details some important facts that could help ease this process.
The Free Application for Federal Student Aid (FAFSA) is the application students will use to apply for:
Federal grant money (PELL, ACG, SMART, etc.)
- Can range from $500 to $5,000
Federal student loans (Stafford Loans: unsubsidized, subsidized)
- Unsubsidized loans have interests accrue while the student is still enrolled, but the student does not have to repay until after they are no longer enrolled for 6 credits or more.
- Subsidized loans do not have interests accrue while the student is still enrolled, and do not have to repay until after they are no longer enrolled for 6 credits or more. Once the student enters repayment, interests begin to accrue and are applied to principal balance.
- Subsidized and unsubsidized loans are awarded according to the student’s status (freshman, sophomore, junior or senior) and can range from $1,000 to $5,500 each.
- The student is responsible for repayment once they are no longer enrolled for 6 credits or more.
Federal parent loans (PLUS)
- The parent takes on the loan and is responsible for repayment once it is disbursed to the institution.
- A credit check is administered in order to determine if the parent can receive the loan amount, and is reported on the parent’s credit history.
- The amount awarded can be up to the total cost of the institution and expenses.
- If the parent is not eligible for the loan due to the credit check then the student can receive additional funds in the form of an unsubsidized student loan.
- Work study positions
Our school code for the FAFSA is E00505.
The New York State Tuition Assistance Program (TAP) is meant for New York residents who will continue their education in state.
- The student must meet residency requirements.
- The amount of TAP is income-based for full-time students and ranges from $500 to $5,000.
The Office of the U.S. Department of Education has a financial aid toolkit with resources for school counselors to assist students and their families with this process. This site provides an overview of the financial aid process and has many training resources for school counselors.
When estimating the cost of an institution, remember to ask specifically for the cost of: tuition, room and board and additional fees.
Check out our printable brochure on financial aid and feel free to contact the Office of Financial Aid with any questions.