Financial Aid for School Counselors
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, SEOG, etc.)
- Can range from $600 to $6,095
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 be repaid until after the student is no longer enrolled for 6 credits or more. Once the student enters repayment, interest begin to accrue and is applied to principal balance.
- Subsidized and unsubsidized loans are awarded according to the student’s status (freshman, sophomore, junior or senior).
- 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
FSA ID/PIN Replacement
- The Federal Student Aid ID (FSA ID) was successfully implemented on May 10, 2015. The FSA ID is made up of a username and password, and replaces the Federal Student Aid PIN. Students and parents will need to create a FSA ID in order to access personal financial aid information, and to electronically sign Federal Student Aid documents. If students and parents already have a Federal Student Aid PIN, they will need to transition this to a FSA ID.
- The FSA ID will be used to access information and sign documents on the following websites:
- Information about creating a FSA ID, or linking a former Federal Student Aid PIN to a FSA ID, can be found at:
2018-19 Federal Pell Grant
- The maximum federal pell grant is $6,095
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 $,5165.
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.
Another resource for counselors is Smart Scholar which outlines the student loan process.
Beginning with the class of 2017, students will be able to use Prior-Prior Year (PPY) data and submit their FAFSA beginning in October 2016. Click here to view additional information about how this impacts the college admissions process.
Feel free to contact the Office of Financial Aid with any questions.