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
- The FSA ID will be used to access information and sign documents on the following websites:
- Information about creating a FSA ID: studentaid.gov/sites/default/files/creating-using-fsaid.pdf
2019-20 Federal Pell Grant
- The maximum federal pell grant is $6,195
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 $5,165.
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.