Open House Thursday, October 19th, 10:00am to 7pm
Being able to afford college is a chief concern among most students. At Swedish Institute, we offer many financial aid options for all that 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 Admissions office at 1-212-924-5900 and one of our representatives will be more than happy to assist you.
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, there are a few sources of aid, such as unsubsidized Stafford and PLUS loans, that are available regardless of need. The FAFSA form is free. There is no good excuse for not applying.
Complete and submit the FAFSA form. To indicate interest in student employment, student loans, and/or parent loans, you should check the appropriate boxes. 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.
A student may apply for the FAFSA online with the financial aid office at Swedish Institute. Or a student may also apply online at home the version of the form is available at http://www.fafsa.ed.gov.
There are currently three types of Federal loans available to students – Subsidized Stafford Loans, Unsubsidized Stafford Loans, and Parent Loans for Undergraduate Students (PLUS).
The subsidized Stafford Loan is available to students who qualify for need as determined by the FAFSA. To qualify, a student must be a U.S. citizen or eligible non-citizen, as well as have 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, it will be stated on their award letter notification along with the amount for which they can borrow.
The unsubsidized Stafford Loan is a little different from the other federal loans. For the subsidized Stafford loan, students must qualify for need as determined by the FAFSA. However, the unsubsidized Stafford Loan is available to any student, regardless of need. Also, unlike the other federal loans, interest accrues while the student is attending school. Again, if students want to apply for the unsubsidized Stafford Loan, they must complete the FAFSA.
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. This 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 financial responsibility of the parents, not the student. 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. The PLUS loan is often referred to as the Parent PLUS.
Meet with a Financial Aid Advisor at Swedish Institute. While meeting with our Financial Aid Department ask for a free copy of The Student Guide: Financial Aid from the US Department of Education that can answer additional questions about federal and state student aid programs and applications.