Grants and Loans
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Swedish Institute also participates in several State and Federal Grant programs, including the Federal Pell Grant Program, the Federal Supplemental Educational Opportunity Grant Program (FSEOG), the New York State Tuition Assistance Program (TAP), and the New York State Aid for Part-Time Study Program (APTS).

Pell Grant, FSEOG, TAP, and APTS are awarded to those students who meet income eligibility guidelines determined by the U.S. Department of Education. Grants do not have to be repaid.

Federal Direct Loans

Federal Direct Loans are low-interest loans made to students attending school at least half-time. Direct Loans, unlike grants, are borrowed money that must be repaid, with interest, and payments normally begin six months after leaving school. The amount of each payment depends on the size of the debt and the ability to pay.

Students can qualify for a Direct Loan based upon financial need as determined by the FAFSA. The need-based loan (known as “subsidized”) offers in-school interest subsidies by the federal government. In addition, students may qualify for non-need-based Direct loans (known as “unsubsidized”). These loans do not offer interest subsidies. It is possible for students to have both subsidized and unsubsidized Direct loans.

Loan Limits: Independent undergraduate students (and dependent students whose parents are unable to obtain a PLUS loan) (see Federal Financial Aid Program section) can borrow up to $3,500 in subsidized, and up to $6,000 in unsubsidized, loans in the first academic year.

Dependent undergraduate students can borrow up to $3,500 subsidized, and up to $2,000 unsubsidized, in the first academic year.

Repayment of subsidized loans begins six months after ceasing enrollment. Repayment on unsubsidized loans, including interest, is the same, but interest begins accruing at time of first disbursement.

All borrowers are required to participate in an Entrance and Exit Interview to ensure a full understanding of their rights and responsibilities. Please note: Students may be required to participate in additional Financial Literacy workshops and activities.

Federal Direct Parent Loans for Undergraduate Students (PLUS)

Federal Direct PLUS Loans are for parents who want to borrow to help pay for a child’s education. These loans enable parents with good credit history to borrow for each dependent. Unlike other financial aid programs, a family financial analysis is not required to be eligible for a Direct PLUS Loan. PLUS Loans must be repaid. Repayment generally begins 60 days after the loan is fully disbursed.