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 Financial Aid office at 1-212-924-5900 and one of our representatives will be more than happy to assist you.
Q: I probably don’t qualify for financial aid. Should I apply anyway?
A: 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. Take advantage of the opportunity to apply.
Q: How do I apply for a Pell Grant and other types of need-based aid?
A: 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.
Q: Where can I get a copy of the FAFSA to apply for financial aid?
A: A student may apply for the FAFSA online with the assistance of the Financial Aid office at Swedish Institute. Or a student may also apply online at home.
Q: What types of Federal loans are available?
A: There are currently three types of Federal loans available to students – Subsidized Stafford Loans, Unsubsidized Stafford Loans, and Parent Loans for Undergraduate Students (PLUS). (These programs may also be called the Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans for Undergraduate Students.)
Q: What is a subsidized Stafford Loan?
A: The subsidized Stafford Loan is available to students who demonstrate 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. Qualified students may receive subsidized Stafford Loans up to 150 percent of the length of the program in which the student is enrolled.
Q: What is an unsubsidized Stafford Loan?
A: The unsubsidized Stafford Loan is a little different from the other federal loans. For the subsidized Stafford loan, students must demonstrate 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. To apply for the unsubsidized Stafford Loan, students must complete the FAFSA.
Q: What loans are available to parents paying for their child’s college education?
A: 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.
Q: Where can I get information about Federal student financial aid?
A: Meet with a Financial Aid Advisor at Swedish Institute who will guide you through the process and answer your questions. You can also watch Types of Financial Aid from the US Department of Education that can answer additional questions about federal and state student aid programs and applications.
Q: What is Swedish Institute’s Federal School Code
A: Swedish Institute’s Federal School Code for the FAFSA is: 016904
Q: How can I get an estimate of how much school will cost?
A: To get an early approximation of your potential costs to attend Swedish Institute, complete the forms in the Net Price Calculator. All financial results are only an approximation based on the information you will supply and cannot be considered an actual award.
Quick Web Links
These links can help find more information about student financial aid. Swedish Institute is not responsible for their content, nor does Swedish Institute endorse the accuracy, completeness, or reliability of the information provided in these links. By visiting websites of the U.S. Department of Education and other third parties, you are visiting websites that are subject to terms, conditions, and privacy policies outside of Swedish’s control.