Financial Aid for Future Students

Students who are accepted to Paul Smith’s College should file a FAFSA form prior to March 1stof their enrollment year. After the FAFSA form is received, all accepted students will receive a detailed financial aid award letter. The financial aid award letters will be sent starting in March of the year you will be enrolling. Your FAFSA experience will start with signing up for your personal identification number (PIN) at

All returning students applying for Federal Student Aid should plan to re-apply for FAFSA by May 1 of their current school year. You will need your PIN number to reapply.

Your FAFSA will serve as an application for the following programs:

  • Federal Grant Programs, including PELL and FSEOG
  • State Grant Programs
    • New York State Tuition Assistance Program (TAP) for NY residents
    • Vermont Student Assistance Corporation (VSAC) for Vermont residents
    • Federal Perkins Loans
    • Federal Direct Stafford Loans:

Federal Direct Subsidized Student Loans – These are need-based loans. The federal government pays the interest that accrues on the loan while you are enrolled in at least 6 credits and you won’t be charged any interest during your six-month grace period. Graduate students are not eligible for subsidized loan funds.

Federal Direct Unsubsidized Student Loans – These are non-need based loans, and are available regardless of financial need; interest begins to accrue as soon as you receive your loan. Students may choose to pay the interest that accumulates or have it capitalized – meaning, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount. Paying the interest as it accumulates will reduce the amount of interest that must be repaid.

Beginning July 1, 2014, the interest rate is 4.66% for subsidized and unsubsidized loans for undergraduate students.  The interest rate is 6.21% for unsubsidized loans for graduate/professional students.  Loans with a first disbursement on or after October 1, 2014 and before October 1, 2015 will have a loan origination fee of 1.073%, You will pay back 100% of what you borrow (plus interest); however, only 98.92% of the gross loan will be disbursed to the account.

Repayment of both types of loans begins six months after graduation or if you fall below 6 credits.  

A federal loan servicer will be assigned by the Department of Education and communicate directly with students.  Work with your servicer to select a repayment plan.  NOTE:  A borrower may prepay all or any part of the unpaid balance on the loans at any time without penalty.  For more about student loan repayment, click here.

Accepting your loans

Once you have received and reviewed your award offer you must accept or decline your loan(s) via the PSC Student Portal.

*First-time borrowers must complete an electronic Master Promissory Note (eMPN) and Entrance Counseling online at before your loan(s) can be disbursed to the college.

Note: Federal Perkins Master Promissory Note (MPN) only needs to be completed once to cover all Federal Perkins Loans you will receive while at Paul Smith’s. For Perkins Loans, there is a nine month grace period for repayment following graduation, withdrawal or dropping below part-time. A signed copy of the financial aid award letter is required to activate this loan. 


Paul Smith's College
7833 New York 30
Paul Smiths, NY 12970

(518) 327-6227
(800) 421-2605



© Paul Smith's College 2014