Types of Financial Aid

FUTURE STUDENTS
Students who are accepted to Paul Smith’s College should file a FAFSA no later than March 1st of their enrollment year. However, students may file a FAFSA past the March 1 target date. After the FAFSA for is received, all accepted students will receive a detailed financial aid letter explaining how to sign into the PSC Financial Aid Portal to view their financial aid award(s). In order to complete the FAFSA, an FSA ID must be created by the student and a parent. You must have your FSA ID created prior to completing the FAFSA. The FSA ID can take one to three days to be verified and authenticated by the SSA. Create my FSA ID. It is preferred that you file your completed FAFSA application once the student and parent(s) have filed their taxes. Please be sure that the IRS Data Retrieval Tool (DRT) is used when completing the FAFSA. If you are estimating the tax information please be sure to go back into your FAFSA and update using the IRS DRT. For specific information about Federal Financial Aid programs or if you have questions with creating your FSA ID or with the FAFSA, please visit Federal Student Aid.
RETURNING STUDENTS

2018-2019 Renewal FAFSA is available starting October 1. The Federal school code for Paul Smith’s College is 002795. It is important to submit accurate and complete parent and student information. Your Paul Smith’s College grant (PSC Grant), Merit Scholarship and Ferdal Perkins Loan (returning students only) will automatically roll over from year to year unless there is a change within your program and/or degree. If you have any questions in regards to your aid please contact the financial aid office, they will be happy to assist you.

NEW YORK RESIDENTS

If you’re a resident of New York state and are or will be an undergraduate student, you may be eligible for Tuition Assistance Program (TAP) awards. The TAP application process begins by filing the FAFSA and listing a college or university located in New York State. Students may complete their TAP application on-line at http://www.tapweb.org/totw/.

‎You must include Paul Smith’s school codes or you will not be eligible for TAP. The TAP codes are 2140 for 2-year programs and 6140 for 4-year programs. To remain eligible for state and/or federal financial aid, you must maintain Satisfactory Academic Progress (SAP) and remain a resident of New York State (NYS). Please note that NYS TAP award estimates provided on award notifications will be based on the current year formula while the NYS budget is being finalized. Paul Smith’s will not be responsible for making up any difference should one’s actual TAP award be lower than the estimated amount.

The “Enhanced TAP” program created by New York state in 2017 is not currently available through Paul Smith’s College. We are strongly committed to college affordability and continuously seek favorable funding opportunities for our students and their families. Enhanced TAP in its current form has a number of restrictions that place a significant burden on the students and colleges that participate. We are monitoring the effectiveness of this program in its first year and may participate in the future once more information is known. Please contact our financial aid office if you have questions or would like to discuss the details and your individual financial aid award.

VERMONT RESIDENTS
Do not forget to submit your application to VSAC (Vermont Student Assistance Corp.) for consideration for a State grant. It is your responsibility to contact VSAC to be certain you comply with the VSAC application deadline. Please visitwww.vsac.org

Review Award Letter

Info for NY Residents

New York State Residents: “TAP” into Additional Aid"

If you’re a resident of New York state and are or will be an undergraduate student, you MAY be eligible for Tuition Assistance Program (TAP) awards. After filing your FAFSA, you will be able to link directly to the TAP application from the FAFSA confirmation page. You must include Paul Smith’s school codes or you will not be eligible for TAP. TAP codes 2140 (2 year program) and 6140 (4 year program). To remain eligible for state and/or federal financial aid, you must maintain Satisfactory Academic Progress (SAP).

The “Enhanced TAP” program created by New York state in 2017 is not currently available through Paul Smith’s College. We are strongly committed to college affordability and continuously seek favorable funding opportunities for our students and their families. Enhanced TAP in its current form has a number of restrictions that place a significant burden on the students and colleges that participate. We are monitoring the effectiveness of this program in its first year and may participate in the future once more information is known. Please contact our financial aid office if you have questions or would like to discuss the details and your individual financial aid award.

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Contact Us »

Office of Financial Aid

Paul Smith's College
Phelps Smith Admin Building
Room 103
PO Box 265
Paul Smiths, NY 12970-0265

EMAIL
(518) 327-6220
(800) 421-2605
(518) 327-6055: fax

Hours: M-F, 8 a.m.-4:30 p.m.

What are Gift and Merit Awards?

Gift Aid in the form of scholarships or grants is financial assistance that does not require repayment. This can include state and federal grants, merit-based scholarships and academic awards. Grants are awarded on a financial need basis and may come from the federal government, your home state government, the college or a private or nonprofit organization.

Common federal grants and scholarships include:

• Federal Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG)
• Military Service Grants
• Paul Smith’s Merit and Need Based Grants

PAUL SMITH’S COLLEGE MERIT AWARDS – Based upon Academic Achievement in High School

Eligibility:

First Time College Freshmen

High School average or GPA Scholarship Amount * renewable annually if student maintains a 3.0 GPA
Presidential Scholarship >95/100 average or 3.9/4.0 $14,000
Provost Scholarship 90-94/100 or 3.5 – 3.8/4.0 $12,000
Dean Scholarship 85-89.9/100 or 3.0 – 3.4/4.0 $11,000
Faculty Scholarship 80-84.49/100 or 2.5 – 2.9/4.0 $9,000

 

Eligibility:

Transfer Students

College GPA Scholarship Amount: Renewable annually if student maintains a 3.0 GPA.
Transfer Excellence Scholarship >3.0 Cumulative GPA $11,000
Transfer Achievement Scholarship 2.5 – 2.99 Cumulative GPA $8,000
Transfer Recognition Scholarship 2.0 – 2.49 Cumulative GPA $6,000

PAUL SMITH’S COLLEGE NEED BASED GRANTS – Based upon financial need

Paul Smith’s College also offers institutional need based grants. During the awarding process for student financial aid it is determined if and to what level a need based grants can be awarded. The criteria is based upon individual circumstances and institutional guidelines. In 2015, Paul Smith’s awarded approximately $2,000,000 in need based grants.

FEDERAL PELL GRANTS – Based upon financial need

The amount you are awarded is based on a federal formula. Awards range from 0 to $5,815 annually. The amount you are awarded will depend on:

  • Financial Need
  • Cost of Attendance
  • Status as a full-time or part time student
  • Your plans to attend school for a full academic year or less

More information can be found here: https://studentaid.ed.gov/sa/types/grants-scholarships/pell

MILITARY SERVICE GRANTS – Based upon military service

Both the federal government and nonprofit organizations offer money for college to veterans, future military personnel, active duty personnel, or those related to veterans or active duty personnel.

For information: https://studentaid.ed.gov/sa/types/grants-scholarships/military

What is an Endowed Scholarship?

An Endowed Scholarship begins as a donation or gift to the college. The endowment provides a permanent asset from which the college may provide financial support to students meeting certain established criteria. The endowment becomes a fund that is invested and managed by the college with the goal to grow the value of the fund so that in the future, the value of the award is not diminished by inflation.

Endowed scholarships are awarded annually to qualifying students who meet the fund’s requirements. For example, stipulations for recipients can be based upon academic achievement, GPA, field of study or geographic area of origin.

What are Federal Direct 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, 2017, the interest rate is 4.45% for subsidized and unsubsidized loans for undergraduate students. The interest rate is 6% for unsubsidized loans for graduate/professional students. Loans with a first disbursement on or after July 1, 2017, and before July 1, 2018 will have a loan origination fee of 1.068%, 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.

Direct subsidized and unsubsidized loan fees are 1.069% for loans disbursed before October 1, 2017, and 1.066% for loans disbursed after October 1, 2017.

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.

Parent Loan for Undergraduate Students (PLUS)

Financial Aid Services offers Parent Loans for Undergraduate Students (PLUS) through the Federal Direct Lending Program, whereby federal funds are borrowed directly from the Department of Education. Funds are available to parents for their dependent, undergraduate students who are matriculated in a degree program and enrolled in at least six (6) credits. Parents of dependent students may borrow up to the cost of attendance minus any other aid through this credit-based loan program each academic year. Only one parent of a student can borrow through this loan program (per application).

Interest Rate/Origination Fee

An interest rate of 7% is effective for Federal Parent (PLUS) Loans with a first disbursement on or after July 1, 2017. Interest begins to accrue upon disbursement or parents may choose to defer payments.

Direct PLUS loan fees are 4.276% for loans disbursed before October 1, 2017, and 4.264% for loans disbursed after October 1, 2017. You will pay back 100% of what you borrow (plus interest); however, only 95.71% of the gross loan will be disbursed to the account.

Choose When to Pay Back

1. Begins within 60 days after the last disbursement of the loan for the academic year; OR

2. Parents may choose to defer payments until 6 months after student graduates or falls below 6 credits. Parent borrowers may choose to pay interest monthly, quarterly or choose to have interest capitalized. Contact the Loan Servicer to discuss this repayment option.

Apply for a PLUS (Beginning July 1st 2017-2018)

To apply, go to http://studentloans.gov. The parent borrower will need their Federal FSA ID to sign in. Once signed in, go to “Start PLUS Application Process,” then select “Parent PLUS.” Contact Customer Service at 1-800-557-7394 for online application assistance.

Once the application is completed, you will receive an instant credit check.

If the application is approved, first-time parent borrowers must complete an online electronic Master Promissory Note (eMPN) at http://studentloans.gov. Notification of your approval will be sent to Paul Smith’s College electronically.

Private Alternative Loans

We encourage you to compare lender discounts and other borrower benefits when applying a alternative education loan. You have the right to select any lender you wish to use for an alternative loan. It is the responsibility of the student to thoroughly evaluate each lender before choosing the one that is right for you.

Please use ELM Select to compare lenders

What to Consider When Selecting a Lender

Students are encouraged to research the interest rates, credit check requirements, conditions, terms, and repayment of alternative loans when selecting a lender. Below are some questions to ask when comparing lenders.

  • What is the interest rate?
  • Is the rate a fixed (rate does not change) or variable (rate changes) interest rate?
  • Are there any fees associated with the application for or the repayment of the loan?
  • Can principal and interest payments be deferred while I am enrolled in school?
  • Am I required to have a co-signer?
  • Will a co-signer help lower my interest rate?
  • Is there an option that my co-signer can be released from the loan after a specified time period?
  • Do I have to be enrolled for a specific number of credit hours to apply for the loan?
  • How long to I have to pay the loan back?
  • Can I use the loan to cover a prior balance? If yes, how long after that semester is over can I apply?
  • Are there any other benefits/incentives offered with the loan?