Types of Aid

These awards are based on academic achievement. Merit scholarship amounts are determined annually, but once a student is awarded, their merit scholarship amount will remain the same for the entirety of their academic program, as long as they continue to meet satisfactory academic progress requirements.

The following amounts are current as of the 2024/25 academic year.

First Time College Freshmen
Scholarships require the high school average or GPA shown, and are renewable annually if the student maintains a 2.0 GPA at Paul Smith’s College.

• Presidential Scholarship, $24,000 — >95/100 high school average or 3.9/4.0 GPA
• Provost Scholarship, $22,000 — 90-94/100 high school average or 3.5-3.8/4.0 GPA
• Dean’s Scholarship, $20,000 — 85-89.9 high school average or 3.0 – 3.4/4.0 GPA
• Faculty Scholarship, $15,000 — 80-84 high school average or 2.5-2.9/4.0 GPA
• Bobcat Scholarship, $10,000 — <80 high school average or 2.5 GPA

Transfer Student
Scholarships require the cumulative GPA shown for previous college work, and are renewable annually if the student maintains a 2.0 GPA at Paul Smith’s College. Learn more about transfer student requirements.

• Transfer Excellence Scholarship, $22,000 — >3.0 cumulative GPA
• Transfer Achievement Scholarship, $20,000 — 2.5 – 2.99 cumulative GPA
• Transfer Recognition Scholarship, $15,000 — 2.0 – 2.49 cumulative GPA
• Transfer Honor Scholarship, $10,000 — <2.0 cumulative GPA

Paul Smith’s College also offers institutional need-based grants. The grant amount is based on the Student Aid Index (SAI) and institutional guidelines. In the 2019/2020 academic year, Paul Smith’s awarded approximately $3,000,000 in need-based grants.

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 of growing 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.

Students receiving endowed scholarships will be asked to write a thank-you letter to the donor who made the scholarship possible.

These grants are based on financial need and calculated with a federal formula using information on your FAFSA. Awards range from 0 to $7,395 annually. Some students may be able to receive additional Federal Pell Grant funds for summer enrollment.

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 on the Federal Student Aid website.

Since this funding is very limited, FSEOG is usually awarded to undergraduate students who qualify for maximum Federal Pell Grants. Awards typically range from $100 – $2,000 per year. For the greatest chance of receiving FSEOG, we recommend students submit their FAFSA by the March 1 priority application date.

Under this scholarship, a Pell-eligible student whose parent or guardian died in the line of duty while performing as a public safety officer is eligible to receive a maximum Pell Grant for the award year for which the determination of eligibility is made.

To qualify for this scholarship, a student must be Pell-eligible and be less than 24 years of age or enrolled at an institution of higher education at the time of his or her parent’s or guardian’s death. In subsequent award years, the student continues to be eligible for the scholarship as long as the student has a Pell-eligible SAI and continues to be an eligible student.

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. Additional information is available on the Federal Student Aid website.

If you’re a resident of New York state and enrolled in an undergraduate degree program, 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 online.

Eligibility
To be eligible for TAP, you must include Paul Smith’s school codes:
For 2-year programs – 2140
For 4-year programs – 6140

To remain eligible for TAP, you must maintain NYS Satisfactory Academic Progress requirements 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.

If you’re a Vermont resident, you may be eligible to receive grant money from the state of Vermont through VSAC. Check the VSAC Website for more information to check eligibility and learn more about how to apply.

Federal Direct Subsidized Student Loans
With these 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.

Interest Rates and Loan Fees
The fixed interest rate is 6.39% on subsidized and unsubsidized loans for undergraduate students first disbursed between July 1, 2025, and June 30, 2026. The interest rate is 7.94% for unsubsidized loans for graduate students.

Federal student loans are subject to an origination fee. The loan fee is deducted proportionately from each disbursement of the loan you receive (typically one per semester). This means the money you receive from the loan will be less than the amount you borrow. You’re responsible for paying the entire amount back and not just the amount you receive. The origination fee on Federal Direct Subsidized and Unsubsidized Loans is 1.057% for all loans first disbursed between October 1, 2025, and September 30, 2026. The origination fee for Direct PLUS Loans is 4.228%

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

A federal loan servicer will be assigned by the Department of Education and will communicate directly with students. Work with your servicer to select a repayment plan. Note that 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, visit the Federal Student Aid website.

The Federal Government 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.

Interest Rate/Origination Fee
An interest rate of 8.94% is effective for Federal Parent (PLUS) Loans with a first disbursement after July 1, 2025, and before July 1, 2026. Interest begins to accrue upon disbursement, or parents may choose to defer payments.

Direct PLUS loan fees are 4.228% for loans disbursed between October 1, 2025, and September 30, 2026. Borrowers are responsible for repaying the entire amount of the loan, not just the amount they receive.

Choose When to Pay Back
Begins within 60 days after the last disbursement of the loan for the academic year; OR
Parents may choose to defer payments until 6 months after the 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
Parent PLUS Loan applications can be completed on the Federal Student Aid website. First-time parent borrowers must complete an online electronic Master Promissory Note (eMPN). If a parent is denied the Parent PLUS Loan based on credit, the student may be eligible to borrow additional Federal Direct Unsubsidized Student Loans.

A private alternative loan is a student loan borrowed from a bank, credit union, state lending agency, or other private lender. We encourage you to compare lender discounts and other borrower benefits when applying for an alternative education loan. You have the right to select any lender you wish to use for an alternative loan.

It is your responsibility 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 fixed (rate does not change) or variable (rate changes)?
• Are there any fees associated with the application, origination, or early 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 for my co-signer to be released from the loan after a specified time period?
• Do I have to be enrolled in a minimum number of credit hours to receive the loan?
• How long do I have to repay the loan?
• 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?