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. Please be sure that the IRS Data Retrieval Tool (DRT) is used when completing the FAFSA. 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

Renewal FAFSAsfor the 2020/2021 academic year are available starting October 1,2019. The Federal school code for Paul Smith’s College is 002795. It is important to submit accurate and complete parent and student information. Your financial aid, including your Paul Smith’s College Grant , Federal Pell Grant, and Federal SEOG Grant may change based upon a change in your Expected Family Contribution (EFC) or a change to your program or degree. If you have any questions with regard to your aid please contact the Office of Financial Aid, 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.

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

FinancialAid@paulsmiths.edu
(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 2.0 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 2.0 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 the 2018/2019 academic year, Paul Smith’s awarded over $3,000,000 in need based grants.

FEDERAL PELL GRANTS – Based upon financial need

The amount you are awarded is based on a federal formula using information on your FAFSA. Awards range from 0 to $6,195 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 Federal Student Aid’s website.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG) – Since this funding is very limited, FSEOG is usually only awarded to undergraduate students that qualify for maximum Federal Pell Grants. Awards typically range from $100-$2,000 per year. It is recommended that students submit thier FAFSA by the March 1st priority application date for the greatest chance of receiving FSEOG.

FEDERAL CHILDREN OF FALL HEROES SCHOLARSHIP – 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 teh determination of eligiblity 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-elgible EFC and continues to be an eligible student.

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.

Interest Rates and Loan Fees – The fixed interest rate is 4.53% on subsidized and unsubsidized loans for undergraduate students first disbursed between July 1, 2019 and June 30, 2020. The interest rate is 6.08% for unsubsidized loans for graduate/professional 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 1.059% for all loans first disbursed between October 1,2019 and September 30, 2020. 

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 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)

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 7.08% is effective for Federal Parent (PLUS) Loans with a first disbursement on or after July 1, 2019. Interest begins to accrue upon disbursement or parents may choose to defer payments.

Direct PLUS loan fees are 4.236% for loans disbursed between October 1, 2019 and September 30, 2020. Borrowers are responsible for repaying the entire amount of the loan, not just the amount they receive.  

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 2018-2019)

To apply, complete the Paul Smith’s College Parent PLUS Loan Application available on our forms page. First-time parent borrowers must complete an online electronic Master Promissory Note (eMPN) at http://studentloans.gov. 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. 

Private Alternative 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 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?