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Financial Aid Options


The Federal Pell Grant program provides funding toward tuition, fees and other costs for students whose income is below levels set by the U.S. Congress. Pell grants do not have to be repaid. If eligibility is established, the amount of the grant will depend on income reported in the prior tax year, dependent or independent status, cost of attendance and other factors. 2014-2015 grants range between $675 and $5,730. The Financial Aid Office can provide an estimate of grant awards based upon the information submitted on the FAFSA.


Federal Direct Loans are low-interest loans made to students attending school at least half-time. Direct Loans, unlike grants, are borrowed money that must be repaid, with interest, and payments normally begin six months after leaving school. The amount of each payment depends n the size of the debt and the ability to pay.

Students can qualify for a Direct Loan based upon financial need as determined by the FAFSA. The need-based loan (known as “subsidized”) offers in-school interest subsidies by the federal government. In addition, students may qualify for non-need-based Direct loans (known as “unsubsidized”). These loans do not offer interest subsidies. It is possible for students to have both subsidized and unsubsidized Direct loans.

Loan Limits: Independent undergraduate students (and dependent students whose parents are unable to obtain a PLUS loan) (see Federal Financial Aid Program section) can borrow up to $3,500 in subsidized, and up to $6,000 in unsubsidized, loans in the first academic year.

Dependent undergraduate students can borrow up to $3,500 subsidized, and up to $2,000 unsubsidized, in the first academic year.

Repayment of subsidized loans begins six months after ceasing enrollment. Repayment on unsubsidized loans, including interest, is the same, but interest begins accruing at time of first disbursement.

All borrowers are required to participate in an Entrance and Exit Interview to ensure a full understanding of their rights and responsibilities. Please note: Students may be required to participate in additional Financial Literacy workshops and activities.


Federal Direct PLUS Loans are for parents who want to borrow to help pay for a child’s education. These loans enable parents with good credit history to borrow for each dependent. Unlike other financial aid programs, a family financial analysis is not required to be eligible for a Direct PLUS Loan. PLUS Loans must be repaid. Repayment generally begins 60 days after the loan is fully disbursed.

The following web sites contain further information about federal student financial aid programs:

To reach the Federal Student Loan Ombudsman’s Office:
Via e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Via telephone: Toll free: 877.557.2575; 202.377.3800
Via fax: 202.275.0549
Via mail:
U.S. Department of Education FSA Ombudsman,
830 First Street, N.E.
Washington, DC 20202-5144


The Federal Supplemental Educational Opportunity Grant (FSEOG) is a type of federal grant that is awarded to undergraduate college students in need of financial aid, and it does not need to be repaid.

Application is done online, but several FSEOG requirements must be met: (1) A student is eligible for the FSEOG if he or she is a U.S. citizen. (2) The full-time student must have a filed the Free Application for Federal student Aid (FAFSA). And finally, (3) if the student must have significant financial need of funding for college


The Federal Work-Study program (also known as FWS or simply Work-Study) is a federally funded program in the United States that assists students with the costs of post-secondary education. The Federal Work-Study program helps students earn financial funding through part-time work.

Federal Work-Study funds are awarded to selected eligible applicants who have a valid completed FAFSA, have a financial need with an EFC of 5000 or less, and indicate an interest in Federal Work-Study on their FAFSA (Question #31 on the FAFSA).

To be eligible students must be enrolled at least half time, have a minimum GPA of 3.0, and successfully have completed their first semester or quarter at the Swedish Institute.

State Financial Aid Programs


Swedish Institute participates in the New York State Tuition Assistance Program (TAP) coordinated by the New York State Higher Education Services Corporation (HESC). TAP grants are income-based and the amount of the grant is determined by income level, dependent or independent status and other factors. They do not have to be repaid. Information about applying for TAP is available in the Financial Aid Office.

The TAP program is only available to students carrying a full-time course load and continuing eligibility requires that a student maintain satisfactory academic progress.

Other New York State Programs


These funds are limited, and are awarded based on NYS net taxable income, academic performance, availability of funds, and number of credits. The maximum award is $1,000 and students must be enrolled for at least 3 but less than 12 credits per term.

Students should apply at least one month prior to the start of classes for APTS. The application can be found in the Financial Aid Office. Students must submit this application as well as their NYS taxes to Student Financial office. No funds will be awarded later than 30 days after the last day of drop/add registration.

Swedish Institute participates in various scholarship and workforce training grant programs including the New York State Regents Professional Scholarship and grants sponsored by New York State Commission for the Blind and Visually Handicapped and the New York State Office of Adult Career and Continuing Education Services (ACCES). Information about these programs is available at the Financial Aid Office.