One of the harsh truths of the education sector is the rising cost of tuition and programs offered by various universities. These mounting educational expenses may burn a hole in the pockets and discourage even the most gifted students from staying away from universities, and opting to get into vocational training. But the determined people will always find a way. This brings us to financial aid programs offered by universities that make college education more affordable and also offer students the opportunity to supplement the aid package while getting educated. Lets’ start with Does Pace University Have Good Financial Aid?
Pace university offers some of the best financial aid programs to help deserving students minimize their college expenses while maximizing their investment for the future. These generous programs are available to both undergraduate and graduate students, specifically designed for both commuter and resident students alike. The major sources of financial aid are Federal grants and loans, New York state, and Pace university funding.
Eligibility criteria differ from source to source but in general, to establish eligibility a student must:
- Be a U.S. citizen with a valid social security number or an eligible non-citizen with proven financial needs
- Fill out the Free Application for Federal Student Aid (FAFSA)
- Be admitted and enrolled in a degree or certificate program
- Be enrolled in a minimum of 6 credits per semester; and
- Make good academic growth in the selected program
Types of financial aid:
- Scholarships and grants
- Federal work study
- Federal student’s loan
- Alternative financing
Different Types Of Financial Aids
- Scholarships and grants – Pace University, the Federal Government, New York State, and other private organizations extend generous scholarships and grants to worthy students based on their aptitude, academic and extracurricular activities, and financial needs. These are gift aids that the student won’t be required to pay back.
- Federal work study – While technically not a grant, Federal work study are part-time work program that allows students to earn extra money. Students can apply for on-campus employment or off-campus employment, usually in non-profit private or public enterprises, that are available through the America Reads/Counts/JumpStart program. Students will be offered employment for 10–15 hours per week on an hourly wage rate, which is paid bi-weekly through paychecks.
- Federal student loan – Both undergraduate and graduate students may also opt to borrow federal direct loans from the federal government from 1994-95. These loans have to be repaid fully by the student albeit with a low-interest rate. These loans are submitted to the National Student Loan Data System (NSLDS) by the Federal Direct Loan servicer.
- Alternative financing – Students may borrow additional funds from non-federal, private lenders and organizations. While not endorsing any particular lender or organization, the Pace Financial Aid staff is committed to certifying any loan from any lender of the student’s choice.
Applying for financial aid:
Applying for financial aid is the same for all students, whether they are undergraduates, graduates, or transfers, with a few minor differences. It all begins simply by filling the Free Application for Federal Student Aid (FAFSA). However, it should be mentioned that FAFSA is not required for some aid and scholarships that are usually merit-based. Although not eligible for Federal or state financial aid programs, international students at Pace University are encouraged to apply for scholarships.
Process:
- Financial aid applications – Students or their parents must file the FAFSA for all financial aid from the Federal Government, New York State or Pace University, which can be done online.
- New York state aid – After filing FAFSA, students must file the Express TAP Application (ETA) with the link provided by the FAFSA website. Submission of the online Tuition Assistance Program (TAP) application is required for New York residents.
- Federal direct parent plus and graduate plus loans – Pace University offers the MyPace portal that can be utilized by students and parents to apply for the Direct Parent PLUS and Direct Graduate Plus loans. A credit check and approval by the Department of Education are necessary, which in turn leads to the completion of the PLUS Master Promissory Note (MPN) to secure this type of aid. However, if the credit check is not approved, an appeal can be made at StudentAid.gov.
Conclusion
The MyPace portal and Pace email are used by the Financial Aid Office to notify students about the status of their application and all other necessary information. It is a one stop solution for all things related to the application of financial aid.
FAQs:
1. How many first-year students receive aid?
In 2020-21, approximately 97% of students received aid from Pace.
2. What is the total amount of aid that is awarded?
In 2020-21, 357 million dollars worth of aid were awarded.
