Financial Aid Loan Center
Contact
Contact
Steven Simons
Dean of Admissions and Financial Aid
simons@hws.edu
Lisa Hoskey
Director of Financial Aid
hoskey@hws.edu
Text: (315) 350-3291
Voice: (315) 781-3622 or (800) 852-2256
Loan Options
Families can choose from several types of loans to help cover college costs. Federal student loans include subsidized loans (need-based, with interest paid by the government while in school) and unsubsidized loans (not need-based, with interest accruing immediately). Federal Parent PLUS Loans allow parents to borrow up to the full cost of attendance minus other aid with flexible repayment options. Private or alternative loans are credit-based, often requiring a cosigner, and can have fixed or variable rates. Some families also use home equity or personal loans. Each option has different borrowing limits, interest rates and repayment terms.
We recommend that all federal aid and loans be exhausted prior to applying for private education loans.
|
Award Type |
Who Can |
Key Features |
Repayment / Terms |
Notes / Why |
|---|---|---|---|---|
|
Student (need-based) |
Government pays interest while in school or deferment |
Repayment begins after graduation or leaving school |
Lower cost since interest is covered while in school |
|
|
Student (not need-based) |
Interest accrues while in school |
Repayment begins after graduation or leaving school |
Widely available, flexible repayment options, eligibility for income-driven plans |
|
|
Parent (biological, adoptive, or some stepparents) |
Credit check required; can borrow up to full cost of attendance minus other aid |
Federal repayment plans available |
Higher borrowing limits, federal protections |
|
|
Student (usually requires cosigner) |
Credit-based; fixed or variable rates |
Terms vary by lender |
Potentially lower rates for strong credit; more lender choice |
|
|
Home Equity / Personal Loan |
Family (parents / guardians) |
Secured (home) or unsecured; interest varies |
Terms vary by lender |
Flexible use; may offer lower rates than private student loans |
Frequently Asked Questions
HWS determines aid using both need-based financial aid (based on the FAFSA and family financial information) and merit scholarships, which are awarded for academic achievement and do not require separate applications.
HWS requires only the FAFSA for need-based financial aid consideration for domestic students. International students must fill out the CSS profile.
HWS works to meet as much demonstrated need as possible using a combination of scholarships, grants, work-study and federal student loans, though it does not guarantee to meet 100% of need for all students.
HWS offers merit scholarships, leadership and service awards, and special interest scholarships. These awards do not need to be repaid and are renewable for four years when academic requirements are met.
Most packages include a combination of scholarships and grants, work-study and federal student loans (subsidized or unsubsidized).
A subsidized loan is need-based and the government pays the interest while the student is in school. An unsubsidized loan is not need-based and interest accrues immediately.
No. Loans are always optional, and families may accept, reduce or decline any loan in their award letter.
Yes. Parents may apply for the Federal Parent PLUS Loan, which allows borrowing up to the full cost of attendance minus other aid, pending a credit check.
No. Federal student loans do not require a cosigner or credit check. Private loans usually do.
Yes. Although not loans, students and families commonly use family savings (e.g. 529 plans) or employer tuition benefits.
Yes. Families can enroll in an interest-free monthly payment plan through the Student Accounts office to spread the cost throughout the year.
Merit scholarships remain consistent for four years. Need-based aid may change depending on FAFSA data, number of children in college, and changes in family income or assets.
Yes. Eligible students can earn money through on-campus jobs, with earnings paid directly to the student (not deducted from the bill). Work-study jobs are available on a first-come, first-served basis and are not guaranteed.
Families can submit an appeal or special circumstances request if they experience job loss, medical expenses, or other significant financial changes.
Students review their award in the Admitted Student Portal, where they can accept, reduce or decline loans and work-study.
The HWS Financial Aid Office is available for virtual meetings, phone calls and in-person appointments to review aid packages, discuss loan options and help families plan.