Types of Financial AiD
Federal Pell Grant
The Pell Grant is a need-based award that does not have to be repaid. At Chestnut Hill College, PELL grants are awarded only to undergraduate students who have not earned a bachelor's degree. Award amounts and eligibilty are determined by a standard calculation (established by the U.S. Congress) based on the informaiton reported on your Free Applicaiton for Federal Student Aid (FAFSA). The calculation also produces your Expected Family Contribution (EFC). Your Student Aid Report (SAR) will tell you your EFC as well as if you are Pell elibible. The Financial Aid Office determines your actual award amount based on your cost of education, enrollment status, and EFC. If you receive a Pell Grant the funds will be credited to your student account.
Federal Subsidized Direct Loan (formerly Federal Stafford Loan)
The Federal Subsidized Direct Loan is a fixed rate loan for undergraduate students, if eligible. An undergraduate student may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 for two additional years, and if needed, an additional $4,000 for the fifth year for an aggregate undergraduate maximum of $23,000. The loan funds will be electronically transferred to your student account once you complete Loan Entrance Counseling and a valid loan application (Master Promissory Note - MPN) and your MPN is certified by the Financial Aid Office.
Interest on the Federal Subsidized Direct Loans will not accrue while the student is enrolled at least half-time. Federal Subsidized Direct Loans also require no payment of principal during the entire in-school period, provided that you maintain at least half-time status per semester. The loan also provides a grace period of 6 months after you graduate or have ceased to be enrolled at half-time status before repayment of principal and interest is due.
Interest Rates for Subsidized Direct Loan:
2010 - 11 Academic Year (Loans disbursed after July 1, 2010)
|
4.5% |
2011 - 12 Academic Year (Loans disbursed after July 1, 2011)
|
3.4% |
Federal Unsubsidized Direct Loan
If you do not qualify for a Federal Subsidized Direct Loan, a Federal Unsubsidized Direct Loan at 6.8% can be issued for the full amount of eligibility or in combination with the Federal Subsidized Direct Loan. Interest may be paid quarterly while you are in school or capitalized (added to principal each year). Repayment of principal starts six months after you leave school or drop below half-time status.
If you are a dependent student and your parents apply and are rejected for a Federal Direct Parent PLUS Loan, you may be eligible for additional unsubsidized Direct loan funding. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year. If you are an independent student, the additional unsubsidized loan amounts will automatically be calculated for you based on your grade level and will be included as part of your financial aid award(s).
Direct Loan Chart
|
Base Amount (Subsidized or
Unsubsidized depending upon
financial need as determined
by the FAFSA)
|
Base
Unsubsidized
|
Total Amount of
Direct Loan
Funding Available
|
Additional Unsubsidized Loan
for Independent Undergraduate
Students OR for Dependent Students
Whose Parent was denied
the PLUS Loan
|
Total Direct
Loan Amount
Possible
|
Freshman
|
$3,500
|
$2,000
|
$5,500
|
$4,000
|
$9,500
|
Sophomore
|
$4,500
|
$2,000
|
$6,500
|
$4,000
|
$10,500
|
Junior
|
$5,500
|
$2,000
|
$7,500
|
$5,000
|
$12,500
|
Senior
|
$5,500
|
$2,000
|
$7,500
|
$5,000
|
$12,500
|
Pennsylvania State Grant (PHEAA State Grant)
This grant is awarded by the Pennsylvania Higher Assistance Agency (PHEAA). To be eligible for this award, you must be a Pennsylvania resident pursuing your first undergraduate degree. Students in the School of Continuing and Professional Studies must be enrolled in both 8 week sessions per semester to recieve the PHEAA State Grant. The PHEAA Grant is based on your financial need as determined by PHEAA from the information submitted on the FAFSA. You must apply before May 1, 2011 (for the 2011-12 academic year: fall 2011, spring 2012).
Pennsylvania Summer State Grant (PHEAA Summer State Grant)
This grant is awarded by the Pennsylvania Higher Assistance Agency (PHEAA). To be eligible for this award, you must be a Pennsylvania resident pursuing your first undergraduate degree. The PHEAA Grant is based on your financial need as determined by PHEAA from the information submitted on the Summer State Grant application as well as your enrollment information. You may apply for the 2011 Summer State Grant (from April 1, 2011 until August 15, 2011) at www.pheaa.org (In the seach box, type "Summer State Grant"). Students in the School of Continuing and Professional Studies must be enrolled in both 8 week sessions in the summer semester to recieve the PHEAA Summer State Grant.
Private Educational Loans
Private Educational Loans are available to cover your total cost of education (tuition, fees, room, board, transportation and miscellaneous educational expenses) after all other financial aid has been applied to your costs. To apply for a loan, you need to complete either a paper application provided by the lender or an application on the lender's website. The loan requires a creditworthy applicant and/or cosigner. With Private Educational Loans, you can usually defer repayment of your principal balance and capitalize the interest while you are in school. If you are interested in applying for a Private Educational Loan, contact the Financial Aid Office for the Private Educational Loan Brochure. This brochure will give you a list of banks and the loans they offer. If you have any questions, please contact the Financial Aid Office. Please note: you can usually use Private Educational Loans if you are enrolled less than half-time and/or non-matriculated.
Outside Scholarships, Grants, Loans, and Employee Tuition Reimbursements
Sponsors for outside aid usually have their own eligibility requirements. The Financial Aid Office will complete any paperwork required to assist you in the application process.
Scholarship Searches
The following scholarship search sites are provided for your reference. The web sites listed below allow you to search their scholarship data bases free of charge. You are reminded to never pay for scholarship information. For security purposes you should never give anyone your social security number.
