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Types of Financial Aid for Undergraduates

Types of Financial Aid for Undergraduates

Chestnut Hill College prides itself on striving to be affordable for all academically qualified students who wish to attend.  Below we describe financial aid and scholarship opportunities, as well as federal student loans and other payment options, to help our students reach their educational goals. 

Chestnut Hill College offers generous merit awards and scholarship opportunities. The effort given in high school is something that is noticed here, earning the average first year student $11,500 per year in merit based scholarships.
Scholarships and Grants from the College

Chestnut Hill College values our students and we offer generous merit awards and scholarship opportunities. The effort given in high school is something that is noticed here, earning the average first year student $11,500 per year in merit based scholarships.

Chestnut Hill College Scholarships and Awards for Student Leadership

These scholarships and awards are offered to you based on your academic achievements. The Chestnut Hill College Admissions Office administers these programs, determining the recipients and award levels for entering freshman/transfers. These awards are renewable as long as you remain in good academic standing. No additional application is required to apply for these awards.

Endowed Scholarships

These scholarships recognize students on the basis of academic excellence, leadership, community involvement and other special talents. The Chestnut Hill College Admissions Office determines eligible recipients. No additional application is required.

Chestnut Hill College Grant

The Chestnut Hill College Grant is awarded by the financial aid office staff and is based on demonstrated financial need as determined by the Free Application for Federal Student Aid (FAFSA) and availability of funding.

Athletic Grants

The Chestnut Hill College Athletic Department determines who receives Athletic Grants. Athletic grants are contingent upon the requirements and standards of the Athletic Department. If these requirements are not met the athletic grant may be rescinded. Should this happen, the rescinded athletic grants may not be replaced by other grants. Athletic grants will be credited to your billing account.

Specific Opportunities
Federal Direct Loans and Federal Work-Study

The most common forms of financial support Chestnut Hill College students often receive from the Federal government are the Federal Direct Loans and grants from the Work-Study earnings.

Federal Work-Study 

Federal College Work-Study earnings are an important source of funding your education. You may utilize work-study earnings to help defray costs during the academic year. The money you earn will be paid directly to you bi-weekly to a direct deposit account you have established. Since the Federal Work-Study Grant pays you directly, work-study money is not deducted from your tuition bill. 

Federal Direct Loans 

There are two types of Direct Loans: Federal Subsidized Direct Loan and Federal Unsubsidized Direct 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 Federal Unsubsidized Direct Loan is a fixed rate loan for undergraduate students. An undergraduate my borrow up to $2,000 per year.  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 and you have ten years to repay the loan. 

Learn more about these programs
Other Federal and State Programs

Federal Pell Grants - A Pell Grant is a need-based award that does not have to be repaid.  The grant is determined by the Department of Education based on your financial need, calculated from the information you submitted on the FAFSA and your enrollment status.   

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. 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, 2015. 

Additional PHEAA Scholarships and Grant Information

For a complete listing of PHEAA‘s additional scholarships and grants, please refer to PHEAA‘s website at www.pheaa.org. The programs offered by PHEAA are available only to Pennsylvania state residents.

Non-Pennsylvania State Grants 

If you are from a state other than Pennsylvania, please check with the Office of Higher Education in your state to find out if your state offers a state grant. Your high school guidance counselor will be a good source of information regarding filling deadline dates and required application dates. Delaware, Massachusetts, Vermont, Maine, Ohio and West Virginia are among the states that allow you to use their grants in Pennsylvania. New York and New Jersey do not allow their grants to be used out-of-state.

​​Federal Supplemental Education Opportunity Grants - The Federal SEOG grant is awarded to you based on exceptional financial need (i.e. students with the lowest expected family contribution EFCs) and availability of funds. If you are Pell Grant eligible, you will be considered first for the FSEOG grant. 

Federal Perkins Loans - The Federal Perkins Loan is a 5% fixed rate loan for students with exceptional financial need. If you receive and accept the Perkins Loan, the Financial Aid Office will send you a Perkins Loan Promissory Note, a Truth-in-Lending Statement, and a Statement of Rights and Responsibilities. These forms will be mailed to you when it is time to complete the loan application. The Perkins Loan will be credited to your tuition account after you submit the signed loan note and required forms to the Financial Aid Office. The Perkins Loan constitutes legal debt that must be repaid. 

Federal PLUS Loans (Parent loan for undergraduate students) - If you are a dependent student, the Federal Direct Parent PLUS Loan allows your parents to borrow money for your education. The PLUS Loan has a fixed rate of 7.9%.  A 2.5% fee is deducted from the loan from each disbursement. The maximum amount your parents can borrow is the cost of education minus any other financial aid received. Eligibility for the Federal Direct Parent PLUS Loan is determined by a credit check. 

New Jersey College Loans to Assist State Students - The NJCLASS program enables parents, spouses, legal guardians or other relatives to borrow on your behalf. You can apply with or without a cosigner as long as your income and credit requirements for the loan are met. There is a fixed, simple interest rate for the life of the loan. NJCLASS offers various repayment options for principal and interest. You must be a New Jersey resident to be eligible for this loan.  

National SMART grant (Students majoring in science or mathematics) - The National Science and Mathematics Access to Retain Talent Grant, also known as the National Smart Grant is available during the third and fourth years of undergraduate study (or fifth year of a five-year program) to at least half-time students who are eligible for the Federal Pell Grant and who are majoring in physical, life, or computer sciences, mathematics, technology, engineering or a critical foreign language; or non-major single liberal arts programs.  
 

Specific Opportunities
Other Scholarships

We also suggest you and your student search the FREE and endless possibilities of Scholarships!  

Suggested Websites
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 principal and capitalize the interest while you are in school.
  • If you are interested in applying for a Private Educational Loan, contact Student Financial Services for the Private Educational Loan Brochure. This brochure will give you a list of banks and the loans they offer. 
  • Please note: you can usually use Alternative Loans or Private Educational Loans if you are enrolled less than half-time and/or non-matriculated.
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