Types of Financial Aid

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 Grants

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.

Federal Pell Grant

The Pell Grant is a need-based award that does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s degree. Award amounts and eligibility are determined by a standard calculation (established by the U.S. Congress) based on your 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 eligible. The Financial Aid Office determines the actual award amount based on your cost of education, enrollment status and EFC.

Federal Supplemental Educational Opportunity Grant (FSEOG)

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

Pennsylvania 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, 2009.

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.

Other State Grant (not PHEAA)

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.

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.

Federal College Work-Study Grant

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 Perkins Loan

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 at a later date. 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.

PHEAA NETS Program

PHEAA (Pennsylvania Higher Education Assistance Agency) offers New Economy Technology Scholarships (NETS) each academic year to any eligible student. To be eligible you must be in a Bachelor of Science Program in Biochemistry, Biology, Bioinfomatics, Chemistry, Computer Science, or Microbiology.

    To be eligible you must:

    • be a Pennsylvania resident

    • have a 3.0 or greater GPA

    • be a sophomore or higher

    • be willing to commence employment in Pennsylvania

        in a field related to your program within one year

        after completion of your degree

    • complete the FAFSA to be considered for this award

To download an application or review additional information, please access PHEA online at www.pheaa.org. This is an ongoing PHEAA program. If you miss this year’s filling deadline (December 31) for the academic year that started in August, mark your calendar for the next academic year.

Federal Subsidized Stafford Loan

The Federal Subsidized Stafford Loan is a fixed rate loan at a current rate of 5.6% (for loans disbursed after July 1, 2009) 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.

Federal Subsidized Stafford Loans require no payment of principal or interest 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. The repayment period for the Federal Subsidized Stafford Loan is 10 years.

New Federal Unsubsidized Stafford Loan

New regulations allow an undergraduate student who is eligible to borrow Stafford Loans to borrow an additional $2,000 in an unsubsidized loan for each academic year, if interested.

Federal Unsubsidized Stafford Loan

If you do not qualify for a Federal Subsidized Stafford Loan, a Federal Unsubsidized Stafford Loan at 6.8% can be issued for the full amount of eligibility or in combination with the Federal Subsidized Stafford 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 and you have ten years to repay the loan.

Outside Scholarships, Grants, Loans and Employee Tuition Reimbursement

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.

Federal PLUS Loan

If you are a dependent student, the Federal PLUS Loan allows your parents to borrow money for your education. The PLUS Loan has a fixed rate of 8.5% and a 3% loan origination in addition to a 1% default fee. The maximum amount your parents can borrow is the cost of education minus any other financial aid received. Eligibility for the PLUS Loan is determined by a credit check. To apply for the Parent PLUS Loan, please go to www.aesSuccess.org and click on the "Parent PLUS Loan" option.

Plus borrowers have two options to choose from when planning for repayment. A traditional PLUS Loan enters repayment of principal and interest 60 days after the loan is fully disbursed. Lenders are offering a new option to parent borrowers, which will allow them to delay their monthly principal payment as long as you are enrolled in school (for a maximum of 4 academic years). Interest will continue to accrue during this time and you can pay as you go along or it can be capitalized (added to your loan balance annually, repayable with the principal at the end of your forbearance period). You must reapply for forbearance every year. The lender determines eligibility.

If your parents are rejected for a PLUS Loan, you may be eligible for additional funds under the Federal Unsubsidized Stafford Loan. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year.

Alternative Loans (Private Bank Loans)

Alternative 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 Alternative Loans, you can defer repayment of principal and capitalize the interest while you are in school. If you are interested in applying for an Alternative Loan, contact the Financial Aid Office for the Alternative 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 use Alternative Loans if you are enrolled less than half-time and/or non-matriculated.

New Jersey College Loans to Assist State Students (NJCLASS)

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. You must apply for a Federal Stafford Loan first. For an application or further information, call the NJCLASS Program at 800-792-8670.

Scholarship Search

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.

· www.fastweb.com

· www.gocollege.com

· www.scholarshipexperts.com

· www.scholarship.com