Federal and Pennsylvania Grant 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.
Federal Supplemental Education Opportunity Grants – The Federal SEOG grant is awarded to you based on exceptional financial need (i.e. students with the lowest SAIs) and availability of funds. If you are Pell Grant eligible, you will be considered first for the FSEOG grant.
PA State Grant Program – This grant is awarded by the Pennsylvania Higher Assistance Agency. To be eligible for this award, you must be a Pennsylvania resident pursuing your first undergraduate degree. The PA State Grant is based on your financial need as determined by PHEAA from the information submitted on the FAFSA. You must apply before May 1st.
PA Fostering Independence Tuition Waiver (FosterEd) Program – The PA Fostering Independence Tuition Waiver Program aims to support students who have been in foster care by waiving tuition and mandatory fees requested by Pennsylvania colleges. To be considered, you must be a Pennsylvania resident enrolled as an undergraduate who has experienced foster care. Apply by May 1st.
FosterEd POC: Jossie Johnson, Director of Financial Aid
Grow PA Scholarship Grant Program – The Grow PA Scholarship Grant Program intends to nurture Pennsylvania’s future workforce by providing grants to Pennsylvania residents planning to live and work in Pennsylvania after graduation. To qualify for this grant, you must be a current Pennsylvania resident, have not earned a bachelor’s degree, and enrolled in a program leading to an in-demand occupation. The maximum amount awarded is $5,000 per year with a maximum of 4 academic years. You must work in Pennsylvania for a length of time equivalent to the years of funding received.
PA National Guard Educational Assistance Program (EAP) – The PA National Guard Educational Assistance Program strives to help students who are members of the PA National Guard by providing tuition assistance. To receive this funding, students must enter a 6-year service commitment. The amount awarded depends on degree type and full or part-time attendance status.
PA Partnerships for Access to Higher Education (PATH) Program – The PA Partnerships for Access to Higher Education Program offers funding to undergraduate students who have already received a PA State Grant and are eligible for additional awards. Eligible students must demonstrate financial need and have received a PA State Grant for the same term of PATH grant nomination. The maximum award is $5,000.
PA Ready to Succeed Scholarship (RTSS) Program – The PA Ready to Succeed Scholarship Program provides scholarships to current undergraduate students to cover the cost of attendance. To qualify for this award, you must have a cumulative GPA of at least 2.50, have completed at least 1 academic year, with a total annual family income not exceeding $175,000. Colleges must nominate students to be eligible for the program. To ensure you are eligible for nomination, complete your FAFSA and apply for the PA State Grant as soon as possible since funding is limited.
For a complete listing of PHEAA‘s PA State Grant and Special Programs, please refer to PHEAA‘s website at www.pheaa.org. The programs offered by PHEAA are available only to Pennsylvania state residents and require that students submit their FAFSA before May 1st.
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.
Loans
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 may 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.
Please visit Subsidized and Unsubsidized Loans | Federal Student Aid for information about interest rates and fees.
Federal PLUS Loans (Parent loan for undergraduate students) – The Federal Direct Parent PLUS Loan allows parents to borrow money for their students’ education. If approved, parents can borrow up to the cost of attendance. Eligibility for the Federal Direct Parent PLUS Loan is determined by a credit check. Once approved, the parent must also complete a Master Promissory Note (MPN).
If denied, the parent may appeal the decision by contacting The Department of Education at (800) 557-7394, or the parent may obtain an endorser (like a cosigner). If the PLUS Loan is denied, the student will qualify for added unsub loan in the amount of $4000 for a freshman/ sophomore and $5000 for juniors/seniors.
For more information about the PLUS loan (interest rates, fees, repayment, etc.) visit: https://studentaid.gov/understand-aid/types/loans/plus/parent.
Private Loans
Private loans are managed through private lenders, issued in the student’s name, and may require a credit-worthy co-signer. Eligibility, rates, terms, and conditions vary. Approval and interest rates are based on the borrower’s and/or co-signer’s credit ratings. You have the right to select the alternative lender of your choice. Your bank, credit union, or other financial institution can be a good place to start your search for a reputable alternative loan lender. For more information on Private Loans please visit ELMSelect – Chestnut Hill College