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AID PROGRAM
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HOW TO APPLY (ANNUALLY)
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PREFERRED COMPLETION DATE FOR PENN STATE
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AGENCY APPLICATION DEADLINE
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MAXIMUM AWARD/YEAR
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ELIGIBILITY REQUIREMENTS
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REPAYMENT PROVISIONS
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| PELL (grant) | Free Application for Federal Student Aid (FAFSA) |
February 15 for new students; April 1 for returning students |
June 30, 2005 | $4,050 | Financial Need; US citizen; at least three credits; academic progress. | Not required. |
| PHEAA (grant) | Free Application for Federal Student Aid (FAFSA) |
February 15 for new students; April 1 for returning students |
May 1, 2004 | $3,300 | Financial need; US citizen, at least half-time student; academic progress. | Not required. |
| SEOG (grant)
CWSP (campus job) AMERICA READS (campus job) PERKINS (loan) |
Free Application for Federal Student Aid (FAFSA) |
February 15 for new students; April 1 for returning students |
Preferred Deadline:
February 15 for new students April 1 for returning students |
SEOG - $4,000
CWSP – Variable AM READS – Variable PERKINS - $2,600 |
Financial need; US citizen, at least half-time student; academic progress. | SEOG, CWSP, and Am Reads not required. Perkins loan: 9 months after end of school: 5% simple interest; 10 years to pay. PENN STATE loans: 6 months after end of school; 6% simple interest; 5 years to pay; quarterly payments. |
| UNIVERSITY SCHOLARSHIPS | Free Application for Federal Student Aid (FAFSA) |
February 15 for new students; April 1 for returning students |
Preferred Deadline:
February 15 for new students April 1 for returning students |
$3,000 tuition | Academic achievement; financial need (usually required); full-time student. | Not required. |
| YORK CAMPUS SCHOLARSHIPS | Free Application for Federal Student Aid (FAFSA) |
February 15 for new students; April 1 for returning students; First Year Students must be admitted by May 1 |
Preferred Deadline:
February 15 for new students April 1 for returning students |
$500 - $3,000 | Varies: Academic achievement, financial need, major, and/or York County residency. | Not required. |
For more information on student aid, visit the Office of Student Aid at University Park
| Eligibility | Maximum Annual Loan Amount* | Maximum Lifetime Loan Amount | Repayment Terms | Minimum Monthly Payment | Deferred Repayment | Interest Rate | |
|---|---|---|---|---|---|---|---|
| Federal Stafford Student Loan | Full & half-time graduate & undergraduate students. |
Year 1: $2,625 Year 2: $3,500 Year 3,4 &5:$5,500 Graduate: $8,500 |
Undergraduate: $23,000 Graduate: $42,500 Combined: $65,500 |
Up to 10 years depending on amount borrowed |
$50 | No payment until 6 months after student leaves school. | Government set annually July 1st. Variable but will not exceed 8.25% |
| Federal Unsubsidized Stafford Student Loan | Full & half-time graduate & undergraduate students. |
Same as above less amount borrowed under Federal Stafford Student Loan. (subsidized) | Same as above less amount borrowed under Federal Stafford Student loan (subsidized) | Up to 10 years depending on amount borrowed |
$50 | Principal repayment can be deferred until 6 months after student leaves school. Interest to be paid quarterly while students is in school, or capitalized upon repayment. | Government set annually July 1st. Variable but will not exceed 8.25% |
| Additional Federal Unsubsidized Stafford Student Loan | Full & half-time graduate & independent undergraduate students only. | Years 1 & 2: $4,000 Years 3,4 & 5: $5,000 Graduate: $10,000 |
Undergraduate: $23,000 Graduate: $50,000 Combined: $73,000 |
Up to 10 years depending on amount borrowed |
$50 | Principal repayment may be deferred until student leaves school. Interest to be paid quarterly while student is in school, or capitalized upon repayment. | Government set annually July 1st. Variable but will not exceed 8.25% |
| Federal PLUS (Parent Loan for Undergraduate Students) | Parents of full or half-time dependent undergraduate students. Based on parent’s credit-worthiness. | Total budgeted costs minus other financial aid. | No limit | Up to 10 years depending on amount borrowed |
$50 | Repayment of principal and interest begins with 60 days of disbursement.** | Government set annually July 1st. Variable, but will not exceed 9% |
| Alternative Loan (Student Loan) | Full & half-time graduate & undergraduate students. Based on Student’s credit worthiness and annual income | Cost of education less student aid. $1,000 minimum loan amount. | No limit | Up to 10 years depending on amount borrowed |
$50 | Variable interest rate-changes monthly or quarterly. It may be as high as 18% to 21%. | |
| Home Equity Installment Loan | Based on credit-worthiness, income and existing debt. | A percentage of your home’s current appraised market value minus all outstanding mortgages. | $5,000 Minimum on terms up to 10 years. $25,000 minimum
on terms over 10 years. Max: $150,00 |
See your local PNC Bank for details. | Wide range of repayment options available. | N/A | Fixed only. |
| Home Equity Line of Credit | Based on credit-worthiness, income and existing debt. | A percentage of your home’s current appraised market value minus all outstanding mortgages. | $5,000 to $150,000 | See your local PNC Bank for details. | Payments are calculated as a % of your outstanding balance. | N/A | Variable or Adjustable |
- Effective on loans where first disbursement is on or after 7/01/94
- **Limited deferment provisions may be applicable for some borrowers