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Student Affairs Division
Types of
Financial Aid at IUP
Graduate Student Financial Aid
Municipal Police Officer Training Financial Aid (full time)
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Financing Graduate
Education: A Guide for Prospective Students (NASFAA)
Scholarships
Tuition and Fees
Financial Aid
On-line Forms
Eligibility Requirements
Effect of Dropped Courses/WD on
Financial Aid
Federal Stafford Loan Entrance & Exit Counseling
Student Employment
Veteran's Information
International
Students Studying in the U.S.
Frequently Asked
Questions
Loan Forgiveness
Programs
Electronic Aid Access
Financial Literacy
Important Information about Identity Theft
Links to More
Financial Aid Information |
Financial Aid Programs
Grants
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Federal Pell Grant
The Federal Pell Grant The Federal Pell Grant is considered to be the
foundation upon which all other financial aid is awarded. Eligibility is
limited to students pursuing their first undergraduate degree.
All students applying for any financial assistance from IUP or through
state grant programs must apply for the Federal Pell Grant. It is funded
and administered by the federal government. You can receive $400 to $4,050
per year if you qualify. To apply for this grant you must complete the
Free Application for Federal Student Aid (FAFSA).
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Pennsylvania State Grant
Pennsylvania State Grants are provided by the state for Pennsylvania
residents. You must complete the Free Application for Federal Student Aid
(FAFSA). The deadline for applying is April 15. Eligibility is limited to
students pursuing their first undergraduate degree.
You must be enrolled for at least six credits to receive a part-time
Pennsylvania State Grant. Full-time Pennsylvania State Grants require that
you enroll for a minimum of 12 credits. If you demonstrate financial need
you can receive $200 to $3,300 per year at IUP. PHEAA academic progress
guidelines require that you earn 12 new credits for each semester of
full-time grant assistance.
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Other State Grants
If you are not a resident of Pennsylvania, check with your state
Higher Education Assistance Agency to see if aid is available to you for
attendance at IUP.
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Federal Supplemental
Educational Opportunity Grant (FSEOG)
FSEOG is funded by the federal government and administered by IUP.
Eligibility is based on your exceptional financial need with priority
given to Federal Pell Grant recipients. Eligibility is limited to
students pursuing their first undergraduate degree.
You must be enrolled on at least a half-time basis (six credits per term).
You may receive approximately $200 to $3,000 per year at IUP. To apply for
this grant you must complete the Free Application for Federal Student Aid
(FAFSA) by April 15.
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Academic Competitiveness Grant (ACG)
An eligible student may receive an Academic Competitiveness Grant (ACG)
of $750 for the first academic year of study (0-24 credits) and $1,300 for
the second academic year of study (25-48 credits). To be eligible
for each academic year, a student must:
Be a U.S. citizen;
Be a Federal Pell Grant recipient;
Be
enrolled full-time in a degree program;
Be
enrolled in the first or second academic year of his or her program of
study at a two-year or four-year degree-granting institution;
Have completed a rigorous secondary school program of study (after January
1, 2006, if a first-year student, and after January 1, 2005, if a
second-year student);
If a
first-year student, not have been previously enrolled in an undergraduate
program; and
If a
second-year student, have at least a cumulative 3.0 grade point average on a
4.0 scale (as set forth in regulations to be promulgated soon) for the first
academic year.
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National
SMART Grant
An eligible student may receive a National SMART Grant of up to $4,000
for each of the third and fourth academic years of study (49-120
credits, for most majors). To be eligible for each academic year, a
student must:
Be a U.S. citizen;
Be a Federal Pell Grant recipient;
Be enrolled full-time in a degree program;
Be enrolled in a four-year degree-granting
institution;
Major in physical, life or computer
science, engineering, mathematics, technology, or a critical foreign
language; and
Have at least a cumulative 3.0 grade point
average on a 4.0 scale in the coursework required for the students major.
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Scholarships
Scholarships are financial
aid awarded to a student based on a number of
characteristics that may include factors such as
academic performance, athletic ability, special talents,
or affiliation with a particular organization or group.
Funds received through scholarship programs do not have
to be repaid. Some scholarships are one-year awards
while others may be renewable. Be sure to be aware of
the criteria for maintaining eligibility if you receive
a renewable award.
There are numerous sources of scholarships including
IUP, state and federal governments, foundations, clubs
and organizations, religious groups, and other entities.
Sometimes just finding out about available scholarship
opportunities can be challenging.
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Online Scholarship Searches
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Loans
Loan programs provide repayable assistance to
students who apply and qualify for them. Repayment terms, interest, and
borrowing limits vary from program to program. Student loans are a serious
and important obligation. Receipt of these funds means that you assume the
legal responsibility for repayment of the loan at a future date.
It is important to know the terms and conditions under which you borrow
student loan funds. Check the promissory note in order to learn the specific
conditions and terms of your particular loan program.
Non-repayment of loan funds in the future can have serious consequences for
you. Debt management information can be supplied for those interested in
projecting future indebtedness and repayment. There are community service
opportunities which may repay a portion of your student loan obligation.
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Federal Perkins Loan
The Federal Perkins Loan is funded by the federal government and
administered by IUP. Eligibility is based on your financial need. To apply
for this loan you must submit the Free Application for Federal Student Aid
(FAFSA) by April 15.
At IUP approximately $200 to $3,000 per year may be borrowed by students
who otherwise qualify. For new
borrowers, repayment follows a nine month grace period after ceasing
half-time enrollment (six credits per term). The minimum repayment rate is
$40 per month at a simple interest rate of five percent per year on the
unpaid balance. There are deferment and cancellation privileges available.
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Federal Stafford Loan
The Federal Stafford Loan application process begins when you complete
the Free Application for Federal Student Aid (FAFSA) and answer "YES" to
the loan interest question. A Promissory Note (MPN) will be sent to you by
PHEAA to complete the loan application process. The Federal Stafford Loan
program is administered by IUP in conjunction with the federal government.
The cost of your education, expected family contribution, and other aid
resources determine your eligibility for the loan. Students must be
enrolled on at least a half-time basis at IUP in a given semester.
A Subsidized Federal Stafford Loan is based upon financial need and
requires no payment of principal or interest until six months after the
student ceases half-time attendance (six credits per term).
An Unsubsidized Federal Stafford Loan requires the payment of only
interest during periods of enrollment and the six month grace period while
the principal is still deferred. Check with your lender to see how you
will be billed for these required interest payments on an unsubsidized
loan.
Undergraduate Stafford Loans:
The amount of funds that a student may borrow per academic grade level
from the Federal Stafford Loan program is as follows: freshmen - $2,625
(increasing to $3,500 as of July 1, 2007);
sophomores - $3,500 (increasing to $4,500 as of July 1, 2007); and juniors and seniors - $5,500. The maximum amount
an undergraduate may borrow is $23,000. For independent students and for
dependent students whose parents cannot participate in the Federal PLUS
Loan program, an additional amount of unsubsidized Stafford Loan may be
requested. Freshmen and sophomores may apply for an additional $4,000 and
juniors and seniors may apply for $5,000. Participating in this extended
unsubsidized program permits an additional $23,000 in borrowing.
Graduate Stafford Loans:
Graduate students may borrow up to $18,500
each academic year (fall, spring, summer). This amount increases to
$20,500 after July 1, 2007. Up to $8,500 of this loan can
be subsidized, depending on financial need as defined by the FAFSA.
Graduate students may borrow a maximum Stafford loan (including
outstanding undergraduate loans) not to exceed $138,500.
Federal Stafford Loans are disbursed in two equal installments and
students are required to attend a Federal Stafford Loan Entrance Interview
before receiving funds for the first time at IUP. Entrance
interviews can be completed at
www.aessuccess.org by clicking on the "Entrance and Exit Counseling"
link on this site.
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Federal PLUS Loans
Parents of undergraduate students and
graduate students themselves (after
July 1, 2006) can apply for PLUS loans by contacting PHEAA at
1-800-692-7392. A credit check will be performed by PHEAA during the
call.
a)
If credit is
approved:
PHEAA will send your parent (if an undergraduate) or you (if a graduate
student) a PLUS loan application to be completed and submitted to PHEAA.
b) If
credit is denied (parents of undergraduates only):
Forward documentation of the PLUS denial to the financial aid office at
IUP. You may have additional unsubsidized Stafford loan eligibility based
on this denial. Credit denial will not allow for additional unsubsidized
loans for graduate students.
Amounts up to the cost of education minus Federal Stafford Loan
eligibility and other aid may be borrowed if the student is
enrolled on at least a half-time basis (six credits per term for
undergraduates; 4.5 credits per term for graduate students).
Repayment of principal and interest begins 30-60 days after disbursement
of the loan funds. There are some limited deferment provisions available.
To begin the application process by contacting PHEAA at
1.800.692.7392 or by going on line at
http://www.pheaa.org/educationalloans .
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Alternative/Private
Loan
Options
A wide variety of privately
financed educational loan programs are available to IUP students and their
families. Each of these programs offers unique terms and conditions that
affect their availability in particular circumstances.
Some of the characteristics that you may want to evaluate include the
interest rates, applications fees, credit evaluation, deferment options,
repayment plans, and applicability to unique circumstances such as, past
due balances, academic progress requirements, program matriculation, and
citizenship qualifications.
Although this information is provided for your review, IUP does not
specifically endorse any of these loan programs. It is the responsibility
of you, the consumer, to assess the advantages and disadvantages of these
offerings and to make your selection based upon those features that best
meet your financial needs. For a complete list of
private/alternative loan programs, please go to
studentloanlistings.com .
* IUP will be notified electronically once
you have completed the application, have been credit approved for the loan,
and have signed your promissory note.
* Please allow 2-4
weeks processing time once your lender has notified IUP of your credit
approval from the lender.
Employment
Employment programs provide an opportunity
for you to earn money to help finance your educational expenses. Students
may be employed on campus for up to twenty-five hours per week when classes
are in session and forty hours per week during non-enrollment periods. Wages
for hours worked are paid bi-weekly directly to the student.
Students are responsible for securing their own positions on campus. The
Student Employment Center (SEC) is available to assist students in finding
job opportunities. Students may gain access to a listing of available
positions by doing any of the following: asking to review the employment
binder located in the SEC office (302 Pratt Hall, Office of Career
Services), reviewing the bulletin board located outside of the SEC office,
or by visiting the web site
http://old.www.iup.edu/sec (24-hour accessibility). For on-campus jobs
posted through the SEC, students should contact the individual departments
to arrange interviews. If there is a particular area or department in which
you would like to be employed, go directly to that department and inquire
about potential employment. All students with work study awards are not
guaranteed that they will obtain employment.
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Federal Work Study Program
(FWSP)
Eligibility for FWSP is based upon financial need. Students must
submit the Free Application for Federal Student Aid (FAFSA) and a
Fall/Spring Federal Work Study Application. Positions are available both
on campus and with local community service organizations.
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Community Service Federal
Work-Study Program
This program enables students to gain practical work experience
related to their major course of study. For more information regarding
this program, please contact the Student Employment Center 302 Pratt Hall
at 724-357-2235.
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University Employment (UE)
This program is similar to the Federal Work Study Program. However,
students who do not demonstrate financial need may be employed. No
financial aid application is required.
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