Grants
Federal Pell Grant
The Federal Pell Grant is considered to
be the foundation upon which all other financial aid is awarded.
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 $4,000 per year if you qualify. To apply
for this grant you must complete the Free Application for Federal
Student Aid (FAFSA).
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.
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.
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.
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.
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.
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.
-
IUP Scholarships
-
ROTC Scholarships at IUP
-
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.
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.
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.
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 conjuction with the federal government.
The cost of your education, expected family contribution, and
other aid resources determine your eligibility for the loan.
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). Following this six month grace period, a minimum repayment
of $50 per month is required. 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.
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; sophomores - $3,500; 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.
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. Borrowers
are encouraged to request electronic fund transfer (EFT) of their
loan proceeds on the Stafford application. For students who have
not elected EFT, you must endorse each Federal Stafford Loan check
disbursed to IUP on your behalf.
Federal Stafford Loan Repayment Schedule
Students who enter volunteer or community
service positions upon leaving school may apply for certain loan
cancellation privileges.
Federal Parent Loan for Undergraduate Students
(PLUS)
Federal PLUS Loans are for parents who want
to borrow to help pay for their dependent child's education. Applications
for a Federal PLUS Loan may be obtained form private lending institutions
such as banks, credit unions, and savings and loan associations.
Federal PLUS Loan eligibility is based upon credit-worthiness
and not financial need.
Amounts up to the cost of education minus subsidized Federal Stafford
Loan eligibility and other aid may be borrowed for each dependent
child who is enrolled on at least a half-time basis (six credits
per term). The Federal PLUS loan interest is a variable rate not
to exceed 9%. The rate is set annually based upon the 52 Week
Treasury Bill rate + 3.1 percent. Repayment of principal and interest
begins 30-60 days after disbursement of the loan funds. There
are some limited deferment provisions available.
Alternative 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.
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 20 hours per week while classes
are in session and 40 hours per week during vacations.
Students are responsible for finding their own
jobs on campus. Known job vacancies are posted on the College
Central Network, which may be accessed at www.collegecentral.com. To use this service, students must first register on the network.
In addition, several off-campus opportunities are available with
community service organizations.
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.
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 Student
Community Services at 724-357-5657.
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.
