1996-1997 Undergraduate Catalog
Indiana, Pennsylvania 15705
Finances
Employment
Employment programs provide an opportunity for students to earn money to help finance their educational
expenses. Students may be employed at minimum wage for up to twenty hours per week when classes are
in session and up to forty hours per week during vacation periods. Wages for hours worked are paid every
other week directly to the student.
Students are responsible for securing their own positions on campus. A bulletin board outside of the Financial Aid Office posts known job vacancies. Students may directly contact departmental and administrative offices for job opportunities as well. However, there are generally more students seeking employment than there are jobs available. Students with work-study awards are not guaranteed that they will obtain employment.
Federal Work-Study Program (FWSP)
Eligibility for FWSP is based on financial need. Students must complete both the Free Application for
Federal Student Aid (FAFSA) and an IUP FWSP Application.
Community Service Program
This employment program places FWSP-eligible students in community service positions available both on
and off campus. In addition to earning money, students gain practical work experience related to their
academic major. The Student Community Service Office located in 103 Pratt Hall assists students with
placement.
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 necessary.
PHEAA State Work Study
Off-campus employment that relates to the student's academic major may be available through the PHEAA
State Work-Study program. Applications are available in the Financial Aid Office and must be completed by
both the student and the organization for which the student would like to be
employed.
Educational Loans Loan programs offer repayable assistance to students who apply and qualify for them. Repayment terms, interest rates, and borrowing limits vary from program to program. Educational loans are a serious and important obligation. Receipt of funds means that the student assumes the legal responsibility for repayment of the loan at a future date. The promissory note for the loan specifies the terms and conditions under which the student is borrowing and the repayment provisions that are in effect. Participation in Community Service positions after leaving school may provide for repayment of certain student loans.
Federal Perkins Loan--The application for the Federal Perkins Loan is the Free Application for Federal Student Aid (FAFSA). The loan is awarded to students on the basis of financial need. There are no principal or interest payments until nine months after the student ceases half-time attendance (six credits per term). The minimum repayment rate is $40 per month at a simple interest rate of 5 percent per year on the unpaid balance. There are deferment and cancellation privileges available.
Federal Stafford Loan--Applications for the Federal Stafford Loan are obtained from lending institutions. These include banks, savings and loan associations, credit unions, etc. A Free Application for Federal Student Aid (FAFSA) must also be completed.
Through this program, freshmen may borrow up to $2,625 per academic year, sophomores may borrow up to $3,500 per academic year, and juniors and seniors may borrow up to $5,500 per academic year. Subsidized Federal Stafford Loans are awarded on the basis of financial need as determined by the Free Application for Federal Student Aid (FAFSA) and require no payment of interest or principal until six months after the student ceases half-time enrollment (six credits per term). Unsubsidized Federal Stafford Loans substitute for family contribution and require payment of interest only during periods of enrollment and the six-month grace period. Following the grace period, both kinds of Federal Stafford Loans are repayable to the lender at a variable interest rate not to exceed 8.25 percent.
Additional unsubsidized Federal Stafford Loan funds are available to independent undergraduate students. Freshmen and sophomores may request up to $4,000; juniors and seniors may request up to $5,000. Dependent students whose parents cannot obtain a Federal PLUS Loan may also apply for these additional unsubsidized funds.
Federal PLUS Loan--Federal Parent Loans for Undergraduate Students (FPLUS) are obtained from lending institutions such as banks and credit unions and are administered in conjunction with the federal government. Parents may borrow for their dependent children up to the cost of education minus other financial aid. The loans are repaid at a variable interest rate not to exceed 9 percent per year starting sixty days after the final check is issued.
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