Unlike loans, grants do not need to be repaid.
Federal Pell Grant
Awarded by the federal government to both full and part-time undergraduate students based upon the results of the Free Application for Federal Student Aid (FAFSA). Enrollment status will change your Pell Grant.
Awarded through a student's state of legal residence. Most states have grant programs and students can apply for the state grant by completing the Free Application for Federal Student Aid (FAFSA). The deadline to complete the FAFSA for the Pennsylvania State Grant (PHEAA) is May 1st. Students who attend a Pennsylvania school who reside in a state other than Pennsylvania may be eligible for a state grant from their state of residence, and in some cases that grant may be transferable to a school in Pennsylvania.
Subsidized Federal Direct Stafford Loan
Federal loan administered by the U.S. Department of Education. This loan is interest-free while the student is enrolled at least half-time. Full repayment can be spread over 10 years. An application, which are referred to as a Master Promissory Note (MPN), can be completed online at www.studentloans.gov.
- Undergraduates may borrow up to $3,500 for the first year, $4,500 for the second year, and up to $5,500 for each remaining undergraduate year.
Unsubsidized Federal Direct Stafford Loan
Federal loan opportunity for independent borrowers, and those dependent borrowers who do not qualify for the full federal interest subsidy under the subsidized Stafford Program or whose parents have been denied a PLUS loan. Combined subsidized and unsubsidized loans may not exceed the annual loan limits. This loan is not interest- free while the student is enrolled. However, students have the option to capitalize interest payments until after graduation. To obtain current interest rates go to www.studentloans.gov.
- Undergraduates can borrow up to $4,000 for the first and second year, and up to $5,000 for each remaining year. However, there are limits.
This loan is for parents or students to cover college expenses that are not covered by other financial aid resources. The Financial Aid Office strongly suggests exhausting other loan options before looking into Alternative Loans as they are not subject to federal loan regulations like Stafford and PLUS loans. Interest rates, fees, and loan amounts are subject to your credit score and most students are required to have a cosigner to qualify. Seton Hill University does not recommend any particular lenders over any other lenders that currently offer alternative loan products. The Financial Aid Office will certify any loan that a student chooses to borrow from and all of the lenders that have done business with Seton Hill University students in the last 3 years can be found as part of any of the options listed below.
Alternative Loan Options
Once you and your family have considered federal loan options, you can use the Pennsylvania Private Loan Marketplace to instantly and accurately compare customized rates and terms from multiple alternative loan lenders side-by-side. The Marketplace displays products from up to 7 local and national lender options complete with detailed listings of APRs (annual percentage rates), interest rates, total cost, monthly payments, borrower benefits, fees and repayment options that is customized to each individual borrower application. This is the only product out there that will give you this kind of information and will help you make an informed decision about the most appropriate loan for you.
If you are interested in pursuing another alternative loan option other than the Pennsylvania Private Loan Marketplace you may go to www.elmselect.com. This will give you a side-by-side comparison of general information of 6 more lenders. The information is not customized to each borrower but you will be able to gather general information such as their interest rate range.
Private scholarships are another good way to help fund a college education - FinAid can help you start your search.