Financial Aid Office
Student & Administrative Services Center, Rm. 1013 · (570) 327-4766 or (800) 367-9222 · Fax: 570.321.5552
Financial Aid Programs
- [Grants]
- [Loans]
- [Work-Study]
- [Scholarships]
- [Veterans Benefits]
- [Agency Sponsorships]
- [JLD]
- [Study Abroad]
- [ROTC]
- [Adjustments of Aid]
Grants
A grant is free money, given to a student based on financial need. This money does not have to be repaid. Penn College students can receive money from three different grant programs:
- Federal Pell Grant – Many Penn College students receive Pell Grants. To qualify, you must be enrolled as a degree-seeking student in any of our majors. The maximum annual award for 2008-09 is $4,731.
- Pennsylvania Higher Education Assistance Agency (PHEAA) Grant – Many Penn College students receive PHEAA grants. To qualify, you must be a Pennsylvania resident, be enrolled in a major which is at least two years in length, and take at least six credits per semester. The 2008-09 maximum annual award is $3,770.
- Academic Competitiveness Grant (ACG) - Full-time, Federal Pell Grant eligible, first or second-year students enrolled in a degree-granting program may qualify for this federal grant. The current maximum annual award is $750 for first-year students, and $1300 for second-year students. Each student must ensure that his/her final high school transcript is on file with the Admissions Office. The Financial Aid Office will award the ACG to eligible students. However, the award may not appear on students' bills until after the start of the semester.
- National Science and Mathematics Access to Retain Talent (SMART) Grant - Full-time, Federal Pell Grant eligible, third or fourth-year students enrolled in specific bachelor degree programs with a cumulative grade-point-average (GPA) of at least 3.00 may qualify for this federal grant. The current maximum annual award is $4000. The Financial Aid Office will award the National SMART Grant to eligible students.
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Federal SEOG – The Federal Supplemental Educational Opportunity Grant program helps exceptionally needy students pay for tuition, fees and books only. Funding is very limited. FSEOG funds are allocated to the College, which determines which students will be granted money and how much they will receive.
In determining the priority for which students will be awarded FSEOG funds in any given award year, the College will first choose those students with exceptional financial need; those who have the lowest Expected Family Contribution (EFC). A student must also receive a Federal Pell Grant in that award year to be eligible for FSEOG.
If a student has alternative Gift Aid in excess of his/her costs, this will be taken into consideration when awarding FSEOG. Other variables that may be taken into consideration, based on the available dollars, include: class standing, enrollment status, academic progress and the number of semesters that FSEOG has been awarded. Once awarded, a FSEOG award may be reduced or cancelled if a student's credit load changes. - State Grants for Out-of-State Students – Not all states will provide state grants for students to attend out-of-state colleges. Below are links to state aid centers for states that may offer state grants to eligible students:
Loans
Educational loans are available to students and parents who need to borrow money to help pay college expenses. More information is available on our loans page.
Work-Study
Federal work-study awards (based on need) are available for students who wish to work while attending Penn College. Students are paid the College's approved minimum wage every two weeks for hours worked on or off-campus. The hours are arranged around your class schedule. Work-study supervisors understand that student workers have education as their priority. If you are interested in work-study and are eligible, we will inform you of the amount you may earn during the coming year. If you accept the award, we will follow up with additional information.
The College requires that your work-study wages are deposited directly into your checking or savings account. The convenience of direct deposit will ensure that your wages will be available for your use on payday.
In addition to federal work-study employment, some students are employed on the College payroll and may participate in the State Work-Study Program.
Scholarships
Scholarships are provided by Penn College, the Penn College Foundation, and many private sponsors. Eligibility criteria vary. You should also check with your high school guidance office, your place of worship, your parents' employer(s), and any social or civic organizations to which you or your parents belong.
Do not pay to use a scholarship search organization! In most cases, these offers are not worth the money. We advise you to save your money and do the scholarship search yourself for free.
Veterans Benefits
Veterans education benefits are available to eligible students who either served in the military or are currently enlisted in the Reserves or the National Guard. Also, students who are dependents of a veteran with a service-connected death or 100% disability are eligible to apply. For more information, view Frequently Asked Questions about Veterans Benefits.
Students who were in an active-duty status in the Armed Forces between September 11, 2007 and December 31, 2007 may be eligible to apply for PHEAA's Armed Forces Loan Forgiveness Program. Applications must be received by PHEAA by June 30, 2008.
Agency Sponsorship
Sponsorship is available to certain students based on pre-existing criteria, such as a physical or learning disability (OVR), displaced worker status (TRA/TAA), job training eligibility (WIA), or employment by a sponsoring company/organization.
JLD
The Job Location & Development Program is designed to assist students in securing off-campus employment regardless of their financial aid eligibility. It is also centered on creating real-world experiences for students that will not only increase self-knowledge, but also develop marketable skills that will provide a solid formation for securing career options beyond graduation.
Study Abroad
Students that are eligible for financial aid for classes in a Penn College degree or certificate may be eligible to use financial aid funds for study abroad courses. To receive Federal financial aid, students must be enrolled in an approved degree or certificate program, and courses must be applicable toward the degree or certificate program. Financial aid applications should be submitted well in advance of posted deadlines. If you are considering Study Abroad, contact the Financial Aid Office to learn more.
Adjustments of Financial Aid
Because scholarships, grants, and other types of financial aid, including Veterans benefits, are awarded at various times throughout the year, you may be awarded financial aid in excess of your cost of attendance. Cost of attendance includes tuition and fees (which varies and is based on your credit load), living expenses such as meals and housing, transportation, books and supplies.
Adjustments to your financial aid can also be caused by misreported FAFSA information, miscalculated costs or EFC, payments to ineligible students, or payments in excess of grant or loan maximums. Your total student aid received can never exceed your cost of attendance. For this reason, it may be necessary to reduce or return the amount of aid previously awarded.
While we make every effort to adjust excessive aid before it is disbursed to you, you may have to repay federal and/or College funds that exceed your cost of attendance. If repayment is necessary, you will be sent detailed information about the changes required in your record.