Financial Aid Timeline

When does the Penn College Financial Aid Office award aid?

This timeline gives you a general idea of the months that different types of aid are awarded. 
Be aware of the following facts:

  • Almost all aid requires completion of your FAFSA before it can be awarded.
  • FAFSA records that are missing signatures or have certain incorrect data are considered incomplete.
  • Federal Verification impacts approximately 1 out of 3 students and must be completed after FAFSA completion, if required.
  • Returning students must satisfy Satisfactory Academic Progress policies.
Type of Aid Summer Semester Fall Semester Spring Semester
Grants
Federal Pell Grant After summer scheduling April through summer Late March through January.Students that received both Summer and Fall Pell Grants MAY not be eligible for a Spring award.
PA State (PHEAA) Grant Late May through August. Students must complete PHEAA Summer State Grant applications submitted online via PHEAA's Account Access site. Late May through summer. PHEAA makes all awards, and requires a completed, signed State Grant Form for all new PHEAA recipients. Students must meet all eligibility requirements, including Satisfactory Academic Progress. Late May through the rest of the year.PHEAA makes all awards, and requires a completed, signed State Grant Form for all new PHEAA recipients. Students must meet all eligibility requirements, including Satisfactory Academic Progress.
Federal Supplemental Educational Opportunity Grant (FSEOG) Not applicable Late April through August November into January for new students; otherwise from late April on
Non-PA State Grants   When money is received from state education agency, typically September and October When money is received from state education agency, typically February and March
Loans Note: All educational loans require scheduling of 6 or more credits in your program.
Federal Direct Stafford Loan April through June.
Requires Summer Request Form. Students refer to our Summer Financial Aid page on myPCTPortal, available mid-March through August.
June and July November and December
Federal Direct Parent PLUS Loan and
Private Alternative Loan
April through June June and July November and December
Scholarships
Penn College Scholarships Not applicable June into August November into January
External Scholarships   Applied by Bursar's Office after that office receives payment from scholarship donor. Applied by Bursar's Office after that office receives payment from scholarship donor.
Other Programs
PHEAA Special Programs
(NETS, CHAFEE, PATH, GEAR UP)
When NETS money is received from PHEAA, typically in July When money is received from PHEAA, typically September to November When money is received from PHEAA, typically February to April
Office of Vocational Rehabilitation (OVR) Grant  PA OVR June and July August and September January and February
Penn College or Penn State Employee Tuition Waiver Applied by Bursar's Office. Applied by Bursar's Office. Applied by Bursar's Office.

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