matches /admissions/financial-aid/faqs ... percision: 3 of
matches /admissions/financial-aid/faqs ... percision: 3 of
Questions? You've come to the right place.
If you're unsure about something, chances are good that others are asking the same thing. We’ve gathered a handful of the most commonly asked questions related to the financial aid process, grants, loans, and more and organized them into the topics in the right menu.
If you don’t see what you’re looking for, reach out via email or call 570.327.4766. We’re always here to help.
matches /admissions/financial-aid/faqs ... percision: 3 of
matches /admissions/financial-aid/faqs ... percision: 3 of
General Financial Aid
Who do I contact with questions about my student bill or my refund?
If you have questions related to payments, credit balances, stipends (refunds), viewing your bill, etc., you may contact the Bursar's Office (Student Accounts). Questions about financial aid should be directed to the Financial Aid Office. Financial aid that you applied for and we have approved before your student bill is generated will appear on your student bill.
How do I know how much aid I will be awarded?
Do I need to be a full-time student to have financial aid?
In most cases, part-time students can be awarded aid. For example, if you’re taking six or more credits towards your degree per semester, you can be awarded Federal Direct Loans and private alternative loans. If you’re a Pennsylvania resident taking six or more credits per semester, you’re also eligible for PA State Grants. Finally, you can be considered for Federal Pell Grants even if you’re enrolled less than half-time.
Many, but not all, Penn College scholarships require full-time enrollment. Some external scholarships also require full-time enrollment.
How does financial aid differ for Pennsylvania residents vs. out-of-state residents?
There are no differences in eligibility for federal grants and loans. On the state level, some Pennsylvania residents qualify for a PA State Grant. Also, some scholarships may consider location of residence during the selection process.
Should I be concerned that my disbursement date is later than my bill due date?
No, you should not be concerned. Any aid showing on your bill will count towards your balance due even if the funds are not scheduled to disburse until the week prior to the start of the semester.
FAFSA
I already submitted the FAFSA for another college. Now I have decided to attend Penn College. Do I submit another FAFSA?
No. You’ll just want to add our Federal School Code, 003395, to your FAFSA, preferably as the first 'school to receive your results' on your list.
If I am not eligible for government grants and need to use loan funds to pay for my Penn College education, do I need to submit the FAFSA?
Yes, if you want funding from Federal Direct Student or Parent PLUS Loans, you’ll need to complete the FAFSA. We highly recommend that you submit a current FAFSA every academic year so that you can be considered for all possible aid, including Penn College Scholarships. For Pennsylvania residents, all of PHEAA's grants and special programs, including the Grow PA Grant which is not based on family income, requires a FAFSA.
Government Grants
How do I apply for a Federal Pell Grant?
To apply for a Federal Pell Grant, you need to submit a complete FAFSA. After the Financial Aid Office receives and reviews your FAFSA, we will notify you via email if there’s anything more you need to do.
How do I apply for a state grant?
To apply for a state grant, you must first submit a completed FAFSA for the academic year you will attend. Your FAFSA information will then be electronically transmitted to your home state's higher education agency, which may contact you for more information to determine state grant eligibility. First-time Pennsylvania students will be emailed by PHEAA when it's time to activate your 'GrantUs' account. Afterwards, you will be prompted to submit a PA State Grant Form and a High School Form.
I am not a Pennsylvania resident. Can I receive a grant from my home state to attend Penn College?
Some students who are charged the out-of-state tuition rate are eligible for a grant from their home state’s higher education agency. More details can be found on the Grants page of our website.
Do I need to repay my student grants?
In general, grants are free money that does not need to be repaid. However, if you withdraw from the College during a semester, you may need to repay part or all of your federal financial aid, including grants.
Note that Grow PA Grants do have a risk of repayment.
Learn more about the Federal Title IV Refund Policy. Withdrawals may also impact state grants.
Federal Loans
Why is the amount of my parent’s PLUS Loan on my bill lower than what my parent borrowed?
The U.S. Department of Education deducts an origination fee from the loan proceeds at the time of disbursement. This reduces the amount that posts to your bill. As a result of the fee, the loan amount the College receives on your behalf will be less than the principal your parent has to repay.
Can my parent include the cost of my required toolkit in the amount my parent borrows?
Yes. We recommend that your parent apply for a one-semester loan rather than a full-year loan. For example, if you need a toolkit for your fall semester, your parent would complete a PLUS Loan request for August through December. You’ll just need to inform the Financial Aid Loans team that the amount your parent is borrowing includes the amount of the toolkit and specify the amount.
View our Loans page for additional information about Federal PLUS and other types of loans.
I previously accepted the maximum Direct Subsidized/Unsubsidized Loan funds; how can I change the amount?
To change the amount of your Direct Subsidized/Unsubsidized Loan funds, please contact the Financial Aid team in writing or by email. Your request must include your full name, student ID number, and the details of the change you request.
Private Alternative Education Loans
Is a FAFSA required for a private alternative loan?
Completing a FAFSA is highly recommended, though not required. Completing a FAFSA puts you in the running for all eligible gift aid.
Do I need to apply for a Federal Direct Subsidized/Unsubsidized Loan before I apply for a private alternative loan?
You are not required to apply for a Federal Direct Subsidized/Unsubsidized Loan. However, these loans typically have lower interest rates. We also recommended that you explore all federal aid resources prior to utilizing a private alternative loan.
Note that all students with a finalized FAFSA are offered this loan by way of their Financial Aid Offer via the Student Portal.
Financial Aid Satisfactory Academic Progress (SAP)
How can I learn what my financial aid SAP status is?
Good question. Feel free to contact the Financial Aid Office to schedule a time to discuss your financial aid SAP status. We’re here to answer any questions that you have.
My GPA is almost 4.00 and I just received a message from the Financial Aid team telling me that I didn’t achieve financial aid SAP. How can this be?
Financial aid SAP requires both an SAP GPA of at least 2.00 and a Pace of Completion of at least 66.67%. If you withdraw from classes for any reason, including an attempt to avoid low grades, you’ll have a lower Pace of Completion percentage than students who earn all attempted credits. A student with a high GPA who has many withdrawals can have a Pace of Completion lower than 66.67%, which means fewer than two out of every three attempted credits were earned.
One of my professors recently changed my final grade for last semester. Does this impact my SAP status?
Not usually. Many grade changes occur when an ‘I’ (incomplete) grade is changed to a passing grade. This type of change does not impact your financial aid SAP status until the next semester ends. However, if your professor is correcting a mistake from the original final grade submission, you should contact the Financial Aid team about the grade change after it is finalized.