Financial aid comes in a variety of forms for those who qualify. It’s the ideal way to bridge the gap between what you’re able to contribute and the actual cost of attending school. Financial aid can come in the form of grants, scholarships, loans, and work-study programs.
Grants are typically awarded on the basis of need and generally do not have to be repaid. There are two types of federal student grants:
- Federal Pell Grants are usually awarded to undergraduate students who have not yet earned a bachelor’s degree. The maximum Federal Pell Grant award for the 2016-2017 award year is $5,185; however, the actual award depends on the student’s financial need, the college’s cost of attendance, the student’s enrollment status, and the length of the academic year in which the student is enrolled. Students can receive the Federal Pell Grant for up to the equivalent of 12 semesters.
- Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded to undergraduate students with exceptional financial need. The amount of the award is determined by the college’s financial aid office, and depends on the student’s financial need and the availability of funds at the college.
Pennsylvania State Grant (PHEAA)
Another common grant is the Pennsylvania State Grant. To determine if you are eligible for the PHEAA, apply at www.pheaa.org.
Pennsylvania TIP Grant (PA-TIP)
This program is funded and administered by PHEAA and provides awards to students enrolled in programs of study in the following career areas:
- Advanced Materials and Diversified Manufacturing
- Agriculture and Food Production
Please contact the financial aid team to see if your program choice is eligible for the PA-TIP grant. To determine if you are eligible and to apply, visit www.pheaa.org.
Like grants, scholarships do not require repayment and are awarded based on a number of factors. Students must apply in order to be considered for a scholarship. Penn Commercial offers several scholarships, which can be found here.
Subsidized and unsubsidized loans are offered by the federal government. Loans are money that you borrow to attend school, and you must repay with interest.
Subsidized Loans – Subsidized student loans are available for students who have demonstrated financial need. They have slightly better terms than unsubsidized student loans, because the U.S. Department of Education pays your interest while you are in school and for a six-month grace period after you graduate.
Unsubsidized Loans – Unsubsidized loans are available to students regardless of financial need. Students are responsible for repaying interest during all periods.
A work-study program is a work program in which you can earn money that helps you pay for school. Penn Commercial offers a work-study program that allows you to work part-time at Penn Commercial to help offset tuition costs.
We encourage you to contact our financial aid team to determine your best financial aid options.