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Office of Financial Aid

Types of Financial Aid

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Grants

Federal Pell Grant

The Federal Pell Grant is considered to be the foundation upon which all other financial aid is awarded. Eligibility is limited to students pursuing their first undergraduate degree.

All students applying for any financial assistance from IUP or through state grant programs must apply for the Federal Pell Grant. It is funded and administered by the federal government. To apply for this grant you must complete the Free Application for Federal Student Aid (FAFSA).

Pennsylvania State Grant

Pennsylvania State Grants are provided by the state for Pennsylvania residents. You must complete the Free Application for Federal Student Aid (FAFSA). The deadline for applying is May 1. Eligibility is limited to students pursuing their first undergraduate degree.

You must be enrolled for at least six credits to receive a part-time Pennsylvania State Grant and at least twelve credits to receive a full-time Pennsylvania State Grant. At least 50 percent of your credits for the academic year must be classroom instructed (online courses, correspondence courses, and videotaped courses do not qualify as classroom instructed). PHEAA academic progress guidelines require that you earn twelve new credits for each semester of full-time grant assistance and six new credits for each semester of part-time grant assistance.

Other State Grants

If you are not a resident of Pennsylvania, check with your state Higher Education Assistance Agency to see if aid is available to you for attendance at IUP.

Federal Supplemental Educational Opportunity Grant (FSEOG)

FSEOG is funded by the federal government and administered by IUP. Eligibility is based on your exceptional financial need with priority given to Federal Pell Grant recipients. Eligibility is limited to students pursuing their first undergraduate degree.

You must be enrolled on at least a half-time basis (six credits per term). You may receive approximately $200 to $3,000 per year at IUP. To apply for this grant, you must complete the Free Application for Federal Student Aid (FAFSA) by April 15.

Academic Competitiveness Grant (ACG)

Federal funding for this program will end after the 2010-2011 academic year, June 30, 2011.
There will be no federal funding to make awards from this program for the 2011-2012 academic year.

An eligible student may receive an Academic Competitiveness Grant (ACG) of $750 for the first academic year of study (0-24 credits) and $1,300 for the second academic year of study (25-48 credits). To be eligible for each academic year, a student must:

  • Be a U.S. citizen
  • Be a Federal Pell Grant recipient
  • Be enrolled full time in a degree program
  • Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution
  • Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student)
  • If a first-year student, not have been previously enrolled in an undergraduate program
  • If a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale (as set forth in regulations to be promulgated soon) for the first academic year

National SMART Grant

Federal funding for this program will end after the 2010-2011 academic year, June 30, 2011.
There will be no federal funding to make awards from this program for the 2011-2012 academic year.

An eligible student may receive a National SMART Grant of up to $4,000 for each of the third and fourth academic years of study (49-120 credits, for most majors). To be eligible for each academic year, a student must:

  • Be a U.S. citizen
  • Be a Federal Pell Grant recipient
  • Be enrolled full time in a degree program
  • Be enrolled in a four-year degree-granting institution
  • Major in physical, life, or computer science; engineering; mathematics; technology; or a critical foreign language
  • Have at least a cumulative 3.0 grade point average on a 4.0 scale in the coursework required for the student’s major

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Loans

Loan programs provide repayable assistance to students who apply and qualify for them. Repayment terms, interest, and borrowing limits vary from program to program. Student loans are a serious and important obligation. Receipt of these funds means that you assume the legal responsibility for repayment of the loan at a future date.

It is important to know the terms and conditions under which you borrow student loan funds. Check the promissory note in order to learn the specific conditions and terms of your particular loan program.

Nonrepayment of loan funds in the future can have serious consequences for you. Debt management information can be supplied for those interested in projecting future indebtedness and repayment. There are community service opportunities which may repay a portion of your student loan obligation.

IUP’s Student Lending Code of Conduct

IUP is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between IUP officers, employees, or agents and education loan lenders, IUP has adopted the following:

  • IUP does not participate in any revenue-sharing arrangements with any lender.
  • IUP does not permit any officer, employee, or agent of the school who is employed in the Financial Aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor, or servicer.
  • IUP does not permit any officer, employee, or agent of the school who is employed in the Financial Aid office or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
  • IUP does not permit any officer, employee, or agent of the school who is employed in the Financial Aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission, or other group established by such a lender, guarantor group of lenders, and/or guarantors. IUP does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions, or groups by lenders, guarantors, or groups of lenders and/or guarantors.
  • IUP does not assign a lender to any first-time borrower through financial aid packaging or any other means.
  • IUP recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. IUP will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower's selection of a lender and/or guarantor.
  • IUP will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.
  • IUP will not request or accept any assistance with call center or Financial Aid office staffing.

Federal Perkins Loan

The Federal Perkins Loan is funded by the federal government and administered by IUP. Eligibility is based on your financial need. To apply for this loan, you must submit the Free Application for Federal Student Aid (FAFSA) by April 15.

At IUP, approximately $200 to $3,000 per year may be borrowed by students who otherwise qualify. For new borrowers, repayment follows a nine-month grace period after ceasing half-time enrollment (six credits per term). The minimum repayment rate is $40 per month at a simple interest rate of 5 percent per year on the unpaid balance. There are deferment and cancellation privileges available.

Federal Direct Stafford Loan

The Federal Direct Stafford Loan application process begins when you complete the Free Application for Federal Student Aid (FAFSA). If you have not already completed an electronic Master Promissory Note (eMPN) for the Federal Direct Stafford Loan program, you must do so before any loan funds can be disbursed. The Financial Aid office will notify you, either by e-mail (to IUP e-mail account) or letter, when and where you may complete this eMPN. In addition, first-time Stafford Loan borrowers who have not completed Stafford Loan entrance counseling for IUP must do so before any loan proceeds can be disbursed.

The Federal Direct Stafford Loan program is administered by IUP in conjunction with the federal government. The cost of your education, expected family contribution, and other aid resources determine your eligibility for the loan. Students must be enrolled on at least a half-time basis at IUP in a given semester. Half-time attendance is defined as six credits per term for undergraduates and 4.5 credits per term for graduate students.

There are two types of Stafford Loans—a subsidized Federal Direct Stafford Loan and an unsubsidized Federal Direct Stafford Loan. The subsidized loan is based upon financial need as determined by the FAFSA and requires no payment of principal or interest until six months after the student ceases half-time attendance (as defined above). The unsubsidized loan may be received regardless of financial need. Unless the student chooses to pay it, the interest accrues on unsubsidized Stafford Loans while the student is enrolled and during the six-month grace period before repayment begins.

Interest rates for Federal Direct Stafford Loans


Subsidized Loans

  • 4.5% for undergraduate level loans first disbursed between July 1, 2010 and June 30, 2011
  • 3.4% for undergraduate level loans first disbursed between July 1, 2011 and June 30, 2012
  • 6.8% for undergraduate level loans first disbursed on or after July 1, 2012
  • 6.8% for graduate level loans first disbursed after July 1, 2006

Unsubsidized Loans

  • 6.8% for undergraduate and graduate level loans first disbursed after July 1, 2006

Federal Direct Stafford Loan Amounts

  • Undergraduate Federal Direct Stafford Loan Amounts: The amount of funds that a student may borrow per academic grade level from the Federal Direct Stafford Loan program (subsidized and unsubsidized total) is as follows: freshmen — $5,500; sophomores — $6,500; juniors and seniors — $7,500. These loan limits apply per academic year, which is defined at IUP as Fall/Spring and the following Summer term. The maximum amount a dependent undergraduate may borrow in total for his undergraduate education is $31,000. For independent students and for dependent students whose parents cannot participate in the Federal Direct PLUS Loan program, an additional amount of unsubsidized Stafford Loan may be requested. Freshmen and sophomores may apply for an additional $4,000, and juniors and seniors may apply for an additional $5,000. Participating in this extended unsubsidized program permits an additional $26,500 in borrowing.

  • Graduate Federal Direct Stafford Loan Amounts: Graduate students may borrow up to $20,500 each academic year, which is defined at IUP as Fall/Spring and the following Summer term. Up to $8,500 of this loan can be subsidized, depending on financial need as determined by the FAFSA. The total cumulative Stafford Loan amount that graduate students may borrow (including outstanding undergraduate loans) is $138,500.

Federal Direct PLUS Loans

Parents of undergraduate students and graduate students themselves can apply for Direct PLUS loans through the U.S. Department of Education.

Parents and graduate students interested in applying for the Federal Direct PLUS Loan will need to complete the electronic PLUS Loan application available on the U.S. Department of Education's Direct Loan website. You will need to have a Federal Student Aid PIN in order to log in to the website. This is the same PIN you would have used to sign the FAFSA electronically. After completing the PLUS application, you will be notified of the credit decision immediately, and the Financial Aid office will receive electronic communication of the decision within two business days. A credit check is only valid for ninety days, so you should not apply any earlier than ninety days prior to the start of a semester or academic year.

If your credit is approved, you will be required to complete the electronic Master Promissory Note (eMPN) for the Federal Direct PLUS Loan on the U.S. Department of Education's Direct Loan website. Graduate student borrowers (who have not previously had a Federal PLUS Loan) will also need to complete entrance counseling.

If credit is denied (for parents of dependent undergraduate students only), the student may be eligible for additional funding in the Federal Direct Stafford Unsubsidized Loan. The Financial Aid office will automatically review a student's record for eligibility.

Amounts up to the cost of education minus Federal Stafford Loan eligibility and other aid may be borrowed if the student is enrolled on at least a half-time basis (six credits per term for undergraduates; 4.5 credits per term for graduate students). Repayment of principal and interest begins sixty days after the funds are fully disbursed for the loan period. There are some limited deferment provisions available.

Interest rate for a Federal Direct PLUS Loan is fixed at 7.9 percent.

Alternative/Private Loans

The Higher Education Opportunity Act of 2008 mandated a number of significant changes to provide a significant amount of additional information to families who choose to utilize private educational loans. The regulations change the disclosure requirements for the Truth In Lending Act (TILA) for non-Title IV education loans made expressly for post-secondary education expenses.

We strongly recommend that all students apply for federal funding each year by completing the Free Application for Federal Student Aid and consider borrowing from federal loan sources before borrowing from private student loans. In most cases, the terms of the federal student loans may be better than those of the private education loans.

These regulations went into effect on February 14, 2010. The regulations require all private education loan lenders to produce the following disclosures to borrowers:

  • Application Disclosure: The lender must provide a general range of rates and fees so that borrowers can make informed decisions when choosing a private loan lender.
    • The Application Disclosure provides general information about interest rates, fees, default or late payment costs, and repayment terms. In addition, it includes an example of the total cost of a loan based on the maximum interest rate offered by a lender, a defined loan amount, and calculations for each payment option.
  • Loan Approval Disclosure: When an applicant is conditionally approved for a loan, the lender must send this disclosure with borrower-specific rates and fees.
    • The Approval Disclosure must be provided before the consummation of the loan on (or with) any notice to the applicant that the creditor has approved the consumer’s application for a loan.
    • The Approval Disclosure provides information specific to the loan being approved by the lender, including detailed information on the interest rate and itemization of fees associated with the loan application (including fees associated with late payments and defaults).
    • Borrowers typically have thirty calendar days to accept the loan terms offered. The borrower can accept the terms of the loan by mail, by phone, or electronically.
  • Final Disclosure: This is sent to the borrower after the loan terms are accepted and the school has certified the student’s eligibility for the loan. The Final Disclosure gives the borrower a right-to-cancel period of three business days.

In addition, the borrower must complete and submit the Private Education Loan Applicant Self-Certification. The self-certification form will include information about the availability of federal student loans, the student's cost of attendance, estimated amount of financial assistance, and the difference between the student's cost of attendance and estimated financial aid. This form is provided by the lender. If necessary, this form may also be obtained at the financial aid office.

General Information Regarding Alternative/Private Loans

A wide variety of privately financed educational loan programs are available to IUP students and their families. Each of these programs offers unique terms and conditions that affect their availability in particular circumstances.

Some of the characteristics that you may want to evaluate include the interest rates, application fees, credit evaluation, deferment options, repayment plans, and applicability to unique circumstances, such as past-due balances, academic progress requirements, program matriculation, and citizenship qualifications.

The information below is a list of lenders that IUP students have used in the last five years and are still lending as of this year. It is provided for your review—IUP does not specifically endorse any of these loan programs. It is the responsibility of you, the consumer, to assess the advantages and disadvantages of these offerings and to make your selection based upon those features that best meet your financial needs. Please know you have the right to use the lender of your choice and are not limited to those on this list. Please note that, in most cases, a student will need a credit-worthy cosigner when applying for these loans.

Please allow two to four weeks processing time for these loans once the lender has notified IUP of your eligibility.

Private Education Loan Programs—Also See Code Listing Below

PDB — Loan program will assist with past due balances. Contact lender for specifics.
NSAP — Loan program does not require the student to make satisfactory academic progress (SAP)
N/D — Loan program allows the borrower to be enrolled in a nondegree program.
* — Student must be a resident of that state or a member of that federal credit union
<½ — Loan program allows borrowers to be enrolled less than half-time. Contact lender for specifics.

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Student Employment

Employment programs provide an opportunity for you to earn money to help finance your educational expenses. Students may be employed on campus for up to twenty-five hours per week when classes are in session and forty hours per week during nonenrollment periods. Wages for hours worked are paid biweekly directly to the student.

Students are responsible for securing their own positions on campus. The Student Employment Center (SEC) is available to assist students in finding job opportunities. Students may gain access to a listing of available positions by doing any of the following: asking to review the employment binder located in the SEC office (302 Pratt Hall, Office of Career Services), reviewing the bulletin board located outside of the SEC office, or by visiting the Student Employment Center website (twenty-four-hour accessibility). For on-campus jobs posted through the SEC, students should contact the individual departments to arrange interviews. If there is a particular area or department in which you would like to be employed, go directly to that department and inquire about potential employment. All students with work study awards are not guaranteed that they will obtain employment.

  • Federal Work Study Program (FWSP)
    Eligibility for FWSP is based upon financial need. Students must submit the Free Application for Federal Student Aid (FAFSA) and a Fall/Spring Federal Work Study Application. Positions are available both on campus and with local community service organizations.
  • Community Service Federal Work-Study Program
    This program enables students to gain practical work experience related to their major course of study. For more information regarding this program, please contact the Student Employment Center, 302 Pratt Hall, at 724-357-2235.
  • University Employment (UE)
    This program is similar to the Federal Work Study Program. However, students who do not demonstrate financial need may be employed. No financial aid application is required.
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  • Financial Aid Office
  • Clark Hall, Room 200
    1090 South Drive
    Indiana, PA 15705
  • Phone: 724-357-2218
  • Fax: 724-357-2094
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  • Office Hours
  • Monday through Friday
  • 8:00 a.m. – 4:30 p.m.