FINANCIAL AID
Federal Loans and Work-Study
Need-based grant programs are discontinued upon the receipt of a bac-
calaureate degree. Graduate students with need may apply for Federal
Stafford Loans and Federal Work-Study program utilizing the aforemen-
tioned application procedures. Students attending with special student
status are not eligible for financial aid.
Graduate students may borrow up to $8,500 annually through the
Federal Stafford Student Loan program. Federal unsubsidized loans may
also be used for graduate study up to total cost of each academic gradu-
ate year, or $10,000, whichever is less. This is in addition to the $8,500
subsidized Stafford Loan. Students enrolled in teacher certification who
will not be earning a master's degree will be restricted on the loan limits
based on the undergraduate loan limits of $5,500 subsidized Stafford
Loan and $5,000 unsubsidized Stafford Loan.
Perkins Loans
Edinboro University participates in the Perkins Student Loan Program.
Graduates who have been accepted for enrollment at Edinboro
University in full-time or at least half-time study and who need financial
help for educational expenses, may receive consideration for this student
loan. For the purpose of financial aid, half-time is defined as 3 to 6 grad-
uate credits.
Eligible graduate students may borrow up to $6,000 for each two-year
period. Interest and payments begin six months after the student ends his
studies. After termination of studies, the loans bear interest at the rate of
five percent a year (annual percentage interest) and repayment of princi-
pal may be extended over a ten-year period, except that the institution
may require a repayment of no less than $40 a month.
If a borrower becomes a full-time teacher in a public or other non-prof-
it private elementary or secondary school with a high enrollment of stu-
dents from low-income families, or as a full-time teacher of handicapped
children, for each complete year of service the amount of the loan shall
be reduced at the rates of 15 percent a year, plus interest for the first and
second years of service; 20 percent a year, plus interest for the third and
fourth years of service; 30 percent a year plus interest for the fifth year
of service; which results in 100 percent cancellation of the loan.
Edinboro University approves and makes the loans and is responsible for
collections. The "Free Application for Federal Student Aid" is required.
The amount of Perkins Loans are limited. Edinboro University will
determine loan maximums yearly and priority is given to undergraduate
students.
Federal Work-Study
Students may be placed on campus or for an approved off-campus
agency. On-campus jobs may include work in offices, laboratories, the
library, maintenance and the dormitories. Off-campus jobs are assigned
in public or private non-profit organizations with written agreements.
To work under this program, students must be enrolled or be accepted for
enrollment as at least half-time students at Edinboro University.
Eligibility depends upon their need for employment to defray college
expenses with preferences given to applicants from low-income fami-
lies. The "Free Application for Federal Student Aid" is required. Priority
is given to undergraduate students.
Federal Stafford Loans
Graduate education frequently places a financial burden on families, par-
ticularly if there are a number of children who want to attend college.
Graduate students cannot qualify for grant aid. Even when commercial
credit sources are available, repayment generally runs concurrently with
the years the student attends college. To help these students and their
families, a Federal Stafford Loan Program is in operation.
Under this program, a student may borrow from a bank or other finan-
cial institution. A graduate student may borrow as much as $8,500 per
year. Need must be demonstrated for these loans by the completion of
the "Free Application for Federal Student Aid" form. Interest during
graduate study is paid by the federal government if need is determined.
Loan repayment, including eight percent interest, begins six months
after termination of studies. Students have up to ten years to repay the
loans with minimum payments of $50 per month.
Interested students should inquire at their local bank or financial institu-
tion for further information and application forms for the Stafford Loan
Program. Stafford Loans are available to students from all states.
In the interest of the student, it is the recommendation of the Financial
Aid Office that discretion in borrowing be recognized as a necessary
consideration. Loans made by each student should be minimized to meet
projected educational costs.
Bank loans count as financial aid, and will reduce or supplement work-
study or Perkins Loan eligibility.
Sargent Emergency Student Loan Fund
Emergency 30-day loans are available to Edinboro University graduate
students. Original funds for this program were contributed in memory of
Gray Norman and Nicholas Rock, former students, in memory of Dr.
Harry Earlley, former acting president, and Dr. L. H. Van Houten, former
president of the University, and by the Alpha Phi Omega fraternity and
by the Edinboro University Alumni Association. Three alumni donors,
Mary Alice (Noxon) Sargent, Dr. Harold R. Sargent and Millard B.
Sargent, have now commemorated the endowment. Application forms
are available at the Financial Aid Office. Awards may not exceed $150.
Applications Steps to Follow
1.
Beyond our nominal fee for applying for admission, we do not
charge for financial aid.
2.
Complete and submit the Free Application for Federal Student Aid.
You will not be considered for the Pennsylvania State Grant and/or
the Federal Pell Grant. Mail the Federal Student Aid application in
the envelope provided with the application form.
3.
All information contained in documentation and forms is filed and
held in confidence by the Financial Aid Office. Regardless of the
aid program you are applying for you MUST complete an applica-
tion by May 1st of each year. This includes those who also wish to
apply for a Federal Stafford Loan.
4.
Financially Independent Students All graduate students receive
program consideration as a student who is financially independent
of their parent. Only student and spousal income is considered.
5.
Verification of Income One in three applications for various types
of Federal Student Financial Aid Programs is selected for verifica-
tion. Applications selected must provide family tax returns and
complete special forms to validate family size, untaxed income and
assets. Student applicants are advised to keep copies of their current
income tax forms for validation purposes.
6.
Time Frames for Application All students are encouraged to file
the "Free Application for Federal Student Aid" form by May 1st of
each year. Students who file after this date are in jeopardy of losing
eligibility for campus-based funds due to the limitation of dollars in
the programs. All bank loan applications must be preceded by the
completion of the Free Federal Aid form which is used to demon-
strate need for interest free Stafford Loan funding.
26/Financial Aid