Types of Financial Aid

 There are four basic types of financial aid available: Scholarships, Grants, Employment, and Loans.

Scholarships

Scholarships are private monies that are made available to students from various local community groups, corporate donors, and the University. You do not have to repay scholarships. Each scholarship usually requires a separate application.

Federal Grants

There are several types of federal student aid grants and one specialized grant/loan combination. All grants are awarded according to financial need, as determined from the information you submitted on the Free Application for Federal Student Aid (FAFSA). Students who are eligible for federal student aid have their eligibility for federal grants evaluated after completing the FAFSA. Additional information on these and other federal financial aid programs can be found at the U.S. Department of Education's Federal Student Aid website.

Federal Pell Grant

Federal Pell Grants are need-based grants provided to degree-seeking undergraduate students.  Eligibility for this federal grant is determined by using the Expected Family Contribution (EFC) from the Free Application for Federal Student Aid (FAFSA), the school's cost of attendance and the student's enrollment status.  Award amounts change yearly.  Please visit Federal Student Aid to view the maximum Federal Pell Grant award for the current academic year.

Effective 7/1/2012 a student may only receive funding from the Federal Pell Grant program for a maximum of 6 annual awards. Students nearing or who have reached the limit will be notified by the Department of Education and the Financial Aid Office at Cheyney University once the Free Application for Federal Student Aid /FAFSA application has been filed and the review of your request for aid has started.

Federal Pell Grant Application process for 2017-18:

For Federal Pell Grant consideration you must complete a Free Application for Federal Student Aid/FAFSA for award year 2017-2018. Applications must be submitted between January 1, 2017 and June 30, 2018.

Federal Supplemental Educational Opportunity Grant (FSEOG) 

A FSEOG is a grant for which funding is provided to Cheyney University by the US Department of Education.  Awards are made to  undergraduate, first degree seeking students with exceptional financial need.  Priority is given to students who receive Federal Pell Grant awards.  Award amounts may vary from year to year based on federal funding and student eligibility. Students are encouraged to file their FAFSA as early as possible to be considered for this grant. 

Teach Grant

The TEACH Grant (Teacher Education Assistance for College and Higher Education)  Program provides grants for students who intend to teach  in high-need fields in low income schools.  The program is available only to students fully admitted into an eligible teaching program.

Pennsylvania State Grant

The Pennsylvania State Grant Program (PHEAA) is a need-based grant program for Pennsylvania residents, seeking to pursue an undergraduate degree at an eligible Pennsylvania institutions.  You can check the status of your state grant eligibility by logging into PHEAA's Account Access. You also should be aware of your rights and responsibilities, privacy and certification for this grant. Additional information regarding this grant can be found at: Pennsylvania State Grant FAQ

 

Other State Grants 

Several states (including Delaware, District of Columbia, Massachusetts, Ohio, Vermont and West Virginia) have grants that can be transferred to colleges and universities in Pennsylvania.   Interested students may obtain information regarding these programs from their high school guidance counselors or from their appropriate state higher education agency.

 

Student Employment

Federal Work-Study is a federally funded program that provides employment opportunities to students with the highest financial need. Placement is limited.

 

Federal Loans

Loans are funds that you must repay. The Federal Loan programs offer a secure, government-regulated and reasonably affordable way to invest in yourself and your goal of a higher education. Even though some loans are based on financial need, there are programs available to all federally eligible students regardless of income. Types of loans include Federal Direct Stafford Loans, and PLUS Loans (for graduate students or parents of undergraduate dependent students).


Private Education Loans

Private Education Loans, also known as Alternative Loans, are credit-based loans that can help bridge the gap between the actual cost of your education and the amount of your other financial aid funds. Private loans are offered by private lenders and should only be considered after exhausting all other sources of funding – including federal loans.

 

 

©