There are four basic types of financial aid available: Grants, Scholarships, Employment, and Loans.
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 first time 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.
Even while you are pursuing your first bachelor’s degree, Pell Grant funding is limited to maximum of 6 annual awards. Students nearing or who have reached the limit will be notified by the Federal Department of Education and the Cheyney University Office of Student Financial Services once the FAFSA has been filed and the review of your request for aid has started.
Federal Supplemental Educational Opportunity Grant (FSEOG): FSEOG is a grant for which funding is provided to Cheyney University by the Federal 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.
Teacher Education Assistance for College and Higher Education (TEACH) Grant: The TEACH Grant 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.
State grants are available to eligible state residents who complete the FAFSA and their respective state’s application.
Pennsylvania State Grant: The PA State Grant Program available through the Pennsylvania Higher Education Assistance Agency (PHEAA) is a need-based grant program for Pennsylvania residents, seeking to pursue an undergraduate degree at an eligible Pennsylvania institutions. You must complete a FAFSA along with a PHEAA application. You can check the status of your state grant eligibility by creating and 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.
Scholarships are private monies that are made available to students from external sources like local community groups, corporate donors, and the University. You do not have to repay scholarships. Scholarships may require a separate application. Any student interested in obtaining a University Scholarship will need to complete a Cheyney University Foundation Scholarship Information Release form.
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 PLUS Loans (for parents of undergraduate dependent students).
Federal Direct Student Loan (Subsidized and/or Unsubsidized) are federally supported, low-interest student loans with flexible repayment options. Subsidized loans are offered to students who are eligible on the basis of calculated financial eligibility, while unsubsidized loans are available even for those who do not qualify for need-based financial aid. Students must be enrolled for at least 6 credits (half time status) of enrollment to be eligible for a federal loans.
Federal Direct Parent Loan for Undergraduate Students (PLUS) is a federally funded loan available for parents to borrow on behalf of their dependent students to help finance their college education. The parent borrower must be the dependent student’s biological or adoptive parent. A stepparent is also eligible to borrow a PLUS Loan only if their income and assets were used on the student’s Free Application for Federal Student Aid in the academic year that loan is being requested.
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.