Federal and State Aid

Expenses, Payment Policy and Financial Aid

Federal and State Aid

Related Pages

Application for all the programs listed below must be made by using the Free Application for Federal Student Aid (FAFSA).

Students must annually accept their terms and conditions for receiving federal and state aid. Additional information can be found at: https://www.immaculata.edu/admissions/financial-aid/policies/terms-conditions/

Federal Programs

Immaculata University participates in a number of federal need-based grant programs. The general criteria for eligibility include enrollment in an eligible institution; status of citizen, national, or permanent resident of the U.S. or the Trust Territories of the Pacific Islands; and demonstration of financial need. Need is defined as the difference between educational costs—tuition, fees, room, board, books, supplies, and personal expenses—and the amount the student and the student’s family can be expected to pay for the education as determined by the federal need analysis formula.

Please contact the Office of Financial Aid (484-323-3028 or finaid@immaculata.edu ), if you have any questions or need any additional information regarding these programs.

Federal Pell Grants

The Pell Grant is a need-based federally funded grant. The awards vary in amount and are based upon the eligibility criteria from the processed FAFSA. This grant is awarded to either full- or part-time enrolled undergraduate students pursuing their first degree-granting program.

Federal Supplemental Educational Opportunity Grants (Fseog)

This grant program is administered by the University and is awarded to undergraduate students who demonstrate exceptional financial need and are enrolled at least half-time and eligible for the Federal Pell Grant. The minimum FSEOG award is $100 per year.

Federal Work-Study Program (Fws)

This program offers students the opportunity to pay for living and educational expenses as they are incurred. Students are placed in various offices on campus and receive a monthly paycheck for the hours worked. Award amounts vary, and eligibility is based on need. Do not include Federal Work-Study as a credit for payment of tuition, fees or room and board.

Direct Loan Programs

Federal Direct Loans (formerly called “Federal Stafford Loans”) are federally guaranteed loans under the William D. Ford Federal Direct Loan Program for students who are enrolled at least half-time in an aid-eligible program. Federal Direct Loans are either subsidized or unsubsidized and currently have a fixed interest rate. You can receive both subsidized and unsubsidized Direct Loans during the same enrollment period, depending on your eligibility.

A Subsidized Direct Loan is awarded on the basis of financial need. Interest does not accrue while you are enrolled at least half-time and during other specified deferment periods. Repayment begins six months after you cease to be enrolled at least half-time.

An Unsubsidized Direct Loan is not awarded on the basis of need. The principal will be deferred until six months after you cease to be enrolled at least half-time. You will be charged interest from the time the loan is disbursed until it is paid in full. You can either make the interest payment or defer it while you are in school. If you do not make interest payments while in school, the interest will be capitalized (added to the principal balance of the loan) every six months.

Annual Loan Limits For Direct Subsidized And Direct Unsubsidized Student Loans

The actual loan amount is based on individual eligibility. A borrower’s total financial aid package that may consist of grants, scholarships and loans may not exceed the total cost of education for the loan term. SEE TABLE A

Interest Rates

The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Direct Loans for undergraduate students starting July 1, 2008. These reductions are available only to undergraduate students, not graduate students, and only for Subsidized Direct Loans, not Unsubsidized Direct Loans. View the current interest rates for direct loans.

Fees

Federal Direct Loans are subject to an origination fee. Fees are deducted from the loan proceeds at the time funds are disbursed.

Master Promissory Note (MPN)

If you have been awarded a Federal Direct Loan as part of your financial aid package, you will need to complete a Master Promissory Note (MPN). You may complete the MPN online through studentaid.gov direct loan website. This will only need to be completed once to cover eligibility for both the subsidized and unsubsidized loans, and it is valid for ten years.

TABLE A

YEAR IN COLLEGE BASE SUBSIDIZED/
UNSUBSIDIZED
LOAN AMOUNT
Independent Student
Dependent Student		 ADDITIONAL UNSUBSIDIZED LOAN AMOUNT
Independent Student
Dependent Student whose parents
were denied a Direct PLUS Loan		 Academic Year Limit
Freshman $3,500 + $2,000 $4,000 $9,500
Sophomore $4,500 + $2,000 $4,000 $10,500
Junior and Senior $5,500 + $2,000 $5,000 $12,500
Teacher Certification $5,500 + $2,000 $5,000 $12,500
Graduate $20,500 $20,500

Please Note: The total number of credits earned at the time the loan is processed determines a student’s “year in college.”

Freshman = 0 - 29.9 credits earned Junior = 60.0 - 89.9 credits earned
Sophomore = 30.0 - 59.9 credits earned Senior = 90 + credits earned

Aggregate Student Loan Limits

Undergraduate Education (dependent student) $131,000 (No more than $23,000 of which can be subsidized)
Undergraduate Education (independent student) $157,500 (No more than $23,000 of which can be subsidized)
Graduate Education $138,500 (No more than $23,000 of which can be subsidized)

*half-time = 6 credits per semester for undergraduate students/4.5 credits per semester for graduate students

Entrance & Exit Counseling

If you are borrowing for the first time at Immaculata University, you must complete an entrance counseling session in addition to the MPN before your Federal Direct Loan may be disbursed. You can complete entrance counseling online through the www.studentloans.gov website. Immaculata University is automatically notified upon completion. Upon graduating, withdrawing, or dropping below half-time status from Immaculata University, you must complete an exit counseling session. You can complete exit counseling online through the www.studentloans.gov website. Immaculata University is automatically notified upon completion.

Deferment

Principal and interest for the Federal Direct Loan Program are deferred while you are enrolled at least half-time. A six-month grace period is allowed after you cease to be enrolled at least half-time before repayment begins.

Repayment & Loan Servicing

There are five federal direct loan servicers. The Department of Education determines your servicer at the time your promissory note is completed, and the loan is disbursed. If you have a Direct Loan, previous to the 2010-2011 academic year through the Federal Family Educational Loan Program (FFELP), your loan would be serviced by the lender you chose when you signed your MPN. Students and parents can look up their complete loan history, including the servicer for each loan, at www.nslds.ed.gov. Access to this site requires you to have your Department of Education PIN.

Loan Servicer Contact Information

Consolidation

Loan consolidation is an option available to federal loan borrowers through the Direct Consolidation Loan Program. To discover if this option is beneficial to you, please visit www.studentloans.gov or contact the Direct Loan Consolidation Center by telephone at 800-557-7392.

State Grant Programs

Many states offer grants, based on financial need and full-time and half-time enrollment status, to their residents. Some of these grants may be used only at institutions within that state while others may be used at colleges outside the state. Students from states other than Pennsylvania should check with their state’s higher education office to determine whether or not they qualify. Questions regarding PA State grant aid can be directed to the PHEAA Grant Division at 1-800-692-7392 or visit PHEAA’s website at www.pheaa.org

Pennsylvania State Grants

The Pennsylvania Higher Education Assistance Agency (PHEAA) offers grants that vary in amount. Notification of award amount will be provided directly to the student by PHEAA. Awards are determined by PHEAA on the basis of financial need and enrollment status. Application is made by completing the Free Application for Federal Student Aid (FAFSA) and is available for eight semesters for qualified students. State grant application deadline is May 1 of every year.

Recipients of the PA State Grant must also follow certain academic progress guidelines set for by PHEAA. Immaculata University has designed a satisfactory academic progress (SAP) policy that meets the requirements of both federal and state agencies; however, you can review PHEAA’s SAP policies at PHEAA’s website