8529 Cat.qxd - Immaculata University

TUITION REDUCTIONSTwo or more members from the same family (economic unit)attending the College of Undergraduate Studies at Immaculata willeach be given a 10% reduction in tuition. The total of Immaculataaid may never exceed the amount of comprehensive tuition.FEDERAL AND STATE AIDApplication for all the programs listed below must be made byusing the Free Application for Federal Student Aid (FAFSA).FEDERAL PROGRAMSThe federal government offers financial assistance programs,and Immaculata participates in all of the programs listed below.The general criteria for eligibility include enrollment in an eligibleinstitution; status of citizen, national, or permanent resident of theU.S. or the Trust Territories of the Pacific Islands; anddemonstration of financial need. Need is defined as the differencebetween educational costs—tuition, fees, room, board, books,supplies, and personal expenses—and the amount the student andthe student’s family can be expected to pay for the education asdetermined by the federal need analysis formula.FEDERAL PELL GRANTSThese grants are awarded directly by the federal government andrange from $400 to $4,050, depending on need. Students must beundergraduate students who do not already hold a bachelor’s degree.FEDERAL SUPPLEMENTAL EDUCATIONALOPPORTUNITY GRANTS (FSEOG)This grant program is administered by the university and isawarded to undergraduate students who demonstrate exceptionalfinancial need and are enrolled at least half-time. The minimum SEOGaward is $100 per year. Priority is given to students who qualify fora Pell Grant. FSEOG awards range between $200 and $1000.FEDERAL WORK-STUDY PROGRAM (FWS)This program offers students the opportunity to pay for livingand educational expenses as they are incurred. Students are placedin various offices on campus and receive a monthly paycheck forthe hours worked. Award amounts vary, and eligibility is based onneed. Do not include Federal Work-Study as a credit for payment oftuition, fees or room and board.FEDERAL PERKINS LOANUnder this program, loans of up to $4,000 are awarded each yearto students demonstrating financial need. Repayment begins ninemonths after a student graduates, leaves school, or drops below halftimeenrollment. The interest rate is 5%, and maximum repaymentschedule is ten years.FEDERAL FAMILY EDUCATION LOANPROGRAMSThe Federal Family Education Loan Programs include the FederalStafford Loans (both subsidized and unsubsidized) and the ParentLoan for Undergraduate Students (PLUS). The Federal StaffordLoan is a special low interest loan, available to students through mostbanks, savings and loans, and credit unions. Loan limits are listed inthe table below. A student must be enrolled at least half-time toreceive a loan. Repayment begins six months after a studentgraduates, leaves school, or drops to less than half-time enrollment.PLUS loans are available to parents whose dependents areattending an institution of higher education. Parents may borrow upto the cost of attendance minus any other aid per eligible dependentstudent. Repayment of the PLUS loan principal and interest beginswithin 60 days after the loan is disbursed.Additional information regarding student and parental loans canbe obtained from a local participating bank, savings and loan, orcredit union.Loan Limits for the FFEL ProgramsPrograms Annual Limits Aggregate TotalsSubsidizedFederalStaffordLoansUnsubsidizedFederalStraffordLoansFor all dependent students(includes both subsidizedand unsubsidized loans)$2,625first-year undergraduate$3,500second-year undergraduate$5,500third-year undergraduate$5,500fourth-year undergraduateFor independent studentsAnd dependent studentsWhose parents haveBeen denied a PLUS load$4,000first-year undergraduate$4,000second-year undergraduate$5,000third-year undergraduate$5,000fourth-year undergraduate$23,000undergraduate$23,000undergraduateTotal aggregateLimit subsidized andUnsubsidized loans$46,000STATE GRANT PROGRAMSMany states offer grants, based on financial need and full-timeenrollment status to their residents. Some of these grants may beused only at institutions within that state while others may be usedat colleges outside the state. Students from states other thanPennsylvania should check with their state’s higher education officeto determine whether or not they qualify.PENNSYLVANIA STATE GRANTSThe Pennsylvania Higher Education Assistance Agency (PHEAA)offers grants that range from $200 to $4,100. Awards aredetermined by PHEAA on the basis of financial need andenrollment status. Application is made through the Free Applicationfor FAFSA and is available for eight semesters for qualifiedstudents. State grant application deadline is May 1 of every year.OUTSIDE GIFT AID POLICYStudents should notify the Financial Aid Office if they arereceiving any privately funded scholarships or grants by submittinga photocopy of any scholarship notifications and information on theavailability of these funds for subsequent years. The university willthen be able to notify students of any impact on their financialassistance package.IMMACULATA INSTITUTIONAL EMPLOYMENTThe Immaculata Institutional Employment Program provides oncampusemployment to students who do not qualify for federalcollege work-study. Students are paid on a monthly basis for thehours worked the previous month. Institutional employmentearnings are not deducted from the student’s charges; the studentmay however sign the check over to the college as payment toward thebalance due. Do not include Immaculata Institutional Employmentas a credit for payment of tuition, fees or room and board.20