Financial Aid: Grants, Loans, and More
Navigating financial aid can feel overwhelming, but understanding your options is key to making informed decisions about paying for college. This page provides essential information on grants, loans, and resources to help you plan ahead.
For the Graduating Class of 2025: Get Ready to Apply for Your PHEAA Grant
The Pennsylvania Higher Education Assistance Agency (PHEAA) State Grant application just opened in early June. This grant can provide valuable funding for eligible Pennsylvania students attending college in 2025-26.
Tips for Class of 2025:
- Complete your PHEAA State Grant application ASAP: Visit the PHEAA State Grant Program page to apply and check your eligibility.
- Work closely with your college’s financial aid office: Confirm that your application is complete and all documents have been received.
- Stay on top of deadlines: Missing deadlines can delay or reduce your aid.
- Review your financial aid award letter carefully: Understand what grants and loans you’ve been offered.
For the Class of 2026 and Their Families: Use the Summer to Learn About Financial Aid
Summer is a great time to get ahead on understanding financial aid basics, FAFSA completion, and borrowing options.
Resources to explore:
- PHEAA Financial Aid Webinars: Attend live or watch on-demand workshops on FAFSA, grants, loans, and more at PHEAA’s Financial Aid Webinars.
- FAFSA Basics: Learn what the Free Application for Federal Student Aid (FAFSA) is, why it’s important, and how to complete it.
- Borrowing for Education: Understand the types of loans available and how to borrow responsibly.
FAFSA Opening and Completion Timeline
- The FAFSA for the 2025-26 academic year opens on October 1, 2024.
- We strongly encourage all college-bound students and their families to complete the FAFSA by November 30, 2024, at the latest.
- Early FAFSA submission helps you:
- Receive your financial aid package sooner
- Understand your true college costs
- Make informed decisions about where to enroll
Learn more about FAFSA at the Federal Student Aid website.
Understanding Loans: Beyond Direct Stafford Loans
While Direct Stafford Loans are the most common federal student loans, you may also want to explore other borrowing options if needed:
- Federal PLUS Loans: For parents or graduate students, offering additional borrowing capacity.
- Pennsylvania State Loan Programs: Some state-specific loans are available for PA residents. More info at PHEAA Loan Programs.
- Private Student Loans: Offered by banks and credit unions; typically require a credit check and may have higher interest rates.
Important: Always exhaust federal and state aid options before considering private loans. Borrow only what you need and understand the terms.
For a detailed comparison of loan types and borrowing tips, visit Federal Student Aid Types of Aid.
Sample Financial Aid Package
Wondering what a financial aid award letter looks like? Check out this Sample Financial Aid Package to familiarize yourself with common terms and figures you’ll see.
Additional Resources
If you have questions or need personalized assistance, please contact your school counselor or the post-secondary programming office. We’re here to help you understand your financial aid options and make the best choices for your future.