Undergraduate Catalog 2008-2010 - Immaculata University

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. The minimum SEOG
award is $100 per year. Priority is given to students who qualify for
a Pell Grant. FSEOG awards range between $200 and $1000.
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.
FEDERAL PERKINS LOAN
Under this program, loans of up to $4,000 are awarded each year
to students demonstrating financial need. Repayment begins nine
months after a student graduates, leaves school, or drops below halftime
enrollment. The interest rate is 5%, and maximum repayment
schedule is ten years.
FEDERAL FAMILY EDUCATION LOAN
PROGRAMS
The Federal Family Education Loan Programs include the Federal
Stafford Loans (both subsidized and unsubsidized) and the Parent
Loan for Undergraduate Students (PLUS). The Federal Stafford
Loan is a special low interest loan, available to students through most
banks, savings and loans, and credit unions. Loan limits are listed in
the table below. A student must be enrolled at least half-time to
receive a loan. Repayment begins six months after a student
graduates, leaves school, or drops to less than half-time enrollment.
PLUS loans are available to parents whose dependents are
attending an institution of higher education. Parents may borrow up
to the cost of attendance minus any other aid per eligible dependent
student. Repayment of the PLUS loan principal and interest begins
within 60 days after the loan is disbursed.
Loan Limits for the FFEL Programs
Programs Annual Limits Aggregate Totals
Subsidized
Federal
Stafford
Loans
Unsubsidized
Federal
Strafford
Loans
For all dependent students
(includes both subsidized
and unsubsidized loans)
$2,625
first-year undergraduate
$3,500
second-year undergraduate
$5,500
third-year undergraduate
$5,500
fourth-year undergraduate
For independent students
And dependent students
Whose parents have
been denied a PLUS load
$4,000
first-year undergraduate
$4,000
second-year
undergraduate
$5,000
third-year undergraduate
$5,000
fourth-year undergraduate
$23,000
undergraduate
$23,000
undergraduate
Total aggregate
Limit subsidized and
Unsubsidized loans
$46,000
STATE GRANT PROGRAMS
Many states offer grants, based on financial need and full-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.
PENNSYLVANIA STATE GRANTS
The Pennsylvania Higher Education Assistance Agency (PHEAA)
offers grants that range from $200 to $4,100. Awards are
determined by PHEAA on the basis of financial need and
enrollment status. Application is made through the Free Application
for FAFSA and is available for eight semesters for qualified
students. State grant application deadline is May 1 of every year.
OUTSIDE GIFT AID POLICY
Students should notify the Financial Aid Office if they are
receiving any privately funded scholarships or grants by submitting
a photocopy of any scholarship notifications and information on the
availability of these funds for subsequent years. The university will
then be able to notify students of any impact on their financial
assistance package.
IMMACULATA INSTITUTIONAL EMPLOYMENT
The Immaculata Institutional Employment Program provides oncampus
employment to students who do not qualify for federal
college work-study. Students are paid on a monthly basis for the
hours worked the previous month. Institutional employment
earnings are not deducted from the student’s charges; the student
may however sign the check over to the college as payment toward the
balance due. Do not include Immaculata Institutional Employment
as a credit for payment of tuition, fees or room and board.
ALTERNATIVE LOAN PROGRAM
Many programs are available through lending institutions to
families in need of additional funds for education. These alternative
sources may be a line of credit to cover educational costs for four
years, a supplemental loan processed on a yearly basis, or a home
equity loan.
In most cases, eligibility for alternative loan programs is based
on the personal credit history and financial circumstances of the
family. Frequently a debt-income analysis is performed to
determine the applicant’s ability to repay the loan. Application
information is available in the Office of Financial Aid.
SPECIAL CIRCUMSTANCES
If after filing for financial aid, you or your parents experience a
reduction in income due to unemployment, divorce or separation,
death, loss of untaxed income, or other circumstances you must
contact the Financial Aid Office. You may be eligible to receive
increased financial assistance due to a special condition and will
need to find out what information is required in order to determine
your eligibility.
SATISFACTORY ACADEMIC PROGRESS
REQUIREMENTS
In order to qualify for financial aid programs, students must
consistently meet mandated satisfactory academic progress
requirements. These requirements are applied uniformly to all
students when determining their eligibility for federal and/or
Immaculata funds at the end of every academic year for each
student enrolled in an academic program at the college. The
requirements are a combination of quantitative and qualitative
standards. In order to meet minimum requirements, students must
progress in both the quantitative and qualitative standards. The
following is the policy at Immaculata in regards to financial aid
eligibility for all Immaculata administered programs.
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