Undergraduate - Clarion University

pages i-viiiFinancial Information40 Clarion University of Pennsylvaniarigorous curriculum is made by the state or local educationagency, and the high school must be recognized by the U.S.Secretary of Education. Freshmen ae eligible for $750, andsophomores are eligible for $1,300. Sophomores must havea cumulative grade-point average of at least a 3.00. Studentsmust have a current FAFSA (Free Application for FederalStudent Aid) on file, must be eligible for the federal PELLgrant (have an Expected Family Contribution of $4,110 orlower), must be United States citizens, and must be enrolledfull-time in a two- or four-year degree program.SMART Grants—National Science and MathematicsAccess to Retain Talent (SMART) grants are available tojuniors and seniors who are majoring in physical, life, orcomputer sciences, mathematics, technology engineering,or in a foreign language determined to be critical to nationalsecurity. Recipients must be PELL eligible, United Statescitizens enrolled full time in a four-year degree programwith a cumulative grade-point average of at least a 3.00.The maximum award is $4,000 per year.Federal Family Education Loan ProgramsFederal Perkins Loan Program—The programprovides for loans to students who have a demonstratedneed for financial assistance and who are in good academicstanding.To be eligible, students must complete an applicationform, have a current FAFSA form on file in the Office ofFinancial Aid, be a citizen of the United States or havedeclared an intention to obtain citizenship, and be enrolledor accepted for enrollment as a student.The loans, which are non-interest bearing while a studentis enrolled, are available to a maximum of $2,000 per yearfor undergraduates, with a $15,000 aggregate limit forundergraduate students.Repayment of the loan may extend over a 10-year periodbeginning nine months after graduation from Clarion.Repayments are to be made on a quarterly basis with interestaccruing at the rate of five percent per year.In specified teaching situations, as much as 15 percentof the loan may be canceled for each year of teaching. Theborrower’s obligation to repay the loan is canceled in theevent of death or permanent and total disability.Federal Stafford Loan Program—Loans to amaximum of $3,500 per academic year for first-yearstudents, $4,500 for second-year students, and $5,500 forthird-, fourth-, and fifth-year students to a limit of $23,000.Graduate students may apply for up to $8,500 per academicyear in subsidized loans. Loan applications are availablefrom local banks and savings and loan associations.Stafford Student Loans are based on need which must bedemonstrated through an approved need analysis system.The approved form is the FAFSA application. Applicationsand detailed information may be secured from the financialinstitution from which a loan will be requested. An 8.25percent capped rate of interest for new borrowers beginsaccruing six months after graduation or withdrawal, andrepayment may extend over a 10-year period. Diplomaswill be withheld for those who do not complete an exitinterview.Parent Loan for Undergraduate Students (PLUS)—PLUS loans, which are not based on financial need, areavailable to parents up to the cost of education minus otheraid. The loan has an adjustable rate of interest to a maximumof 9 percent, and repayment begins 60 days after receipt ofthe loan.Clarion University Revolving Loan Fund—This loanfund, for educational purposes only, is available to full-timeundergraduate students in good standing. Loans may begranted to a maximum of $300. The loans are interest-freefor 60 days. Thereafter, a $25 late fee is imposed. Applicationforms may be secured from the Office of Financial Aid.Loan Repayment Chart (payback period=10 years)PrincipalAmountBorrowed2,6253,5005,5006,0008,00013,00015,00018,00022,00024,000Number ofMonthlyPayments48721201201201201201201201205%(Perkins Loan)Payment6056586485138159191233255Total Interest2775581,5001,6372,1823,5464,0924,9106,0016,5478.25%(Stafford and ConsolidatedLoans)Payment6462677498159184221270294Total Interest4669492,5952,8313,7756,1347,0778,49310,38011,324EmploymentEmployment on a part-time basis is available to theextent that funds are provided by the federal governmentand the Commonwealth of Pennsylvania. The assignment ofstudents to part-time campus positions is generally based onfinancial need; however, it should be recognized that suchemployment will not be sufficient to meet the total expensesof attending Clarion. The current federal minimum wage ispaid to on-campus student employees.Federal Work-Study Program—The universityparticipates in the Federal Work-Study Program, whichpermits eligible students to work while classes are in session.Eligibility requirements for employment include U.S.citizenship, demonstrated financial need as determined bya current Needs Analysis form, and satisfactory academicprogress.State Employment Program—Part-time positions areavailable under this program to students who are maintainingsatisfactory academic progress. Many positions are limitedto 15 hours of employment per week.Job Location and Development Program (JLD)—Funding for the JLD program is received from the federalgovernment under the College Work-Study Program and isdesigned to encourage the development of part-time, offcampus,employment opportunities for all Clarion studentsregardless of financial need.Students employed under the Federal Work-StudyProgram and the State Employment Program must beenrolled at least half-time, i.e., six semester hours eachsemester, to remain eligible for the work program.