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Grants, Scholarships, and Loans
- Federal Pell Grants are determined by the Department of Education
based on your FAFSA
and full or part-time enrollment at the University. Pell Grants
may only be used towards the student’s first undergraduate
degree.
- Students must be eligible for the Federal Pell Grant in order
to be considered for the Federal SEOG. Federal SEOG awards are
processed by the Financial Aid Office. Awards are determined for
students through a combination of significant need as demonstrated
on the FAFSA
form and the availability of funds.
- Students must be eligible for the Federal Pell Grant in order
to be considered for the Federal ACG grant. Federal ACG awards
are processed by the Financial Aid Office. Awards are determined
for students through a combination of significant need as demonstrated
on the FAFSA form and the completion of a rigorous secondary school
program of study.
- Students must be eligible for the Federal Pell Grant in order
to be considered for the Federal SMART grant. Federal SMART awards
are processed by the Financial Aid Office. Awards are determined
for students through a combination of significant need as demonstrated
on the FAFSA form and the matriculation in an eligible math, science,
foreign language or computer program of study.
- Pennsylvania State Grants are awarded by the Pennsylvania Higher
Education Assistance Agency (PHEAA)
to eligible Pennsylvania residents pursuing their first undergraduate
degree. Awards are based upon demonstrated financial need as determined
by PHEAA from the information submitted on the FAFSA.
State Grants
- If you are from a state other than Pennsylvania, please check
with the Office of Higher Education in your state for information
regarding out-of-state use of grants. Delaware, Massachusetts,
Vermont, Maine, and Ohio are some of the states that
allow students to use their grants out-of-state. New Jersey
and New York do NOT allow their grants
to be used out-of-state. Please check with your State's office
for more information.
USP Merit Grant
- This award is based on your academic achievements to date. The
Admissions Office awards these grants to incoming students. You
do not have to apply separately for a USP Merit Grant, but recipients
must maintain Full-time enrollment to retain this award. You will
be reviewed automatically and notified by mail regarding your
eligibility. Please direct inquiries regarding the USP Merit Grant
to the Admissions office. This is a non-need
based program.
Athletic Grants
- Athletic grants are determined by the USP
Athletic Department. Athletic awards are contingent upon the
requirements and standards of that office. Please contact the
Athletic Department with questions regarding this award. This
is a non-need based program.
USP Grant
- USP grants are University funds made available to students as
a means of supplementing other aid sources. Students who complete
the FAFSA will be considered for this grant.
- The Federal College Work-Study Program at USP is designed to
stimulate and promote the part-time employment of students who
have demonstrated financial need. Students who are awarded FCWS
may work up to 20 hours per week for the University or off-campus
employers. This award will not be deducted from a student's bill,
as students receive this award in the form of an employee paycheck.
- The Federal Perkins Loan is a low-interest (5% fixed rate) federal
loan awarded by the Financial Aid Office as part of a student's
financial aid package. A Promissory Note must be completed each
year by the student. No interest or principal payments are made
until 9 months after a student graduates or drops below half-time
status. This loan is awarded by the Financial Aid Office and eligibility
is determined based on a combination of significant need as demonstrated
on the FAFSA
form and the availability of funds. Students are required to complete
Loan Entrance Counseling before receiving funds. This Loan Counseling
can be completed online at http://mapping-your-future.org.
- The Federal Health Professions Loan is a low-interest (5% fixed
rate) federal loan for dependent pharmacy students. No interest
or principal payments are due until one year after a student graduates
or drops below half-time status. This loan is awarded by the Financial
Aid Office and eligibility is determined based on a combination
of significant need as demonstrated on the FAFSA
form and the availability of funds.
- The Federal Loan for Disadvantaged Students is a low-interest
(5% fixed rate) federal loan for dependent pharmacy students.
No interest or principal payments are due until one year after
a student graduates or drops below half-time status. This loan
is awarded by the Financial Aid Office and eligibility is determined
based on a combination of exceptional need as demonstrated on
the FAFSA form,
specific parameters determined by the Department of Health and
Human Services, and the availability of funds.
- There are two types of Federal Stafford Loans: subsidized and
unsubsidized. You must have financial need to receive a subsidized
Federal Stafford Loan. Financial need is not a requirement to
obtain an unsubsidized Federal Stafford Loan. The interest rate
on both types of loans is fixed. The FAFSA needs to be submitted
annually to determine eligibility for each type of Federal Stafford
Loan.
Federal Stafford Loan Annual Limits
and Interest Rate
| |
Subsidized |
Total (Sub- and Unsubsidized Combined) |
| Dependent Undergraduates |
(6.0% interest rate) |
(6.8% interest rate for unsubsidized portion) |
| First Year
Second Year
Third Year and beyond
|
$3,500
$4,500
$5,500 |
$3,500
$4,500
$5,500 |
| Independent Undergraduates
(and dependent undergraduates whose parents
are unable to borrow under the Federal PLUS Program) |
(6.0% interest rate) |
(6.8% interest rate for unsubsidized
portion) |
| First Year
Second Year
Third Year and beyond
Fifth Year PharmD ONLY |
$3,500
$4,500
$5,500
$5,500 |
$7,500
$8,500
$10,500
$23,000 |
| |
(6.8% interest rate) |
(6.8% interest rate) |
Graduate Students
(and final year of Professional Study)
Sixth Year PharmD ONLY |
$8,500
$8,500 |
$20,500
$37,167
|
Please note: The Combined Total includes the
subsidized eligibility portion; therefore, if an independent undergraduate
second year student is eligible for $4,500 subsidized, s/he would
be eligible for $4,000 unsubsidized. If a dependent undergraduate
second year student was eligible for $4,500 subsidized, s/he would
be eligible for $0 unsubsidized.
The US government pays the interest on the subsidized Federal
Stafford Loan while the student is enrolled in at least 6 credits
per semester (5 credits for graduate students). The interest on
the unsubsidized Federal Stafford Loan will accrue if it is not
paid quarterly. There is a grace period of 6 months after the
student graduates or ceases to be enrolled at least half-time
(6 credits for undergraduates and 5 credits for graduate students)
before principal and interest are due. The standard repayment
term for both types of Federal Stafford Loans is ten years.
First-time Federal Stafford Loan borrowers must complete a Master
Promissory Note (MPN), as well as Loan Entrance Counseling for
the loan to be guaranteed and disbursed. This may be completed
online at http://www.aessuccess.org.
When completing your MPN, you will be required to choose a lender.
You may choose any lender, even if it does not appear on the list
provided. You may also select the Guarantor for the loan. Be sure
to indicate the USP School Code of 003353. If you would like to
complete the MPN and/or Loan Entrance Counseling on paper, please
contact the Financial Aid Office for the necessary forms.
Students whose parents are rejected for a PLUS Loan may be eligible
for additional funds under the unsubsidized Stafford Loan program.
Students who meet the federal requirements for independency may
also be eligible for additional funds under the unsubsidized Federal
Stafford Loan program. (See chart above.)
- The PLUS allows parents of dependent students to borrow funds
to assist students in paying for their education. The PLUS has
a fixed interest rate that is currently 8.5%. The maximum amount
that parents may borrow is the cost of education minus any other
financial aid (including loans) received.
Parents may begin repayment 60 days after the loan is fully disbursed
or apply to the lender for forbearance. Forbearance will delay
the payment of principal while the student is enrolled in school.
Interest will continue to accrue during this time and can be paid
or capitalized.
Eligibility for this loan is determined by a credit check. If
parents are rejected for the PLUS for credit reasons, the student
may be eligible for additional funds under the Unsubsidized Federal
Stafford Loan program.
- Graduate or professional students are now eligible to borrow
under the PLUS Loan Program up to their cost of attendance minus
other estimated financial assistance in both the FFEL and Direct
Loan Program. The terms and conditions applicable to Parent PLUS
Loans also apply to Graduate/Professional PLUS loans. These requirements
include a determination that the applicant does not have an adverse
credit history, repayment beginning on the date of the last disbursement
of the loan, and a fixed interest rate of 8.5 percent in the FFEL
program. Applicants for these loans are required to complete
the Free Application for Federal Student Aid (FAFSA). They also
must have applied for their annual loan maximum eligibility under
the Federal Subsidized and Unsubsidized Stafford Loan Program
before applying for a Graduate/Professional PLUS loan.
- The NJ CLASS program enables parents, spouses, legal guardians
or other relatives to borrow on a student's behalf. Additionally,
the student can apply with or without a cosigner as long as the
income and credit requirements for the loan are met. The loan
has a fixed, simple interest rate for the life of the loan. NJ
CLASS offers various repayment options for principal and interest.
You must be a New Jersey resident to be eligible for this loan.
You must apply for a Stafford Loan first. For an application or
further information, contact the NJ CLASS Program at (800) 792-8670
or visit HESAA.ORG.
Alternative
Loans
PHEAA NETS Program
PHEAA (Pennsylvania Higher Education Assistance Agency) offers
New Economy Technology Scholarships (NETS) each academic year
to eligible students. To be eligible, students must be in a Bachelor
of Science program in one of the following programs:
- Biochemistry
- Biology
- Bioinformatics
- Chemistry
- Computer Science
- Microbiology
- Pharmacology and Toxicology
- Pharmaceutical Sciences
- Pharmaceutical Chemistry
Students in the Doctor of Pharmacy program, any Master of Science
program or Bachelor of Science programs not mentioned above are
NOT ELIGIBLE for this scholarship. In order to receive this grant,
students must be Pennsylvania residents, have a 3.0 GPA, be a
sophomore, and be willing to commence employment in Pennsylvania
in a field related to the student's program within one year after
completion of studies and continue employment one year for each
year the scholarship was awarded. Applicants must complete the
FAFSA to be considered for this award.
To download an application or review additional information,
please access PHEAA online at www.pheaa.org.
This is an ongoing PHEAA program. If you miss this year's filing
deadline (December 31 for the academic year previously started
in August), mark your calendar for the next year.
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