Gwynedd Mercy University
2024-2025 Undergraduate Catalog
annually to eligible students . PHEAA requires that the program of study be at least two academic years in duration and that the student carry a minimum of six ( 6 ) credits per semester . The state grant may be awarded for four full-time academic years contingent on annual application and continued eligibility . Veterans who satisfy all other PHEAA eligibility requirements may be entitled to a full state grant . To be considered for a PA State grant , students must file their FAFSA by May 1 of each year . For further information , contact : Pennsylvania Higher Education Assistance Agency ( PHEAA ) 800-692-7392 .
State Grants / Scholarships Many states administer grant / scholarship programs for students attending colleges and universities both in and out-of-state . All Gwynedd Mercy University campus undergraduate students seeking financial aid are required to apply for state funds wherever available . Delaware , Massachusetts , Ohio , and West Virginia offer state grants for their residents who are studying in another state . Applicants should consult guidance counselors and / or state agencies for information .
Vocational Rehabilitation Grants The Office of Vocational Rehabilitation provides financial assistance for qualified students . Eligibility requirements must be discussed with a representative from the OVR office .
Loans Loans are regarded as “ self-help ” and are made directly to students to help them cover the costs of their education . Loans need to be repaid .
Several types of loans are available to qualified students for all four years of study : Federal Subsidized , Federal Unsubsidized , Parent PLUS , and private student loans . Loan amounts offered to students are contingent on adequate federal funding .
A loan is a serious responsibility and obligation . Students should exercise discretion when borrowing money for school . The full amount borrowed plus all accrued interest must be repaid whether the student borrower completes his / her program of study . Transcripts will not be released for any student whose file reflects default on repayment of a student loan
While the principle of a student ’ s loan may be deferred if the student is enrolled at least half-time , students may be responsible for making interest payments while enrolled . Repayment begins 6 months after a student drops below half-time or graduates and can be repaid over a 10-year period . Under certain federally mandated and approved conditions , borrowers may arrange to defer loan repayment and / or qualify to have loans cancelled in whole or part . Borrowers should note both deferment and cancellation provisions when negotiating the loans .
Federal Direct Loans The Federal Direct Loan Program provides annual loans up to $ 5,500 for freshmen , $ 6,500 for sophomores , $ 7,500 for juniors and seniors , and $ 20,500 for graduate students . The aggregate loan limit is $ 31,000 for undergraduate study and $ 138,500 for graduate study ( including any undergraduate Federal Direct Loans ).
Subsidized Federal Direct Loans : All applicants must demonstrate financial need to receive a subsidized Direct Loan . For eligible students , a subsidized Federal Stafford and Direct Loan means the Federal Government will pay applicable interest during the student ’ s enrollment and the six-month grace period . Repayment begins six months after graduation or termination of studies and borrowers are allowed 10 years to repay the loan . The Federal Direct Loan Master Promissory Note can be completed online at https :// studentaid . gov /
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