Pennsylvania Financial Package
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How to fill out Financial Package?
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FAQ
In most cases, your child's school will give you your loan money by crediting it to your child's school account to pay tuition, fees, room, board, and other authorized charges. If there is money left over, the school will pay it to you.
A financial aid package is the total amount of financial aid (federal and nonfederal) a student is offered by a college or career school. The school's financial aid staff combines various forms of aid into a "package" to help meet a student's education costs.
Penn meets 100% of demonstrated financial need with grants and work-study funding. 44.5% of undergraduate students received need-based financial aid in 2022-2023, with an average package of $63,265--more than the cost of tuition.
Your financial aid package is likely to include funds from the federal student aid programs but may also include funds from state and institutional aid programs. Note that not all colleges participate in all federal student aid programs.
PHEAA official is 'hopeful' maximum state grant award for college students will remain at $5,750. Published: Mar. 21, 2023, p.m.
You may see three different types of financial aid listed on your financial aid offer?grants and scholarships, loans, and work-study. Scholarships and grants are the best types of financial aid because they do not have to be paid back. Loans are borrowed money that may accumulate interest and must be repaid.
The FAFSA is used to determine your eligibility for federal grants, state grants, Work-Study and loans. When students are not eligible for the federal Pell Grant, they may be eligible for the PHEAA State Grant. Students also have the option to apply for a Federal Student Direct Loan, which you must pay back.
The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. They then consider your Expected Family Contribution (EFC). They subtract your EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get.