Pennsylvania Student Loans
Students who live in Pennsylvania and need to finance their education are able to find plenty of financial aid options, as funding is available through various forms such as student loans, grants, scholarships and more. Through these funds, students may obtain money for college and pursue their educational goals in an affordable way.
Types of Pennsylvania Financial Aid
Pennsylvania financial aid includes grants, scholarships, student loans and federal work-study. The eligibility requirements and award money in each program varies.
Grants and Scholarships
Grants and scholarships help you obtain free money for college, meaning you are not required to pay back the money you receive. You can obtain financial aid through grants and scholarships on the basis of need or merit and there are some scholarships programs particularly designed for minorities and women. Some of the grants you may benefit from include Pell grants and the Federal Supplemental Educational Opportunity grant. Other options include Pennsylvania Space Grant Consortium fellowships, Pennsylvania SCITech scholarships, the Pennsylvania Chafee Education & Training grant and more.
Student loans are also available via federal loan programs, as you can apply for options such as Stafford, Perkins and PLUS loans. The rate of interest of these programs is extremely low. Also, these loans have flexible terms of repayment, making them an excellent way to fund your education. Stafford and Perkins loans are need-based loans while PLUS loans are offered to the parents of students on the basis of credit checks.
Private loans are also available but their rates of interest are higher compared to federal loans; however, they often prove useful if you exhaust all your funds and need additional money for college expenses.
Work Study Programs
Federal work-study is another type of financial aid through which you may obtain money for your education. With work-study, you can find part-time employment and earn money in order to manage your expenses.