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FINANCIAL AID PROGRAMS While it is our philosophy that the student and his/her family have the primary responsibility for meeting college costs, resources from the college, federal and state programs are available to help you with the costs. We work with our students and their families to develop a financial aid package that is based on the individual's need and is designed to help make a quality education at King's College an affordable option. Applicants for financial aid will be considered for all of the need-based aid programs including the Federal Pell Grant, PHEAA State Grant for Pennsylvania residents (residents of other states should check with their state), federal campus-based aid (Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loans, alternative loans and Federal Work Study), the Federal Stafford Loan, and King’s Grants. King’s has financial aid programs specific to transfer students, so all applicants should take the time to review their options. FEDERAL PELL GRANT - federal need-based grant for students with expected family contribution (EFC) under 3850. Award range for 2004-2005 $400 to $4,050. FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG) - campus-based federal grant awarded to neediest of Pell Grant recipients. Awards range from $200 to $2,000. Eligibility determined by Financial Aid Office. FEDERAL WORK STUDY - federal campus-based work program allows students to earn money through employment to help pay for educational costs. Average annual amount is $1,200. FEDERAL PERKINS LOAN - federal campus-based loan program awarded to students who demonstrate financial need. Repayment of principal an interest begins nine months after graduation. The interest rate is at 5%. Awards range from $500 to $2,000. FEDERAL STAFFORD LOAN PROGRAM - all first-time Stafford Loan borrowers must complete entrance loan counseling requirements before loan funds can be credited to their account. Go to www.pheaa.org, and under Other Helpful Topics, click on Entrance and Exit counseling. SUBSIDIZED STAFFORD LOAN - eligibility is determined by FAFSA. Interest is subsidized by federal government and principal is deferred while borrower is in school. Repayment begins six months after graduation. Interest rate is variable and capped at 8.25%. UNSUBSIDIZED STAFFORD LOAN - available to those who don't qualify for all or part of the Subsidized Stafford. Interest is not subsidized and is either paid quarterly during enrollment or capitalized by the lender. Principal repayment is deferred until six months after graduation. LOAN LIMITS FOR SUBSIDIZED AND UNSUBSIDIZED STAFFORD
ADDITIONAL UNSUBSIDIZED STAFFORD - dependent students whose parents are unable to borrow the PLUS Loan due to credit problems may borrow an additional amount through the Unsubsidized Stafford Loan. Parents must first apply and be denied the PLUS before the additional Unsubsidized Stafford can be processed for a dependent undergraduate. Independent students and graduate students may also borrow the Unsubsidized Stafford Loan. LOAN LIMITS FOR ADDITIONAL UNSUBSIDIZED STAFFORD
FEDERAL PARENT PLUS LOAN - credit-worthy parents of undergraduate dependent students may borrow the difference between the student's total costs and all other aid he/she is receiving. Variable interest rate capped at 9%. Repayment begins 60 days after second disbursement. Some lenders will allow deferment of principal during student's enrollment. Repayment term is 10 years. ALTERNATIVE LOANS - click here for information on Private Loan programs. PHEAA STATE GRANT - need-based grant for Pennsylvania residents. Award range $200 to $3,300. Final determination of award made by Pheaa beginning in mid-May. FAFSA must be filed each year by May 1 to be considered. ROBERT C. BYRD SCHOLARSHIP - federally funded scholarship, administered by PHEAA, contingent upon funding, for Pennsylvania students in top 5% of high school class, with 3.5 minimum GPA, minimum SAT of 1150 or minimum ACT of 25. Applications are available in high school guidance offices after January 15 and must be completed by May 1. NEW ECONOMY TECHNOLOGY SCHOLARSHIP (NETS) - $3,000 SciTech scholarships available to Pennsylvania residents enrolled full-time as at least a sophomore in a Pennsylvania college in either a science or technology program. Recipients must complete internship or have work experience in field related to study prior to graduation. Recipients are also expected to begin full-time employment in Pennsylvania within one year of completion of studies and work one year for each year scholarship received. ACT 101 - program offering tutoring, counseling, financial assistance, and advisement designed by the Commonwealth of Pennsylvania to assist highly-motivated students who show potential to succeed in college. Serves students who have low to average SAT or ACT scores and who meet financial criteria determined by the FAFSA. For additional information on PHEAA programs, go to www.pheaa.org. King's College offers a significant amount of institutional assistance in the form of scholarships and financial aid to transfer students. Students who are accepted to King's College are automatically considered for scholarships. Scholarships are awarded after reviewing the high school and college level work that has been completed. After applying for admission, please be sure to fill out all necessary financial aid forms, including the King's College Financial Aid Form and the Free Application for Federal Student Aid (FAFSA) by March 1 to be eligible for financial aid in the upcoming academic year. Listed below are three types of aid that are awarded to qualified transfer students.
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