Financial Aid Resources
We're here to help finance your education ...
We encourage students to examine all government aid options first. These programs are generally offered at lower interest rates because they are guaranteed by the government. Follow the links below for information to help you through the process. If the amount of aid you receive is not sufficient to cover all of your college expenses, consider our Student Advantage Loan.
What types of government aid are available?
Federal Pell Grants
Available to undergraduate students only. Grants do not have to be repaid.
Federal Supplemental Educational Opportunity Grants (SEOG)
Given to students who demonstrate exceptional financial need. These grants are available
to undergraduate students only and awards range from $100-$4,000.
Federal Stafford Loans
These loans are offered under the Direct Loan program and the Federal Family Education
Loan (FFEL) program. They are available for both undergraduate and graduate students.
The Direct Loans are loaned to the student directly from the US government and
administered through the school that the student is attending. If the school does not
participate, the student may obtain funds through the FFEL program through participating
financial institutions.
Stafford Loans
There are two categories of Stafford Loans. Some students may qualify for both types.
Subsidized Stafford - This type of loan is made to students who demonstrate financial need.
The federal government pays the interest on the loan while the student is in school. The
interest rate is variable and adjusts annually based on the 91-day T-bill. There are fees
for the origination and guarantee of the loan. Repayment terms are available up to 10 years
and repayment begins six months after graduation.
Unsubsidized Stafford - This type of loan is not based on financial need. Payments may be
deferred until graduation. The student is responsible for interest accrued while attending
school. the interest rate is variable and adjusts annually based on the 91-day T-bill.
There are fees for the origination and guarantee of the loan. Repayment terms are available
up to 10 years and repayment begins six months after graduation.
Federal PLUS Loans (Parent Loans for Undergraduate Students)
These are unsubsidized loans available to parents of dependent students. Students must be enrolled
at least part-time. Parents may borrow up to the cost of education less any aid received. The
interest rate is variable and adjusts annually based on the 91-day T-bill. Repayment terms are
available up to 10 years.
Perkins Loans
Perkins Loans are low-interest loans that are available up to $4,000 for undergraduate
students and $6,000 for graduate students. This type of loan is through the school.
The Perkins Loan is subsidized by the federal government; therefore, interest does not
accrue while the student is attending school. There is a nine-month grace period after
graduation before repayment begins.
How to obtain aid.
The first step is to complete a Free Application for Federal Student Aid (FAFSA). Click here to obtain this form, or you can obtain it through any school's financial aid office. When this is submitted, it acts as an application for all federal programs. The submission is summarized into the Student Aid Report (SAR). The Expected Family Contribution (EFC) is factored in and then the information is sent to the school that the student will be attending. The school will then factor in the cost of attendance.
Financial need is the difference between the cost of attendance (including living expenses) and the Expected Family Contribution (EFC).
The next step: The school will review the Student Aid Report (SAR) for eligibility in any federal, state or school based financial aid program. After all grant, scholarship and government financial aid possibilities are exhausted, the student may still need additional funds.
We can help - CCU offers student loans with payments that are deferred while you attend school. However, the accrued interest must be paid on a yearly basis. Home Equity Loans through CCU provide another option to finance the costs of education.
Helpful websites:
There is considerable information on the Internet to assist you through each stop of the process.
US Department of Education - comprehensive site containing many links, calculators and subtopicsGoCollege - free scholarship search, and much more
Financial Aid Resource Center - information on scholarships and financial aid
CollegeBoard.com - information about paying for college
Fastweb - free database to locate scholarships, loans, internships and savings opportunities
Scholarships.com - offers more than 600,000 scholarships in their database
FinAid - Resources ranging from scholarships to college planning
Careers and Colleges - information on loans, grants, scholarships and work study
College Assistance Plus - helps you navigate the college process to save you money
Scholarship Scams - Alerts provided by the Federal Trade Commission
NY Higher Education Services
PA Higher Education Authority (PHEAA)
