Types of Aid

1. Scholarships/Grants
2. Loans
3. Federal Work-Study

Financial aid to students eligible for need-based assistance is usually awarded in a combination of three forms: grants/scholarships, student loans, and Federal Work-Study.

Grants or scholarships are gifts and do not have to be repaid. Student loans are funds that must be repaid by the student. Federal Work-Study provides an opportunity for students to earn funds to meet their educational expenses.

1. Scholarships/Grants

• Bucknell Scholarships (Need-Based)
• Federal Pell Grants
• Federal Supplemental Education Opportunity Grant (SEOG)
• State Scholarships/Grants

Bucknell Scholarships

Funds for these need-based scholarships come from institutional revenues, endowed scholarship funds, and annual gifts from alumni, foundations, and corporations. These monies represent the majority of assistance administered by the Office of Financial Aid, and they signify the commitment by students, alumni, and friends of the university to provide deserving students with the opportunity for a Bucknell education.

No separate application is required for consideration for specific endowed scholarship funds listed in the university catalog, which, like virtually all Bucknell financial aid, are awarded on the basis of financial need. During the academic year, most scholarship recipients receive notice of the sources of their Bucknell University scholarship, and many have the opportunity to meet with a representative of the donor of the fund.

Federal Pell Grants

These need-based federal grants are available to students with the highest calculated need. This award ranges between $100 and $4,050 annually.

In completing and signing the Free Application for Federal Student Aid (FAFSA), students agree to release their information to the Department of Education, enabling them to be considered for Federal Pell Grants. All applications for aid from Bucknell are required to apply for this federal program.

As a result of the students filing the FAFSA, the federal government will send all Pell Grant applicants a Student Aid Report (SAR). Bucknell will have electronic access to FAFSA information of students who have included the university as a recipient institution by listing our federal code of 003238 on the FAFSA.

Federal Supplemental Education Opportunity Grant (SEOG)

This is awarded to Pell recipients who have the highest need. Please be aware that we receive a limited amount of SEOG from the federal government, so not all Pell recipients will receive it. SEOG is not in addition to initial awards, but will replace previously awarded Bucknell Funds.

State Scholarships/Grants

Many states provide funds for post-secondary education, scholarships that are awarded for a variety of reasons. Many of these grants are transferable to out-of-state institutions, including those received by residents of Alabama, Connecticut, Delaware, the District of Columbia, Maryland, Massachusetts, Nebraska, Ohio, Rhode Island, Vermont, and West Virginia.

Unfortunately, state grants awarded to residents of New York and New Jersey are not transferable to colleges and universities in Pennsylvania.

Students are required to apply to their state grant programs by filing the appropriate application form or by releasing the data to the state when asked to on the FAFSA. FAFSA instructions list the deadline dates for filing the form as a state grant application. Pennsylvania's deadline is May 1, a date which is strictly enforced.

2. Loans

• Federal Stafford Loan
• Federal Perkins Loan
• Federal Parent Loan for Undergraduate Students (PLUS)
• PNC Bank Resource Loan for Undergraduate Students

Bucknell students who demonstrate eligibility for need-based financial aid may borrow funds under several separate loan programs, as determined by the Office of Financial Aid. Students are automatically considered for the appropriate programs, based on information on their Profile application.

The Federal Perkins Loan and the Federal Stafford Loan adhere to current federal regulations and restrictions. Substantial revision of these federal programs may occur at any time.

Since a student loan must be repaid after graduation or withdrawal from the university, it represents a serious commitment on the part of the student. Fortunately, subsidized loans do not require the payment of interest while the recipient is a full-time college student. Interest is charged only during the period of repayment.

Federal Stafford Loan

This is a long-term low interest loan (variable, capped at 8.25%), currently at 2.82% until June 30,2004. Loan limits per year are $2,625, $3,500, $5,500, and $5,500 respectively. A subsidized loan is awarded on the basis of financial needed, and the government will subsidized the interest while you are enrolled or in deferment. An unsubsidized loan is not-need based, and you will be charged interest until you have repaid it in full. If you allow the interest to accumulate, it will be capitalized and added to the principal. Federal regulation require multiple disbursements of these loans, so you will receive half in the fall and half in the spring. First-time borrowers must complete entrance loan counseling before the funds may be disbursed. Also, federal regulation stipulate a 30-day disbursement delay for the first-time first-term borrowers. The Stafford grace period is six months, and you may take up to 10 years to repay. The undergraduate aggregate is $23,000. We will process Stafford loans throughout the summer with our recommended lender, PNC BANK, and the guarantor AES/PHEAA will mail your Master Promissory Note (MPN)to you later in the summer. You will need to complete and return your Stafford promissory note within two weeks after receipt.

Federal Perkins Loan

These loans have an interest rate of 5% and repayment begins nine months after you either complete or withdraw from your educational program. Please be aware that we receive a limited amount of Perkins funds from the federal government, so not all students will be awarded this loan. If you are awarded and decide to enroll, we will mail the promissory note and related documents to you for you to complete and return to us by June 20.

Federal Parent Loan for Undergraduate Students (PLUS)

This non-need based program allows credit-worthy parents to borrow for their students educational expenses. The maximum amount is cost minus other aid, the interest rate is capped at 9%, currently at 4.22% until June 30, 2004. Repayment usually begins 60 days after disbursement, but if you borrow under the Manageable PLUS Program with our recommended lender, PNC Bank, you will be eligible to delay your repayment while your student is enrolled. Other lenders may deduct fees of up to 4%, but PNC uses AES/PHEAA as the loan guarantor, and 1% of the fee is thereby waived. If your student enrolls at Bucknell and you wish to apply for PLUS, you may complete the PLUS Pre-Qualification Request on-line at www.eduloans.pncbank.com. If you are approved, PNC will send the application/promissory note to you. If you have specific questions for PNC about the program, you may contact Nancy Harvey, PNC Bank Customer Relations Manager at 800-76201991, ext. 229.

PNC Bank Resource Loan for Undergraduate Students

A credit-worthy student or a student with a co-signer may apply for this loan. It has a variable interest rate, a five-year in-school deferment option, a six-month grace period, and favorable repayment terms. The maximum for which you may apply is cost minus other aid. You may apply online at www.eduloans.pncbank.com. If you have specific questions, you may contact Nancy Harvey at PNC (See contact information above).

3. Federal Work-Study

This program provides employment opportunities for students. A percentage of a student's wages will be covered by these federal funds, and the remainder will come from Bucknell. Students work an average of about 8-10 hours per week, and are typically paid monthly. Therefore, your entire Work-Study award should not be subtracted from your bill, since the amount you earn will depend upon how many hours you work. Other than Presidential Fellows (who are assigned their jobs), students are not necessarily guaranteed employment, as they are responsible for securing jobs themselves. Online job postings can be found on this web site under "Non-Need Based Financing Options". Students will need to complete W-4 and I-9 forms with the payroll office.