Financial Aid Information

(Also see Student Financial Services for important information.) Return to Resource Guide Table of Contents

Are part-time students eligible for financial aid?

Yes, students who meet eligibility criteria may qualify for federal Pell Grants, Pennsylvania State Grants (PA residents only), and federal student loans, even if they are attending on a part-time basis.

What is the difference between grants and loans?

A grant is a form of financial aid which the student does not need to repay. Loan money is borrowed by the student and must be repaid.

I have already earned my bachelor’s degree; will I qualify for federal or state grant assistance?

No, students who have already earned a bachelor’s degree are no longer eligible for grant assistance. However, you may still borrow under the Stafford loan program.

I have earned my associate’s degree, will I be eligible for grant assistance?

Students who have not yet completed a bachelor’s degree may be eligible for grant assistance if they meet certain financial and enrollment criteria, provided you have not borrowed the aggregate limit allowed for your new program of study.

What are the basic enrollment criteria for part-time students to receive federal Pell grant assistance or Pennsylvania state grant assistance?

Students who are financially eligible and have not completed a bachelor’s degree must enroll for a minimum of three (3) credits in order to receive Federal Pell Grant assistance. Students who are financially eligible, have not completed a bachelor’s degree, and are Pennsylvania residents, must enroll for a minimum of six (6) credits to be eligible for state grant assistance.

What about student loans?

Students must enroll for a minimum of six credits to qualify for Stafford loan assistance. Students must be matriculated at Misericordia. Stafford loans are available to both undergraduate and graduate students. Students who have completed one bachelor’s degree and are enrolled for a second bachelor’s degree may also apply for Stafford loan assistance.

How much loan money can I borrow?

Subsidized Stafford loan amounts are based on grade level, dependency status, and financial need. In general, a freshman student may borrow $2625.00 for every two semesters in which they are enrolled for a minimum of six credits. Sophomores may borrow $3500.00, juniors, seniors, and fifth year undergraduate students may borrow $5500.00, and graduate students may borrow $8500.00. Independent or graduate students, or a dependent student who meets federal criteria, may borrow additional unsubsidized loan money. Eligible freshmen and sophomores may borrow an additional unsubsidized $4000.00 for every two semesters for which they are enrolled for a minimum of six (6) credits; juniors, seniors and fifth-year undergraduates may borrow an additional $5000.00; and graduate students may borrow an additional $10,000.00. The aggregate loan limit for undergraduate students is $46,000 with no more than $23,000 eligible for interest subsidy.

How do I apply for financial aid?

In order to apply for all types of financial aid, students must fill out the Free Application for Federal Student Aid (FAFSA). This application is available online at www.misericordia.edu/financialaid and public libraries. Students must apply each year, even if they are only seeking loan assistance. In fact, the Free Application for Federal Student Aid is now the application for student loans. If you have filled out the Free Application for Federal Student Aid and have indicated that you are interested in student loans, you have applied for a loan. You will be sent a Master Promissory Note, which you will fill out and return to the address indicated. You must also fill out a loan request form telling the Student Financial Services office how much you wish to borrow and for which semesters you wish to borrow. The loan request form is available from the Student Financial Services office.

I already have student loans, do I need to reapply?

Yes, students must file the FAFSA for Stafford loans each time they borrow. If you already have student loans and they have not been repaid, you must use the same lender each time, even if you have been out of school for a while. You must also fill out a loan request form each time you need to borrow a new loan. For example; if you have borrowed a Stafford loan for the fall and spring semesters and want to borrow in the subsequent summer, you would need to fill out a loan request form.

Can I defer repayment on previous student loans if I enroll?

Yes, in general, students who are enrolling for a minimum of six (6) credits may apply for a deferment through their lender. Contact your lender to determine what paperwork you need to file for the deferment.

How long will it take to receive my loan money?

Once you have sent your application, it usually takes six weeks to process your loan. You will be notified by mail when your loan has been forwarded to the school for certification, and when the school has certified the loan.

What can loan money be used for?

Student loan money can be used to cover tuition, fees, housing costs, books and supplies, in general, any legitimate educational expense. If the amount of loan money received by the school is more than your tuition and fees, the credit balance will be refunded to you in about a week’s time. The one thing you CANNOT use your student loan money for is to buy a car. However, if you are a commuter student, you may use loan money for gas or car maintenance associated with traveling back and forth to school.

Are there any other sources of aid available?

Check with your employer to see if they have any type of tuition assistance policy available to you. You may also be able to apply for outside grant and scholarship assistance by researching such opportunities through the Internet or library sources. A good Internet source may be accessed through www.finaid.org. This is a general source of information on higher education and scholarship searches. The Student Financial Services office also maintains files on outside scholarship and grants which may be accessed during normal business hours, or by making arrangements through the Center for Adult and Continuing Education. Many banks now offer alternative loans, loan money which may be borrowed in addition to Stafford loan funds. Please contact the Student Financial Services office for more information on alternative loans.

If I have any questions, who do I contact?

If you have any questions about financial aid, please contact JoAnna Naylor at jnaylor@misericordia.edu or call 570-674-3022. We will be happy to assist you.


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