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Financial Aid

Grants & Loans


Federal Grants

Federal Pell Grants are a program designed to aid college students with financial need. This is a grant and not a loan therefore it does not need to be repaid. The amount of the awarded Pell Grant is based on your family contribution which is calculated from your information listed on the FAFSA form. The maximum Pell Grant amount for the 2023-2024 academic year is $7,395.

The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to aid students with exceptional financial need. A student must be registered at least half time and academic progress is required for renewal. This is a non-repayable grant.


State College Grants

Pennsylvania State Grants are non-repayable awards based on financial need and full time student status. If you live in Pennsylvania you must file the FAFSA form by May 1st to be considered for this award. In May and June, the Pennsylvania Higher Education Assistance Agency will send an email regarding additional paperwork for Pennsylvania residences who may be eligible for state grant funds. This additional paperwork should be completed as soon as possible to avoid any delays in funding.

Students that reside in Ohio may also be eligible for state grant. The maximum exportable amount is $600. The FAFSA form must be completed no later than October 1st.


Federal Stafford Loans

Federal Subsidized and Unsubsidized Stafford Loans have fixed interest rates and are determined by the students need. Repayment begins six months after a student ceases to be enrolled at least half time. The student has ten years to repay the loan. A Subsidized Stafford Loan is awarded on the basis of financial need. You are not charged any interest while you are enrolled in school at least half time, during a grace period, or during authorized periods of deferment. An Unsubsidized Stafford Loan is not awarded on the basis of need. You have an option of paying the interest while you are in school or deferring the loan until repayment. You will be charged interest from the time the loan is disbursed until it is paid in full.

All students must complete a FAFSA form to determine eligibility for Subsidized Loan. Also first time borrowers must complete a Master Promissory Note and Entrance Counseling. This can be done at using your student FSA username and password.

For the current academic year, the maximum annual amounts for full-time dependent undergraduates enrolled in a program of study are:

  • First-year: $3,500 subsidized, $2,000 unsubsidized
  • Second-year: $4,500, subsidized, $2,000 unsubsidized
  • Third-year: $5,500, subsidized, $2,000 unsubsidized
  • Fourth-year: $5,500, subsidized, $2,000 unsubsidized

If you are a full-time independent undergraduate student or your Parents have been denied a Parent PLUS Loan you may receive an additional $4,000 at the freshman and sophomore level and an additional $5,000 for your junior and senior years in Unsubsidized Stafford Loan.

The maximum aggregate amount is currently $31,000, but only $23,000 of this amount may be in Subsidized Stafford Loans for an undergraduate dependent student. The maximum amount for an undergraduate independent student is $57,500 with no more than $23,000 in Subsidized Stafford Loans. A graduate student may borrow up to $20,500 each academic year in Unsubsidized Stafford Loan. The maximum aggregate amount is currently $138,500. A graduate student may not have any more than $65,500 in total Subsidized Stafford Loan. The graduate debt limit includes any Stafford Loans received for undergraduate study.

The 2023-2024 interest rate on the Direct Subsidized and Unsubsidized Stafford Loans is fixed at 5.50%.

For Graduate students, the Direct Unsubsidized Stafford Loan rate is 7.05%.


Federal Parent Plus Loans

This loan gives a parent the opportunity to apply for loans to help pay for their student's education. Parents will complete a Parent PLUS Loan application and Parental Master Promissory Note at Log in using the parental FSA username and password. A credit check is required.

The interest rate is set each year by Department of Education and repayment begins 60 days after the final disbursement. Deferral options are available.

The 2023-2024 interest rate on the Federal Parent PLUS loan is fixed at 8.05%.


Private Education College Loans

There are a number of privately funded loan programs that provide funds to credit worthy students. Most undergraduate students will need a qualified co-signer. Although the interest rates and terms may not be as generous as the Federal Loan programs, some students and their parents may be interested in this type of borrowing. Students are strongly encouraged to pursue the lower cost federal loans before private loans.

Below is a list of lenders that Westminster College students have chosen over the past three years. This list is not exclusive and any lender may be used even if they are not listed:

Private Lenders:

College Avenue
PA Forward
PNC Bank
Sallie Mae

Federal Credit Unions: 

Butler Armco Federal Credit Union
Clearview Federal Credit Union
Frankenmuth Federal Credit Union
Pennsylvania State Employees
Priority First Federal Credit Union
Utilities Federal Credit Union


The maximum amount of additional loan a student can borrow is the annual cost of attendance (tuition, fees, room, board, books and personal expense allowance) less the financial aid the student is receiving for the academic year.