Grants & Loans
Federal Pell Grants are need-based grants provided by the U.S. Department of Education to help undergraduate students with exceptional financial need pay for college expenses. These grants do not need to be repaid, but recipients must submit the Free Application for Federal Student Aid each year to demonstrate financial need and maintain eligibility. Eligibility and the amount of the award depend on the student's Student Aid Index (SAI) and their enrollment status.
The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to aid students with exceptional financial need to help pay for their education. A student must be registered at least half time and academic progress is required for renewal. The grants do not need to be repaid. Funds are limited and awarded by the student's college based on need and the school's available funds.
The Pennsylvania State Grant is a need-based, non-repayable award funded by the Pennsylvania Higher Education Assistance Agency (PHEAA). Grant eligibility and award amounts are determined using the student’s Student Aid Index (SAI) as reported on the Free Application for Federal Student Aid (FAFSA).
To qualify, a student must be a Pennsylvania resident, enrolled in a degree-seeking program at an approved Pennsylvania postsecondary institution, and registered for full-time coursework (unless approved for part-time eligibility by PHEAA). Key eligibility requirements include submitting both the FAFSA and the PA State Grant Form by the annual May 1 deadline, maintaining financial need, and demonstrating satisfactory academic progress as defined by PHEAA regulations.
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 www.studentaid.gov 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:
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 2025-2026 interest rate on the Direct Subsidized and Unsubsidized Stafford Loans for Undergraduate students is fixed at 6.39%..
For Graduate students, the Direct Unsubsidized Stafford Loan rate is fixed at 7.94%.
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 www.studentaid.gov. 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 2025-2026 interest rate on the Federal Parent PLUS loan is fixed at 8.94%.
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:
The maximum amount of additional loan a student can borrow is the annual cost of attendance (tuition, fees, housing, food, books and personal expense allowance) less the financial aid the student is receiving for the academic year.