The Office of Financial Aid is responsible for the coordination of sources of financial assistance for undergraduate and graduate students at Slippery Rock University. The majority of financial aid offered through the Office of Financial Aid is based on the overall financial need of applicants. Both state and Federal financial aid sources are coordinated through this office. The Office of Financial Aid also provides information about scholarship opportunities.

How Do I Apply For Financial Aid?
The Free Application for Federal Student Aid (FAFSA) must be completed in order to apply for financial aid available for attendance at Slippery Rock University. Students are able to complete the FAFSA beginning January 1 of the year preceding their next year of enrollment in college. It is recommended that the application should be completed after January 1 and before May 1. The federal school code for Slippery Rock University is 003327, a code that is required on the FAFSA.

In addition, students interested in receiving assistance from either the Federal Stafford Loan or PLUS program must submit the appropriate loan promissory note six to eight weeks in advance of their first date of attendance at SRU.

Financial Aid Programs
Financial aid at Slippery Rock University includes grant, loan, and employment programs. Scholarship opportunities for students are listed in the “University Scholarships” section of this catalog.

Federal Pell Grant - Pell Grants are federal funds available to undergraduates with exceptional financial need; the amount of the grant is based on a student’s enrollment, cost and financial need.

Federal Supplemental Educational Opportunity Grant (FSEOG) - FSEOG funds are grant funds available to undergraduate students with a high degree of financial need. Students may be eligible for this grant if they already qualify for the Federal Pell Grant.

Pennsylvania State Grant - The Pennsylvania Higher Education Assistance Agency (PHEAA) provides grant assistance to eligible Pennsylvania residents. PHEAA Grant funds are awarded to undergraduate students on the basis of financial need.

Federal Work Study (FWS) - Employment based on financial need may be available to eligible students. FWS is a part-time employment program. Students employed by FWS receive a paycheck on a bi-weekly basis and are paid at least minimum wage. FWS job opportunities are located throughout the campus. Available FWS positions are publicized through the Office of Career Services. Students may wish to seek employment through the Community Service Work Study program or through the America Reads Challenge. Students may be employed through the America Reads Challenge as reading tutors for elementary school children. Information regarding job opportunities through Community Service Work-Study can be obtained from the SRU Financial Aid Office. Eligible students can contact the SRU Elementary Education Department for information on job opportunities through the America Reads Challenge.

Federal Perkins Loan - This is a low interest loan that is offered by SRU through the use of Federal funds. Typically, this loan is awarded to undergraduate students who demonstrate a high degree of financial need. Repayment of this loan begins nine months after the student ceases to be enrolled on at least a half-time basis. The SRU Perkins Loan Office can be contacted for additional information regarding repayment of this loan.

Federal Stafford Loan - This is a long-term, low interest loan that students may elect to use to assist them with their educational expenses. The amount of loan and type of loan available is dependent upon the individual student’s costs, resources, year in school, and financial need.

A student may either qualify for a Subsidized or Unsubsidized Federal Stafford Loan. Subsidized loans are offered to students who demonstrate financial need; these do not require repayment of principal or interest while the student remains enrolled at least halftime. In contrast, unsubsidized loans require either the repayment of interest only (on a quarterly basis) or the capitalization of interest during periods of enrollment. The student officially enters repayment of an Unsubsidized or Subsidized Federal Stafford Loan following a grace period after graduation or cessation of at least half-time enrollment. Contact the Office of Financial Aid for further information regarding repayment of Federal Stafford Loans.

Parent Loans for Undergraduate Students (PLUS) - Parents of dependent students may borrow up to the cost of education less any other financial aid through the use of this Federal loan program.

Other State Grants - Several states allow their students to use state grant funds to attend colleges outside of their home state. Out-of-state students should contact their state grant agency in their home state for more information on eligibility guidelines.

How is Eligibility Determined?
How is Eligibility Determined?
Students qualify for most financial aid based on their financial need. A student’s financial need is based on a simple formula:

	Cost of Attendance
–	Expected Family Contribution
=	Financial Need

What Can Financial Aid Cover?
The Office of Financial Aid calculates an average cost of attendance for each student based on their program of study and their in-state or out-of-state status. Typically, the cost of attendance consists of costs for tuition, fees, room, board, books, travel and other associated educational costs.

What Is An Expected Family Contribution (EFC)?
The EFC is calculated through the completion of the Free Application for Federal Student Aid. This figure reflects the Federal estimate of what a family and/or student can afford to contribute toward a year of college.

What Is My Eligibility For Financial Aid?
The level of financial need determines the amount of eligibility that a student has for financial aid. It is used by the Office of Financial Aid to determine eligibility for specific programs. An award letter listing eligibility for financial aid is sent to each student after the determination of financial need.

Students or families who experience hardship due to disability, death, decrease in income, loss of benefits, etc., should contact the Office of Financial Aid. A review of their eligibility for financial aid may be performed based on their change in status.

Financial aid applicants may contact the Office of Financial Aid for specific program eligibility criteria.

How Do I Receive Financial Aid Funds?
The Office of Student Accounts is responsible for disbursing all financial aid with the exception of the Federal Work Study Program. A student’s financial aid, excluding Federal Work Study, is applied directly to contracted university charges (tuition, fees, room and board). Any excess funds will be refunded to the student according to the refund policies set forth by the Office of Student Accounts.