The Online Student Newspaper of Cheyney University of Pennsylvania
FINANCIAL AID NEWS
What is Financial Aid?
Financial Aid is money to help pay for college or career school. Aid can come from the United States Federal Government, the state where you live, the college you attend (institutional scholarships), or a non-profit/private organization.
Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund.
Loans— borrowed money for college or career school; you must repay your loans, with interest.
Work-Study—a work program through which you earn money to help you pay for school
Use FAFSA4caster to get an estimate of how much aid you might receive from the U.S. Department of Education.
We will be conducting workshops throughout the semester to keep you informed with the latest news from the Department of Education and the financial aid office, so be on the lookout for that.
Entrance Counseling is required before you can receive your first Direct Subsidized Loan , or Direct Unsubsidized Loan as an undergraduate, or your first Direct Plus Loan as a
Graduate/professional student.
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you.
Both the Entrance Counseling and MPN need to be completed before any financial aid can be disbursed.
We are located on the 2nd floor of the Wade Wilson building if we can be of any assistance to you.
