Mansfield University Home PageLoans
Federal Stafford Loan
The Federal Stafford Loan is a long-term, low-interest loan that is awarded by the Office of Financial Aid. The loan is funded by participating banks, savings and loan associations, and credit unions and is guaranteed by state or government agencies. Because the loan is guaranteed, it is not based upon your credit history or income.
Repayment of the principal begins 6 months after you cease half-time enrollment, and the average repayment term is 10 years.
All students are eligible to receive a Federal Stafford Loan. The amount you may receive for the academic year is based on your financial need and academic level and is determined by the Mansfield Office of Financial Aid.
For additional information on the Stafford Loan Program or to apply for a Stafford Loan, please visit our Stafford Page.
Federal Parent Loan for Undergraduate Students (PLUS)
The Federal Parent Loan for Undergraduate Students (PLUS) is a federally sponsored, low-interest loan available to parents and step-parents of undergraduate students. The PLUS Loan allows parents to supplement their student's financial aid package by borrowing money to cover any costs not already covered by the student's aid. Families that need additional financing for educational expenses should consider a Federal PLUS Loan.
The PLUS Loan is funded by participating banks, savings and loan associations and credit unions and is guaranteed by state or government agencies.
For additional information on the PLUS Loan Program or to apply for a PLUS Loan, please visit our PLUS Page.
Federal Perkins Loan
A Federal Perkins Loan is a need-based federal loan administered by Mansfield University. It is a subsidized loan, meaning that no interest accrues while you are in school. You also receive a nine-month grace period that starts as soon as you graduate, withdraw, or enroll less than half time at Mansfield. The Federal Perkins Loan carries a 5 percent interest rate and the minimum monthly payment will be at least $40.
If you are eligible for a Perkins Loan, you will be contacted by the Perkins Loan Officer to schedule a Perkins Loan Entrance Interview and to sign your promissory note. Upon leaving Mansfield, you must attend an Exit Interview where your rights and responsibilities will be reviewed and you will receive further information on repayment. The awarded loan amount's range from $300 to $1200 annually.
Alternative Loans
Additional non-need-based loan programs are offered by a variety of private lenders and organizations. The repayment terms and eligibility requirements of these loan programs vary widely. Students are encouraged to carefully review the provisions of the loan before incurring additional obligations. Contact the Office of Financial Aid for a listing of lenders and programs or go to College Lender List.
Grants
Federal Pell Grant
Pell is a federal grant administered by the Office of Financial Aid. It is awarded to undergraduate students who have not earned a bachelor's or professional degree. The current maximum award is $4,310. The exact amount depends on your need and your enrollment. For example, you will receive less as a part-time student than you will as a full-time student.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This is a grant for undergraduate students who have not earned a bachelor's or professional degree. Applicants must also be eligible for a Federal Pell Grant, but not every student receiving a Federal Pell Grant will receive an FSEOG. Funding for this program is very limited therefore, the priority filing deadline for the Free Application for Federal Student Aid (FAFSA) is March 01, 2007.
FSEOG grants at Mansfield University normally range from $400 to $1000 per academic year.
Academic Competiteveness Grant
ACG stands for Academic Competitiveness Grant. You must be a year 1 or year 2 student with a high school graduation date after June 2006. You must be receiving a Pell Grant, be full-time, be a US citizen and have completed a rigorous high school program. Awards are up to $750 for year 1 and up to $1300 for year 2. Year 2 recipients must have a minimum cumulative grade point average of 3.00.
National SMART Grant
SMART stands for National Science and Mathematics Access to Retain Talent Grant. You must be a year 3 or year 4 student enrolled in a specific major identified by USDE (Science, Technology or Math). You must be receiving a Pell Grant, be full-time, and be a US citizen. Awards are up to $4000 per year and you must have a minimum grade point average of 3.00.
State Grants
State grant award levels and eligibility criteria are controlled by the awarding state. Generally, state grants are awarded on the basis of need and limited to students attending schools within their own state of residence. Some states, such as Delaware, have reciprocity agreements with Pennsylvania, so that you are allowed to receive their grants while studying in Pennsylvania. Click here for a listing of state agencies that participate in state grant reciprocity with Pennsylvania.
TEACH Grants
The College Cost Reduction and Access Act (CCRAA), created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. The first TEACH grants will be awarded for the 2008-2009 award year. Eligible undergraduate and graduate students can receive up to $4,000 per year for a total of $16,000 for undergraduate study and up to $ 8,000 for graduate study. Eligible students must be accepted into the Undergraduate and Graduate Teacher Education or Teacher Certification Programs at Mansfield University and agree to teach full-time in a high-need subject area for at least four years at schools that serve students from low-income families. Part-time students are eligible, but the grant will be reduced based on the student’s enrollment status.
All financial aid applicants who are residents of Pennsylvania, Delaware, or other reciprocal states are expected to apply for their state grant.
