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Penn State University Loans..A Good Alternative

Penn State University loans will be offered to some students whose financial aid (grants, scholarships and federal loans) does not add up to their cost of attendance. You cannot apply for these loans; they are awarded by the school to students they feel qualify based on extreme financial need (according to their FAFSA).

Eligibility Requirements:

  • must complete a yearly FAFSA
  • must register for 15-18 credits each semester (completing 80% successfully)
  • must not be in default on an educational loan
  • must be enrolled in an eligible degree program
  • must be registered for Selective Service if male and age 18-25
  • must be a citizen or a noncitizen with a social security number
  • must have a high school diploma


University Loan Features/Benefits
interest rate6.0% fixed
maximum loan$2,200 per year
grace period9 months after graduation/non-enrollment
defermenteconomic hardship, disability, internship





If you receive university loans one year, you will not automatically be awarded them the next. It is a decision that is made by the school each year, depending on the financial need of their student body and the availability of funds. Also, it is possible to decline or reduce the amount of a university loan, and still be considered for one the following year.

These loans cannot be consolidated with federal student loans.

Deferment and forbearance can be granted to borrowers of university loans:
Types of Deferments

  • at least halftime student
  • temporary total disability (3 yrs.)
  • inability to find full time employment (3 yrs.)
  • economic hardship (3 yrs.)
  • forbearance (3 yrs.)

Loans can only be canceled completely for death or total and permanent disability.


college loan consultant plan for paying off student loans from Penn State University These loans are reserved for students that can demonstrate high financial need.


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