Awards are made by the College to full-time undergraduate students based on need from funds in its control. Awards are given in amounts determined to meet the grant portion of the student’s eligibility after considering Federal Pell Grants and State Grants. Bryn Mawr Grants are awarded for a maximum of eight terms. Only students who apply for institutional aid at the time of admission are considered for institutional grant assistance during any of their subsequent years of enrollment.
If the student is not eligible for Pell Grant but the student’s parent or guardian was a member of the U.S. armed forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001, the student may be eligible for this grant. To receive the grant, the student must be under 24 years old or enrolled in college, at least part-time, at the time of the parent’s or guardian’s death. The amount of the grant will be equal to the maximum Pell Grant for the award year, although the amount will not exceed the cost of attendance for the year.
Pell Grants are need-based grants awarded to undergraduate students who have not earned a bachelor’s or a professional degree directly by the federally funded Pell Grant Program for a federal maximum of 12 semesters. If the amount of Pell Grant is not known or is estimated by the Office of Financial Aid at the time of the initial award announcement, the amount of the Bryn Mawr grant will change so that the total grant aid will remain the same. Only U.S. Citizens and eligible noncitizens are eligible for federal aid programs. More information concerning federal eligibility may be found at: www.studentaid.gov/eligibility
Lifetime Pell Grant Limit: The amount of Pell Grant funds a student may receive over her lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. The maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%. More information about Pell Grant lifetime can be found at http://studentaid.ed.gov/types/grants-scholarships/pell/calculate-eligibility.
Pell Grant Credit Balance: Pell eligible students whose federal disbursed funds would create a credit balance are able to receive an advance of funds to purchase books and supplies no later than the 7th day from the start of classes. The amount of the advance will be the lesser of the presumed credit balance or the amount needed by the student as determined by the College.
The College awards FSEOG from federal funds allocated to Bryn Mawr to undergraduates with exceptional financial need who have not earned a bachelor’s or professional degree. In compliance with federal regulations, priority is given to students who qualify for Pell Grants. Only students who are U.S. Citizens or eligible noncitizens are eligible for federal aid programs. More information concerning federal eligibility may be found at: www.studentaid.gov/eligibility
Students who are residents of Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Ohio, Pennsylvania, Rhode Island, Vermont or West Virginia, are required to apply on time to their state grant program. State grants are awarded to the student by the state scholarship office of the state in which the student resides. The Office of Financial Aid complies with state regulatory requirements. If the state funds have not been received at the time of Bryn Mawr’s award announcement, the Bryn Mawr grant and/or FSEOG will later be reduced by the amount of the state grant. If a student fails to meet her state grant deadline, the College will not replace forfeited state grant funds with Bryn Mawr grant.
The Federal Direct Loan Program enables students, who are U.S. Citizens or U.S. Permanent Residents, enrolled at least half-time (two units) to borrow directly from the federal government rather than from a bank. Loans made through this program include the Direct Subsidized and the Direct Unsubsidized Loans. More information concerning federal eligibility may be found at: www.studentaid.gov/eligibility
Direct Subsidized Loans: The student must demonstrate federal financial need. The U.S. Department of Education will pay (subsidize) the interest that accrues during certain periods.
Direct Unsubsidized Loans: Financial need is not a requirement. The student is responsible for paying the interest that accrues.
Eligibility for the Subsidized Loan is determined by the information provided on the FAFSA. The College administers all necessary paperwork for the government so the student does not have to submit a separate loan application.
Interest Rate: Due to the Bipartisan Student Loan Certainty Act of 2013 interest rates on new Federal Direct Loans are established by the Department of Education each spring. Each loan will have a fixed interest rate for the life of the loan. For new loans made on or after July 1, 2017 and before July 1, 2018 the interest rates are:
* Federal Direct Loans for Undergraduate Students: 4.45%
* Federal Direct PLUS loans (Parents) 7%
Interest rates for each upcoming academic year may be found after July 1 at https://studentaid.ed.gov/types/loans/interest-rates
Fees: A loan origination fee of 1.066% will be deducted from the gross amount on all Federal Direct Loans first disbursed between October 1, 2017 and October 1, 2018. The Department of Education will notify borrowers of fee changes and will provide additional information.
Loan Limits and Terms: Federal Direct Loan Limits
Dependent Undergraduates (Except students whose parents cannot borrow PLUS Loan)
|Base Amount||Additional Unsubsidized||Maximum||Bryn Mawr College Units|
Independent Undergraduates and Dependent Students Whose Parents Cannot Borrow PLUS Loans
|Base Amount||Additional Unsubsidized||Maximum||Bryn Mawr College Units|
|1st-year undergraduate||$3,500||$4,000 + 2,000||$9,500||1-7|
|2nd-year undergraduate||$4,500||$4,000 + 2,000||$10,500||8-15|
|3rd/4th-year undergraduate||$5,500||$5,000 + 2,000||$12,500||16+|
Federal Direct Loan Aggregate Loan Limits
|Academic Level||Aggregate Loan Limits
|Aggregate Combined Loan Limit
Subsidized and Unsubsidized Borrowing
“New” Time Limitation on Direct Subsidized Loan Eligibility:
First-time borrowers or students without prior loan balances who received a loan on or after July 1, 2017 are subject to a limit on the maximum period of time (measured in academic years) they can receive a Direct Subsidized Loan. A student cannot receive more than 150 percent of her “maximum eligibility period.” The maximum eligibility period is based on the published length of the student’s current program.
For example, for a four-year bachelor’s degree program, the maximum period for which a student can receive Direct Subsidized Loans is six years (150 percent of 4 years = 6 years).
More information on Loan Lifetime limits can be found at www.studentloans.gov under “Is there a time limit on how long I can receive loans?
Links to Policies and Information regarding Federal Direct Loans:
Dependent undergraduate students whose parents are applying for a loan must complete a FAFSA. The Federal Direct PLUS is a non-need- based, low-interest federally subsidized loan program designed to help parents provide funds for the parental contribution. Bryn Mawr College administers the PLUS application process and the funds are provided by the U.S. Department of Education. A Parent PLUS loan applicant must pass a credit check and should not have an adverse credit history.
To apply, go to: https://studentaid.ed.gov/sa/
Interest Rate: Due to the Bipartisan Student Loan Certainty Act of 2013, interest rates on new Federal Direct PLUS Loans are established by the Department of Education each spring. Each loan will have a fixed interest rate for the life of the loan. For new loans made on or after July 1, 2017 and before July 1, 2018 the interest rates are:
* Federal Direct PLUS loans (Parents) 7%
On July 1, borrowers may view interest rates each upcoming academic year at https://studentaid.ed.gov/types/loans/interest-rates.
Interest is charged on PLUS Loan during all periods, beginning on the date of the first loan disbursement. A PLUS borrower may pay the interest as it accrues during a deferment, or allow it to accrue and be capitalized at the end of the deferment period.
Other Fees: A loan origination fee of 1.069% will be deducted from the gross amount on all Federal Direct PLUS Loans first disbursed by September 30, 2017. For loans first disbursed on or after October 1, 2017, the loan fee may be different depending upon the across-the-board federal budget cuts, known as “sequester” put into place by the Budget Control Act of 2011. The Department of Education will notify borrowers of fee changes and will provide additional information.
Borrowing Limits: The yearly amount is limited to the difference between the student’s cost of attendance minus any other financial aid the dependent student receives, including Loan assistance. There are no aggregate PLUS loan limits.
Direct PLUS Master Promissory Note: The PLUS Master Promissory Note (MPN) is a multi-year promissory note which a parent needs to sign only once, at the time he/she first borrows for that dependent. Parents may complete an electronic MPN (eMPN) at www.studentloans.gov.
Disbursement: When the parent borrows for the academic year, loan proceeds are disbursed in two equal installments, one per semester. If the parent borrows for only one semester, the loan funds are credited in a single installment during the term for which the loan was borrowed. Parents should take into consideration that a loan origination fee of 4.264% will be deducted from the loan disbursement each semester. This means that the net amount of PLUS loan funds credited to the student’s account will differ from the gross amount borrowed.
Repayment: Repayment begins on the date of the last disbursement. Parent PLUS loan borrowers whose funds were first disbursed on or after July 1, 2017 have the option of delaying their repayment on the PLUS loan either 60 days after the loan is fully disbursed or six months after the dependent student is not enrolled at least half-time. During this time, interest may be paid by the parent or capitalized.
The College awards Perkins loans from federal funds allocated to Bryn Mawr based on federal need. Awards range from $500 to $5,500 per year and are based on financial eligibility. Only U.S. Citizens and eligible noncitizens are eligible for federal aid programs. More information concerning federal eligibility may be found at: www.studentaid.gov/eligibility
Upon receipt of the award letter, the student must log on to BIONIC at virtual.brynmawr.edu to accept, reduce or decline her Federal Perkins loan.
The student must complete a Perkins Loan Master Promissory Note (MPN) and a Perkins Loan Entrance Interview before these funds can be credited to her student account. The MPN will be sent to the student during the summer and must be signed and returned to the Office of Financial Aid prior to the start of school. The student may satisfy the Perkins Loan Entrance Interview requirement by logging on to Perkins Loan Entrance Interview.
Loan repayment is deferred while the student is enrolled at least half-time in any approved postsecondary school. More information may be found about loan repayment on the Policy & Requirements section of our website.
Sample Loan Repayment Schedule:
|Total Loan Amount||Number of Payments||Amount per Month||Interest Charges||Total Repaid|
Students begin repayment nine months after graduation, withdrawal from the College or dropping below half-time status. The interest rate is five percent per year. No interest accrues until the repayment schedule begins. Students must complete a Perkins Loan Exit Interview before graduating or dropping to less than half-time enrollment. To satisfy this requirement, students must log on to http://www.brynmawr.edu/controller/studentaccounts.shtml and complete the Perkins Loan Exit Interview. Under Student Account Related Links, click on Perkins Loan Exit Interview.
Private loans are non-federal education loans offered by a lender such as a bank or credit union. Students should consider applying for a private loan only after exhausting all other possible sources of funds. Fewer than 2% of Bryn Mawr degree seeking undergraduates borrowed a private loan during the 2015-16 school year. Private loans often have variable interest rates, require a credit check, and may have less attractive repayment plans than federal loans. Many lenders require a credit- worthy co-signer. In general, students may borrow up to the cost of education minus all other financial aid receive. Students who choose to borrow a private loan must select a lender of their choice and complete the lender’s application process. A list of private lenders used by Bryn Mawr students over the past three years is posted below:
Here are some questions you should consider before applying for an alternative loan.
Have you maximized your Federal Student Loans? Alternative loans may carry higher and more malleable (variable) interest rates than federal loans. Some interest rates can change as frequently as once a month on alternative loans, whereas a federal loan has a fixed interest rate.
Dependent Students: Have your parents considered taking out a Federal PLUS Loan? A PLUS loan, has a fixed interest rate and payment can be deferred Were your parents denied a PLUS loan? If your parents apply for a PLUS loanand are denied, you may be eligible for an increased amount of Unsubsidized Federal Direct Loan. See Loan Limits and Terms.
Have you sought any scholarships that might offset your educational costs? Scholarships represent grant money – money that you do not have to pay back to an institution. Applying for scholarships as you enter the college search process is a good way of taking care of excess expenses, such as tuition that remains to be paid after Federal Loans and Grants along with institutional aid have been maxed out.
- Please consider the option of allowing the College to receive your loan funds via Electronic Transfer of Funds (EFT), as it will ease disbursement, and allow you to access your funds quickly.
If you choose to borrow an alternative loan to pay for college, then make sure you are well prepared. Below are a few questions to consider when choosing an alternative lender:
What is the interest rate? Keep in mind that this can change.
Is a co-signer/co-borrower required? Even if one is not, having someone such as a parent co-sign/co-borrow your loan with you can lower interest rates and application fees.
Are there application fees?If you have decided on taking out an alternative loan and have prepared questions, the next step is to choose a lender. Below you will find a list of lenders used by Bryn Mawr students over the past three years:
Citibank – CitiAssist Loan = www.studentloan.com
Citizens Bank = www.citizensbank.com/trufitstudentloan
Discover Student Loan = www.discoverstudentloans.com
MEFA = www.mefa.org
NJCLASS = www.njclass.org
PNC Solution Loan = http://www.pnconcampus.com
Sallie Mae Private Loan = www.salliemae.com/student-loans
Wells Fargo Collegiate Loan https://www.wellsfargo.com/student
Sun Trust: www.suntrusteducation.com
Union Federal Private Student Loan: www.UFPSL.com
Northwest Federal Credit Union: www.nwfcu.org/college
The Yellow Ribbon GI Education Enhancement Program is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. It is a supplement to the “Post GI Bill Benefit in Pennsylvania” also known as Chapter #33 and expands veterans’ higher-education benefits, together paying the majority, if not all, of tuition and fees for participating students. Students applying to Bryn Mawr may also be eligible for additional aid beyond the VA benefit.
All VA benefits, including housing allowances and book stipends sent directly to the student will be considered resources before Bryn Mawr Grant eligibility is calculated. Eligible students admitted to degree programs in Bryn Mawr’s undergraduate college will be able to take advantage of this benefit pending College approval for the 2016-2017 school year. For more information log onto www.gibill.va.gov/benefits/post_911_gibill/yellow_ribbon_program
Community Service Jobs: The Civic Engagement Office (CEO) employs Federal Work Study eligible students during the academic year through a variety of community service related jobs. Students are employed as reading and mathematics tutors through school and community based tutoring programs and students are hired as student coordinators to help run the CEO’s co-curricular volunteer programs. The CEO also coordinates the Community Based Work Study program which matches work study eligible students with local community partner organizations as paid employees, working eight to ten hours per week. The CEO’s work study employment programs provide students with opportunities to make meaningful contributions to local organizations and communities while also learning about community issues and developing professional skills. Participation is limited to students enrolled in their second, third, and fourth years at Bryn Mawr College. Visit the CEO on the Bryn Mawr College web site: www.brynmawr.edu/ceo.
The College awards Federal Work Study on the basis of need from federal funds allocated to Bryn Mawr. Eligible students may earn up to a specified amount through part-time employment. Wages are paid, in part, by the federal subsidy. The median award is $2,000. Maximum earning potential is contingent on the availability of jobs and scheduling. Please refer to the “Student Employment” section of the handbook.
The Career and Professional Development Office receives and maintains part- time and temporary job postings from the local and Philadelphia communities. Child care, yard work, office work, sales, catering, computer user services, house and/or pet sitting, copy editing, research, and tutoring are examples of jobs posted on a regular basis. Interested students should visit the Career and Professional Development website: https://www.brynmawr.edu/lilac/career-planning
Students awarded need-based Federal Work Study or Campus Employment may work on campus to earn money to cover the costs of books, supplies and personal expenses. Students’ maximum earning potential is contingent on availability of jobs and scheduling. Earnings are paid directly to students on a bi-weekly basis and are not credited to student billing accounts. Current College policy requires that all first year students work with the dining services department.
First year students will receive information about this opportunity during the summer in a mailing from the Dean’s Office. The Student Employment Office serves as a resource for students who need assistance finding and maintaining jobs on campus. Contact information for the Student Employment Office can be found at www.brynmawr.edu/student-employment.
Students who have not been previously employed at the College or who have had not worked at the College in more than two years, must complete an I-9 form before they can be hired. Students will be required to show the following documentation for the I-9:
- One document that establishes both identity and employment authorization such as a U.S. Passport, Permanent Resident Card, Alien Registration Card, foreign passport with I-551 stamp.
- One document that establishes identity such as a driver’s license, state ID card, voter’s registration card, military dependent’s ID card.
• One document that establishes employment authorization such as: SS Card, birth certificate, U.S. Citizen Card, employment authorization document issued by the Department of Homeland Security.
For a complete list of acceptable I-9 documents please contact the Human Resources Office at 610-526-5261 or the Student Employment Office at 610-526-7941.
Certified copies of birth certificates are acceptable.
All other documents must be original.
Federal Work Study eligible students are invited to locate a community service agency in their hometown and work there during the summer break. Both the agency and the job description must be approved by the Office of Financial Aid and the agency must agree to pay 25% of the student’s hourly wage. An email will be sent to eligible students regarding this program and its requirements before spring break. For information regarding summer community service, contact the Office of Financial Aid.