Types of Financial Aid

Financial aid is awarded in an array of types: scholarships, grants, loans, and work study.  

Scholarships are a form of gift aid and are generally awarded on the basis of merit.  
Grants are gift aid that is based on financial need.  
Loans are aid that must be repaid, usually after a student completes his or her education.  
Work study is aid that is earned through on-campus employment.  

The different types of financial aid can come from a variety of sources: federal, state, institutional, and private. Below is a description of the various types of financial aid and their source. The amounts listed are estimates for the 2012-2013 academic year. Click on the name of the aid listed below for additional information.

Federal Aid

Pell Grant - a grant from the federal government. The amount is determined by the student’s Expected Family Contribution from the FAFSA. A student may receive up to 12 full-time semester awards only.

Supplemental Educational Opportunity Grant (SEOG) - a grant from the federal government awarded to students with the greatest financial need.

Direct Subsidized/Unsubsidized Loans - a federal student loan program to help fund educational costs. Most students who qualify for federal student aid are eligible for the Federal Direct Loan. The maximum amount a student can borrow is determined by the student’s grade level.

If the student has financial need, the Direct Loan will be Subsidized (which means the federal government pays the interest during the enrollment and 6-month grace periods). If the student has no financial need, if the financial need has been met through other sources, or if the student has already borrowed the maximum Subsidized, then the Direct Loan will be Unsubsidized (the student is responsible for the interest payments during the enrollment and 6-month grace periods).

Direct Subsidized Loans for undergraduate students disbursed between July 1, 2012 have a fixed interest rate of 3.4%, and Direct Unsubsidized Loans disbursed during this time frame will have an interest rate of 6.8%.  

Perkins Loan - a federally-funded loan with a fixed interest rate of 5% for students with high financial need.

Direct PLUS Loan - a credit-based federal loan program for the parents of dependent undergraduate students.  Credit-worthy parents can borrow the cost of education not covered by other aid through the Federal PLUS Loan program. The interest rate is fixed at 7.9%.

Federal Work Study - an on-campus employment program funded by the federal government.

State Aid

PHEAA State Grant - a grant for Pennsylvania residents.  The amount is based on the student’s Expected Family Contribution and the cost of the college attended.  Students must file the FAFSA by May 1 to meet PHEAA’s application deadline.

Institutional Aid

Rosemont Scholarship - a merit award from Rosemont College based on past academic achievement.

Rosemont Grant - a need-based award from Rosemont College based on Expected Family Contribution and educational costs.

Cornelian Scholarship - a full tuition scholarship from Rosemont College awarded annually for two outstanding graduates of Catholic High Schools.  Students must submit an additional application, and the finalists will be invited to an on-campus interview from which the recipients will be selected.

Sister Maria Stella Kelly Art Scholarship - a merit award from Rosemont College based on artistic excellence for students who plan to major in fine arts.

Private Aid

Alternative Loans - private loans from banks to help fund educational costs not covered by other aid.  Alternative loans generally require a credit-worthy co-signer. Interest rates and other terms vary by lender.

Private Scholarships - Rosemont College participates in the Pennsylvania Private Loan Marketplace. The Pennsylvania Private Loan Marketplace is an online education financing resource that enables consumers to learn about and compare private loan terms from multiple lenders.