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Financing Your Education

Simplifying the Financial Aid Process

Understanding the steps to apply for financial aid and exploring loan options can make financing your education less overwhelming. Start by following key steps like creating your FSA ID, completing the FAFSA, and submitting any required documents to receive your financial aid offer.

How to Apply for Financial Aid

1

Create a StudentAid.gov account – You and your contributor (parent/spouse) will need a StudentAid.gov account to apply for, receive and manage your federal student aid. This can be accomplished on the Federal Student Aid website.

2

Complete the FAFSA – Use Elizabethtown College’s Federal School Code: 003262. View our FAFSA Simplification page for more information and deadlines.

3

Submit Required Documents – If selected for verification, complete any additional requested documentation.

4

Receive Financial Aid Notification – Etown will notify students through their Student Aid Portal once applications have been received. Financial aid offers are expected to be sent in the mail within two days of receiving the application.

Additional Notes

If you are selected by the federal processor for verification, you will be required to complete additional documentation. You will receive an email advising what specific documentation will be needed from you to complete verification.

First-time loan borrowers will need to complete the Federal Direct Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling. This is completed online at studentaid.gov. You will need your StudentAid.gov account to complete both steps.

Once you have completed your application and enrolled in courses, a financial aid offer will be assembled for you. First-time aid notifications will be generated and mailed via US mail. Since the Continuing and Professional Studies semester format is based upon Accelerated 5-Week Sessions, please review the SGPS Financial Aid webpage.

If you are offered an opportunity to seek on-campus employment as part of your financial aid offer, the amount indicated in your financial aid offer is the maximum you will be allowed to earn under the Federal Work Study Program during the academic year.

Students are paid at least minimum wage for each hour of work completed. For example, if your work award is $1,500, you would have to work approximately 7 hours a week during the academic year to receive your full $1,500 at minimum wage per hour. Job interviews are conducted when students arrive on campus in the fall.  If interested in applying for a job on campus, please click here for available positions on the Student Employment Page.

The College has many community service opportunities for students. Students with Federal Work Study have the opportunity to work with local non-profit organizations. Through Community Service Work Study, students develop work experience and make a lasting contribution to the community. To learn more about available opportunities, please contact the Center for Community and Civic Engagement.

Students may not use Work-Study as a credit against their bill. Rather, students may use these work earnings for books and spending money. The reasoning here is that because of supply and demand changes, on-campus Work-Study jobs cannot be guaranteed. Work-Study therefore, is not listed as a credit on the College bill. If on-campus employment is not obtained, the student may inquire with the Career Development Center for off-campus employment opportunities.

Please click here for FAQs.

Elizabethtown College is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing.  In support of this and in an effort to rule out any perceived or actual conflict of interest between Elizabethtown College officers, employers or agents and private education loan lenders, Elizabethtown College has adopted the following code of conduct:

  • Elizabethtown College does not participate in any revenue-sharing arrangements with any private lender.
  • Elizabethtown College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Aid or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender or servicer.
  • Elizabethtown College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Aid or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating education loans.
  • Elizabethtown College does not permit any officer, employee or agent of the school who is employed in the Office of Financial Aid or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors.  Elizabethtown College does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders or groups of lenders.
  • Elizabethtown College does not assign a private lenders to any first-time borrower through financial aid packaging or any other means.
  • Elizabethtown College recognizes that a borrower has the right to choose any private lender from which to borrow to finance his/her education.  Elizabethtown College will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower's selection of a private lender.
  • Elizabethtown College will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.
  • Elizabethtown College will not request or accept any assistance with call center or Office of Financial Aid staffing.

Review Available Scholarships and Grants

After applying for financial aid, the next step is to explore Elizabethtown College’s available scholarships and grants. These are based on academic achievement, leadership, and community involvement, can significantly reduce your education costs. Review our range of merit-based scholarships and need-based grants to find opportunities that can further support your financial journey at Etown.

Review Scholarships & Grants

Types of Student Loans & Billing

Once you've applied for financial aid and reviewed scholarships and grants that may be available to you, you may still need to explore additional forms of financing your education. There are various loan options available to you, including Federal Direct Loans, Federal Parent PLUS Loans, and Private Student Loans, along with our interest-free Tuition Payment Plan. Each option has unique benefits and terms, empowering you to make informed decisions about managing your education costs.

Billing Guidelines

Scholarships, grants, and loans, such as Pell, SEOG, PA State Grants and federal loans will appear on the invoice as a credit (half per semester). Instructions on how to take credits for all other financial aid, such as PLUS and outside scholarships or loans, will be sent to you with your invoice. Payment is accepted via cash, check, money order or credit card. Although you will be billed for each semester, individually, we recommend that you budget for your entire academic year. Arrange a payment plan or arrange to borrow a loan for the full academic year (fall and spring semesters).

  • Fall Semester: Invoice Mailed – Early June | Payment Due – Aug. 1
  • Spring Semester: Invoice Mailed – Early Dec. | Payment Due – Jan. 1

1. Federal Direct Loans

The Federal Direct Student Loan program enables students to borrow funds to assist with educational expenses. Interest rates and origination fees are established on an annual basis by congressional legislation. Half of the Direct Loan is disbursed in the fall semester with the other half disbursed in the spring semester. Students are required to begin repayment on the loan 6 months after they graduate or are no longer enrolled at least half-time.

Federal Direct Student Loan Interest Rates:

Academic Year Direct Subsidized Loans for Undergraduate Students Direct Unsubsidized Loans for Undergraduate Students Direct Unsubsidized Loans for Graduate Students Direct Parent PLUS and Direct GRAD PLUS Loans
2024-2025 6.53% 6.53% 8.08% 9.08%
2023-2024 5.50% 5.50% 7.05% 8.05%
2022-2023 4.99% 4.99% 6.54% 7.54%
2021-2022 3.73% 3.73% 5.28% 6.28%
2020-2021 2.75% 2.75% 4.30% 5.30%
2019-2020 4.53% 4.53% 6.08% 7.08%

Federal Direct Loan Information

After completing a Free Application for Federal Student Aid or FAFSA, all first-time Direct Loan student borrowers will be required to sign a Master Promissory Note (MPN) and Entrance Counseling (EC). The MPN is a legal document where a student promises to repay his / her loan(s) and any accrued interest and fees to the U.S. Department of Education. The Entrance Counseling will help to explain what a loan is, how interest works, options for repayment and how to avoid defaulting on a loan. Both the MPN and EC will also explain the terms and conditions of the loan, which we advise you read and understand prior to signing.

Both requirements can be completed online at  www.studentaid.gov by signing in with your StudentAid.gov account. You will also receive instructions and reminders from the Office of Financial Aid on the steps needed to complete these two requirements. Students can use the Student Aid Portal on our website to keep track of any outstanding requirements for financial aid. If you have any questions please do not hesitate to contact our office at 717-361-1404 or  finaid@etown.edu.

Subsidized Loans are available to undergraduate students with financial need. The interest does not accrue on the Subsidized loan until the student graduates or leaves the school for any reason.

With Unsubsidized Loans, the interest will accrue on the loan upon disbursement. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). However, no principal payments are due until the loan enters official repayment (6 months after graduating or leaving school).

When looking at loan financing options, students should always start with the Federal Direct Loan program. The Direct Loan Program is the federal government's primary loan program and accounts for more financial aid dollars in our nation than any other source. Maximum annual loan limits are determined by the federal government and apply to all colleges equally. For Dependent students who borrow the annual maximum Federal Direct Loan each year and graduate in four years, their cumulative Direct Loan borrowing will equal $27,000.

Dependent Students:

First-Year: $5,500 – up to $3,500 in subsidized if eligible based on financial need.

Sophomore: $6,500 – up to $4,500 in subsidized if eligible based on financial need.

Junior: $7,500 – up to $5,500 in subsidized if eligible based on financial need.

Senior: $7,500 – up to $5,500 in subsidized if eligible based on financial need.

*If the student’s family is denied a Parent PLUS loan, student may be eligible for an additional $4000/$5000 based upon student’s earned credits.

Independent Students and Dependent undergraduate students whose families are unable to obtain Parent PLUS  Loans:

First-Year: $9,500 – up to $3,500 in subsidized if eligible based on financial need.

Sophomore: $10,500 – up to $4,500 in subsidized if eligible based on financial need.

Junior: $12,500 – up to $5,500 in subsidized if eligible based on financial need.

Senior: $12,500 – up to $5,500 in subsidized if eligible based on financial need.

Graduate: $20,500 unsubsidized


 

Dependent students may borrow a maximum of $31,000 through the Direct Loan program towards their undergraduate degree (no more than $23,000 can be subsidized).

Independent students may borrow a maximum of $57,500 through the Direct Loan program towards their undergraduate degree (no more than $23,000 can be subsidized).

Graduate students may borrow a maximum of $138,500 through the Direct Loan program. The graduate aggregate loan limit includes all federal loans received for undergraduate study. 

The type of Direct Loan a student qualifies to receive is calculated by a federal formula that takes into account the student's financial need and the cost of the college they are attending. The formula a school must adhere to is as follows:

Cost of Attendance minus Student Aid Index minus Other Financial Aid = Maximum Subsidized Loan (not to exceed annual subsidized limit)

Cost of Attendance minus Other Financial Aid = Maximum Unsubsidized Loan (not to exceed annual loan limit)

Interest paid on a Direct Loan may qualify as a  student loan interest deduction on a student's federal tax return. Use the Interactive Tax Assistant to help determine if you can deduct the interest you paid on a student or educational loan. IRS Publication 970 is another resource that students can refer to about other tax benefits for education such as the American Opportunity Credit or Lifetime Learning Credit.

Elizabethtown College Business Office Resources - Access your 1098-T and learn more about Tax Benefits for Education

The Public Service Loan Forgiveness Program forgives the remaining balance on your Direct Loans after you have made 120 (10 years) of qualifying payments under a qualified repayment plan. Use the PSLF Help Tool  to understand more about the PSLF Program, assess whether your employer qualifies for PSLF, and to find help in understanding which forms to submit in order to qualify.

The Federal government requires all graduating Federal Direct Loan borrowers to complete Federal Student Loan Exit Counseling. Exit counseling helps student loan borrowers prepare to repay their Subsidized, Unsubsidized, Perkins, and/or Graduate PLUS Direct Loans. Before completing this, please read the Exit Counseling - Guide for Etown Graduates to get a general overview of the exit counseling process. The  Loan Repayment Presentation  is a great resource to learn about available repayment plans.  Direct Loan exit counseling must be completed online by logging in to your StudentAid.gov account at  studentaid.gov .

Need help with finding the right repayment plan? Use the  Federal Student Loan Repayment Plans Loan Simulator  to learn how to make payments, what to do if you can't afford your monthly payments, or seeing what circumstances might result in a loan being forgiven, canceled or discharged.

For more information about federal student loans and repayment obligations, along with information regarding deferments, forbearances, and consolidation, students are encouraged to visit the  Student Loan Repayment website.

Students can also access a  detailed summary  about all of the federal student loans they have received and finding contact information for their assigned loan servicers. 

Students must complete Exit Counseling. Please contact us with any questions at finaid@etown.edu or 717-361-1404.

2. Transact Payment Plans

Our goal is to help make your education as affordable as possible, and one of the ways we do that is by offering monthly payment plans, to help eliminate the need to borrow. The interest-free monthly payment option allows you to pay expenses in affordable, interest-free monthly payments instead of larger semester-based payments. This service is available for a $55.00 fee for an annual (fall and spring semester) payment plan or a $35.00 fee for a single semester payment plan.

Enrollment in the payment plan option for the upcoming academic year will be available in early March for returning students. For first-year students, enrollment in the payment plan will be available once the first invoice is received. Returning students can start a payment plan as early as April 10. For those choosing the 12-month payment plan, the first payment is due by April 10. For the 10-month payment plan, the first payment is due by June 10, and so on.

3. Federal Parent PLUS Loans

After taking into account the Federal Direct loans and Transact Payment Plans, students and families may find the need for additional financing to meet their expected cost. A possible source you could utilize to obtain this additional funding is the Federal Direct Parent PLUS Loan.

Federal Parent PLUS Loan Information

  • The borrower must be the parent (biological, adoptive, or sometimes stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school.
  • The borrower should not have an adverse credit history.
  • The borrower must meet general eligibility requirements for federal student aid.

Visit StudentAid.gov to apply for a Direct Parent PLUS loan. Make sure to have your StudentAid.gov account.

Forgot your login? Retrieve your username/password at StudentAid.gov.

  1. Click on “Log in to start” to begin your application. Ensure it says, I am a Parent of an Undergraduate Student.
  2. Complete the Parent PLUS application. There are three options to choose an amount:
    • Maximum eligibility: Based on the Cost of Attendance minus all other financial aid received.
    • Specific amount: Enter a specific amount you wish to borrow.
    • Leave blank: Notify Elizabethtown College Office of Financial Aid at a later time of the amount required.
  3. The PLUS loan borrower will receive an immediate credit decision after the application.
  4. If approved, all first-time PLUS loan borrowers must sign a Master Promissory Note (MPN).

If Denied, Choose One of the Following Options:

  • Add an Endorser to the application.
  • Appeal the denied credit decision with the Department of Education.
  • Allow the student to borrow an additional Direct Unsubsidized Loan:
    • 1st and 2nd Year: $4,000
    • 3rd and 4th Year: $5,000

Note:

  • All Parent PLUS loan applicants who have obtained an Endorser or documented extenuating circumstances in an appeal to the Department of Education must complete PLUS Credit Counseling.
  • All Endorsers must complete the Endorser Addendum found online at StudentAid.gov. The Endorser will log in using their StudentAid.gov account. The Parent PLUS Loan borrower or Elizabethtown College can provide the PLUS Endorser Code to the Endorser.
  • Appeals can be initiated online at StudentAid.gov. Log in using your StudentAid.gov account and select “Document Extenuating Circumstances.”
  • Borrowers with endorsers or borrowers who were approved based on an appeal must complete a new MPN each year.

It is highly recommended that you apply for the amount needed for the full academic year (fall and spring semesters) to avoid completing another PLUS Loan Request that will trigger a second credit check for the spring semester. The credit check decision is valid for 180 days.

All Parent PLUS loans have an origination fee. Please remember to factor in the origination fee when applying for a specific loan amount.

Example Calculation:

If the required loan amount is $10,000 and the origination fee is 4.228%, divide the required loan amount by the difference of 100% minus the origination fee (4.228%) to find the total loan amount you need to borrow:

  1. Determine the percentage to divide by:
    100% - 4.228% = 95.772% (or 0.95772 as a decimal)
  2. Divide the required loan amount by the percentage:
    $10,000 / 0.95772
  3. Result:
    Total loan amount needed: $10,441.47

For more information on Parent PLUS loans, visit StudentAid.gov.

If you have additional questions, please contact our office at 717-361-1404 or finaid@etown.edu.

4. Private Student Loans

After taking into account the Federal Direct Loans, Transact Payment Plans and Parent Plus Loans, students and families may need to explore private loans.

A Private Student Loan is offered through a bank or another lending institution. For those families that choose to borrow a private education loan, keep in mind that it is usually beneficial to obtain a co-borrower. Having a creditworthy co-borrower can significantly reduce the rates and fees for most borrowers.

Private Student Loan Information

Your first step is to determine an amount that you will need to apply for in a private loan. We suggest you speak to our office before applying so we can properly advise on the amount you need or are eligible to receive.

The next step would be for the student borrower to secure a co-borrower. Most private student lenders will not extend credit to a college student unless they have a credit worthy co-borrower. This co-borrower can be anyone, but in most cases it is a parent or relative.

Now that you know what amount you need and you have a secured co-borrower, it is time to locate a private student loan lender.

At Elizabethtown College, we do not provide a recommended or preferred lender list, nor do we engage in preferred lending arrangements. We believe that students and families should explore a wide range of lending options and conduct their own research, rather than being limited to a select few lenders.

While we are unable to recommend specific lenders or favor one over another, our office remains available to offer guidance on private loans. If you have any questions or concerns, please feel free to contact us. We are here to provide information to the best of our ability and to help you determine if a potential lender is a legitimate student loan provider.

There are a variety of sources available to help you locate private loan lenders. Such as,

  • Utilize the numerous search engines on the internet. Type in phrases such as "Private Student Loans", or "Alternative Student Loans." Beware of lenders promising things such as “fast cash” or “bad credit okay.” These are generally not reputable private student loan lenders.  
  • Check with your local bank, or if you are a member of a Credit Union, see if they offer private loans or have suggestions to aid you in your search.
  • Speak to friends or relatives who have borrowed private loans in the past for recommendations of loan programs they have utilized.

Once you have located several potential lenders we then suggest you compare them to see which lender might be the best for you. Create a spreadsheet to list all the benefits and drawbacks of lenders you have researched. Here are some factors you would want to consider when comparing these lenders.
  • Interest Rates: What sort of interest rate range does the lender offer? What interest rate might I be charged? Is the interest rate fixed or variable?
  • Fees: Compare what fees the lender might charge, such as origination or repayment fees.
  • Repayment Options: What sort of different payment plans does the lender offer?
  • Deferment of Payment: Are you able to defer the loan for payment while the student is in school? Be advised some lenders may require you to pay interest while you are still in school.
  • Cosigner Information: Can the cosigner be released from liability of the loan after some amount of successful loan repayment?

Please remember that it is ultimately your responsibility to apply for a private loan and complete the application process prior to the billing due date and the start of classes. Our office recommends allowing at least 4-6 weeks for this process.

The private loan lender must obtain a signed, completed self-certification form from the loan applicant before initiating a private education loan. The applicant may obtain a copy of the self-certification form from either the private lender or  here  and submit it to Elizabethtown College for completion or confirmation.

If you have additional questions or concerns regarding private loan please do not hesitate to contact our office by phone at 717-361-1404, or via email at  finaid@etown.edu.

Satisfactory Academic Progress (SAP) Policies and Procedures

You must maintain certain qualitative and quantitative academic standards to remain eligible for federal financial aid. The Satisfactory Academic Progress (SAP) policies and procedures of Elizabethtown College are reviewed when changes at the federal or institutional level require review to ensure compliance with Federal Regulations. All Elizabethtown College students applying for Title IV federal aid must meet the stated criteria regardless of whether or not they previously received aid.

There are three components to SAP standards for both undergradate students and graduate students in both traditional and SGPS programs:

Maximum time frame within which a degree must be granted,
Minimum completion percentage, and
Minimum cumulative grade point average (GPA)

Should a student fail to meet maximum time frame which a degree must be granted, the student will be placed in suspension status and will lose financial aid eligibility immediately. Should a student fail to meet minimum completion percentage or minimum cumulative GPA, they will be placed on financial aid warning but will remain eligible for financial aid during the warning period. If a student fail to meet minimum completion percentage or minimum cumulative GPA while on financial aid warning, the student will be placed on financial aid suspension and will immediately lose financial aid eligibility. A student not meeting SAP standards can file an appeal for reconsideration of their financial aid eligibility. To file an SAP appeal, please refer to the SAP Appeal instructions.

View more information on Undergraduate SAP standards View more information on SGPS (Graduate) SAP standards

All questions can be directed to:

Mailing Address:

Elizabethtown College
Office of Financial Aid
1 Alpha Drive
Elizabethtown, PA 17022

Office of Financial Aid

Phone: 717-361-1404
Fax: 717-361-1514
finaid@etown.edu

Elizabethtown College