Undergraduate students taking at least six (6) credits combined over the course of all summer sessions are eligible for federal and state financial aid, provided they are matriculating in an Arcadia degree program. Because students pay on a per-credit basis during the summer institutional (Arcadia) scholarships\grants are not available during summer periods. Students can borrow through the Federal Direct Stafford Student Loan Program during the summer but should note that summer borrowing does detract from annual borrowing eligibility.
A dependent third year student can borrow $7,500 per year in Federal Direct Stafford Loans. If the student borrows $3,000 in Federal Direct Stafford Loans during the summer, he/she will have $4,500 of remaining eligibility to be split over the following fall/spring semesters (or remainder of the academic year).
Federal Pell Grant and PHEAA State Grant monies for those that qualify (based on financial need) can also be used during the summer but, like Federal Direct Stafford Loans, amounts used in the summer are deducted from annual maximum amounts for which students qualify. PHEAA State Grant applications are available online at www.pheaa.org for Pennsylvania residents that wish to apply. Alternative, private student loans and Federal Direct Parent PLUS Loans (for dependent undergraduates) can be utilized during the summer as well. Visit www.arcadia.edu/financingoptions for information on available loans.
Summer Courses at Another University
Matriculating Arcadia undergraduates taking summer courses at another college or university which are required for their bachelor’s degree can have Arcadia process their federal and state aid during this period. Students must be enrolled for a minimum of six (6) credits over all summer sessions and are required to do the following:
Submit an Approval for Non-Arcadia Course Form to the Registrar
Complete a Consortium Agreement, which must be submitted to the Financial Aid Office of the host college/university, for completion, and returned to Arcadia’s Financial Aid Office. Note: The consortium agreement will be automatically sent to students that submit the above Approval for Non-Arcadia course form. Questions on the consortium agreement process can be directed to Financial Aid at 215-572-2837 or via email to firstname.lastname@example.org