Undergraduate Grants

Bryn Mawr Grant Funds

Awards are made by the College based on need to full-time students 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. (See "Renewing Financial Aid Awards.") Only students who apply for institutional aid as freshmen are considered for institutional grant assistance during any of their subsequent years of enrollment.

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Bryn Mawr Merit Scholarship

Students admitted to Bryn Mawr College as first-year, first-time students are automatically considered for the Bryn Mawr Merit Scholarship; no additional application is required. Applicants are evaluated using Bryn Mawr’s holistic admission review process, which takes numerous factors into account including but not limited to academic coursework and performance, involvement in school and community, leadership qualities, standardized test scores, letters of recommendation, quality and content of writing, and potential to contribute in meaningful ways to the Bryn Mawr community.

Students may receive a Bryn Mawr Merit Scholarship even with no demonstrated financial need. Merit scholarships may be awarded to U.S. citizens, permanent residents, and international students. In past years, awards have ranged from $8,000-$20,000 per year. Scholarships are awarded at the time of admission, and are renewable each year for up to four years as long as the student remains in good academic standing with the College.

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Bryn Mawr Posse Scholarships

Bryn Mawr College partners  with the Posse Foundation to award a limited number of full tuition scholarships to selected incoming students from the Boston, MA and Houston, TX areas regardless  of need. To apply for a Posse Scholarship, a student must be from the Boston, MA or Houston, TX areas and go through the Posse Foundation’s selection process. The Posse Foundation identifies, recruits and trains youth leaders from urban public high schools to form multi-cultural Posses. Responsibility for final selection is shared by Bryn Mawr College and the Posse Foundation. Posse Scholarships are awarded for a maximum of eight terms. To receive these scholarship funds, Posse students must complete the financial aid application requirements. See the section  “Forms Required  to Apply for Financial Aid.

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Federal Pell Grants

Pell Grants are need-based grants awarded to undergraduate students directly by the federally funded Pell Grant Program. If the amount of Pell Grant is not known or is estimated by Student Financial Services 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.

Pell eligible students whose federal funds could be disbursed 10 days before the beginning of the period and whose disbursed Title IV federal aid 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.

 

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Federal Iraq and Afghanistan Service Grant

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.

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The Yellow Ribbon Program

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, paying up to $17,500 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 2013-14 school year. For more information log onto: www.gibill.va.gov/benefits/ post_911_gibill/yellow_ ribbon_program.

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Federal Supplemental
Educational Opportunity Grants (FSEOG)

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.

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State Grants

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. Student Financial Services 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.

 

A complete listing of state grant agencies can be found at http://wdcrobcolp01.ed.gov/Programs/ EROD/org_ list.cfm?category_cd=SGT.

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Undergraduate Work Options


Federal Work Study

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.

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Undergraduate Student Loan Options

Federal Perkins Loans

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. Upon receipt of the award letter,

the student must log on to 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 Student Financial Services prior to the start of school. The student may satisfy the Perkins Loan Entrance Interview requirement by logging on to www. brynmawr.edu/controller/studentaccounts. Under Student Account Related Links, click on Perkins Loan Entrance Interview.

 

Loan repayment is deferred while the student is enrolled at least half-time in any approved postsecondary school.

 

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 www.brynmawr.edu/controller/studentaccounts.shtml and complete the Perkins Loan Exit Interview.


Examples of Typical Payments for Perkins Loans

 

Total Loan Amount Number of Payments Amount per Month Interest Charges Total Repaid
$4,000 120 $42 $1,091 $5,091
$5,000 120 $53 $1,364 $6,364
$15,000 120 $159 $4,091 $19,091

 

Federal Direct Stafford Loans (FDSL)

The Federal Direct Stafford Loan Program enables students who are 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 Stafford and the Direct
Unsubsidized Stafford Loans.


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. The loan is credited to the
student’s account once she completes a loan entrance interview and signs a master promissory note (MPN).


Interest Rate:
The interest rate for Subsidized is fixed at 3.86% and Unsubsidized is fixed at 3.86% for Federal Direct Stafford Loans first disbursed on or after July 1,
2012.


Fees:

  • A loan origination fee of 1% will be deducted from the gross amount on all Federal Direct Stafford Loans first disbursed on or after July 1, 2012.
  • The loan origination fee after July 1, 2013 is 1.051%.


Borrowing Limits:

Dependent Undergraduates
(Except Students Whose Parents Cannot Borrow PLUS Loan)

 

Base Amount Additional Unsubsidized
Loan
Maximum Bryn Mawr College Units
1st-year undergraduate $3,500 $2,000 $5,500 1-7
2nd- year undergraduate $4,500 $2,000 $6,500 8-15
3rd year undergraduate $5,500 $2,000 $7,500 16-23
4th undergraduate $5,500 $2,000 $7,500 24 and over

 

Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow PLUS Loan

 

Base Amount

Additional

Unsubsidized
Loan

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 year undergraduate $5,500 $5,000+ $2,000 $12,500 16-23
4th year undergraduate $5,500 $5,000+ $2,000 $12,500 24 and over

Maximum Eligibility Period

As of July 1, 2013, first-time Subsidized Stafford Loan borrowers are limited in the maximum period of time for which they can take out subsidized loans. Such borrowers may not take out subsidized loans for more than 150% of the published length of time required to complete their program.  This time limit does not apply to unsubsidized loans. Learn more about this at StudentAid.ed.gov.


To Accept Your Loan: Upon receipt of the award letter or email notification, the student must log onto Virtual Bryn Mawr to accept, reduce or decline her Federal
Direct Stafford Loan.

Entrance Counseling:

All first-time Direct Stafford Loan borrowers at Bryn Mawr must complete loan
entrance counseling to review their rights and responsibilities before Student Financial Services will process their loan application. The student may satisfy this obligation online by logging onto www.studentloans.gov. Entrance loan counseling is also
available by appointment in Student Financial Services.


Master Promissory Note: All Federal Direct Stafford Loan first-time borrowers must sign a Master Promissory Note (MPN). The MPN is a multi-year promissory note good for ten years from the date the first loan is disbursed. Borrowers may complete an electronic MPN (eMPN) at www.studentloans.gov. The eMPN speeds up the processing of the loan.


Loan Disbursement:

On behalf of the federal government, the Department of Education will electronically transmit the loan funds to Bryn Mawr College each semester. Student Financial Services will notify the student when the funds have been credited. Loan funds are scheduled to be disbursed on the first day of classes. When the student borrows for the entire
year, one-half of the loan proceeds will be credited to the student account in the fall and the remaining half in the spring. If the student borrows for only one semester, the loan funds will be credited in a single installment during the term for which she borrowed.
Students should take into consideration that a loan origination fee of 1.05% will be deducted from the loan disbursement each semester. This means that the net amount of loan funds credited to the student’s account will differ from the gross amount that was listed on the student’s award letter.


Exit Counseling:

All borrowers must complete exit counseling prior to graduating or within forty-five days of dropping enrollment below half-time. The student may satisfy this obligation online by logging onto www.studentloans.gov. Exit loan counseling is also available by appointment at Student Financial Services.

Repayment:

Loan repayment begins six months after the student ceases to be enrolled on at least a half-time basis. The repayment term ranges from 10 to 25 years depending on the amount borrowed and the repayment plan chosen. The minimum monthly payment is $50. If the student borrows a smaller amount, she will have shorter repayment terms. If the student borrows a larger amount, she may wish to consolidate her loan to extend the repayment term. There are additional requirements for each repayment plan. You can read more about each of the plans, including the new “Pay as You Earn Repayment Plan”.  The student should review her options at: www.studentaid.gov/repay.  You can use their online calculators to estimate your monthly payment under each repayment plan.

Deferment/Discharge/Cancellation:

Under certain conditions, federal regulations allow students to defer loan repayment. The most common deferments are for enrollment on at least a half-time basis, unemployment, and economic hardship. An active duty military deferment is available for loans first disbursed on or after July 1, 2001. Complete information about loan deferments will be provided during the entrance and exit interview processes. Additional information can be found online at www.studentaid.gov/repay.

NSLDS:

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student financial aid records. The secure NSLDS web site, www. nslds.ed.gov, allows you to track and manage your federal grants and student loans from when they are approved until you pay them off. Using your federal PIN (the one you use when completing your FAFSA), you can access this web site 24 hours a day. Please note that loan information at NSLDS is accessible to authorized users at schools and to lender and guaranty agencies.


Loan Limits and Terms

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Dependent Undergraduates
(Except Students Whose Parents Cannot Borrow PLUS Loan)

 

Base Amount Additional Unsubsidized
Loan
Maximum Bryn Mawr College Units
1st-year undergraduate $3,500 $2,000 $5,500 1-7
2nd- year undergraduate $4,500 $2,000 $6,500 8-15
3rd year undergraduate $5,500 $2,000 $7,500 16-23
4th undergraduate $5,500 $2,000 $7,500 24 and over

 

 

Independent Undergraduate Students and Dependent Students Whose Parents Cannot Borrow PLUS Loan

 

Base Amount

Additional

Unsubsidized
Loan

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 year undergraduate $5,500 $5,000+ $2,000 $12,500 16-23
4th year undergraduate $5,500 $5,000+ $2,000 $12,500 24 and over

 

 

Academic Level

 

Aggregate Loan Limits
Subsidized Borrowing

Aggregate Combined Loan Limit:

Subsidized and Unsubsidized Borrowing

Dependent Undergraduate $23,000 $31,000
Independent Undergraduate $23,000 $57,500

 

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Private Alternative Loans for Undergraduates, Postbaccalaureate Students and Graduate Students

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 2012-13 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 creditworthy 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 Stafford 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:

 

Bryn Mawr College International Loan

Loan Rates and Terms

Fixed Interest Rate:5%

Repayment Interest Rate

Your rate is fixed at 5%. This means your interest rate will remain the same for the life of the loan. 

Your In-School Interest Rate

While you are enrolled at least half-time, the interest rate on  your loan will be 0%.

Your Interest Rate during Grace Period

The interest rate during your twelve-month grace period will be 0%.

Loan Fees

There are no loan fees charged for this loan.

Term of Loan

 The maximum repayment period is 10 years. Borrower will be notified of minimum payment and repayment period at exit interview.                                                                

Repayment Options & Sample Costs

 

Repayment Options Sample Loan Amount Sample Interest Rate

Sample Total Paid

Make no payments while in school; repay loan before end of twelve month grace period. $10,000.00 0% $10,000.00

Make no payments while in school; maximum repayment period is 10 years, however the period may be shorter depending upon total amount borrowed.

$10,000.00 5% $12,660.75

Other Important Information

 

Eligibility Criteria

Borrower must be enrolled at Bryn Mawr College at least half time.

 

About the Repayment Example

 The repayment example #2 above is based on a 5% fixed rate of interest and $10,000 loan amount. It assumes the borrower remains in school for 4 years and has a twelve-month grace period before repayment begins. Repayment will last ten years.

ACS is the billing company for International Loans.

    • Contact ACS at:  800-826-4470 or if outside the United States:  001-315-738-2200
    • You may access your account information and make domestic payments on your loan at:  www.acs-education.com .  Payments must be made from an American bank account.

To make loan payments from outside the United States:

Bankruptcy Limitations

If you file for bankruptcy you may still be required to pay back this loan.

International Loans must be awarded as part of your financial aid offer. International students may not apply for financial aid after being admitted to the College. 

Borrowing limits are fixed. You may not borrow more than the amount offered as part of your financial aid award from year to year.

International Students do not qualify for U.S. Department of Education federal loans.

How to Access Your International Loan

 

 

 

 

 

1. Accept, Reduce, or Decline your International Loan. Go online to virtual.brynmawr.edu by using your Bryn Mawr user ID and password.

2.   Complete and sign the Self-Certification Form, Approval Disclosure form, Promissory Note, and Questionnaire. If you accept the loan, we will mail these forms to your campus mail box address just prior to your arrival on campus in the fall. 

3.    Attend the Entrance Loan Counseling Workshop during Orientation Week. The date and time of this workshop will be sent o you prior to Orientation Week. Please complete as much of the following forms as possible: The Self-Certification Form,

Approval Disclosure Form, Promissory Note and Questionnaire and bring them with you to the workshop. You will have the chance to ask questions about your loan and the forms at the workshop. 

4.   During the Entrance Loan Counseling Workshop, you will receive your final Disclosure Statement.

5.   You may cancel this loan up to 3 days after signing the promissory note. If you have not canceled this loan after 3 days, we will credit your loan funds to your student account.

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Undergraduate Parent Loan Options

Federal Direct PLUS Loans (Parent Loan for Undergraduate Students)

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.

The parent borrower must sign on to www.studentloans.gov with a Federal Student Aid PIN. A borrower who does not have a PIN can request one via the Federal Student Aid PIN Web site at pin.ed.gov.


The four steps on the Direct Plus Loan Request form are:
1. Personal Information
2. Student & Loan Information
3. Review Request
4. Credit Check & Submit


Borrowers must also provide the following information to the school:


Award Amount Information

Borrowers can request a specific amount they wish to borrow, or can request
that Bryn Mawr determine the maximum amount they are eligible to receive by selecting the Maximum Amount Indicator.


Credit Balance Option

Borrowers can indicate whether they want any remaining credit balance to be
paid to the parent borrow or to the student.


First-time PLUS borrowers must also complete a Master Promissory Note (MPN). To sign electronically, go to www.studentloans.gov. The MPN is a promissory note
that can be used to borrow multiple loans for multiple academic years (up to 10 years). Parent borrowers will only need to complete one MPN while their student is enrolled at Bryn Mawr. Repayment begins after the loan is fully disbursed or may be deferred while the student is in school.

  • Interest Rate

    For PLUS Loans borrowed on or after July 1, 2006, the interest rate is fixed at 6.41%.


  • Other Fees

    A loan origination fee of 4% will be deducted from the gross amount on all Federal Direct PLUS Loans first disbursed on or after July 1, 2012 and before July 1, 2013.


    A loan origination fee of 4.204% will be deducted from the gross amount on all Federal Direct PLUS Loans first disbursed on or after July 1, 2013.

    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.
  • 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 Stafford 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 2% 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, 2013 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.

General Loan Repayment

Comprehensive repayment plans and schedules, along with an interactive calculator, are available at www.studenaid.ed.gov

The federal government provides various ways for you to pay back federal loans based on income rather than amount borrowed. Student Financial Services recommends you work with your loan servicer when choosing a repayment plan.

Available repayment plans include:

 

Plan Type Monthly Payment

Time Frame

Standard Payments are fixed starting at $50 10 years
Graduated Payments are lower at first and then increase, usually every two years. 10 years
Extended Payments may be fixed or graduated 25 years
Income-Based 15% of discretionary income, payments change as income changes (other conditions apply) 25 years
Pay As You Earn 10% of discretionary income, payments change as income changes (other conditions apply) 25 years
Income-Contingent Payments are calculated each year based on income, family size, and amount of loans 25 years
Income-Sensitive Payment is based on income and changes as income changes 10 years

Public Service Loan Forgiveness programs were created to encourage students to enter and continue work, full-time, in public service jobs. Remaining balances on federal Direct Program Loans are forgiven after 120 qualifying monthly payments are made, beginning after October 2007. Full-time employment by a public service organization is required at time of repayment. Detailed information, along with questions and answers about the
program, is available at www.studentaid.ed.gov.

 

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FSA Ombudsman
The Federal Student Aid Ombudsman was created by the Department of
Education to help resolve disputes and solve other problems with federal student loans.
The Ombudsman's Service Line is 1-877-557-2575.
Fax number: 1-202-275-0549.
You may also write to:
U.S. Department of Education
FSA Ombudsman
830 First Street, NE
Fourth Floor
Washington, DC 20202-5144