Affordability & Transparency – Act 69 of 2024

*This page is continually updated as we integrate the Pennsylvania Department of Education's ongoing statutory requirements and reporting.

What is Act 69 of 2024? 

Act 69 of 2024 for College Affordability and Transparency requires Institutions of Higher Education (IHEs) to present financial information in greater detail to students and to provide financial aid exit counseling at the end of a student’s final academic term. The act was signed into law by Governor Josh Shapiro on July 17, 2024. The Act adds 3 new provisions to all institutions of higher education (IHE) authorized to operate in Pennsylvania.

Act Requirements

Requirement Summary

Institutions of Higher Education (IHEs) must post online every mandatory fee in advance of the start of the academic term for which the fee will be charged and included on a tuition bill. The posting must include the purpose of the fee and a description of how it will be used.

Requirements & Resources

  • Post online every mandatory fee in advance of the start of the academic term for which the fee will be charged and included on a tuition bill.
  • Post online from the prior academic year the total amount of mandatory fees collected with a detailed description / use of each.
    • Learn more: *Pending

Requirements & Resources

  • Provide prospective students with extensive cost and financial aid information as part of the admission or financial aid offer process.
  • A history of the previous academic year’s tuition and future tuition/fee estimates for each year for the student to complete their major.

Requirement Summary

Institutions of Higher Education (IHEs) must provide financial aid exit counseling to students at the end of their final academic term, unless a student elects not to participate. Federal Student Aid (FSA) Federal Loan Exit Counseling does not supplant this requirement. Counseling may be in-person or online, and IHEs may partner with the Pennsylvania Higher Education Assistance Agency or a similar entity.

 

Requirements & Resources

Financial Aid Glossaries

Additional Payment Options 

  • Tuition Payment Plan: A tuition payment plan offered by an institution may allow students to spread out their payments. Visit Student Accounts. 
  • Parent Plus Loan: A loan available to the parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status. For more information, go to studentaid.gov. 
  • Non-Federal Private Education Loan: A private education loan is a loan issued expressly for postsecondary education expenses to a borrower (either through the educational institution or directly to the borrower) from a private educational lender, rather than as a Title IV, HEA loan offered by the Department of Education. In your research for private alternative loans, you can use ELMSelect to compare the different lenders based on their options, benefits, and services and then apply directly online. 

Cost of Attendance (COA): The total amount that it will cost you to go to school during the 2025-2026 school year. COA includes tuition and fees; housing and meals; and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees; an allowance for books, supplies, and transportation. 

Direct Subsidized Loan: Loans that the U.S. Department of Education pays the interest on while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments). For current interest rates and origination fee information, go to studentaid.gov. 

Direct Unsubsidized Loan: Loans that the borrower is responsible for paying the interest on during all periods. 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). For current interest rates and origination fee information, go to studentaid.gov. 

Federal Work-Study: A federal student aid program that provides part-time employment while the student is enrolled in school to help pay his or her education expenses. The student must seek out and apply for work-study jobs. The student will be paid directly for the hours they work. Earnings are not automatically credited to pay for institutional tuition or fees. The amount you earn cannot exceed the total amount awarded by the school for the award year. The availability of work-study jobs varies by school. Please note that Federal Work-Study earnings may be taxed in certain scenarios; however, the income you earn will not be counted against you when calculating your Student Aid Index on the FASFA. 

Grants and Scholarships: Student aid funds that do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based. Occasionally you might have to pay back part or all of a grant if, for example, you withdraw from school before finishing a semester. If you use a grant or scholarship to cover your living expenses, the amount of your scholarship may be counted as taxable income on your tax return. 

Interest Rates: Interest is additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed. Direct Loans are “daily interest” loans. On daily interest loans, interest accrues (adds up) every day. If your loans are subsidized, you are not responsible for paying the interest that accrues while you’re in school. If your loans are unsubsidized, you’re responsible for all the interest that accrues, even while you’re in school. Learn about the loans. For current interest rates and origination fee information, visit studentaid.gov. 

Loans: Borrowed money that must be repaid with interest. Loans from the federal government typically have a lower interest rate than loans from private lenders. Federal loans, listed from most advantageous to least advantageous, are called Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. You can find more information about federal loans at studentaid.gov. 

Net Price: An estimate of the actual cost that a student and his or her family need to pay in a given year to cover education expenses for the student to attend a particular school. Net price is determined by taking the institution's cost of attendance and subtracting any grants and scholarships for which the student may be eligible. 

Origination Fees: An upfront fee charged by a lender for processing a new loan application. It is compensation for putting the loan in place. Origination fees are quoted as a percentage of the total loan. 

Student Aid Index: The Student Aid Index (SAI) is an eligibility index number that the Financial Aid Office uses to determine how much federal student aid you would receive if you attend the College. This number results from the information that you provide on your FAFSA® form. This number is not a dollar amount of aid eligibility or what your family is expected to provide. A negative SAI indicates the student has a higher financial need. 

VA Education Benefits: Benefits that help Veterans, service members, and their qualified family members with needs like paying college tuition, finding the right school or training program, and getting career counseling. You can find more information here: https://www.va.gov/education/. 

Verification: The FAFSA Federal Processor may send notification that the student’s FAFSA was selected for verification. Verification requires Financial Aid administrators to confirm the accuracy of the information a student/parent submitted on the FAFSA. The College is required to complete verification for selected students and to resolve any conflicting information.

Additional Payment Options 

  • Tuition Payment Plan: A tuition payment plan offered by an institution may allow students to spread out their payments. Visit Student Accounts. 
  • Non-Federal Private Education Loan: A private education loan is a loan issued expressly for postsecondary education expenses to a borrower (either through the educational institution or directly to the borrower) from a private educational lender, rather than as a Title IV, HEA loan offered by the Department of Education. In your research for private alternative loans, you can use ELMSelect to compare the different lenders based on their options, benefits, and services and then apply directly online. 
  • Loan Information: For additional information regarding loans, visit Student Accounts. 

Campus Employment: Students who have campus employment may earn money to cover educational expenses. Funds earned are paid bi-weekly directly to the student and are not applied towards the student bill. Students work with the Student Employment Office for job placement. 

Cost of Attendance (COA): The total amount that it will cost you to go to school during the 2025-2026 school year. COA includes tuition and fees; housing and meals; and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees, an allowance for books, supplies, and transportation. 

Family Contribution: Your family contribution is calculated in U.S. dollars and will remain constant each year. This amount notated on your offer letter is used when applying for your VISA. 

Grants: Student aid funds that do not have to be repaid. Grants are often need-based. International grant funds are limited, and your institutional funds will not increase in future years should your family circumstances change. You must notify the Office of Financial Aid if you become a U.S. Citizen or U.S. Permanent Resident. If your citizenship status changes, you can expect a change in the structure of your financial aid award. 

Interest Rates: Interest is additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed. The interest rate for Bryn Mawr International Loans is 5%. 

Loans: Borrowed money that must be repaid with interest. Note, if awarded a loan, documents will be sent in late summer. 

Net Price: An estimate of the actual cost that a student their family needs to pay in a given year to cover education expenses for the student to attend a particular school. The net price is determined by taking the institution's cost of attendance and subtracting any grants and scholarships for which the student may be eligible. 

Repayment: Principal repayment will begin six months from the date of graduation or separation (withdrawn/leave of absence) from Bryn Mawr College. Repayment of the principal shall be made in equal monthly installments with the entire principal repaid within 10 years from the date you cease to be enrolled in an approved institution of higher education. Interest of 5 percent shall accrue from the beginning of such repayment. 

Tax on Scholarships: Students who do not qualify as residents for U.S. tax purposes are subject to federal tax on scholarship funds that exceed the cost of tuition, health insurance, and books. Assessed taxes on financial aid will be charged against your student account in the fall and spring semesters, and a subsequent grant will be posted to cover the charge. However, please note that students will be assessed additional tax if they are awarded additional grants, fellowships, or prizes over their academic career at Bryn Mawr and the student is responsible for paying these taxes. 

Additional Payment Options 

  • Tuition Payment Plan: A tuition payment plan offered by an institution may allow students to spread out their payments. Visit Student Accounts. 
  • Graduate Plus Loan: The U.S. Department of Education makes Direct PLUS Loans to eligible graduate or professional students through completion of the FAFSA. To receive a Graduate PLUS Loan you must be a graduate or professional student enrolled at least half-time, not have an adverse credit history and meet the general eligibility requirements for federal student aid. During any period when you’re not required to make payments, interest will accrue on your loan. Repayment does not begin until six months after graduation, leaving school or dropping below half-time enrollment. 
  • Non-Federal Private Education Loan: A private education loan is a loan issued expressly for postsecondary education expenses to a borrower (either through the educational institution or directly to the borrower) from a private educational lender, rather than as a Title IV, HEA loan offered by the Department of Education. In your research for private alternative loans, you can use ELMSelect to compare the different lenders based on their options, benefits, and services and then apply directly online.   

Financial Aid and Student Accounts 

  • Financial aid awards are based on the cost and number of units in which you are enrolled per semester. A change to your enrollment could change your financial aid. 
  • Financial aid is credited to the student account by term. Social Work Grants will be credited prior to billing. Federal loans are scheduled for disbursement on the first day of classes for each term. Students must accept, reduce, or decline their loans as well as complete the necessary requirements. Financial aid applications must be completed before funds can be disbursed to the student account. 

Cost of Attendance (COA): The total amount that it will cost you to go to school during the 2025-2026 school year. COA includes tuition and fees; housing and meals; and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, such as an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. For students attending less than half-time, the COA includes tuition and fees; an allowance for books, supplies, and transportation. 

Direct Unsubsidized Loan: Loans that the borrower is responsible for paying the interest on during all periods. 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). For current interest rates and origination fee information, go to studentaid.gov. 

GSAS Funding: The Graduate School of Arts and Sciences (GSAS) offers multiple forms of assistance. If you are interested in additional GSAS assistance, more information is on the GSAS Admissions page. 

Interest Rates: Interest is additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed. Direct Loans are “daily interest” loans. On daily interest loans, interest accrues (adds up) every day. If your loans are subsidized, you are not responsible for paying the interest that accrues while you’re in school. If your loans are unsubsidized, you’re responsible for all the interest that accrues, even while you’re in school. Learn about the loans. For current interest rates and origination fee information, visit studentaid.gov. 

Living Expenses: Schools may include a standard allowance for food and housing in the cost of attendance. While this is an indirect cost, it is used to calculate eligibility for financial aid. 

Loans: Borrowed money that must be repaid with interest. Loans from the federal government typically have a lower interest rate than loans from private lenders. Federal loans, listed from most advantageous to least advantageous, are called Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. You can find more information about federal loans at studentaid.gov. Information about aggregate limits for the Federal Unsubsidized Loan and the Graduate PLUS Loan can be found on studentaid.gov. 

Net Price: An estimate of the actual cost that a student and his or her family need to pay in a given year to cover education expenses for the student to attend a particular school. Net price is determined by taking the institution's cost of attendance and subtracting any grants and scholarships for which the student may be eligible. 

Origination Fees: An upfront fee charged by a lender for processing a new loan application. It is compensation for putting the loan in place. Origination fees are quoted as a percentage of the total loan. 

Social Work Grants: Eligibility for grant assistance is determined by Graduate Admissions. These grants are for tuition only, and will be adjusted or replaced upon receipt of other aid received to cover tuition. You must reapply for the Social Work Grant and loan assistance each academic year. Master of Social Service students may receive a grant for a maximum of 18 billing units. However, Grant funding is not provided for transfer credit or courses that are waived. Generally, grant funds are not awarded for repeat courses. Ph.D. students may receive grant for required coursework only, upon notification from the GSSWSR. 

VA Education Benefits: Benefits that help Veterans, service members, and their qualified family members with needs like paying college tuition, finding the right school or training program, and getting career counseling. You can find more information here: https://www.va.gov/education/. 

Verification: The FAFSA Federal Processor may send notification that the student’s FAFSA was selected for verification. Verification requires Financial Aid administrators to confirm the accuracy of the information a student/parent submitted on the FAFSA. The College is required to complete verification for selected students and to resolve any conflicting information.