Types of Aid

A need-based institutional grant offered to students with demonstrated institutional financial need. Eligibility for the Bucknell Need-based Grant can change from year to year. If your family's income increases or the number of siblings in undergraduate college decreases, your eligibility for the Bucknell Need-based Grant will be reduced and, in some cases, may not be renewed. If you have questions regarding future eligibility, please contact our office at finaid@bucknell.edu.

• Awarded to students with the highest federal financial aid eligibility.
• For 2023-24, award amounts go up to $7,395.
• If you become Pell-eligible after we receive and review your tax and verification information, previously awarded Bucknell Need-based Grants are reduced dollar for dollar.

• Awarded to Pell recipients with the highest federal financial aid eligibility.
• Not all Pell recipients may receive Bucknell's SEOG funding. If you become SEOG eligible after we receive and review your tax and verification information, previously awarded Bucknell Need-based Grants are reduced dollar for dollar.

Many states provide funds for post-secondary education and many are transferable to out-of-state institutions, including those received by residents of Delaware, the District of Columbia, Massachusetts, Vermont and West Virginia. Students should apply to their state grant programs by filing the appropriate application or by releasing the data to the state on the FAFSA. FAFSA instructions list the deadline dates for filing the form as a state grant application.

Pennsylvania State Grant Information

• Bucknell awards estimated amounts to PA residents who appear to be eligible based on their FAFSA application.
• For 2023-24, awards range from $560–$5,266. (This may change depending on the state budget.)
• To apply, complete the Free Application for Federal Student Aid (FAFSA) before May 1.
• Bucknell is unable to make up any state grant funds if your application is not submitted on time.

The Fostering Independence Tuition Waiver Program allows eligible students who have been served by the foster care system to receive a university education, build a network of support and reduce financial barriers. In collaboration with the Pennsylvania Higher Education Assistance Agency (PHEAA) and the Pennsylvania departments of Education (PDE), Human Services (DHS) and Labor & Industry (L&I), this program provides tuition waivers at postsecondary institutions, such as Bucknell University, to program participants for up to five academic years or until they reach age 26.

This waiver applies only to charges (from tuition and mandatory fees) that remain after all other gift aid (federal, state, and other scholarships or grants) have been applied to the student’s account. Tuition and mandatory fees do not include room and board charges, books, supplies, parking or any other indirect charges.

To be considered for a FosterEd Waiver, you must:

• Be a Pennsylvania resident
• Have not reached the age of 26 by July 1 of the upcoming academic year for which the FosterEd waiver is received
• Have received a high school diploma or received a Commonwealth Secondary School Diploma
• Be eligible for services under Pennsylvania's John H. Chafee Foster Care Program for Successful Transition to Adulthood
• Be identified as a youth who is or was in foster care, or was discharged from foster care on or after attaining age 16, or has exited foster care on or after age 16 to adoption or permanent legal guardianship
• Be enrolled as an undergraduate, at least half time in a postsecondary institution that is approved by the U.S. Department of Education for Title IV student assistance programs
• Demonstrate financial need for the Pennsylvania Chafee Education and Training Grant (as determined by the postsecondary institution)
• Maintain satisfactory academic progress (as determined by the postsecondary institution)
• Not be in default on a federal student loan or owe a refund on other Title IV aid
• Have not received a FosterEd waiver for 5 years (consecutive or not), defined as 10 semesters or the equivalent for undergraduate study
• File a FAFSA (Free Application for Federal Student Aid)

How to Apply:

1. File your Free Application for Federal Student Aid (FAFSA).
2. Be admitted to and enroll in a Pennsylvania postsecondary intuition approved by the U.S. Department of Education for Title IV funding, such as Bucknell University.
3. You must apply for and be eligible for the Chafee Education and Training Grant (Chafee ETG) at PHEAA.org. The deadline to apply for the upcoming academic year is May 1.

Students are not required to be awarded the Chafee Grant to be considered for the Fostering Independence Tuition Waiver.

Students who intend to transfer to a different institution during an academic year should notify PHEAA via email to FosterEd@pheaa.org or by calling 1-800-692-7392.

Students who wish to appeal their eligibility determination can do so by emailing FosterEd@pheaa.org.

Point of Contact:
Erin Wolfe
Director of Financial Aid
570-577-1331
finaid@bucknell.edu

Bucknell students who apply for financial aid may borrow under several separate loan programs, as determined by the Office of Financial Aid. Since a student loan must be repaid after graduation or withdrawal from the University, it represents a serious commitment on the part of the student. We suggest careful borrowing, so do not borrow more than you need.

Interest rates and fees are federally regulated and subject to change.

Students who have borrowed federal loans can access their loan information through Federal Student Aid.

• 2024–25 academic year fixed rates are 6.53%:
  • Undergraduate students: 6.53% subsidized. Subsidized is need-based; the government subsidizes the interest while you are enrolled at least half-time.
  • Undergraduate students: 6.53% unsubsidized. Unsubsidized is not need-based; you will be charged interest until the loan is paid in full. If you allow interest to accumulate, it will be capitalized and added to the principal.
  • Annual combined subsidized and unsubsidized maximums are $5,500, $6,500, $7,500 and $7,500 in years one, two, three and four of college, respectively. (Subsidized maximums are $3,500, $4,500, $5,500 and $5,500 each year respectively and unsubsidized maximums are up to $2,000 each year.)
  • Graduate students: 8.08% unsubsidized (there is no subsidized option). Unsubsidized is not need-based; you will be charged interest until the loan is paid in full. If you allow interest to accumulate, it will be capitalized and added to the principal.
  • You may also wish to review the section on Financial Awareness Counseling which can be found at https://studentloans.gov.
• 0.25% interest rate reduction for automatically debiting your payment from your checking account when you begin repayment.
• We suggest that you consider making interest-only payments while you are enrolled. Even a small amount per month will reduce total repayments later.
• Interest may be tax-deductible.
• Federal regulations require two equal disbursements by electronic funds transfer, half in the fall and half in the spring. The federal government currently deducts a loan fee of 1.057% from each disbursement.
  • For example, if you borrow $3,500 for the academic year, this is actually $1,750 per semester and the disbursements will be $1,732 for fall and $1,732 for spring since the federal government currently deducts a loan fee of 1.057% from each disbursement. These fees are federally regulated and subject to change.
• Federal funds are not disbursed until after the first day of class each semester.
• First-time borrowers must complete a 30-minute Loan Entrance Counseling session before the first disbursement. Results are sent to Bucknell University electronically.
• First-time borrowers must complete the Loan Agreement/Master Promissory Note (MPN) before the first disbursement. This session takes approximately 30 minutes to complete and results are sent to Bucknell University electronically. If you are a returning student and previously borrowed a Federal Direct Loan within the last year, you do not need to complete a new MPN.

Repayment

• Upon graduation or ceasing to be enrolled at least half-time, students who have borrowed federal loans are required to complete the exit counseling process.
• Repayment begins six months after graduation, dropping below half-time, or withdrawal.
• A student who enters into public service employment can have any remaining balance on Federal Direct Loans forgiven after 10 years of repayment while in public service work.
• At 0.5%, Bucknell University's average U.S. Department of Education Official Fiscal Year 2020 Three-Year Cohort Default Rate on federal student loans is extremely low. This means that 99.50% of Bucknell's students repay these student loans on time. Our rate reflects Bucknell's commitment to encourage students to limit their student loan debt and our graduates' abilities to meet their financial responsibilities. (The cohort default rate is the percentage of borrowers who enter repayment in a fiscal year and default by the end of the next fiscal year. The Department issues default rates according to the fiscal year borrowers entered repayment.)
• The Department of Education has various repayment options and repayment calculators on its website: https://studentaid.gov/manage-loans/repayment/plans.

Interest rates and fees are federally regulated and subject to change.

Parents who have borrowed federal loans can access their loan information through the National Student Loan Data System.

This is a non-need-based, credit-worthy loan that a parent may borrow in their name to assist with the student's educational costs. The Federal Direct Parent PLUS Loan Program offers flexible repayment terms with up to 10 years to repay, which includes interest-only payments or deferring principal and interest payments while the student is enrolled, and no penalty for early repayment or payoff. The program provides built-in insurance for death and disability that applies to both the borrower and the student at no additional cost.

• The fixed interest rate for 2024–25 academic year is 9.08%.
• Students must complete the Free Application for Federal Student Aid (FAFSA) every year.
• Parent borrowers must complete the Department of Education PLUS application every year you wish to borrow.
• Parent borrowers must complete the PLUS Master Promissory Note (MPN). If you have previously borrowed a PLUS loan at Bucknell for the same student within the last year, it is not necessary to complete a new PLUS MPN.
• Apply after May 15 and before Aug. 1 to ensure timely disbursement for the fall semester.
• The maximum loan amount for which a parent may apply is financial aid cost of attendance minus any previously awarded financial aid. If you select "maximum," Bucknell will process the maximum loan amount for which you are eligible.
• Federal regulations require two equal disbursements, half in the fall and half in the spring. PLUS funds will be applied to your student's Bucknell account by electronic funds transfer. The federal government currently deducts a loan fee of 4.228% less than the amount actually borrowed.
• If the parent is denied a PLUS Loan because of credit reasons, then there are three options:
  1. Credit review.
  2. The parent may obtain an endorser for the amount requested (which requires a new PLUS MPN).
  3. The student would be eligible for additional unsubsidized Federal Direct Loan (up to $4,000 for freshmen and sophomores, $5,000 for juniors and seniors).
• We recommend that you apply for the entire 2024-25 academic year at one time (rather than a semester at a time) so that a credit check will only be performed once.

We understand that financing a college education can be a challenging process. We encourage you to fully utilize the Federal Direct Loan Program, both subsidized and unsubsidized. If you are still in need of additional options, we would like to inform you of a tool through ELM Select. The tool will allow you to compare available loan products from the private/alternative lenders used the most by Bucknell families in the past year. You may also check with your individual state agency to determine if there is an available loan product to meet any borrowing needs you may have. The Office of Financial Aid will be happy to work with any lender you choose, and you are not limited to the lenders shown in the comparison tool.

Access the loan comparison tool

Keep in mind that the interest rates for private/alternative educational loans can vary depending upon your credit. They can also have different terms and conditions (fixed or variable). Other things you may want to consider are:

• If the interest rate is capped
• If the interest rate may change
• How often your credit will be checked
• If there is built-in life insurance and/or loan forgiveness in the event of the permanent disability or death of the student
• If there are loan deferment options
• If there are any additional processing fees
• What the annual and aggregate loan limits are
• If there is a grace period before repayment begins
• If consolidation is a possibility

Steps to securing your private loan

• Apply online for the loan you have chosen
• Complete the self-certification form and submit it to your lender. (Most lenders will provide the form within the loan application.)
• Bucknell University will be notified by the lender of the decision to approve or disapprove your loan. (Approvals are credit-based.)
• If approved by the lender, Bucknell University will certify the loan amount for which you qualify. The lender will send you an approval disclosure, which you must respond to before the loan can be released to your student account.
• A final (third) disclosure will be sent to you and you will have three business days to rescind (cancel) the loan.

If you wish to apply for a private educational loan, we suggest that you apply after May 15, as most credit checks are only valid for a limited period of time.

Administered by Nelnet Campus Commerce, the Bucknell Monthly Plan divides college costs into consecutive monthly interest-free installments.

• Plans are per semester only. Plans do not roll to the following semester.
• Enrollment opens May 1 for the Fall semester and Oct. 1 for the Spring semester.
• To minimize the amount of your monthly payments, be sure to enroll by June 1 for the fall term and by Nov. 1 for the spring term.
• Application fee (subject to change) is $40.
• Both U.S. and non-U.S. citizens may apply for the payment plan.

For further information or to apply, contact Nelnet at 800-609-8056 or mycollegepaymentplan.com/bucknell.

The Federal Work-study Program provides employment opportunities for students.

• A percentage of a student's wages will be covered by these federal funds, and the remainder will come from Bucknell University.
• Students work an average of about 8-10 hours per week and are typically paid bi-weekly.
• Work-study awards should not be subtracted from your bill, since the amount earned will depend upon the hours worked.
• Bucknell offers other jobs to students who do not have Federal Work-study as part of their financial aid packages.
• Students (except Presidential Fellowship recipients) are not "placed" in jobs at Bucknell and may apply for jobs that interest them.
• Current students have access to Bison@Work, Bucknell's student job board. Learn more.

• Awards are renewable annually.
• Bucknell's Tuition Exchange amount is a set rate of $43,000 for the 2025-26 academic year.
• Tuition Exchange for students participating in Bucknell-sponsored off-campus programs led by Bucknell faculty (known as the "Bucknell In" programs) will also be valued at $43,000.
• Tuition Exchange for non-Bucknell off-campus programs will be valued at 30% of Bucknell tuition.
• Students who have a special curricular need to participate in a non-Bucknell program may, prior to their overseas study, appeal to the provost for a grant covering the Tuition Exchange award.

• Available to employees or dependents of other colleges and universities that participate in the national Tuition Exchange Program.
• Awards are not guaranteed. The selection process for Tuition Exchange Program benefits at Bucknell is very competitive. A large number of qualified applicants express interest for a limited number of awards.
• Only first-year students at the point of initial enrollment to Bucknell are eligible.
• Students who are not eligible for the award as a first-year student, students who decline the Tuition Exchange award and students who are not offered the award as first-year students are not eligible for Tuition Exchange benefits in successive years while enrolled at Bucknell.
• Transfer students are not eligible.

• Complete and submit your application for admission to Bucknell.
• The Tuition Exchange application must be filed through the Tuition Exchange Office at the home institution (the employer of the applicant or his/her parent).
• Your Tuition Exchange application is due the same date as your application deadline: Nov. 15 for Early Decision I or Jan. 15 for Early Decision II or Regular Decision.
• Students applying for Tuition Exchange will be notified of their decision in their financial aid award letter at the same time that they receive their admissions decision in mid-December for Early Decision I, mid-February for Early Decision II or mid-March for Regular Decision.
• Please note, that students may be placed on a waitlist for Tuition Exchange. We kindly ask those who are awarded Tuition Exchange to accept or decline the tuition benefit as soon as possible so that we can communicate with those on the waitlist accordingly.

Questions about admission to Bucknell:
admissons@bucknell.edu
570-577-3000

Questions about submitting or processing a Tuition Exchange application:
Danielle Kraus, Tuition Exchange officer
danielle.kraus@bucknell.edu
570-577-1710

• 163 first-year applicants to Bucknell filed Tuition Exchange applications.
• 82 of those Tuition Exchange applicants were admitted to Bucknell. Admitted Tuition Exchange applicants were reviewed according to academic achievement, aptitude for college study and potential for contribution to the University community. (Admissions decisions at Bucknell are made independent of a student's application for Tuition Exchange benefits).
• 40 students were offered Tuition Exchange awards based upon those reviews and benefit availability.
• 8 enrolling students accepted the Tuition Exchange benefit.