On March 30, 2010, President Obama signed the Student Aid and Fiscal Responsibility Act (SAFRA), which mandates all schools process loans through the Federal Direct Loan Program (FDLP).

This legislation will change the federal Stafford loan, PLUS loan (for parents and graduate/professional students), and consolidation loan application process.

All federal student loans will now be made directly through the U.S. Department of Education, effective July 1, 2010.

If you have loans with a first disbursement of funds before July 1, 2010, or if your loans are already in repayment, these changes will not affect you.

Your school will be providing more detailed information in the near future. If you have questions after reviewing your school’s information, please contact your school’s Financial Aid Office.

More information is also available here.

• Federal and most state grants, scholarships, low-cost student loans, and work-study programs
• Pennsylvania State Grant Program
• Many school-based student aid programs

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The annual maximum GEAR UP scholarship is equal to the maximum Federal Pell Grant for the same academic year. The GEAR UP scholarship may be reduced based on enrollment status, Expected Family Contribution (EFC), fund availability, or unmet cost as determined by the school’s financial aid office. Awards are contingent upon federal funding and are not guaranteed.

More information on the GEAR UP Scholarship is available on the PHEAA Web Site.