 Financial Aid
[Getting Started]
[Terms & Definitions]
[Federal
Aid]
[State
Aid]
[Scholarships]
[Reimbursement
Programs]
[Other
Funding]
[Alternative
Loans]
Getting Started
Yes,
getting a good education can be expensive, but cost doesn't have
to get in the way of your plans and dreams.
More than 80% of the students at Erie Business Center receive some form of financial
aid. There's a good chance
an aid package exists for you.
 What's your first step? Complete
the Free Application for Federal Student Aid (FAFSA). This will be your application
for many types of federal and state aid. The state grant application deadline
for Pennsylvania residents is May 1st of
each year for renewal applicants, and Aug. 1st of
each year for first-time applicants. You can complete the FAFSA one of three
ways:
- Online at www.fafsa.ed.gov.
This is the fastest, easiest way to apply.
- In paper form.
Applications are available in the EBC Financial Aid Office, in
high school guidance offices and by calling 1-800-4FED-AID.
- Renewal. If you
completed a FAFSA in the previous year, a renewal should be sent
to you automatically.
Need more information? Visit www.studentaid.ed.gov for
great facts on applying to school and various forms of financial aid.
You can also complete your FAFSA at this site. Another good resource
is the EBC
Loan Finder, a tool that can help you compare various student
loan options.
Think you can't
do this? Go to www.youcandealwithit.com for
tools and resources that will help you plan your financial future, including
ways to budget and prepare for school.
Still have questions? Look
through the Financial Aid information on our site and visit the links
above. If you have further questions, the EBC Financial Aid office is
ready to help. Contact us:
- By e-mail: Financial
Aid
- By telephone:
814/456-7504, Ext. 115 or 1-800-352-3743
- By FAX: 814/459-3701
- In Person: Founders
Hall, Erie Business Center, 220 W. Ninth St., Erie
NOTE: For up-to-date information about EBC tuition
and fees, e-mail our Admissions
staff.
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 Terms
and Definitions
Financial aid comes in different forms. It can help to know some basic
terms and definitions.
GRANTS: These are monetary gifts to qualifying students to be used
for educational expenses. Grants do not have to be repaid.
LOANS: These are monies borrowed for the purpose of education. Loans must
be repaid.
SCHOLARSHIPS: These are monetary awards made to students who meet the criteria
of the given scholarship fund. These scholarships are awarded in amounts
up to $10,000, depending on whether a student is pursuing an associate in
specialized
business (ASB) degree or shorter-term diploma program. A scholarship does
not have to be repaid if the student maintains eligibility.
WORK STUDY: These are monies that qualifying students may earn through employment
in special work-study positions on campus or in the community.
OTHER FUNDING: These are funds available to students as a result of special
circumstances such as military service, employment status or other situations.
 Federal
Aid
PELL GRANT * SEOG GRANT
These types of aid are awarded on the basis of financial need. You may be considered
for these once you have completed and submitted a FAFSA at www.fafsa.ed.gov
STAFFORD LOANS
These guaranteed student loans are available to students enrolled at least half
time in postsecondary education. You must complete the FAFSA, as well as the
Master Promissory Note, to apply. Loan limits vary for dependent and independent
students. There are two types of Stafford Loans:
- Subsidized: The
federal government will pay the interest on these loans, during the period
of enrollment through a six-month grace period, provided you are enrolled
at least half-time and make satisfactory academic progress.
- Unsubsidized: The
student is responsible for all interest that accrues on these loans; however,
the interest may capitalized and paid when you enter repayment.
Following graduation, the student has a six-month grace period after which repayment
must begin. You may have from 10 to 30 years to repay the loan.
PLUS LOANS
These credit-based loans are made available to parents of dependent students.
WORK STUDY
Erie Business Center receives a limited amount of Federal Work Study funding
each year, allowing qualifying students to earn income though a work study position.
State
Aid
PHEAA PROGRAMS
Pennsylvania State Grants are made available to residents of the state who demonstrate
financial need as determined by the Pennsylvania Higher Education Assistance
Agency (PHEAA). Although this financial aid is provided through the state, you
must still complete the FAFSA to be considered. Other financial aid offered through
PHEAA includes Loans and Work Study Programs. For more information, go to www.pheaa.org
 Scholarships
A number of scholarships are
available to EBC students who meet specific criteria. That includes new
scholarships recently made available to EBC students. You can also
go to www.fastweb.com to
search more than 600,000 scholarship opportunities.
Reimbursement
Programs
Don't forget about employer reimbursement/tuition assistance programs as a potential
source of funds. If you are employed, your company or organization may offer
reimbursement of some educational expenses. If you are a dependent student and
your parents have reimbursement benefits through their employer, ask them to
look into whether those benefits might extend to you.
Other
Funding
Sometimes, funds are available to students from government-related and other
organizations, based on special circumstances that may include previous military
service, employment status or other personal or professional situations. These
funding resources may include:
- Veterans Educational Benefits
(GI Bill/DEAP/VEAP/EAP)
- Office of Vocational Rehabilitation
(OVR)
- Blind and Visual Services
- Workforce Investment Act
- Trade Adjustment Act (TAA)/Trade
Readjustment Act (TRA)/NAFTA
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 Alternative
Loans
TERI LOAN
The Education Resources Institute (TERI) offers the TERI Alternative Loan for
students enrolled at least half time and the TERI Continuing Education Loan for
students taking continuing education classes or those enrolled less than half
time. Visit www.teri.org
PLATO CAREER EDUCATION LOAN
This loan can be used to finance tuition, fees, room and board, books and a computer.
Loans are offered to students seeking practical career training. Visit www.cel.org
MICROSOFT IT SKILLS LOAN
This loan can be used to finance Microsoft education-related expenses, including
tuition, fees, books and living expenses. It can also be used to purchase computer
hardware, software and peripherals. Visit www.itloan.com
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