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Moore College of Art & Design attracts qualified students from diverse economic backgrounds through its extensive financial aid programs. A private education should be affordable to all deserving students. In 2008-2009, about 90 percent of our students received some form of financial assistance.
Financing a student’s education can be thought of as a partnership among the student, her family, federal and state governments and Moore College of Art & Design. Moore wants qualified students to focus on earning their degrees without excessive concern over how to fund their educations. Moore is willing to make every effort to assist the student and her family meet educational costs. However, the College believes that the primary responsibility to finance a student’s education rests with the student and her family.
Families are expected to contribute to their student’s educational expenses to the extent that they are able. Moore tries to maintain the same level of funding throughout full-time enrollment so long as the expected family contribution, as determined by the federal government, stays the same and so long as the student meets all the necessary deadlines and academic requirements.
Moore offers financial aid primarily on the basis of financial need as determined by the Free Application for Federal Student Aid (FAFSA). The College is committed to awarding all need-based financial aid funds in a fashion that is consistent with current law and that works to the maximum benefit of the student. All students are encouraged to apply for need-based assistance and competitive aid packages are prepared for those who qualify.
The resources listed below are available to degree-seeking students at Moore. Eligibility is typically based on full-time enrollment (minimum of 12 credit hours per semester). Any deviation from that condition may result in a change in the financial aid award. Most aid sources require students to be enrolled at least half-time (minimum of 6 credit hours per semester). Students who are not pursuing degrees are ineligible for federal aid, but may apply for appropriate private educational loans.
The largest of the federal student aid programs, Pell grants are awarded to eligible undergraduate students to help pay for their first baccalaureate degree. Awards range from $400 to $4,731 per year.
This federally funded program provides low-interest loans to students who demonstrate financial need. The maximum annual award at Moore is $2,500. Recipients must sign a promissory note for the loans, and the monies are credited directly to the student’s account. No interest accrues while the student is in school; repayment begins nine months after the student graduates, withdraws, or drops below half-time enrollment. Students have up to 10 years to repay the loan. The interest rate is five percent for the life of the loan.
This is a federally funded loan for a dependent student that is not based on financial need. The program allows credit-worthy parents to borrow the entire cost of education each year minus other financial aid awards. Repayment begins 30-60 days after the last disbursement is made to the college, or parents have the option of contacting the lender and requesting postponement of payment of principal and interest. The interest rate is a fixed rate of 8.5 percent for new borrowers with loan periods beginning July 1, 2008.
For more information or to apply for Federal loans go to www.aessuccess.org.
This is a federally guaranteed low-interest 6.0% loan based on financial need. This program offers loans to dependent undergraduates in the amount of $3,500 per year for first-year students, $4,500 per year for sophomores, and $5,500 per year for juniors and seniors with an additional $2,000 in Unsubsideized Stafford Loan. Total undergraduate borrowing cannot exceed $31,000 with a$23,000 subsidized maximum. No interest accrues while the student is in school; repayment begins six months after the student graduates, withdraws, or drops below half-time enrollment. Students have up to 10 years to repay the loan.
SEOG is awarded to those students who demonstrate exceptional financial need. The Financial Aid Office administers this grant. Awards of up to $2,500 are given and primary consideration is given to those students who have completed their FAFSA applications by March 1.
A Federally Unsubsidized Stafford Loan is a federally guaranteed low-interest loan that is not based on financial need. Loans are available to students who do not qualify for or who qualify for less than the maximum Subsidized Stafford Loan limits, students whose parents are not able to secure a Federal PLUS Loan, and for independent students as determined by the federal government. Dependent undergraduate loan limits are the same as the subsidized Stafford Loan. Independent students and dependent students whose parents denied the PLUS Loan may borrow an additional $4,000 per year for freshman and sophomore years, and an additional $5,000 for the junior and senior years. Beginning with the 2008-9 award year students may also borrow an additional $2,000 in unsubsidized student loans. Total independent undergraduate borrowing cannot exceed $57,500 ($23,000 subsidized maximum). Repayment of principal begins six months after the student graduates, withdraws, or drops below half-time enrollment. Students have up to 10 years to repay the loan. Repayment of interest begins when the loan is disbursed. The interest rate is a fixed rate of 6.8 percent for new borrowers with loan periods beginning July 1, 2008. Complete Interest can be paid quarterly or can be capitalized and repaid with principal.
Federally funded awards are given to those students who demonstrate financial need as determined by the federal government. Under this program, eligible students may be employed on or off campus. A variety of community service employment opportunities are available. Employment is generally limited to about 10 hours a week during the academic year. Students will be paid monthly and the money they earn can be used toward living expenses, books or supplies. Students interested in participating in work-study must complete the FAFSA by March 1 each year.
The Survivors’ and Dependents' Educational Assistance Program (DEA) provides up to 45 months of education and training opportunities to eligible dependents of certain veterans. To be eligible, you must be the daughter, or spouse of a veteran who died or is permanently and totally disabled as the result of a service-connected disability, or who died while such a disability was in effect, or is MIA or captured in the line of duty by a hostile force, or is forcibly detained or interned in the line of duty by a foreign government or power. Daughters must be between the ages of 18 and 26. Spousal benefits end 10 years from the date the VA finds the spouse as eligible or from the date of death of the veteran.
This institutionally funded grant is awarded to qualified students as determined by the Financial Aid Office. Awards of up to $2,500 are given but will vary depending on the individual’s financial need. Awards are usually reduced on a yearly basis as federal loan limits are increased.
After scholarships, grants are the most attractive form of financial aid because, like scholarships, they do not have to be repaid. Grants are most often awarded on the basis of financial need as determined by the federal government. To be considered, an applicant must complete a Free Application for Federal Student Aid (FAFSA).
For more information on this or other types of veterans’ benefits, call 1-888-GIBILL-1 (1-888-442-4551).
Ultimately the best resource for finding private scholarships and grants is the Internet. You are encouraged, whenever possible, to utilize this resource and all other resources to search out private scholarships and grants. You may sign up for a free scholarship search at www.collegeboard.com. Moore College of Art & Design will post any scholarship applications on the Scholarship Board. Here are additional Web sites that provide free search services:
If you have utilized all other resources and still need funds to cover expenses, you can consider a private or alternative education loan. The interest rate and fees charged by private lenders can significantly increase the cost of the loan, so always borrow smart. A helpful tool for comparing private education loans is available here. You have the right to choose any lender of your choice.
Borrowing funds at a low interest rate allows students to assume some of the financial responsibility for their educations. Although the federal government sponsors several loan programs, Moore determines loan eligibility and handles the processing of requests.
Most state agencies will obtain information for state grant processing from the FAFSA application. Additional information is usually requested directly from your state agency. Requirements vary from state to state, but residency requirements are common. Applicants who reside outside of Pennsylvania should contact their state Higher Education Assistance Agency to determine if their awards are available to students wishing to attend out-of-state colleges. States that allow grants to transfer to Pennsylvania are: Maine, Vermont, Massachusetts, Rhode Island, Ohio, West Virginia, Delaware, District of Columbia and Alaska. Pennsylvania residents who wish to be considered for state aid must have completed the FAFSA application by May 1.
Moore College of Art & Design participates in the Tuition Exchange Program. Tuition Exchange is a reciprocal scholarship program for children and other family members of faculty and staff employed at over 570 participating institutions. The Tuition Exchange, Inc. is a non-profit association that serves higher education. For more information, you can visit the Tuition Exchange website here.
To be considered for assistance other than merit scholarships, you must complete the FAFSA (Free Application for Federal Student Aid). The FAFSA should be submitted as early as possible, but no later than March 1 for priority consideration. Do not wait for an admissions decision before filing for financial assistance. Use your estimated income data, if necessary, and follow up with actual tax information as soon as it becomes available. You may file a paper FAFSA that is available at high school guidance offices, any library, or any college. Mailed applications will take 4-6 weeks to process. We strongly encourage you to apply on line at www.fafsa.ed.gov. To apply on line, you will need a PIN number. You and your parents, if dependent, can request a PIN number on-line at www.pin.ed.gov. This PIN will serve as your electronic signature. Electronic applications will be processed in less than one week. Moore’s Title IV code for financial aid is 003300. For more information regarding applying for financial aid, you can contact the Financial Aid Office at 215.965.4041 or by email at finaid@moore.edu.
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