External Financial Resources
There are many resources available, here are some to get you started. Please do your own extensive research.
| Grants | Funds that do not have to be repaid. Other Grants and Scholarships from private foundations and other organizations may be available based on need and/or merit. |
| Scholarships | Awards that do not have to be repaid. Some scholarships may have a need component; however, scholarships generally are merit-based and reward students for academic or artistic excellence, and/or community service. |
| Private Student Loans | Nonfederal loans that are made by private organizations such banks and credit unions and have terms and conditions that are set by the lender. Loans must be repaid. When searching for potential lenders students should check loan eligibility for career training. |
Scholarship Search Engines
Private Student Loans*
*Private loans differ by lender and by type of loan. Be sure you understand the terms of your loan and keep in touch with your lender about any questions you may have. This information on Private Student Loans was gathered from studentaid.gov.
| Topic | What You Should Know |
| When Payment Begins | Many private student loans require payments while you are still in school, but some do allow you to defer (put off) payments while in school. |
| Interest Rates | Private student loans can have variable or fixed interest rates. |
| Credit Requirements | Private student loans often require an established credit record or a cosigner. |
| Subsidies | Private student loans are often not subsidized. In the case of an unsubsidized loan, you will be responsible for all the interest on your loan. |
| Tax Benefits | Interest may be tax deductible. |
| Consolidation & Refinancing | Private student loans cannot be consolidated into a Direct Consolidation Loan but may be refinanced. |
| Postponement Options | You should check with your lender to find out about options for postponing or lowering your loan payments. |
| Prepayment Penalties | You should check with your lender to find out about your repayment options. You need to make sure there are no prepayment penalty fees. |
| Loan Forgiveness | Many private lenders do not offer loan forgiveness programs. |
| Where to Get Help | Contact your loan servicer first. If you have difficulty with your loan servicer, contact the Consumer Finance Protection Bureau for assistance. |
PAFA is licensed through the Pennsylvania State Board of Private Licensed Schools. Program structure and details are subject to standard academic and accreditation review and may be updated accordingly.