2023 First-Year Financial Aid Notification

Success Ahead

Congratulations on your 2023-2024 acceptance to The University of Scranton!

Your 2023-2024 Financial Aid notification lists the merit scholarship, grants and loans you qualify for.  The notification provides estimated costs and net university charges along with providing options to pay. 

To view your financial aid information, please log into your accepted student portal and visit the Financial Aid section. 

If you have not already filed the FAFSA, we encourage you to file as soon as possible so we can put together a comprehensive financial aid package for you!

The Financial Aid Office is committed to helping students and families to make an informed financial decision.  We look forward to working with you from now until graduation!  Our contact information is listed below.

Financial Aid Award Notification: A summary of financial assistance and awards from The University of Scranton.
Free Application for Federal Student Aid (FAFSA): The FAFSA is a U.S. government application that gives students the ability to receive federal, state and institutional aid. To complete the FAFSA and for more information, visit studentaid.gov/fafsa.
Expected Family Contribution (EFC): The U.S. government uses a formula established by law to identify an expected family contribution using information provided in the FAFSA. The University uses the EFC as part
of its process to determine federal aid eligibility and eligibility for any University awards. The EFC is not the amount your family must pay for school.
University Scholarships: An award from The University of Scranton based on high school achievement (merit). Accepted applicants are automatically evaluated for merit scholarships based on their admissions application. No special application is required. Scholarships do not need to be repaid.
University Grants: An award from The University of Scranton based on information provided in the FAFSA to assist students who demonstrate financial need. Grants do not need to be repaid.
University Award: A partial tuition award based on high school achievement or other factors. University awards do not need to be repaid.
Student Financial Success Program: The University of Scranton effort to assist all students in making sound financial decisions throughout their college years and beyond. It includes campus educational programs and online resources free to all students.
Book & Supply Award: A component of the Student Financial Success Program for students who meet Pell Grant requirements. The University provides eligible students with a financial award to assist with books and supplies.
Federal Aid: Must file the FAFSA.
Federal Pell Grant: For undergraduate students with exceptional financial need as determined by the FAFSA. Grants do not have to be repaid.
Federal Supplemental Educational Opportunity Grant (SEOG): For undergraduate students with exceptional financial need as determined by the FAFSA. SEOG grants do not have to be repaid.
Federal Work Study: Provides part-time employment during the academic year and summer to students who demonstrate financial need. Federal work study opportunities are available for both on and off-campus in community service learning positions.
Federal Direct Student Loans: By filing the FAFSA, students will be offered direct loans as part of the University Financial Aid Award Notification. Loans must be repaid. There are two types of Direct
Loans available:
Direct Subsidized Loan: Loans made to undergraduate students who demonstrate financial need. The U.S. Department of Education pays the interest on the loan.
Direct Unsubsidized Loan: Loans made to undergraduate students that are not based on financial need. The student is responsible for interest that accrues as soon as you receive the money on your student account.
State Grants: By filing the FAFSA, you may be eligible to receive a state grant based on your state residence for Delaware, Massachusetts, Ohio, Pennsylvania, Vermont, Washington D.C. and West Virginia.
Pennsylvania State Grant Program: For undergraduate students, this is a need-based grant for Pennsylvania residents only. Eligibility is based on financial need as determined by PHEAA. In addition to the FAFSA, students must complete a Pennsylvania State Grant status notice.
University of Scranton Family Tuition Reduction Program: Families with two or more dependent children attending The University of Scranton during the same semester as full-time undergraduate students are eligible for a 10% tuition discount on tuition for each student.
Direct Costs: Items that will appear on your University bill, such as tuition, fees, and housing and food (if you live on campus).
Cost of Attendance (COA): The total estimated expenses for one year to attend a specific university and is used to determine your eligibility for financial aid, such as grants and loans. COA includes tuition, housing and food, books, supplies, transportation, loan fees, and miscellaneous expenses that you may incur.
Indirect Costs: Estimates of out-of-pocket expenses that you may have when attending the University, including books and personal expenses. You will not be charged for these on your bill. Examples include:
  • Books and Supplies - $1,300
  • Transportation - Residents $700
  • Transportation - Commuter  $1,300
  • Personal Expenses - $1,000
Options to Pay University Charges:
  1. Payment Directly to The University of Scranton
    • Cash, personal check, cashier's check, money order, 529 College Savings Plan
  2. Nelnet Business Solutions Monthly Payment Plan
    • Our tuition payment plan breaks down your tuition balance into affordable monthly payments
    • No interest, payment options are flexible, and setup fees are affordable
  3. Federal Direct Student Loan Program
    • Student is the borrower; first-year student amount is $5,500
    • FAFSA required; visit studentaid.gov/fafsa
    • Repayment begins six months after student graduates or drops below half-time
  4. Federal Direct Parent PLUS Loan Program
    • Parent loan for dependent students based upon creditworthiness, not financial need
    • FAFSA required; studentaid.gov/fafsa
    • Apply in June for full academic year
  5. Alternative Loan Program
    • Student and credit-worthy co-signer must apply
    • Apply in June for full academic year

Visit scranton.edu/paymentoptions for more information

Apples to Apples: 4 Steps to Finding the Best College Deal: This worksheet helps students calculate cost and compare colleges they're most interested in.
A Second Look: Your Unique Family Financial Situation: This guide addresses the professional judgement/special circumstances appeal process and how to indicate on the FAFSA that a parent is unemployed.

Q: Are there different financing options available?

A: The following are the types of payment options:

  • Nelnet Business Solutions monthly payment program
  • Direct Stafford Loan
  • Direct Parent PLUS Loan
  • Alternative Loans

Q: Do I need to file a FAFSA every year? Will my grants change from one year to the next?

A: Yes, for any need-based aid, including student loans, the FAFSA must be completed each year.  Need-based aid, including University grants, are determined each year based on a student’s cost of attendance, expected family contribution (EFC), and receipt of federal, state and private scholarships and grants.  Also, the FAFSA is required even if the family only wishes to borrow under the Parent PLUS Loan program.

Q: Why is there a difference between the EFC and my costs? Does the University meet 100% of that difference?        

A: The University of Scranton is not able to meet each student’s full financial need. Families are encouraged to review other payment options such as the Nelnet monthly payment plan, PLUS or alternative loans. We also encourage students to seek out all forms of private scholarships and grants available from their high school and/or community. Free computerized search sites are referenced on our website.

Q: Do I need to send 2021 tax return documents to the Financial Aid Office?

A: We will notify you when documentation is needed.  If you are selected for federal verification and enroll for the fall 2023 semester, we will be requesting documentation after May 1, 2023.

Q: Will my financial aid change, if I change my planned housing? 

A: Need-based aid may change.  For example, a student changing from residing on campus to either off-campus housing or commuting from home would incur lower costs.  Generally, University grants may be reduced on the average $5,000 an academic year.  If you intend to change your housing for your first year from residing on campus to living with parents, please contact both Admissions and Financial Aid. The Financial Aid Office can provide an estimate of total costs and aid for a different housing choice, upon request.

Q: I was awarded a (Work Study or SEOG) at another school, but not at Scranton. Why is that?

A: Each school has a different pool of money available and must meet the needs of all aid applicants with limited funds.  SEOG is used interchangeably with our own Xavier funding, so receiving it would not increase your total grant aid.  Federal Work Study funds were awarded to students who answered “Yes” to the FAFSA question about interest in working, but limited to students with the highest financial need as part of their financial aid package.  Any student may complete an online work study application after mid-May and will be included on the secondary referral list.

Q: Is the estimate of my PA State Grant final?

A: The amount included in your award letter is an estimate using an estimator provided to schools by PHEAA.  PHEAA will make a final determination of your grant in early May.  Please make sure you respond to any e-mail requests from the PA State Grant Program.

Q: What is the 2023-24 interest rate on the Stafford Loan and Parent PLUS Loan? When are they set?

A: The interest rate on the Direct Subsidized and Unsubsidized Stafford Loan for 2023-24 will not be set until mid-summer.  The current 2022-23 fixed rate is 4.99%.

The interest rate on the Direct PLUS Loan is fixed at 7.54% for 2022-23 and will be set in mid-summer for 2022-23.

Q: What do I have to do to get the Stafford Subsidized/Unsubsidized Loan, PLUS or Alternative loans?

A: For the Stafford Loan & Parent PLUS Loan the student must file a FAFSA.   

The PLUS Loan application process involves two steps and the process should start in June.  The parent must complete the University of Scranton Federal Direct PLUS Loan Request Form and complete the Federal Direct PLUS Loan Master Promissory Note (MPN).  Further information will be available in June.  Visit scranton.edu/paymentoptions.   

Alternative Loans are available on our website at scranton.edu/paymentoptions.

Q: What if a parent is denied a Parent PLUS Loan? What happens?

A: If a parent is denied a PLUS Loan they may:
  • Obtain a credit worthy endorser so that they can borrow the full amount needed to finance all educational costs.
  • The parent can appeal the credit decision with the federal applicant services
  • The parent can request an additional Unsubsidized Stafford Loan; $4,000 for first-year and sophomore years and $5,000 for junior and senior years.

Q: Why did another school include a Parent PLUS Loan on my award letter when the University did not?

A: We believe that it is best to provide a family with several financing options so that they can choose the best method based on their own family circumstances. We provide options and counseling for families to begin determining their own plan.  Our staff is willing to work with you to customize a family financing plan.

Q: My family’s financial situation has worsened from the data reported on the FAFSA. What should we do?

A: So that we can review the family’s current situation, a Special Condition Form, found on our website, must be completed.

Success Rate

99% of the Class of 2021 were employed, continuing their education or engaging in service within one year of graduating.
The New York Times ranked Scranton 16th out of 578 selective private colleges for median student income at age 34.
According to PayScale's most recent salary report, Scranton is in the top 16% of universities listed by the median salaries of their alumni.