Admissions > Financial Aid Basics > Financial Aid 101
What are the Different Types of Aid Available?
Grants
Grants are a type of educational gift that students are not required to repay. You can receive grants from the Federal and State Governments, as well as Thiel College itself.
One of the more well known Grant Programs available to some students is the Federal Pell Grant program. This grant is made available to students who meet certain financial needs verified through the completion of the Free Application for Federal Student Aid (FAFSA).
Scholarships
Scholarships are another type of educational gift that students are not required to repay. Scholarships are given for numerous reasons ranging from academic success, community service, exemplary leadership, and community involvement - just to name a few.
Since Thiel College offers Division III athletics, we do not provide athletic scholarships. Students are considered for academic merit awards based upon their cumulative GPA and official SAT (Critical Reading and Math composite) / ACT (composite) scores.
Some scholarships, such as the full tuition Presidential Scholarship, require early application and acceptance by January 15 in order to qualify. To see the full list of Thiel scholarships available, visit our Scholarship page.
Loans
Loans come in a variety of different forms, but all require repayment. Loans can be broken down into two major categories for students: Federal Loans and Private Loans.
Federal Loans
Federal Loans are provided through the government and usually carry a lower interest rate than private lenders can offer. There is a limit to the amount a student is able to borrow each year from the government and the loans are automatically included in a student’s financial aid package because they are the most economic option. Federal loans will either be subsidized or unsubsidized as well. Subsidized loans will not accrue interest while the student is enrolled full time at Thiel; where as unsubsidized loans will have interest added onto the balance while the student is enrolled full time. Parents are also able to take out a loan in their name through the Federal Government through a program called the Direct Parent Loan for Undergraduate Students (PLUS Loans).
Private Loans
Private loans can also be borrowed to help pay for college from a number of private lenders. Most of these loan options will require the student to have a credit worthy co-signer on the loan or the student must have a 2 year credit history already established when applying for these loans. Thiel recommends that students explore all of the private lender options available to them to find the program that matches their needs the best. Some lenders that Thiel students have used successfully in the past years are:
How do I apply for Financial Aid?
Free Application for Federal Student Aid (FAFSA)
In order to qualify for any need based financial assistance from the Government, Federal or State, a student must submit the Free Application for Federal Student Aid (FAFSA). The FAFSA consists of several questions that will detail a student’s estimated family contribution (EFC). There are a few items that students will need to complete the FAFSA:
Personal Identification Number (PIN)
Both the student and the parent will need to Apply for a PIN. This four digit number will be used to identify you in the FAFSA process and is equal to your online signature. Your PIN should never be given to any other site outside of government protected websites.
Tax Information
In order to complete your FAFSA, you will need your family’s completed tax information from your student's senior year. This is the year that you will want to finish your tax paperwork as early as possible. You can put estimates in the FAFSA, but it will slow down the processing of your financial aid package.
The FAFSA form is not available until January 1, but families can start applying for their PIN during the fall of their senior year in high school. Once students submit the FAFSA with both the parent and student PINs as signatures, the government will process the form and distribute the information to colleges the student marks down on the FAFSA to receive the information. To have your information sent to Thiel College make sure to insert 003376 on your FAFSA form.
Thiel will start sending out Financial Aid packages in mid-February. Your financial aid award letter will outline the total costs for the new academic year, will provide you details on grants, scholarships and loans you qualified for, and will show you your official cost of attendance.
How do I qualify for the greatest amount of Financial Aid?
 In order to qualify for the greatest amount of Financial Aid, students will want to make sure they have applied and are accepted as early in their senior year as possible. By applying and being accepted early, you help ensure you are eligible for all of our scholarships as well as the two annual scholarship competitions we host in January and February.
Students who are academically high achieving will be invited to compete for a number of different awards such as a full tuition scholarship. Applications must be complete by January 15.
Another way to qualify for the most aid is to make sure you fill out your FAFSA and any other needed forms for state aid by the stated deadlines. For example: to be considered for PA state grants, all students must have submitted their FAFSA by May 1.
Finally, there is no limit to the amount of outside scholarship funds a student can bring to help pay for Thiel. It is recommended that students and families ask their guidance counselors, local community leaders, and search the internet for as much additional assistance as possible. Every little bit counts and there are a multitude of scholarships available to the students who are willing to search. One of the more popular websites to search for additional scholarships is FastWeb.
*The information provided on this website is to be used for educational purposes only. It is only a brief description of the entire Financial Aid process and should be regarded as a supplemental resource to aid in your college search. Thiel does not support any one specific lender over another; the listed lenders are provided because previous students have had success with them in the past. If you have any questions about any information provided please contact the Admissions Office at (724) 589-2345.
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