Eligibility               Grants                Low Interest Loans

A wide range of financial assistance is available to PACE students for those who qualify, both grants and loans can help ease the way to get the skills needed for a new career. The Hope Scholarship tax credit of up to $2,000 per year is the latest assistance available to most students at PACE.

Eligibility
Applicants may make an appointment with the financial aid office to obtain a good estimate of what grants and loans they may be eligible for. Student guides to Financial Aid are available without charge.
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Grants are not paid back
Among the range of grants that a student may be eligible for in each academic year (two terms) to attend PACE Institute are the following:

Pell Grants
Range from zero to $4,050 per academic year (2 terms) for 2003-2004 and often increase every few years.

FSEOG Grants
Range from zero to $600 each academic year.

PHEAA Grants
Range from zero to $3,300 may be available for the Fall and Spring. A separate summer PHEAA grant ranging up to $1,500 may be available.

PACE Scholarships
Range from zero to $3,600.

Grow Grants
These grants may be available to associate degree candidates who are unable to obtain student loans.

Computer Expense
PACE does not require that you purchase a computer as part of a higher tuition because there are plenty of computers at PACE and no limit on time for practice. Also, 1) some students have a computer already and do not wish to be penalized by paying a high tuition rate to cover a new computer, 2) any computer that tuition pays for at the beginning of your training will be outdated by graduation time, 3) if you want your financial assistance to cover the cost of a computer, you determine what you wish to spend - an extra $600 or an extra $6,000. It is a related educational expense.
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Low Interest Loans are also available

Federal Direct Subsidized Loans
Loans of $2,625 the first academic year and $3,500 in the second academic year carry a 3.42% interest rate for 2003-2004. These loans may be subsidized meaning the government pays the interest while student is in school and for six months following graduation.

Federal Direct Unsubsidized Loans
Up to $4,000 are available to those who are not eligible for subsidized loans and also for those who may need additional funds beyond their subsidized loans.

Federal Direct PLUS Loans
Loans are available at 4.22% for 2003-2004 to parents who qualify to borrow to assist their dependent children with tuition and expenses.

Federal College Work Study Programs
Students may work at PACE or in the community under the federal work study program, earning between $7.50 and $10.00 per hour as their eligibility and schedule permits.

Private Lenders
PACE does NOT require that you finance your education through private lenders at an interest rate that generally exceeds the official student loan rate and usually is not capped at a fixed rate.
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Make an appointment with the Director of Enrollment Management or Financial Aid Officer to learn more.

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PACE Institute
606 Court Street
Reading, PA 19601
(610) 375-1212