Unfortunately, state grants awarded to residents of New York and New Jersey are not transferable to colleges and universities in Pennsylvania. The Federal Perkins Loan and the Federal Stafford Loan adhere to current federal regulations and restrictions. Substantial revision of these federal programs may occur at any time. Since a student loan must be repaid after graduation or withdrawal from the university, it represents a serious commitment on the part of the student. Fortunately, subsidized loans do not require the payment of interest while the recipient is a full-time college student.
Interest is charged only during the period of repayment.
Federal Stafford Loans Information about this program will be available in the letter of response that Bucknell mails to aid applicants. Under the present law, the federal government pays the interest on Stafford loans to the bank as long as the recipient is a full-time student. Repayment of the principal usually begins six months after withdrawal from the university, or upon completion of education, including graduate study, with up to 10 years to repay. A three percent origination fee will be deducted from the face value of each student's Federal Stafford Loan by the bank. Also, up to one percent of a Federal Stafford Loan may be charged for insurance fees.