Financial Aid Q&As
Keystone College is exercising its right to appeal the recent Adverse Action by its accreditor, Middle States Commission on Higher Education (MSCHE), to withdraw accreditation. While the final decision on that appeal is not expected until March or April 2025, Keystone College will remain accredited through the appeal process. Keystone College is not permitted to market to, recruit, or enroll new students during the appeal process. And, while Keystone is in the appeal process, MSCHE has notified Keystone that it must implement and make available the College’s Teach-Out Plan to interested students. Please bookmark this page http://lv60.paulytheprayingpup.com/teach-out for information about Teach-Out plans.
Please submit questions to questions@paulytheprayingpup.com.
Financial Aid Q&A
How can I find out more about the financial aid process for another college?
Keystone College and Financial Aid Services (FAS) advisors and counselors will also be available to discuss the student’s financial aid process going forward.
Will I receive the same financial aid package, including scholarships, at another college?
If you seamlessly transition to one of Keystone College’s partnering Teach-Out Institutions, then you will be expected to pay the same net tuition costs to attend. The scholarships and other aid you receive may have different names or come in different amounts, but the portion of the tuition for which you are personally responsible should be the same or less than it would be at Keystone College.
As is always the case, if you decide to transfer to a non-partnering institution with whom Keystone College does not have a Teach-Out Agreement, then you will need to work with that institution’s Admission and Financial Aid Offices on your financial aid package.
Keystone College and Financial Aid Services (FAS) advisors and counselors will be available to help you with this process and get you in touch with the right contacts who can answer your questions.
Can I get work-study at my new school?
If you qualify for federal work-study as part of your financial aid package, you can apply to work-study jobs at your new institution.
How will these changes impact my veteran (VA) benefits, such as the Post-9/11 GI Bill?
If you receive VA benefits at Keystone College, your benefits at another institution are likely to continue, but you should review your benefits with the VA representative at your future institution.
What should I do if I already submitted my FAFSA for 2024-25 at Keystone College?
If you filed a FAFSA® for the 2024–25 award year identifying Keystone College as the institution you would be attending and if you intend to remain at Keystone College for the Spring 2025 semester, then there is nothing that you need to do.
If you filed a FAFSA® for the 2024–25 award year identifying Keystone College as the institution you would be attending, and need the information forwarded to another institution, visit http://studentaid.gov/ or http://fafsa.gov/ to make changes to your filed application.
Do I need to complete a new FAFSA?
If you did not file a FAFSA® for the 2024–25 award year, then, yes, you will need to complete and submit a new FAFSA® for whichever school you are attending in the Spring 2025 semester.
If you have completed a 2024-25 FAFSA® for Keystone College, please see the answer to the question above.
What happens with my student loans and when do I have to begin paying them back?
Once you graduate, drop below half-time enrollment, or leave school, your federal student loan goes into repayment. However, if you have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, you have a six-month grace period before you are required to start making regular payments.
When your loan enters repayment, your loan servicer(s) will automatically place you on the Standard Repayment Plan. You can request a different repayment plan at any time.
Your loan servicer(s) will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
Your billing statement will tell you how much to pay. Your monthly payment amount depends on your repayment plan. If you signed up for electronic communication, pay attention to your email. Most loan servicers send an email when your billing statement is ready for you to access online.
What if I decide to take a gap year or withdraw?
If you take more than 6 months off, you most likely will have to start repaying your loans, but financial aid advisors will provide exit counseling for each student making this choice to assess their individual circumstances.
Am I responsible for my balance at Keystone College if the College is closing?
Yes, you are legally required to pay any balance due to Keystone College. Unpaid balances may be turned over to a collection agency which would then contact you for payment in full.
If I am currently due a refund, when will I receive that refund from Keystone?
Keystone College is still reviewing all student records to finalize student accounts and process refunds for students. If you are owed a refund, we intent to get that refund to you as quickly as possible.
Can I discharge my student loans since the College is closing?
Loan discharge is the removal of your obligation to repay your loan under certain circumstances. There are certain eligibility requirements to qualify for a closed school loan discharge, and you must apply. You can either:
- Complete and return the Closed School Loan Discharge Application and return it to your loan servicer(s), or
- Contact your loan servicer(s) about the application process.
Your Closed School Loan Discharge Application must be sent to your loan servicer(s), not Keystone College. To find out who your loan servicer is, log in to My Federal Student Aid or call 1-800-4-FED-AID (1-800-433-3243; TTY for the hearing impaired 1-800-730-8913). Be sure to continue to make payments on your loan while your discharge application is being processed. If you do not meet the criteria for a loan discharge, you will be informed by your loan servicer(s) and must continue making payments on your loans based on the terms of your promissory note.
U.S. Department of Education Resources:
- Student Loan Repayment Questions: http://studentaid.gov/h/manage-loans
- Federal Loan Forgiveness: http://studentaid.gov/manage-loans/forgiveness-cancellation
- School Closed Information: Available for Direct Loans, FFEL Program loans, and Perkins Loans. Learn about the eligibility requirements for closed school discharge and how to apply- http://studentaid.gov/manage-loans/forgiveness-cancellation/closed-school
Important Contacts:
Federal Student Aid Information Center
1-800-4-FED-AID (1-800-433-3243; TTY for the hearing impaired 1-800-730-8913)
Pennsylvania Department of Education
717-783-6786 / www.education.pa.gov
What happens to my loans if I transfer to another institution?
If you choose to transfer, you will still be responsible for the student loans you borrowed for Keystone College, so it is important to address them. While your new institution should automatically report your enrollment, you are responsible for following up. If you fail to do so, you could end up owing loan payments because your loan servicer(s) think(s) you are no longer enrolled. Make sure your loan servicer(s) are aware that you are enrolled at a new institution.
Even after transferring, you are still responsible for repaying loans taken out to cover the costs of previous institutions. You should track all of the different loans you have taken out so you can make a plan for repayment upon graduation. You do not want anything to fall through the cracks when it comes time to repay your college loans.
Once you have communicated your plans, a financial aid counselor will schedule an exit interview with you to discuss the Pennsylvania State Loans (if applicable) and Federal Loans (if applicable). You can also contact the Keystone College Financial Aid Office throughout the process for advice on the transfer process and financial aid.