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Financial Aid » Act 69 2024

Act 69 2024

Affordability & Transparency – Act 69 of 2024

*This page is continually updated as we integrate the Pennsylvania Department of Education's ongoing statutory requirements and reporting.

What is Act 69 of 2024? 

Act 69 of 2024 for College Affordability and Transparency requires Institutions of Higher Education (IHEs) to present financial information in greater detail to students and to provide financial aid exit counseling at the end of a student’s final academic term. The act was signed into law by Governor Josh Shapiro on July 17, 2024. The Act adds 3 new provisions to all institutions of higher education (IHE) authorized to operate in Pennsylvania.


-Student Fee Transparency (Section 2004-H)

Requirement Summary

Institutions of Higher Education (IHEs) must post online every mandatory fee in advance of the start of the academic term for which the fee will be charged and included on a tuition bill. The posting must include the purpose of the fee and a description of how it will be used.

Requirements & Resources

  • Post online every mandatory fee in advance of the start of the academic term for which the fee will be charged and included on a tuition bill.
  • Post online from the prior academic year the total amount of mandatory fees collected with a detailed description / use of each.
    • Learn more: *Pending

 

-Higher Education Cost Transparency (Section 2005-H)

Requirements & Resources

  • Provide prospective students with extensive cost and financial aid information as part of the admission or financial aid offer process.
    • Tuition and Fees
    • Full details are available in each prospect’s estimated aid offer letter
  • A history of the previous academic year’s tuition and future tuition/fee estimates for each year for the student to complete their major.

 

-Exit Counseling (Section 2006-H)

Requirement Summary

Institutions of Higher Education (IHEs) must provide financial aid exit counseling to students at the end of their final academic term, unless a student elects not to participate. Federal Student Aid (FSA) Federal Loan Exit Counseling does not supplant this requirement. Counseling may be in-person or online, and IHEs may partner with the Pennsylvania Higher Education Assistance Agency or a similar entity.

 

Requirements & Resources

 

-Glossary:

Additional Payment Options 

 

  • Tuition Payment Plan: A tuition payment plan offered by an institution may allow students to spread out their payments. Visit Adult Education. 

  • Parent Plus Loan: A loan available to the parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status. For more information, go to studentaid.gov. 

  • Non-Federal Private Education Loan: 

    A private education loan is a loan issued expressly for postsecondary education expenses to a borrower (either through the educational institution or directly to the borrower) from a private educational lender, rather than as a Title IV, HEA loan offered by the Department of Education. In your research for private alternative loans, you can use ELMSelect to compare the different lenders based on their options, benefits, and services and then apply directly online.

 

Cost of Attendance (COA): The total amount that it will cost you to go to school during the 2025-2026 school year. Attendance is comprised of tuition, fees, books, course materials, supplies, equipment, federal student loan fees, professional licensure, certification or first professional credential, transportation, living expenses, and miscellaneous personal expenses. The school utilizes different resources and student surveys to help determine the estimated Cost of Attendance, which is uniform for all students based upon categorization, Independent and Dependent Student.
 

Direct Subsidized Loan: Loans that the U.S. Department of Education pays the interest on while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments). For current interest rates and origination fee information, go to studentaid.gov. 

Direct Unsubsidized Loan: Loans that the borrower is responsible for paying the interest on during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). For current interest rates and origination fee information, go to studentaid.gov. 

Grants and Scholarships: Student aid funds that do not have to be repaid. Grants are often need-based, while scholarships are usually merit-based. Occasionally you might have to pay back part or all of a grant if, for example, you withdraw from school before finishing a payment period.

Pell Grant: This award made by the Federal Government is for students in undergraduate study.  Students complete an application and eligibility is determine by the Department of Education.

Interest Rates: Interest is additional money that you pay to a lender as a cost of borrowing money. Interest is calculated as a percentage of the unpaid principal amount that you borrowed. Direct Loans are “daily interest” loans. On daily interest loans, interest accrues (adds up) every day. If your loans are subsidized, you are not responsible for paying the interest that accrues while you’re in school. If your loans are unsubsidized, you’re responsible for all the interest that accrues, even while you’re in school. Learn about the loans. For current interest rates and origination fee information, visit studentaid.gov. 

Loans: Borrowed money that must be repaid with interest. Loans from the federal government typically have a lower interest rate than loans from private lenders. Federal loans, listed from most advantageous to least advantageous, are called Direct Subsidized Loans, Direct Unsubsidized Loans, and Parent PLUS Loans. You can find more information about federal loans at studentaid.gov. 

Net Price: An estimate of the actual cost that a student and his or her family need to pay in a given year to cover education expenses for the student to attend a particular school. Net price is determined by taking the institution's cost of attendance and subtracting any grants and scholarships for which the student may be eligible. 

Origination Fees: An upfront fee charged by a lender for processing a new loan application. It is compensation for putting the loan in place. Origination fees are quoted as a percentage of the total loan. 

Student Aid Index: The Student Aid Index (SAI) is an eligibility index number that the Financial Aid Office uses to determine how much federal student aid you would receive if you attend the ICTC. This number results from the information that you provide on your FAFSA® form. This number is not a dollar amount of aid eligibility or what your family is expected to provide. A negative SAI indicates the student has a higher financial need. 

VA Education Benefits: Benefits that help Veterans, service members, and their qualified family members with needs like paying college tuition, finding the right school or training program, and getting career counseling. You can find more information here:  https://www.va.gov/education/

Verification: The FAFSA Federal Processor may send notification that the student’s FAFSA was selected for verification. Verification requires Financial Aid administrators to confirm the accuracy of the information a student/parent submitted on the FAFSA. The ICTC is required to complete verification for selected students and to resolve any conflicting information.