Research shows that on average, in Pennsylvania, 65% of college graduates have some sort of student loan debt. That debt averages more than $39,000 which is the second highest in the nation¹. YTI Career Institute (YTI) offers financial aid options to qualified individuals, which can make it easier for people earning their higher-education diploma or degree to attend the school.

Data proves that trade schools, on average, cost one quarter of what a typical 4-year degree costs, and can be completed in half the time (depending on the program)¹. There are specific financial aid opportunities for those students who live in Pennsylvania. One of the agencies that works with that is the Pennsylvania Higher Education Assistance Agency (PHEAA).

PHEAA is an agency that assists in state-level and national higher education student finance programs. Recently, the PA State Grant Program has played a part in decreasing loan debt to recipients eligible for the Pell Grant, resulting in individuals borrowing almost $9,000 less, on average, over four years¹.

PHEAA has recently announced that they will be increasing the maximum PA grant award to $5,000 for the 2021-22 academic year¹. It will provide free aid to Pennsylvania's college students from low and lower-income families. Pennsylvania's Governor and state legislator, Tom Wolf, allocated $311 million for this program from the 2021-22 state budget, as well as $15 million from PHEAA's business earnings.

PHEAA has now launched its own loan product called PA Forward. The program is in cooperation with the Pennsylvania Department of Community & Economic Development and is said to be a more accessible and affordable private school loan. Through the PA Forward loan program, students are able to borrow up to the total cost of their attendance with no fees to pay. This includes late fees, origination, and application fees. PA Forward also offers interest rate reductions for successful graduation and enrolling in an automatic debit program while in repayment.¹

To learn more, visit the PHEAA website. Check out the different financial aid options you may qualify for at YTI by visiting our financial aid webpage.

1. https://www.pennlive.com/opinion/2021/09/pheaa-delivers-on-its-mission-to-help-students-pay-for-college-opinion.html