PSU Financial Aid Team

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PSU Financial Aid Team

• SPEARE Administration Bldg.
• Garden Level
• This presentation is online
• www.plymouth.edu/finaid

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PSU FINANCIAL AID ONLINEPAPERLESS PROCESS

• myPlymouth
• Services Tab
• Self Service
• Student and Financial Aid
• Financial Aid
• My Overall Status of Financial Aid
• Select Aid Year from drop down menu and click
  submit
• What will you find?
• Unsatisfied Requirements
• Cost of Attendance
• Financial Aid Award
• Active Messages
• Financial Aid History

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FOR STUDENT SUCCESS

• FREQUENTLY ACCESS
• PSU campus email account
• myPlymouth
• Hartman Union Building (HUB) Suite Box
• Share information with PARENTS
•  

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COMPLETE FAFSA

• ANNUALLY by March 1st even if
• Tax returns are not complete
• Use estimated tax information
• Update once completed

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FEDERAL DIRECT STUDENT LOANS

• TWO final steps
• ENTRANCE LOAN COUNSELING
• MASTER PROMISSORY NOTE (MPN)
• (links found on myPlymouth Unsatisfied
  Requirements)
• ½ fee deducted (1.5 1 Rebate for 12
  consecutive on-time payments)

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Federal Direct Student Loans

• Two types
• Subsidized Interest does not accrue while the
  student is in school or in their grace period
• (2009-2010 interest rate fixed at 5.6)
• Unsubsidized Interest rate fixed at 6.8 and
  begins to accrue at time of disbursement
• REPAYMENT BEGINS AFTER STUDENT GRADUATES,
  WITHDRAWS FROM SCHOOL OR DROPS BELOW HALF-TIME
  (NOTE 6 MONTH ONE-TIME GRACE PERIOD)

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Federal Direct Student Loans

• ANNUAL MAXIMUMS
• Either combination of subsidized and unsubsidized
  or all unsubsidized depending upon FAFSA data
• First Year 0-23 Hours 5,500
• 2nd Year 24-48 Hours 6,500
• 3rd Year 7,500

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Federal Perkins Student Loan (if eligible)

• PSU will provide instructions on completing the
  Perkins Master Promissory Note (MPN)mid-July
• Online completion of MPN to be signed using FAFSA
  PIN
• Interest rate fixed at 5

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Federal DIRECT Parent Loan (PLUS)

• PSU identifies maximum eligibility (COA-AID)
• Steps to complete (paperless)
• 1. Parent Loan Request Form
• 2. MPN for Direct PLUS (Authorizes Credit
  Check)
• If denied additional Federal Direct Student
• Unsubsidized Loan awarded (4,000)
• 2.5 fee deducted up front (4 minus 1.5
• Rebate for 12 consecutive on-time payments)
• Fixed 7.9 interest rate
• Payments begin 60 days after final academic year
  disbursement
• ORPARENTS MAY CHOOSE
• Request Forbearance after first disbursement from
  Direct Borrower Services
• Pay accrued interest while in forebearance or
  allow interest to be capitalized

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ALTERNATIVE Student Loans(aka Private Loans)

• USUALLY LAST RESORT!!
• FASTAlt Solutions Loan Comparison Tool Offered
  through Great Lakes available on the PSU
  Financial Aid Website
• Loan is Based on Creditworthiness
• More than likely will require a co-borrower
• Usually lower fees/rates with co-borrower
• Variable rates which are subject to change
  frequently (see specific loan) and may increase
  over time
• Some loans require in-school interest payments

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Student Employment

• Federal Work Study IS NOT applied to your bill
• Amount awarded is annual maximum
• Working on campus is encouraged
• Convenient creates relationships with PSU
  Faculty, Staff and Community
• Provides spending money
• Additional learning experience
• Visit PSU Financial Aid Website
• Available positions
• Hiring departments and contact information
• Tip Not all available positions are posted
  online

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• Standards of Satisfactory Progress policy (SAP)
• Number of years enrolled
• Annual completion rate
• 150 of Program maximum
• To graduate in FOUR years (EIGHT SEMESTERS),
• must average 15-16 credits per semester
• Books - Use personal/summer savings to purchase

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MORE.

• PSU limits merit awards to
• 4 years for full-time students
• Summer and Winterim terms
• provide a great opportunity for students to
  get
• ahead or catch-up

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BEST WISHES WELCOME TO PSU!!PLEASE VISIT
www.plymouth.edu/finaid