Financial Aid 2019 2020 Our Staff Tammy Sommerhalder Tracey - PowerPoint PPT Presentation

Financial Aid 2019 – 2020

Our Staff Tammy Sommerhalder Tracey Winkelhake Mason White Deb Pugh Richie Kincaid Accounting Clerk III Accounting Clerk III Director Assistant Director Financial Aid Counselor

To Ap Apply f for r Ai Aid: • Submit 19/20 FAFSA online at www.studentaid.ed.gov • based on 2017 tax information • Submit 20/21 FAFSA starting October 1, 2019 • based on 2018 tax information

Ex Expected Family Contri ribution • After completion of the FAFSA, the federal processors calculate the Expected Family Contribution (EFC). • Schools use this number to determine your aid eligibility.

Grants • Pell Grant: Need based federal grant, lifetime eligibility of 6 years full-time • FSEOG Grant: Need based federal grant, very limited funds available • Nebraska Opportunity Grant (NOG ): Nebraska resident, EFC requirement Refer to page 10

Loans - Sta taff fford • Federal Direct Subsidized Stafford Loan- Awarded based on financial need, interest is paid by the federal government while student is enrolled at least half-time. • Interest rate for loans disbursed on or after July 1, 2019 is 4.529% fixed. Refer to page 10

Loans - Sta taff fford • Federal Direct Unsubsidized Stafford Loan -Not need based, interest accrues while student is enrolled. • Student can pay interest while in school or it can be added to principal of loan. • Interest rate for loans disbursed on or after July 1, 2019 is 4.529% fixed. Both loans go into repayment 6 months after graduation or if the student drops below halftime enrollment. Refer to page 10

Loans - PLU LUS • Federal Direct PLUS Loan -Credit based loan in parent’s name to help fund education. • Interest rate for loans disbursed on or after July 1, 2019 is 7.079% fixed. • Parent can apply for deferment while student is enrolled at least half-time. Refer to page 10

Loans – Master Prom omissor ory No Note • If a student has accepted their loan offer, they must complete the following at www.studentloans.gov: • Entrance Counseling, and • a Master Promissory Note (MPN) • For a Parent PLUS loan, a parent must complete the following at www.studentloans.gov: • a Parent PLUS loan application, and • a Master Promissory Note (MPN)

Federal Work rk-Study • Work-Study is a need based federal aid that provides an opportunity to earn money through a part-time job on campus. • Work-Study funding helps students pay for living costs while attending college. • Work-Study awards do not disburse to the student account to pay charges for tuition, fees, room and board. • Students will be paid as a PSC employee with a bi-weekly paycheck.

Scholarshi hips • The Peru State scholarship application is available January every year. Students must apply through their MyPSC dashboard. • It is one application for most scholarships through the Peru State College Foundation. • Some foundation scholarships do require an additional application.

Outside Scho holarships • It is important that you forward any outside scholarships (high school, local community or organizations) that the student is receiving to our office. • Federal regulations require our office to coordinate all aid. • The Outside Scholarship Reporting Form is located on the PSC website www.peru.edu. • Visit the Forms Bank in the Financial Aid area.

Satisfactor ory Academ emic Progr ogres ess • Federal regulations require all colleges to establish and enforce standards of Satisfactory Academic Progress (SAP). • SAP is checked the first time a student applies for financial aid and prior to aid disbursement each term. • Students who are receiving federal aid, as well as campus-based aid, are required to maintain SAP to continue to be eligible to receive aid. Refer to page 10

Satisfactor ory Academ emic Progr ogres ess • To maintain SAP students must meet: • Cumulative GPA requirement of at least 2.0, and • Cumulative Credit Completion Rate (PACE) of 67%. • Cumulative pace is measured by dividing the cumulative number of credits completed by the cumulative number of credits attempted. Refer to page 10

Imp mportant I Items ms t to Remember • Any time our office can request items from the student which will show up in their To Do List in myPSC. • It is important to proactively respond to requested information and check the To Do List regularly to avoid any delay in receiving financial aid.

my myPSC

To Do List

Imp mportant I Items ms t to Remember • All aid is based on full-time enrollment. • If enrollment changes, aid will adjust accordingly. • Student’s must get in the habit of checking their Peru State email regularly. Our office form of communication is via email.

Paren ent Gu Gues est A Access • To comply with federal regulations, if you wish to contact our office and speak about your student’s financial aid information, there must be a release on file. • Your student will need to initiate Parent Guest access through their MyPSC. • There will be a session later today for more information.

See Handout out in back of brochure

Questions? s? Office of Financial Aid Administration Building Room 204 402-872-2228 finaid@peru.edu