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Financial Aid

It costs a lot of money to go to college. As a student at the university you will most likely take out loans from the federal government to pay for tuition and for living expenses such as rent, food, or your cell phone bill. Applying for financial aid and keeping track of all the details can be an overwhelming process. This document is designed to lay out all the important things about applying for financial aid. You will also find strategies that successful students have used to apply for financial aid and to get the most out of each loan dollar. 

What It Is 

Financial aid is awarded to you from the federal government to pay for tuition and other educational related expenses such as books and school supplies. But someone has to make sure that the money goes to the right place once the government has awarded it to you.

This is where the PSU financial aid office comes into the picture. The financial aid office handles and distributes your financial aid award while you’re enrolled at PSU. This includes scholarships, grants, loans, and work-study money. There are different types of financial aid that you can get from the government to help pay for school. The purpose of this document is to provide you with tips to uncover the mysteries of financial aid and all the requirements that go with it.  

The people who work at the PSU financial aid office are here to help you. They know a lot of important information about your aid award, including when and how you can get access to it. Successful students who form relationships with their financial aid advisors early in their college career benefit greatly from this because they can get their questions answered quickly and on time, and they don’t miss out on important deadlines that can cause the loss of access to loan money.    

How to Get It 

• Know about the different types of aid. 

• Understand what financial aid eligibility means.

• Fill out a Free Application for Federal Student Aid (FAFSA). 

• Accept your award. 

•  Choose a method of disbursement.

•  Periodically check your financial award.

Where to Get Information 

The PSU financial aid office is located in the lobby of Neuberger Hall. Financial Aid counselors are available Monday-Thursday 9:00 a.m.–5:30 p.m. and Friday 9:00 a.m.–5:00 p.m. Summer office hours are Monday-Friday 9:00 a.m.–5:00 p.m. Appointments with financial aid counselors are available on a sign-in basis every day from 10:00 a.m.–5:00 p.m. To schedule one of these appointments visit the financial aid windows in the lobby of Neuberger Hall or call (503) 725-3461. You may also send an e-mail with your questions to askfa@pdx.edu.

Strategies for Success

Know about the Different Types of Aid 

Not all types of financial aid are the same. Types of aid, like scholarships and some government grants do not have to be paid back. Loans, on the other hand, must be paid back—with interest—after you graduate. It’s important as a student at the university to know the difference between the two. Also, different types of aid require that you pay back loans at different times. Knowing this information could save you time and money down the line. And knowing how much money you’ve got and when you’ll get it also affects things like paying for textbooks, rent, and other important bills. 
 

Successful students apply for both the type of aid that does not have to be repaid (like grants and scholarships) and the other types of aid (like loans) that they'll eventually pay back. Even if you have never considered applying for a scholarship, it’s a good thing to do. Paying for school with grants and scholarships will help you now by paying for school and later when you don’t have to pay anything back. Your pocketbook will thank you! 

Loans: Loans are money that you borrow and must pay back over a period of time, usually after you leave school. This is the most common type of financial aid. Loans must be paid back with interest after you graduate. A good place to learn more about loan options is through the financial aid website at pdx.edu/finaid/types-aid-1. 
 

Usually there's a small amount of time to defer the loan before you have to pay it back (to learn more go to pdx.edu/finaid/loan-repayment). Generally the deferment time is given to you so you can adjust to life after graduation and get that job that you have been dreaming about. This “grace time,” however, does not last forever. You’ll usually have about six months before you have to start paying back your loans. This is not true for all loans—every loan is different. Your financial aid advisor can help make sure you know when you will have to start paying back your loans after graduation. 
 

Successful students at the university have found it very helpful to make regular appointments with a financial aid advisor to ask questions about the ins and outs of the different types of loans. 

Federal and State Grants: These grants are given to students with the greatest financial need. To qualify for grants you should apply for financial aid as close to January first as you can. Below you will find a list of the types of grants that you can apply for:

Federal Pell Grant (PELL): A federally funded grant available to eligible undergraduates who are enrolled full-time or part-time. A Pell Grant may be available in summer term if you have not received a Pell Grant for three full-time terms immediately preceding summer.

Oregon University System Supplemental Tuition Grant (OSTG): A state-funded waiver available to eligible Oregon-resident undergraduates who are enrolled full-time. Not available during summer term.

Oregon Opportunity Grant: A state and federally funded grant available to Oregon-resident undergraduates who are enrolled full-time. Not available during summer term.

Federal Supplemental Educational Opportunity Grant: A federal grant available to eligible undergraduates. Available for students enrolled half-time or more. Not available summer term. 

Scholarships: Scholarships are available from a large variety of sources and each may have its own set of requirements for eligibility. For example, scholarships may be awarded on the basis of academic achievement, personal background, financial need, hobbies, memberships, etc. The more effort you put into your search, the more likely you are to find scholarships that you’re eligible for. If you go to www.scholarship-monkey.com, a playful primate will help you look for scholarships that you may qualify for. Go to the “Start Here” section on the website’s main page, and fill out some of your basic information. 

Federal Work Study: Work-study is a program where students who qualify work on-campus. The work generally is focused on helping the community or it ties in with what you’re studying in school. The money that you earn from the job is considered federal aid that you can then use to pay for education expenses. To find out more about work-study at PSU, make an appointment with a financial aid advisor. 

Understand What Financial Aid Eligibility Means 

The amount of financial aid  you qualify for is also known as “financial aid eligibility.” This is a term that you'll run into a lot so that's why we stress it here. Eligibility is determined by a number of things, including how much you need financial aid. This is called the Expected Family Contribution (EFC), and the idea here is that the award you receive is based upon how much money you or your family can contribute to your college tuition and other expenses. If your family can contribute to your college education you get less aid from the federal government. If your family can’t contribute very much then you will get more aid. 

Your EFC is determined by factors such as how much you or your parents make each year and how much taxes you or your parents paid, as well as whether or not you served in the military before attending college. To calculate your EFC, go to apps.collegeboard.com/fincalc/efc_welcome.jsp. For more information about things like your dependency status and what this has to do with how much loan money you can get, ask your financial aid advisor at PSU. 

Fill out a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. FAFSA can be completed online or mailed in. Completion online is much quicker, but you’ll need a PIN number issued by FAFSA to electronically sign your application. The FAFSA is normally completed after your or your parents have turned in your federal income taxes to the government. This process can take four to eight weeks to process so be sure to apply early. The best time to apply is in the first week of January. Also, be sure to go over your application before submitting online or through the mail because your application will not be processed if it is not complete. 

Then What? 

What do you do after you fill out your FAFSA form? You will have done a lot of important work up to this point, but there’s more to do to make sure you can get your cash. Below you will find some simple steps that will help you make sure that this happens as quickly as possible.

• Accept your award. After your application has been processed you will receive a postcard in mail from the PSU financial aid office. You will then be instructed to go to your PSU banner account to get your award. Keep in mind that you only have thirty days to accept it. If you wait beyond this time, you will no longer have access to your award.
• Follow all of the directions on the postcard you are sent by the Financial Aid office. If you fail to respond within thirty days your awards will be canceled. We can’t stress this enough, if you are unsure about what to do, call the financial aid office and ask for help. They're happy to help you make sure you get your money and to help you meet important deadlines for paperwork and other important information.
• Choose a method of disbursement. The bulk of your aid will pay for tuition, and what is left will be deposited in your checking or savings account. Or, you can have a check sent to you in the mail. You can use this money for living expenses such as rent, cell phone bill, groceries, and gas. A list of complete options will be sent to you when you receive your award letter. You, and possibly your parents must sign a master promissory note to obtain your aid. At this time you will also pick a lender if you have accepted loans.
• Check your financial aid periodically. Do this on your PSU banner account and check in with the financial aid advisors from time-to-time to make sure that everything is okay. A good strategy that successful students have used is to check in at the financial aid window—usually near the end of a term—when you hope that the next reimbursement will be coming in for the new term. This is a good idea because, any change in your status as a student can change your ability to get aid for the next year. Did you get that scholarship that you applied for at the beginning of the year? Great! You need to give this information to the PSU financial aid department ASAP. It could affect how much aid you get next term.

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