Welcome to Portland State University. Money Matters: Financial Aid and Student Accounts

Transcription

1 Welcome to Portland State University Money Matters: Financial Aid and Student Accounts

2 Financing Your Education What is financial aid? Where does it come from? What aid is available? Who is eligible? How do I apply?

3 Financial Aid Terms: FAFSA: Free Application for Federal Student Aid EFC: Estimated (Expected) Family Contribution Outstanding Requirements Award Letter Terms and Conditions Promissory note PDX Portal

4 Cost of Attendance: Universal budgets based upon standard cost Tuition and Fees Room and Board Transportation Books and Supplies Miscellaneous Allowance Other Cost

5 FAFSA Processing Results FREE Application Federal Student Aid (FAFSA) required for federal and state aid. This application is free. Students should not use alternate websites that charge a fee to file the FAFSA. Central Processing System (CPS) notifies student of FAFSA processing results by: SAR Acknowledgment if filed FAFSA on the Web and student s address was not provided notification containing a direct link to student s on-line SAR if student s was provided on paper or electronic FAFSA

6 @ PSU Once we receive your FAFSA application PSU will review your file a see if you are eligible ibl to be awarded d or if we need additional information. We may need: Verification- why is this needed? Selective Service Citizenship When will I get my award letter?

7 Standard Types of Graduate Aid Programs After a student has filled out their FAFSA form and PSU is able to review their information we will be able to see if the student t can be awarded: d Work: Federal Work Study (FWS) Loans: Direct Loans (Subsidized/Unsubsidized) 6.8% Perkins Loans (Perkins) 5.0% Addition application process for: Direct Graduate Loans (PLUS): Interest 7.9%, first payment is due within 60 days after the final disbursement. You may defer repayment if you maintain half time (5 Credits) enrollment. Alternative loans - always encourage students to apply for state and federal aid by completing the FAFSA first!

8 Financial Aid Process Determines aid eligibility for aid packages using federal formula and the availability of funds. Sends award notification including: Terms & conditions of each award Student s COA Student s EFC Amount of student s t financial i need Award amount for each program for which student is eligible

9 Special Circumstances Cannot report on FAFSA May include: Change in employment status Medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parent information Send explanation to financial aid office at each college - College reviews special circumstances Request additional documentation Decisions are final and cannot be appealed to U.S. Department of Education

10 Students Students will need to pass 67% of their attempted t classes, and 67% of attempted t credits must be graduate level. GPA 3.0 or above & must graduate ate within 7 years. Two total Withdrawals in one year will result in suspense of Financial Aid. Students will need to update the Office of Student Financial Aid of any changes to their enrollment. Student s enrollment will be locked after the 2 nd week of every term.

11 Things to Remember: This is where the students/ parents need to seek out other funding options. Other options include, funding through scholarships, assistantships, graduate plus loans or alternative loans. Students need to pay attention to the aid they are receiving and to their cost of attendance. Students need to fill out a FAFSA form every school year (January 1) A student needs to be registered for at least 5 credits per term to receive most of their financial aid.

12 Office of Student Financial Aid Address: Office of Student Financial Aid Post Office Box 851 Portland Oregon We are located in the lobby of Neuberger Hall Phone Number: (503) Toll Free: 1 (800) Fax: (503) Web site:

13 Student Accounts Office of the Bursar Student Accounts is responsible for the billing & collection of University charges, including tuition, fees, and housing charges.

14 What is my Student Account? $ for Books & Supplies University Charges Added Financial Aid Applied (If Applicable) Refund or Balance Due Bill ed to PSU address

15 University Charges Tuition & Fees Tuition: Resident vs. Non-Resident Tuition Based on Major Course Related Fees Housing Meal Plans Misc. Fees (i.e. Library Fines, Locker Rentals, Bus/Parking Passes)

16 Avoid Interest, Late Fees & Billing Charges Full payment is due the 1st day of the term. - Can t pay by the 1st day of the term? 1% Interest + $10.00 Billing Fee will be assessed each month. - Can t pay by the last day of the term? $ Late Fee charged & registration hold will be placed on your account.

17 Monthly Electronic Billing Statements Statement ed to Student 16 th 10 th Following Month

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19 Student Account Payments Account balance is available online: yp under the STUDENT tab. Pay On-Line PSU E-Pay Electronic Check or Credit Cards Pay in Person with Check or Cash Cashier s Windows (Neuberger Hall Lobby) Mail in Check to PSU Cashiers

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21 Account Credit Balances Financial Aid Refunds Received based upon refund preference selected with Higher One Tuition Refunds Refunds for Dropped Classes are made in accordance with the PSU Refund Schedule Generally 4-6 weeks processing time after the second week of the term. Refund disbursed based upon refund preference selected with Higher One.

22 PSU OneCard Official Student ID The key to receiving your Financial Aid or refunds Optional debit card Can be connected to the OneAccount, a free FDIC insured checking account

23 How Do I Get It & What Do I Do When I Get It? Your Higher OneCard will be mailed to the address used at the time of registration. Pictures for your OneCard can be taken during Orientation Days. You can check on the status of your card at Click Where s My Card Once it arrives, follow the instructions to activate your card & choose a refund preference: Direct deposit OneAccount Paper Check

24 Student Accounts Office of the Bursar Address: Office of The Bursar Post Office Box 951 Portland Oregon Located in the lobby of Neuberger Hall Phone: (503) edu/bao/bursars-officeoffice