Financial Aid 2019 2020 - Peru State College

Financial Aid
2019 – 2020

Our Staff

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

To Apply for 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

Expected Family Contribution

• 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 - Stafford
 • 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 - Stafford
 • 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 - PLUS
• 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 Promissory 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-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.

Scholarships
• 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 Scholarships
• 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.

Satisfactory Academic Progress
• 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

Satisfactory Academic Progress
• 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

Important Items 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.

myPSC

To Do List

Important Items 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.

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