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How Do I Pay For My PSU Education?

Step 1

Determine Your Cost of Attendance

Determine what your average total cost is to attend PSU for an academic year. Please see the Estimated Costs (2009-10) web page for more information about charges which will be billed each semester by PSU's Bursar's Office. Total average estimated costs (billable and non-billable) used for the 2009-10 academic year are listed below. Financial Aid awards are based upon an annual Cost of Attendance which includes both billable and non-billable costs.   Actual rates for 2009-10 will be established by the University System of New Hampshire (USNH) Board of Trustees at the end of June and will be reflected in your Fall Semester bill which will be available online at the beginning of July. For specific information about billing, please visit the PSU Bursar's Office Web site.

*COA=Cost of Attendance - both billed and unbilled costs are used when determining total eligibility financial aid eligibility.

           Unbilled costs include expenses such as books, travel and personal expenses needed during the academic year.

** admitted prior to 2006-07

*** admitted for 2006-07 and forward

Step 2

Determine Your Financial Aid Award

Your actual financial aid award can be found by accessing your account through Banner Self Service. For more specific information about the various types of aid, please see the following: Federal/State Grants, Scholarships, Undergraduate Loans or Student Employment. Please remember that Federal Work Study cannot be applied to your bill.

If you plan to use federal loans and are a first-time borrower, you will be required to complete a one-time online Entrance Counseling session at the Dept. of Education's Direct Loan site.

A Master Promissory Note (MPN) will also need to be completed by ALL PSU students beginning with the 2009-10 academic year as a result of PSU only processing Direct Loans through the federal government.  This MPN can be done online with your federal PIN number. The federal PIN is the same you used when you signed your online FAFSA.  If you do not already have a PIN, you can go to www.pin.ed.gov. You should receive your new PIN within two days via e-mail. Funds will then be disbursed to your account in the Bursar's Office at the beginning of each term PSU certified loan eligibility.

Note: Federal Work Study award will not be applied to your bill. To identify jobs on campus, please visit our Student Employment webpage.

Step 3

Options for Funding Your Education

Once you have determined your Cost of Attendance (COA) and subtracted your student awarded aid (except Federal Work-Study and any associated loan fees) the following options may be considered to fund your COA for the academic year:

• Option 1: Family and other resources from savings, work, outside scholarships, etc

• Option 2: TuitionPay (This is a great option!) is the interest-free, debt-free way to spread tuition payments over a number of months. The TuitionPay Plan from Sallie Mae is not a loan, so there are no interest payments, only a low enrollment fee. The Plan allows you to break down your education expenses in easy-to-manage installments, rather than one lump sum payments. It’s simple and convenient. Visit the Bursar’s Office web site for this payment option.

• Option 3: Federal Direct Parent Loan for Undergraduate Students (PLUS) is a fixed 7.9% interest loan providing funds directly from the Federal government to help pay for dependent student’s education. The maximum amount parents are eligible to borrow is identified on the student's aid package as Optional Direct PLUS Loan.  There are fees associated with this loan, and the parent is responsible for repayment of this loan.  In-school deferments may be available by contacting the Direct Loan Servicing Center after your PLUS loan process has been completed. For other assistance please visit our website for more information on how to apply for the PLUS loan.

• Option 4: Alternative Loans (USE AS A LAST RESORT-only if needed) are in the name of the student, and most commonly require a cosigner. PSU recommends alternative loans as a last resort to paying the balance of your educational costs. Alternative loans tend to have higher interest rates, higher fees and fewer borrower benefits than Federal loans. Please visit our website for information about how to apply for Alternative loans.