Terms of Award

Accepting Or Declining Your PSU Financial Aid

Your financial aid award will be considered automatically accepted. You may decline or reduce any or all aid as long as you please notify the PSU Financial Aid Team in writing.

How you receive your aid will depend on the type of aid—grants, student loans, work-study, or parent loans.

Student Loans (Federal Direct Subsidized and Unsubsidized)

Two (2) Steps Are Required:  For Federal Direct Loan borrowers, students are required to complete:

  1. ENTRANCE COUNSELING SESSIONNEW borrowers to Federal Direct Loan are required to complete an Entrance Counseling session.
  2. Master Promissory Notes (MPN) will be needed for NEW Federal Direct Loan borrowers.

For more information about Federal Direct Loans and loan limits, please see our Federal Direct Loan webpage.

Requests to decline or reinstate student loans must be submitted in writing from the student. Email requests are acceptable if sent using the students campus email address, personal address listed on the FAFSA, or active personal addresses that have been provided to PSU (added to your student account).

Federal Perkins Loan

Borrowers will receive an email from ACS (PSU’s Federal Perkins Loan servicer) with instructions on how to complete the Perkins Master Promissory Note (MPN) online.  A separate Entrance Counseling Session is also required for new Perkins Loan borrowers

Parent Loans (Federal PLUS)

If your award identified an Optional Federal Direct PLUS Loan, and your parents wish to use this funding option, they must complete a loan request and a Master Promissory Note (MPN) for the PLUS loan; it is NOT automatic.  Your PLUS loan application will be submitted for a credit review and approval of the loan will be based upon Department of Education PLUS loan criteria.

NOTE: If you intend to either reduce or decline your Federal Work Study so that you may apply for a higher Federal Direct PLUS loan amount, please submit your request at least a day prior to applying for the loan.

Requests to decline, reinstate or increases Federal Parent PLUS loans must submitted in writing from the parent. Email requests are acceptable if sent using the parent email address on the FAFSA or using the PSU Financial Aid Team Email Form.

Merit Awards

Merit awards for new first-time students are renewable up to four years as long as the student maintains the cumulative grade point average (G.P.A.) specified for the award.  The renewal criteria is stated on your financial aid award letter.

Students are eligible for their merit award in future years based upon the following enrollment requirements:  100% for 12 credits or more, 75% if enrolled in 9-11 credits, 50% of the award if enrolled in 6-8 credits, and 25% of the award if enrolled in 3-5 credits.  Overall merit award not to exceed 4 years at the original award amount.  For example, if the original award was $3,000 per academic year, the total award the student is eligible for would be $12,000 (4 years x $3,000 per year).  Awards are divided evenly between the fall and spring semesters.

Federal Work Study

Federal Work Study allows you to participate actively in meeting the cost of your education while gaining valuable work experience. You receive your work study money directly; it is not applied to your bill. Work study earnings are paid every two weeks and are adjusted for federal taxes.  It is the student’s responsibility to find a job on campus. See the Student Employment website for more information.

Requests to decline, reinstate or increase Federal Work Study awards must be submitted in writing from the student. Email requests are acceptable if sent using the students campus email address, personal address listed on the FAFSA, or active personal addresses that have been provided to PSU (added to your student account).

Gift Aid

Federal Pell, Federal Supplemental Opportunity Grants (SEOG), state grants, and PSU Grants make up need-based gift aid.  Federal and state grants are based on current year funding from state and federal governments and are subject to change.  If any awards change due to funding availability, PSU will notify you after we receive official notification from the appropriate agency(ies).

State Grants will be finalized once we receive an award roster from the appropriate state agency. However, if you receive an award notification from your state agency, please send us a copy of the award notification.  Initial state grant awards are usually estimated based upon information received from your state agency or based upon last years award policy.  If changes in state grant awards are necessary, it may result in an adjustment to your University Grant award (plus or minus).

Federal PELL Grant Recalculation Policy

  1.  Federal PELL Grant award amounts will be based upon your enrollment status 30 days into the semester.  At that time, if the number of credits you are enrolled in is different from the enrollment your original award was based upon, your Federal PELL Grant will be adjusted.   No further adjustments to your Federal PELL Grant will be made after that point.
  2. Federal PELL Grants initially awarded 31 or more days into the semester will be based upon the enrollment at the time the award is determined.  No further adjustments to your Federal PELL Grant will be made after that point.
  3. Before Federal Pell Grants are able to disburse, PSU may need to receive an updated FAFSA transaction with all changes recorded and accepted.

Estimated Awards

Financial Aid awards are based upon an estimated Cost of Attendance. Actual billed rates are approved by the University System of New Hampshire’s Board of Trustees each year and are reflected on your PSU semester bill which is available online at the beginning of each semester. For specific information about billing, please visit the Student Account Services website.

A Quick Guide to Financial Aid terms is available at FastWeb.

Residency Status Changes

Residency changes (ie non-resident to New Hampshire resident), or billing changes as a result of a non-resident using a staff tuition waiver, may result in adjustments to the student’s financial aid award. Financial aid awards are based upon a student’s cost of attendance, and if that decreases, the financial aid award may also decrease.  This includes, but is not limited to, adjustments to merit awards from non-resident award amounts to New Hampshire resident award amounts.

Notice to NCAA Division III Athletes:  NCAA
It is not permissible for a student-athlete to receive financial aid, directly or indirectly, from a source outside the institution (e.g., a foreign government, a sports association, a high school booster club) for expenses related to attendance at a member institution, if the award of such financial aid is based in any degree upon the recipient’s athletics leadership, ability, participation or performance, except as permitted in Bylaw Receipt of financial aid from such a source renders the student-athlete ineligible for all intercollegiate athletics participation. (Revised: 8/22/06, 4/30/09)

April 7th, 2014 by Eric

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