Terms of Award

Accepting Or Declining Your PSU Financial Aid

Your financial aid award will be considered automatically accepted. If you wish to decline any or all of your financial aid, please  email or write the PSU Financial Aid Team.

Your Responsibility

As a condition for receiving federal financial aid funds, you must notify us in writing of any of the situations or conditions listed below. Changes in your aid may be required due to these conditions. Failure to report these conditions may result in cancellation of aid.

  • Advise us if you plan to change your enrollment status (i.e. from full-time to part-time, or vice-versa).  Generally, only students enrolled for at least six required credits or more are eligible for financial aid. Students who enroll for three credits (or more) may be eligible for Federal Pell Grants, limited to high need students only.Note: Federal financial aid is only available to pay for classes which meet your degree requirements.  Should you choose to enroll in a course(s) which cannot be used to meet your degree requirements, we are unable to provide you with any federal assistance for those classes.
  • Advise us if you plan to graduate mid-year. Aid awards are based on each term a student normally would enroll during the academic year.
  • Students are required to notify Student Account Services  of all non-PSU scholarships received.  These are awards which were not part of your original PSU financial aid package but have since been awarded to you.  Please click here for forms and instructions on how to report these scholarships.
  • Please be advised that outside scholarships may, or may not, affect your current financial aid award. PSU’s policy for treatment of outside scholarships is that they will first be used to meet “unmet” need, then any adjustments will be made in the following order:
    1. adjustment to Federal College Work-Study eligibility,
    2. adjustment to Federal Direct Unsubsidized and Subsidized Loans, and finally,
    3. adjustment to any need-based institutional grants
  • Any resources which become available to a student after their original award may require an adjustment to those programs originally identified.

Loans

Students wishing to take advantage of federal loans must complete additional steps to ensure that those loans are applied toward the bill.  These steps include a Master Promissory Note and Entrance Counseling.

Please note that the three types of federal loans – Federal Direct Subsidized and Unsubsidized loans and Federal Perkins loans each require their own Master Promissory Notes.

Merit Awards

Continued eligibility for merit awards from year to year is based upon the student meeting the GPA requirement established at the time of award.  View your online award for additional information about your merit award.  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 and 50% of the award if enrolled in 6-8 credits.    Overall merit award not to exceed 4 years at the original award amount.  For example, if the original award was $3,000, the total award the student is eligible for would be $12,000 (4 years x $3,000 per year).  Awards are usually divided evenly between the fall and spring semesters.

Federal Work Study

Federal Work Study awards allow you to participate actively in meeting the cost of your education while gaining valuable work experience. You receive 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.

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).

Before Federal Pell Grants are able to disburse, PSU may need to receive an updated FAFSA transaction with all changes recorded and accepted.

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.

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 from the from FastWeb!.

April 7th, 2014 by Eric

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