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College of Graduate Studies Financial Aid

Students must be degree-seeking to access Federal loan programs. Non-degree certificate program students may access non-federal loan programs- see below*

Federal Stafford Loan Program

Graduate students at Plymouth State University may be eligible for Title IV subsidized or unsubsidized Federal Stafford loan funds. The annual eligibility for a graduate student is based on the cost of attendance for that year. The cost of attendance is based on the number of credits/courses taken. The maximum annual Federal Stafford subsidized and unsubsidized loan amount available for a graduate student is $20,500 (effective July 1, 2007). No more than $8,500 of this amount may be in subsidized Federal loans. Limits may apply based on program.

A subsidized Federal Stafford loan is awarded on the basis of financial need (total cost minus estimated family contribution minus other financial aid). You will not be charged any interest until you begin repayment or during deferment periods. If you are attending school at least half-time, you have six months after you graduate, leave school or drop below half-time status before you must begin repayment.

An unsubsidized Federal Stafford loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it’s paid in full. If you allow the interest to accrue (accumulate) while you’re in school, or during other periods of nonpayment, it will be capitalized. This means the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.

Graduate loan proceeds are disbursed at the beginning of each enrollment period after confirmation of course registration and number of credits.

Graduate aggregate maximum Subsidized and Unsubsidized Stafford: $138,500

NEW FEDERAL GRADUATE PLUS LOAN FOR GRADUATE STUDENTS

Graduate or professional students are eligible to borrow under the Graduate PLUS loan program up to PSU's Cost of Attendance minus other estimated financial assistance. The terms and conditions applicable to Graduate PLUS loans are:

applicants must not have an adverse credit history,
repayment begins on the date of the last disbursement of the loan,
a 3% origination fee is charged,
and the interest rate is fixed at 8.5 percent.

In addition, applicants are required to complete the FAFSA and they must have applied for the maximum annual Federal Stafford Loan eligibility before applying for a Graduate/Professional PLUS Loan. Students are eligible for "in-school" deferment. This means, repayment of your loan will not begin until after graduation or withdrawal from PSU.

Financial Aid eligibility begins the enrollment period immediately following acceptance into the Graduate Program.

Step 1

Apply for a Personal Identification Number (PIN) from the Department of Education.

The PIN will then be used as an electronic signature on the Free Application for Federal Student Aid (FAFSA). Please retain your PIN in a secure place as this same number will be used throughout the remainder of your education for purposes of electronic signatures.

Step 2

Beginning January 1, complete a Free Application for Federal Student Aid (FAFSA). PSU's school code is 002591.

Read all instructions carefully and be sure your social security number, name (full names only)and birth date are correct. Print and save copies for your records. PSU draws in FAFSA data once a week. We recommend that you file your FAFSA on the Web.

NOTE: The FAFSA can be completed using estimated tax information, and updated with actual financial information once tax forms are completed. After your FAFSA has been submitted, you will receive a Student Aid Report (SAR) that will provide you with a copy of your FAFSA data. The FAFSA identifies an expected family contribution (EFC) based on Federal Methodology as established annually by the federal government.

Step 3

Only students admitted to the graduate program who have submitted a FAFSA, will receive a financial aid award.

The aid year begins with the summer term and the award notification process will begin in June. Once all requested requirements have been satisfied, your application will be considered complete. Complete applications are chosen for review and awarded once a week.

Step 4

The federal government or PSU may select your FAFSA submission for a process called verification.

If selected, you will be notified by the PSU Financial Aid Team and certain documentation will be requested. Please do not forward any tax information to our office unless requested. Financial aid awards will not be issued until the verification process is complete, so please return information requested as soon as possible. Requests for follow-up documentation may only be viewed through Banner Self Service. In order to be eligible for Federal Financial Aid, you must be making Satisfactory Academic Progress (SAP). SAP for graduate students is defined as having successfully COMPLETED 75 percent of all graduate credits attempted.

Step 5

All graduate students must complete a Graduate Student Enrollment Status Form (PDF) annually stating the number of credits being taken during each enrollment period. If this enrollment information changes during the academic year, you must provide written documentation of the changes to the Financial Aid Team so your Federal Stafford Loan eligibility can be reviewed and adjusted if necessary.

Your Federal Stafford Loan eligibility is determined based upon an average cost of attendance, which in turn is based upon an average of 4.6 credits per enrollment period. Please see the table below for an estimate of costs per semester:

Enrollment for Academic Year 2008-09	Non-Commuter (1)	Commuter (2)
1 Semester	$7,580	$4,860
2 Semesters	$15,160	$9,730
3 Semesters	$22,750	$14,590
4 Semesters	$30,330	$19,450

(1) A non-commuter does not live with parents, is not married or is married and the major wage earner in the family.

(2) A commuter lives with parents or is married and is not the major wage earner in the household.

NOTE: Should the Cost of Attendance change, your Federal Stafford Loan eligibility may increase or decrease accordingly. Information on actual per credit hour tuition charges are available through the College of Graduate Studies

Step 6

Financial aid awards are completed on a rolling basis beginning in June of each year. Financial Aid award information is accessible via Banner Self Service only.

Step 7

All financial aid awards will be considered accepted unless the student otherwise notifies the PSU Financial Aid Team of his or her wish to decline the entire award, or a portion of the award.

Step 8

Students are required to notify the PSU Financial Aid Team of all scholarships and tuition assistance received. Additional resources may or may not affect your current financial aid award.

Step 9

First time PSU Federal Stafford loan borrowers must complete an Entrance Loan Counseling session as required by the Department of Education. The PSU Financial Aid Team will certify your loans. STUDENTS MAY CHOOSE ANY LENDER. If assistance is needed in selecting a lender, PSU is providing a NEW tool (FASTChoice) which will assist a student in identifying a lender. This tool is provided by Great Lakes Higher Education Assistance Corporation (GLHEAC), a guarantor and servicer who works with a multitude of lenders, including lenders that PSU students have frequently used in the past. FASTChoice will allow students to view a side by side comparison of benefits and loan terms.

Step 10

The Financial Aid Team reserves the right to review and possibly revise awards based upon conflicting or inaccurate information such as number of credits taken, personal financial situation and aid received from other sources. Changes in personal financial situation may include illness, loss of job, reemployment, and reduction in the number of children in college.

Step 11

Please visit the College of Graduate Studies Web site for additional information on available scholarships, graduate assistantships, teaching fellowships and research assistantships available to students.

Step 12

For information about other scholarships that may be available please see Outside Scholarships. TIP: Be sure the scholarship criteria indicates that Graduate Students are eligible to apply.

The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans.

PSU in accordance with Federal and State laws and regulations, does not discriminate on the basis of race, color, religion, national origin, sex, age veteran's status, sexual preference or handicap in admission or access to, treatment of or employment in its programs or activities. Inquiries regarding this policy should be made to the Vice President for Student Affairs, PSU, Plymouth NH 03264 or Office for Civil Rights, Washington DC 20201.

*Non-degree certificate programs: Students seeking loan funding may apply for Continuing Ed student loans.