Financial Aid

 Consumer Information Disclosures

PSU is required by law to make available to enrolled students, prospective students, and their parents certain information about its operations. Such information pertains to: (1) general institutional operation, (2) financial aid, (3) general completion and graduation rates, (4) annual security report, (5) completion and graduation rates for student athletes, and (6) athletic program participation rates and financial support.

To meet the requirement, information for the University is available at www.psuca.edu and at the Registrar’s Office. Web site addresses are specified for all information items, as well as telephone numbers and e-mail addresses of the university officials who can respond to questions or information requests in their specific areas. The University can provide paper copy of any of the information items upon request.

Student Financial Aid and Cost of Attendance Information

Financial aid awards may include funding from several sources. Federal funds are awarded based on the information you and your family reported on the Application for Federal Student Aid (FAFSA). These may include grants, and work study. Eligibility for these funds is determined by calculating your cost of attendance(COA) and subtracting your Expected Family Contribution (EFC) as determined by FAFSA. We award these funds in amounts that take into account the total level of funding available under the program and the maximum federal eligibility levels for each student.

Methods and frequency of disbursements of aid

Student awards are applied to cover outstanding tuition and fee balances after each registration period. PSU disburses any remaining credit balances after the end of the fourth week of the quarter.

Rights and responsibilities of students receiving Title IV, HEA student financial aid, including criteria for continued student eligibility and standards for Satisfactory Academic Progress: With regards to financial aid, students have the right to ask the school:

· The name of its accrediting or licensing organizations.

· About its programs; its instructional, laboratory, and other physical facilities; and its faculty.

· What the cost of attending is and what its policy is on refunds to students who withdraw.

· What financial assistance is available, including information on all Federal, State, local, private, and institutional financial aid programs.

· What the procedures and deadlines are for submitting applications for each available financial aid program.

· How and when you will be paid and the type and amount of assistance you will receive.

Terms of any loan received as part of a financial aid package, sample loan repayment schedule, and the necessity of repaying loans:

· Estimated balance of loan(s) when the borrower completes the program

· Interest rate on the borrower’s loan(s);

· Name, address and telephone number for the borrower’s lender;

· During exit counseling, provide a sample loan repayment schedule based on the borrower’s total loan indebtedness;

· Estimated monthly income that the borrower can reasonably expect to receive in his or her first year of employment based on the education received at your school;

· Estimated date of the borrower’s first scheduled payment.

Student Financial Aid and Study Abroad Programs: PSU does not offer study abroad programs.

Net Price Calculator: The Net Price Calculator is a tool for students and parents to obtain an estimate of what it may cost to attend PSU. The information you receive from the calculator is a broad estimate for first-time, full-time students and may vary from student to student.

Refund Policy, Requirements for Withdrawal and Return of Title IV Financial Aid: Students not receiving financial assistance and students awarded HOPE funds only will receive refunds in accordance with the Institutional Refund Policy. Title IV recipients who totally withdraw from PSU will have their refunds calculated in accordance with the Return of Title IV Funds Refund Policy. Students receiving Title IV funds and HOPE funds will have their refunds calculated in accordance with the Title IV refund policy and the Institutional Refund Policy.

Disclosure Requirements Relating to Education Loans:

1. Student Loan Information Published by Department of Education : PSU participates in Direct Loans.

2. National Student Loan Data System (NSLDS): PSU participates in federal student loan and reports NSLDS every two months.

3. Entrance Counseling for Student Loan Borrowers: Regulations require that first time borrowers of FFEL and Direct Loan program loans receive entrance counseling. During entrance counseling, the university will explain how the master promissory note works, emphasize the importance of repaying the loan, describe the consequences of default, and show borrowers sample monthly repayment amounts based on their program of study at the university. The university includes financial literacy and ensures that borrowers thoroughly understand all information during entrance counseling. Also the university will collect as much contact information about borrowers as possible during entrance counseling to facilitate future contact if needed.

4. Exit Counseling for Student Loan Borrowers: Exit counseling will be conducted to prevent defaults and the borrowers will have in-depth counseling with the staff regarding their loans explaining repayment plans and choices that fit the borrowers’ needs. The counseling will provide an opportunity to clear up any misconceptions students may have about their loan obligations and re-emphasize the consequences of default.

5. Private Education Loan Disclosures: Private loans are available to students who have educational costs beyond what federal and state programs may offer. Private loans should be used as a last resort to pay for educational expenses. Applicants must complete a current year FAFSA and have existing unmet need after the Expected Family Contribution (EFC) and anticipated financial aid is subtracted from the student’s Cost of Attendance (COA). Eligibility requirements, interest rates, processing fees, and repayment vary with each lender. There are strict credit requirements, and a consigner may be required.

Loan Responsibilities

Any agency or organization which grants loans will indicate the terms and amount of that loan. Students are responsible for their loans and for repaying the loan amount plus interest, less the amount of any refund, and that, if the student had received federal student financial aid funds, and that, if the student is entitled to a refund to a refund of the moneys not paid from federal student financial aid program funds .

This policy applies to students who complete 60% or less of the enrollment period (i.e., Fall, Winter, Spring or Summer quarter) for which they received Federal Title IV aid. A student who drops a class but still completes one or more classes does not qualify for the Return of Title IV Funds policy. The term “Title IV aid” refers to the following Federal financial aid programs: Unsubsidized Federal Stafford loans, Subsidized Federal Stafford loans, Federal Perkins loans, Federal PLUS (Parent) loans, Federal Pell Grants, and Federal SEOG (Supplemental Educational Opportunity Grant).

To conform with the policy, Pacific States University must determine the student’s withdrawal date. The withdrawal date is defined as:
1. the date the student began the withdrawal process or officially notified Pacific States University of their intent to withdraw; or
2. the last date of attendance at an academically-related activity by a student who doesn’t notify Pacific States University

The calculation required determines a student’s earned and unearned Title IV aid based on the percentage of the enrollment period completed by the student. The percentage of the period that the student remained enrolled is derived by dividing the number of days the student attended by the number of days in the period. Calendar days (including weekends) are used, but breaks of at least 5 days are excluded from both the numerator and denominator.

Until a student has passed the 60% point of an enrollment period, only a portion of the student’s aid has been earned. A student who remains enrolled beyond the 60% point is considered to have earned all awarded aid for the enrollment period.
Earned aid is not related in any way to institutional charges. In addition, the University’s refund policy and Return of Title IV Funds procedures are independent of one another. A student who withdraws from a course may be required to return unearned aid and still owe the college for the course. For more information on the Pacific States University withdrawal and institutional charges’ policies, please consult the Pacific States University catalog.

The responsibility to repay unearned Title IV aid is shared by Pacific States University and the student. For example, the calculation may require Pacific States University to return a portion of Federal funds to the Federal Title IV programs. In addition, the student may also be required to return funds based on the calculation. A student returns funds to the Federal Stafford loan programs based on the terms and conditions of the promissory note of the loan. A student who receives a Federal Pell Grant may be required to repay 50% of the funds received. The return of Federal aid is in the following order: Unsubsidized Federal Stafford loans, Subsidized Federal Stafford loans, Federal Perkins loans, Federal PLUS (Parent) loans, Federal Pell Grants, and Federal SEOG (Supplemental Educational Opportunity Grant).

How to Handle an Overpayment

Students who owe funds to a grant program are required to make payment of those funds within 45 days of being notified that they owe this overpayment. During the 45 day period students will remain eligible for Title IV funds. If no positive action is taken by the student within 45 days of being notified, Pacific States University will notify the U.S. Department of Education of the student’s overpayment situation. The student will no longer be eligible for Title IV funds until they enter into a satisfactory repayment agreement with the U.S. Department of Education.

During the 45-day period, the student can make full payment to Pacific States University of the overpayment. The university will forward the payment to the U.S. Department of Education and the student will remain eligible for Title IV funds. Please make check payable to Pacific States University, Attn: Financial Affairs Officer. Please attach the enclosed remittance coupon to assure proper credit.

If a student is unable to pay their overpayment in full, they can set up a repayment plan with the U.S. Department of Education. Before doing this please contact the Pacific States University Financial Aid Office. You will need to make sure we have referred your situation to the U.S. Department of Education before any repayment plan can be set up.

If you want to contact the U.S. Department of Education, their information is listed below.

U.S. Department of Education
Student Financial Assistance Programs
Phone: 1-800-621-3115
E-Mail: [email protected]
For examples of the Return of Title IV Funds calculations or questions regarding the overpayment policy, please contact the Financial Aid Office.