Financial Aid & Scholarships

STEPS TO REVIEW AND ACCEPT YOUR FINANCIAL AID

To verify and finalize your award we may need additional documents from you. For

students starting in the fall term, all documents must be received by August

1. Documents received after that date may delay your financial aid or result in the loss of an award.

1

Set Up Your Student Account

Go to pdx.edu/oit/activating-yourodin-account to get started.

2

Log In to Your Student Account

Go to banweb.pdx.edu to log in.

3

Review Documents

Select the “Student Finances” tab and review any Outstanding Documents.

4

5

Accept Your Financial Aid Award

Select the “Student Finances” tab and “View and Accept My Award.”

Make an Appointment with a Financial Wellness Center Coach

Schedule an appointment: pdx.edu/ student-finance/financial-wellnesscenter

FINANCIAL AID & SCHOLARSHIPS

go.pdx.edu/financial-aid

APPLYING FOR FINANCIAL AID AND SCHOLARSHIPS

Apply for financial aid by submitting your FAFSA and then use PSU’s Scholarship Universe to find other sources of funding. Portland State University students should use the Free Application for Federal Student Aid (FAFSA) to apply for financial aid. The Free Application for Federal Student Aid (FAFSA) should be submitted by February 1 for priority consideration for our aid programs for the following academic year (fall term).

Be sure to add Portland State University as one of your schools. School code: 003216

If you are not eligible to submit the FAFSA, you can submit the Oregon Student Aid Application (ORSAA). The ORSAA is an alternative to the FAFSA for undocumented Oregon students, including students who have Deferred Action for Childhood Arrivals (DACA) status or Temporary Protected Status (TPS).

COST OF ATTENDANCE: DIRECT COSTS (PAID TO THE COLLEGE)

TUITION // The cost of courses; usually charged by the credit. This number can vary based on how a college defines full-time and part-time. At Portland State full-time enrollment is 12 credits or more; most students need to take at least 15 credits per term to complete their degree. Students majoring in programs in The School of Business, Maseeh College of Engineering and Computer Science, College of the Arts and University Honors College pay a higher rate per credit.

FEES // Students are required to pay a number of fees and, depending on your major and the courses you take, you may also have to pay additional fees. These include fees for the health center, building maintenance fees, campus rec fees among others. Online course fees, lab fees, and art fees could also be included.

HOUSING & MEALS // Sometimes referred to as “Room & Board,” this includes your cost to live on campus and your meal plan, or rent if you live off campus.

BOOKS & SUPPLIES // These are materials you’ll need for your classes including textbooks, lab materials, art supplies, software, notebooks and pens and pencils. You can save money by using the PSU library, renting books and supplies, or finding deals.

TRANSPORTATION // Your transportation costs will vary depending on whether you live at home, on campus or off campus. This can include the cost of public transportation to get to and from campus, costs to get around Portland, or costs to park on campus and pay for car maintenance. If you are from outside the Portland metro area your costs might also include an estimate to go home for breaks.

PERSONAL EXPENSES // Personal expenses could include things like toiletries, clothes, eating out or other entertainment.

OTHER POSSIBLE EXPENSES

HEALTH INSURANCE // PSU requires all students enrolled in five or more credits per term to have comprehensive health insurance. If you already have comparable health insurance, you can waive the PSU Health Insurance Plan. Students who do not apply to waive it are automatically enrolled in the PSU Health Insurance Plan. It is major medical health insurance that provides preventative, routine and specialized health benefits. go.pdx.edu/insurance

COVERING COSTS

GRANTS & SCHOLARSHIPS // The grants and scholarships listed on your award letter are based on your academic record, FAFSA or ORSAA, and state residency. Grants and scholarships are calculated using the information we have available. If your final academic records or your aid application change, your eligibility for financial aid programs could change. You do not have to repay these

funds.

◉ Grants listed are awarded to you based on your family’s financial need as determined by your FAFSA or ORSAA. Grant eligibility and/ or amounts can change each year based on your EFC or enrollment (full time or part time) according to your FAFSA or ORSAA. ◉ Scholarships listed are usually based on academic merit (GPA or test scores). The scholarships included in your award are PSU

Scholarships and/or external scholarships you reported to us.

LOANS // Federal student loans listed on your award letter are based on your FAFSA and grade level at PSU. Federal student loans are low-interest loans that require repayment after you are no longer enrolled at PSU. Loans can help you to cover the difference between your grants, scholarships and personal financial resources and what you need to pay for college. Federal student loans offer a variety of repayment plans to incorporate into your short- and long-term financial goals. Financial Wellness Center coaches are a great resource to discuss options before taking on loans.

STUDENT EMPLOYMENT // Federal Work Study funds are not guaranteed; you earn Work Study if you are hired for a student job on campus that is designated as a Federal Work Study job and can help offset your total cost of attendance. Whether you receive funds for Federal Work Study or not, when you get on campus we encourage you to look at PSU’s on-campus job opportunities at pdx.edu/careers.

ACADEMIC SERVICES & RESOURCES // PSU offers several opportunities for academic services and resources. Multicultural Retention Services (MRS) provides academic support, advising, referrals, and advocacy to students who are first generation, low income and/or from diverse and multicultural backgrounds: pdx.edu/multicultural-retention-services. TRIO Student Support Services provides academic support, advising referrals, advocacy to students who are first generation, low income and/or from diverse backgrounds, and strives to ensure academic success, retention and graduation through structured programs pdx.edu/trio-student-support-services. Visit their websites to learn more about their programs and to apply.

PORTLAND STATE PAYMENT PLAN

Each bill you receive will include what you owe per term. Payment of your bill (tuition, housing and other fees) must be paid by the 6th of the month at the start of each term. Your first bill will include one term of tuition, housing and any other fees associated with your account. You can set up a payment plan that will allow you to pay your tuition each term in three monthly installments throughout the term.

FINANCIAL AID GLOSSARY

EXPECTED FAMILY CONTRIBUTION (EFC) EFC is calculated using the information you submit in your FAFSA. EFC determines how much federal student aid you are eligible for and is reported to you on your Student Aid Report (SAR).

FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) The FAFSA is administered by the U.S. Department of Education. You must fill this out annually so the federal government can determine your eligibility for federal student aid and communicate this information to the schools you include in your application. We encourage ALL students to submit the FAFSA as soon as it is available (October 1).

FINANCIAL AID AWARD A notification from a college or university that details your federal, state and institutional (school-specific) financial aid. If you have reported outside scholarships you’ve received to the institution, these might also be included.

FINANCIAL NEED Your total cost of attendance minus your EFC.

GIFT AID Financial aid that doesn’t have to be paid back (scholarships and grants).

GRANTS Grants are funds you receive based on your academic record, FAFSA or ORSAA, and state residency. You do not have to repay these funds. Grant eligibility and/or amounts can change each year based on your EFC or enrollment (full-time or part-time) according to your FAFSA or ORSAA.

INTEREST Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. Interest is calculated as a percentage of the outstanding (unpaid) principal balance of a loan.

LOANS Federal student loans are low-interest loans that require repayment after you are no longer enrolled in college. Federal student loans offer a variety of repayment plans to incorporate into your short- and long-term financial goals. Private loans are also an option, but typically have higher interest rates and fewer repayment options.

LOAN FEE (ORIGINATION FEE) A fee charged for each federal student loan you receive that is a percentage of the total loan amount you’re borrowing. The loan fee is deducted proportionately from each disbursement of your loan.

MERIT-BASED AID Financial aid that is awarded based on academic, leadership or artistic talent, or other criteria. Merit-based aid may consider a student’s grades, test scores, special talents, or extracurricular activities to determine eligibility.

NEED ANALYSIS A process of reviewing a student’s FAFSA to determine the amount of financial aid eligibility.

NEED-BASED FINANCIAL AID Financial aid that is awarded based on your financial circumstances. Need-based aid can be awarded in the form of grants, loans or Work Study.

SCHOLARSHIPS Scholarships are funds you receive usually based on academic merit (GPA or test scores). You do not have to repay these funds.

SUBSIDIZED LOAN A federal student loan for which a borrower is not responsible for paying the interest while in school, or in a grace or deferment period. The federal government pays the interest for Subsidized Loans while you are in college or while the loan is in deferment.

STUDENT AID REPORT (SAR) A summary of the information you submit on your FAFSA, including your EFC. After you submit your FAFSA, you’ll get a Student Aid Report that summarizes the information you provided on your application. It’s a paper or electronic document that gives you basic information about your eligibility for federal financial aid. It also lists the answers you gave on your FAFSA.

TAX RECORD TRANSCRIPT A form from the Internal Revenue Service (IRS) that is a record of processed tax forms submitted.

UNSUBSIDIZED LOAN A federal student loan for which a borrower is responsible for any interest the loan accrues while in school, or in a grace or deferment period. Interest begins accruing for unsubsidized loans as soon as the loan is taken out.

WORK STUDY Federal Work Study funds are offered to students who qualify for it based on financial need. You can earn it if you are hired for a student job on campus that is designated as a Federal Work Study job. This can help offset your total cost of attendance. Federal Work Study funds are not guaranteed.

OFFICE OF STUDENT FINANCIAL AID & SCHOLARSHIPS

The Office of Student Financial Aid and Scholarships is here to guide you through the financial aid process. Our role is to help you understand college costs and apply for financial aid programs. Our goal is to make a degree from PSU affordable and the financial aid and scholarship processes as simple and straightforward as possible.

CONTACT US

503-725-3461 800-547-8887 (toll free) askfa@pdx.edu go.pdx.edu/financial-aid

If you receive any non-PSU scholarships, you should report them to PSU at askfa@pdx.edu to ensure they are calculated and available for use.

SCHEDULE AN APPOINTMENT

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