Student Financial Assistance Types of Financial Aid Available

Types of Financial Aid Available

There are four main types of financial aid, as listed below. Students who receive financial aid may be awarded a combination, or package, of these four types:

Grants: gift funds, based on need, do not have to be repaid.

Scholarships: gift funds, based on high academic achievement or special talent, that do not have to be repaid.

Loans: borrowed funds, which must be repaid, with interest, after you are no longer a student.

Work-Study Employment: funds earned by students for working part-time (average 10-20 hours per week) for eligible employers. Students earn wages up to the amount of their Work-Study award.

Grants

Program	Eligibility	Terms	Amount
Federal Pell Grant Federally funded Gift aid	Need-based Undergraduate, first bachelor's degree. Enrolled at least half-time in a degree or certificate program.	Must be enrolled at least half-time; less than half-time enrollment is allowed in certain circumstances.	$400- $4310
Federal Supplemental Educational Opportunity Grant (FSEOG) Federally funded Gift aid	Awarded only to Federal Pell Grant eligible applicants. Undergraduate, first bachelor's degree. Enrolled at least half-time in a degree or certificate program. OSFA must receive your application materials/records by the priority deadline of March 1st.	Must be enrolled at least half-time.	$100-$400
Kansas Comprehensive Grant State-funded Gift aid	Need-based. Undergraduate. Enrolled at least full-time in a degree or certificate program. Kansas resident. OSFA must receive your processed FAFSA by April 1st for consideration.	Must be enrolled full-time.	$100-$1100

Loans

Program	Eligibility	Terms	Amount
Federal Perkins Loan Federally funded. 5% fixed interest.	Undergraduate and graduate students with exceptional need. Must be enrolled at least half-time in a degree program. OSFA must receive your application materials/records by the priority deadline of March 1st.	There is no interest, and repayment is deferred while enrolled at least half-time. Nine-month grace period before repayment begins. (see promissory note). Minimum monthly repayment $40. Contact PSU Cashiers and Student Accounts for repayment information. For special deferment and cancellation provisions see the U.S. Department of Education's Student Guide (pg. 17), Deferments and Forbearances, and the Department of Education's Cancellation/Deferment Options for Teachers.	$1000-$4000
Federal Stafford Subsidized Loan Federally funded. Variable interest rate, adjusted annually, capped at 8.25%. Current rate is 6.8%.	Need-based. Enrolled at least half-time in a degree or certificate program.	There is no interest and repayment is deferred while enrolled at least half-time. 3% origination fee and up to 1% guarantee fee. Because of this fee, the actual loan amount applied to your University Account will be lower than that listed on your Award Letter. For special deferment and cancellation provisions see the U.S. Department of Education's Student Guide (pg. 24), Deferments and Forbearances, and the Department of Education's Cancellation/Deferment Options for Teachers.	Freshman (0-29 hours completed) $3500 Sophomore (30-59 hours completed) $4500 Junior/Senior (60 or more hours completed) $5500 Graduate Program $8500
Federal Stafford Unsubsidized Loan Federally funded. Variable interest rate, adjusted annually, capped at 8.25%. Current rate is 6.8%.	Need-based. Enrolled at least half-time in a degree or certificate program.	Interest begins accruing immediately, may be paid periodically or capitalized (see promissory note). Repayment of principal deferred while enrolled at least half-time. 3% origination fee and up to 1% guarantee fee. Because of this fee, the actual loan amount applied to your University Account will be lower than that listed on your award letter. For special deferment and cancellation provisions see the U.S. Department of Education's Student Guide (pg. 24), Deferments and Forbearances, and the Department of Education's Cancellation/Deferment Options for Teachers.	Freshman (0-29 hours completed) $3500 Sophomore (30-59 hours completed) $3500 Junior/Senior (60 or more hours completed) $5500 Graduate Program $8500
Federal PLUS Loan Federally funded. Variable interest rate, adjusted annually, capped at 9%. Current rate is 8.5%	Non-Need-based (cost of education less other aid). Student enrolled at least half-time in a degree or certificate program. Parent borrows on behalf of dependent undergraduate student. Parent must meet credit worthiness standards. Parent must be a U.S. citizen or an eligible non-citizen.	Separate application required. Repayment of principal and interest begins 60 days after loan disbursed. Origination and Guarantee fee varies by lender.	Contact the Office of Student Financial Assistance.
Nursing Student Loan Federally funded. 5% fixed interest.	Need-based. Enrolled at least half-time in a Nursing program. Must be admitted to the Clinical Nursing Program (junior/senior). OSFA must receive your application materials/ records by the priority deadline of March 1.	There is no interest, and repayment is deferred while enrolled at least half-time. Nine-month grace period before repayment begins. (see promissory note). Minimum monthly repayment $40 Contact PSU Cashiers and Student Accounts for repayment information. For special deferments and cancellation provisions see U.S. Department of Health and Human Services.	$1000-$2500

Work-Study

Program	Eligibility	Terms	Amount
Federal Work Study Awards are earned by working for eligible employers on- and off-campus. Can use awards in community service jobs.	Undergraduate and Graduate students with financial need. Need-based Enrolled at least half-time in a degree program.	To receive the aid awarded, students work for eligible employers and earn wages up to the amount awarded. Locate a Work-Study job by contacting Student Emplyment . Can work up to 20 hours per week while school is in session.	Minimum wage, up to $3500 per academic year
Kansas Work Study Awards are earned by working for eligible employers on- and off-campus. Can use awards in community service jobs.	Undergraduate and Graduate students with financial need Need-based. Kansas resident. Enrolled at least half-time in a degree program.	To receive the aid awarded, students work for eligible employers and earn wages up to the amount awarded. Locate a Work-Study job by contacting Student Emplyment. Can work up to 20 hours per week while school is in session.	Minimum wage, up to $3500 per academic year
Regular Student Employment Funds are earned by working for eligible employers on-campus.	Open to any student who applies (Undergraduate and Graduate).	Work for an employer on-campus. Locate a job by contacting Student Emplyment. Can work up to 20 hours per week while school is in session.	Minimum wage.