Financial Aid for Summer Terms

Summer Requests will be available April 15 through June 30, 2009

General Policy

Summer term is the end term of the academic year at Portland State University. To receive financial aid during summer term, a student must meet all the usual requirements to be eligible for financial aid as described in Eligibility for Aid and Getting Around & Getting Started. Students who wish to receive aid for summer 2009 must file a 2008/09 FAFSA; the federal processor must receive the application by June 30, 2009. If summer is your first term of aid, remember that you need to also file the 2009/10 FAFSA for the next school year to continue receiving aid fall 2009 and beyond.

2008/09 School Year

Initial financial aid awards will be made for fall, winter and spring terms, consistent with the student's enrollment during those terms and aid eligibility. Students who wish to also receive aid in summer 2009 may submit a Summer Aid Request which will be available April 15, 2009. Students who have aid eligibility remaining for summer term will be notified through banweb. To see if you have eligibility, after April 15, 2009 please log in to your student account and select the link for Student Services and Financial Aid then select Financial Aid and then finally, Outstanding Requirements. Summer term aid eligibility is based on the amount of financial aid each student had been paid by late April, if your payment amounts change after late April, it may impact your Summer eligibility. In this case, please drop by our windows in Neuberger Hall, or call us and we will be happy to reexamine your eligibility.

The Summer Aid Request will be accepted through June 30, 2009 and no later to insure that aid processing can be completed within federally mandated deadlines.

Students whose first term of admission is summer 2009 will not be required to submit a Summer Aid Request.

Aid Availability for Summer

Funding for summer term is limited to Pell Grant and Stafford/PLUS Loans and TEACH grant only. For more information about these programs visit Types of Aid. Many students will have received their annual maximum amounts from these aid programs during fall, winter and spring terms and will not have any federal aid remaining for summer term. Please read the eligibility requirements for each aid program.

What to do if you have already received your annual eligibility

There are a few options if you have exhausted your federal aid during the fall, winter and/or spring terms. Below are several loan programs which you may wish to pursue to help fund your summer education.

• Federal Parent Loan for Undergraduate Students (PLUS)
  The Parent PLUS loan is a federal loan for parents to borrow on behalf of dependent students (as defined by financial aid regulations). The Parent PLUS loan has a fixed interest rate of 8.5%. For parents to be eligible to borrow this loan, students must be enrolled at least halftime and have submitted a FAFSA. Parents must be a U.S. citizen or national, a U.S. permanent resident, or an eligible non-citizen and pass a credit check. A 3% origination fee and up to 1% federal default fee will be deducted from the loan amount. With a Parent PLUS loan, parents may borrow up to the full cost of attendance, less other financial aid received by the student. For more information on this program, visit the Parent's Page.

 

• Federal Graduate PLUS Loan for Graduate and Professional Students
  The Graduate PLUS loan is a federal loan for independent students attending graduate school with a fixed interest rate of 8.5%. To be eligible for this loan, graduate students must be enrolled at least halftime, have submitted a FAFSA, be a U.S. citizen or national, a U.S. permanent resident, or an eligible non-citizen and pass a credit check. A 3% origination fee and up to 1% federal default fee will be deducted from the loan amount. With a Graduate PLUS loan, students may borrow up to the full cost of attendance, less other financial aid received. The online Graduate PLUS application is preferred, but if necessary you can alternately submit a paper application.*

 

• Alternative/Private Loan Programs
  Many lenders offer alternative/private education student loan programs. These are separate from the federal Stafford and PLUS loan programs that PSU administers and are not federally regulated lending programs. It is recommended that all students first apply for federal financial aid before applying for alternative or non-federal funding. The terms/interest rates vary on these loans. For more information on alternative loans, please visit our alternative loan information page.

*If you are not registered for summer classes at the time we certify your loan we may require additional enrollment information.