Awarding

In order to receive a financial aid award from Portland State University you must be an admitted student who has submitted the FAFSA. The Free Application for Federal Student Aid (FAFSA) is now available. Students should complete the FAFSA as soon as possible after the application opens each year on October 1. Submit the FAFSA by February 1 for priority consideration for our aid programs for the following academic year. We start awarding in the spring before the next academic year begins.

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).


Step 1: Check Status and Review Outstanding Requirements

To verify and finalize your award we may need additional documents from you. All documents must be received by August 1, 2020. Documents received after August 1, 2020 may delay your financial aid or result in the loss of an award. You must respond to any requests we make for verification, tax returns, or any other documentation needed to finalize your award.We cannot disburse any funds until all required information is submitted and reviewed, so we encourage you to reply promptly to any correspondence from us. Current students will see their SAP information and overall financial aid status.

  1. Go to Banweb and log in to your PSU student account.
  2. Navigate to the Student Finances tab.
  3. Under the Financial Aid Application section, select Review Outstanding Requirements

Step 2: View Financial Aid Award

Log in to your student account to view your financial aid award. If you are a new student, set up your student account to log in. Navigate to the Student Finance tab and select any of the options under the Financial Aid Application section.

  1. Go to Banweb and log in to your PSU student account.
  2. Navigate to the Student Finances tab.
  3. Under the Financial Aid Application section, select View and Accept My Award

Step 3: Confirm Award is Complete

Read the assumptions (state residency, enrollment status, number of terms you plan to attend this year) and make sure your award correctly reflects any benefits, scholarships, outside awards, and other resources you will receive or think you may receive, even if it comes from another PSU department. You must report any information about your resources (and, if married, your spouse’s) that you have not already formally reported to our office. It is imperative that our office has current and complete information on your resources throughout the year; otherwise, you risk being over-awarded and having to repay aid.

Step 4: Review and Accept Your Award

You are under no obligations until your aid is disbursed; you may accept an award now and change your mind later. If you decline an award, or don’t accept it by the ‘reply by date’, the award will be canceled. As we have limited funds the aid may not be able to be restored later if you decide you need it. Federal Direct Stafford Loans, Federal Direct PLUS Loans and Federal Pell Grants can usually be reinstated. You may accept or reject aid from any fund without losing the other aid offered in your award. If you would like us to replace Work Study with a federal loan, then contact our office after you accept your award. We are not able to replace loans with grants and scholarships.

If you have questions or concerns about your award or taking on loans, contact a financial aid counselor. We are here to help you understand your loans and obligations.

  1. Go to Banweb and log in to your PSU student account.
  2. Navigate to the Student Finances tab.
  3. Under the Financial Aid Application section, select View and Accept My Award

Step 5: Understand How to Maintain Aid

It is your responsibility to know and follow the policies that you agree to when you applied for and accepted financial aid. You'll want to check your financial aid status in your student account, maintain eligibility, maintain Satisfactory Academic Progress, and ensure you meet the requirements for disbursement.

Step 6: Submit Revision or Re-evaluation Request (if needed)

You can submit revisions for financial aid or scholarships for a variety of reasons. You must notify PSU of any changes so that we can update your financial aid or your cost of attendance. Revisions can be made to your financial aid or cost of attendance for the following reasons: 

  • Change of grade level 
  • Accepting previously declined loans
  • Decreasing previously accepted but not yet disbursed loans
  • Involuntary loss of income by parent or student
  • Out-of-the-ordinary expenses such as medical and childcare costs
  • Cost of a computer
  • Tuition in excess of your financial aid budget

Step 7: Financial Aid Disbursed

Financial aid disbursement is how you receive your financial aid to pay your school bill. Once your registration and financial aid application are complete, your financial aid is paid to PSU for processing before the term begins.