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How
Much Aid Will I Get
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Federal
School Code (FAFSA): G24824
School
Code for Loans : 024824
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Determining
Financial Need
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The
amount of funds allocated to the student depends upon the
economic need that is determined by a process known as
“needs analysis”. This procedure has two steps:
STEP I involves the evaluation of the data presented in the Federal
Application for Student Aid (FAFSA)
by the U.S. Federal Government to determine the
“Expected Family Contribution” (EFC). The EFC is the
amount that the student should contribute towards his/her
cost of education.
STEP II consists of the
following basic calculation: “Cost
of Education” minus
“EFC” equals
Financial Need.
The
student cannot receive financial assistance in excess of the
determined “Financial Need”. If according to this
formula, the student does not demonstrate financial need, the
student may only qualify for non-need based programs of
financial aid. The total need based and non-need based
funds allocated cannot exceed the total
educational
budget as approved by PSM.
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Awarding
Funds
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Upon
the review of the application and documents received, the
Staff of OSFA determines the educational need of each
applicant. The next task becomes awarding of loan
amounts and preparing the award notification for each student.
Those applicants that will be considered for scholarships are
presented to the Scholarship Committee chaired by the Dean of
Student Affairs.
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Notification of Award
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As
soon as the awarding process is completed, a “Notification
of Award” is forwarded to each student. This Notification
indicates the award allocated, the total educational budget
amount utilized in the awarding process, and the “Expected
Family Contribution”. No response is required if the student
accepts the awards. There is a ten-day period for
response to the Notification of Award.
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Disbursement of Funds
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student is requested to authorize PSM to credit the
student’s account with any funds received on their behalf.
Subsequently, the student receives any disbursement either as
a check or, if requested, an electronic deposit to a checking
or saving account.
Disbursement
of funds for semester programs is at least once per semester.
For trimester programs, disbursement is at least once per
trimester. Certification Programs receive disbursement
at commencement and mid-point of program year. |
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