Financial Aid

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Financial Aid Policies
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Financial Aid Calendar 2013-2014
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Financial Aid Policies

Federal School Code (FAFSA): G24824
School Code for Loans : 024824

General Policies

  • Awards will be made to those applicants that meet the Satisfactory Academic Progress policy of the School.
  • Students requesting consideration for institutional, state and or any other scholarship program must provide confidential parents’ economic information on their FAFSA (initial or renewal application), as well as, the PSM application. Documentation to collaborate the parents’ information must be presented.
  • Cancellation of any loan may result if the student fails to sign either the Master Promissory Note (MPN), Disclosure Statement and or any other document required by the lending institution.
  • Cancellation of an award may result if the student or parents misrepresent and or provide false or incorrect information on any document. Since PSM uses the FAFSA for establishing the student’s aid eligibility, and allocates funds received from the U.S. Federal Government, any misrepresentation may be subject to sanctions under provisions of the United States Criminal Code.
  • The student provides authorization for funds to be accredited to the student’s account.
  • Tuition refund will be made according to the PSM Refund Policy for U.S. Dept. of Education Title IV and or Non-Title IV funds.
  • Students must report any information that modifies their financial data, such as change in personal and or family income, martial status, etc.  If this update results in a change of eligibility and award, the Staff of OSFA shall communicate the same to the student.

Privacy of Information

All activities and or documents submitted on behalf of an applicant for financial aid are strictly confidential. Without the written consent of the applicant, no information is released to anyone according to the FERPA regulations adhered to at PSM. If parents request non-disclosure, a student does not have accessibility to the documents submitted by the parents.  PSM does have the right to disclose information relevant to the determination of the financial aid for which a student has applied or received, and or the conditions set forth by the specific financial aid program.


Leave of Absence

One approved Leave of Absence (LOA) will be considered within any twelve-month period commencing with the first day of the leave. The student having an approved leave of absence is eligible for an “In-School Deferment” to allow delayed payment of educational loans.  A student who takes an unapproved leave of absence is not given an “In-School Deferment”.  The student not returning on the specified termination date of the leave of absence will have lost the “In-School Deferment” status and the “Six Months Grace Period” would have begun retroactively from the first day of the leave of absence.


Suspension of Eligibility for Drug-Related Offenses

If convicted of any offense involving the possession of a controlled substance, a student’s eligibility for Title IV Financial Student Aid Program will be denied for:
  • One year after the first conviction
  • Two years after the second conviction
  • Indefinitely after the third conviction

If convicted of any offense involving the sale of a controlled substance, a student’s eligibility for Title IV Financial Student Aid Program will denied for:

  • Two years following the first conviction
  • Indefinitely after the second conviction
Eligibility may be restored if the student partakes of an approved Federal Government Rehabilitation Program.


Appeal Procedure

Students whom are denied financial aid may appeal the decision as follows:
  • Submission of a written request for an interview with the Director of OSFA to review the awarding process.
  • If not satisfied with the explanation, the student is referred to the Dean of Student Affairs for review of appeal, outcome and or any additional referral.

Refund Policy

Please refer to the PSM REFUND POLICY section.





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Links for you

 
PIN Number
FAFSA
NSLDS for Student
Entrance Counseling
Deferments
Master Prommissory Note
Grants
FIRST AAMC Resource to help manage student debt
Financial Aid Forms
Loan Consolidation

 

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