Federal Pell Grant
This federally funded grant program is designed to provide assistance to eligible undergraduate students. The federal government determines the amount of the grant with the University acting as the disbursing agent. Eligibility is determined by the Expected Family Contribution (EFC) that results from the student’s FAFSA data. Students have a lifetime limit of the equivalent of 6 years of full-time enrollment for Federal Pell Grant eligibility. Students apply for this grant by completing the FAFSA.
Federal Supplemental Educational Opportunity Grant (SEOG)
This is a federally funded grant program available to Federal Pell Grant recipients who have the lowest EFCs. Students apply for this grant by completing the FAFSA.
Oregon Opportunity Grant
All Oregon resident undergraduate students applying for financial aid will be considered for the Oregon Opportunity Grant awarded by the Office of Student Access and Completion (OSAC). Awards are based upon financial need. Details about eligibility can be found at www.oregonstudentaid.gov. Awards are renewable for up to 12 terms provided satisfactory academic progress and financial need continue each academic year. Oregon students apply for this grant by completing the FAFSA, or, if not eligible to complete the FAFSA, the Oregon Student Aid Application (ORSAA). The ORSAA can be located at www.oregonstudentaid.gov.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
This grant provides up to $4,000 per year to graduate and undergraduate students who intend to teach full-time as a highly qualified teacher in high-need subject areas for at least four years at schools that serve students from low-income families. Graduate students may receive up to $8,000 for graduate study. Undergraduate students may receive up to $16,000 for undergraduate study. Part-time students are eligible, but the maximum grant will be reduced. Students apply for this grant by completing the FAFSA.
Important Notice: If TEACH Grant recipients fail to complete the four-year teaching obligation, they must repay the grant with interest under the Federal Direct Loan program.
Tuition Grants, Scholarships, and Remissions
A variety of school funded programs that provide tuition assistance to eligible students. Students apply for these institutional programs by completing the FAFSA. More information can be found at www.pdx.edu/student-finance/financial-aid/grants.
Athletic Grants-In-Aid and Scholarships
Athletic grants-in-aid and scholarships are administered by the institution’s financial aid and athletic departments. Each head coach is responsible for selecting recipients based upon eligibility and athletic ability. The National Collegiate Athletic Association (NCAA) sets forth the eligibility and financial aid requirements for Portland State University athletic teams. Any prospective PSU student should contact the coach of the desired sport about the availability of scholarships and the recruiting process. Each coach will then consider the prospective student’s athletic ability, eligibility, finances available, and the need of that particular sport. An athletic grant-in-aid request is then submitted to the director of Athletics for award to the prospective student.
Federal Direct Loan Programs
Portland State University participates in the Federal Direct Loan program. Under this program, funding for student loans comes from the U.S. Treasury and are disbursed by schools. When loan repayments are due, borrowers repay them directly to the federal government through a loan servicer assigned by the U.S. Department of Education to each borrower. Any subsequent loans are then serviced by the assigned loan servicer. Undergraduate and post-baccalaureate students can borrow Federal Direct Subsidized and Unsubsidized Loans; graduate students can borrow Federal Direct Unsubsidized Loans and Federal Direct Graduate PLUS Loans; and parents of dependent students can borrow Federal Direct Parent PLUS Loans.
Federal Direct Loan applicants must submit a FAFSA to have their loan eligibility determined. After their loans have been awarded, they must accept them as part of their financial aid award acceptance process, and complete Master Promissory Notes and satisfy entrance counseling requirements at www.studentaid.gov.
Federal Direct Subsidized Stafford Loan
Subsidized loan eligibility is based upon the demonstration of financial need and in conjunction with other sources of student assistance. The federal government pays the interest on this loan while the student is enrolled at least half-time and during the six-month grace period directly after a student separates from school. For students who are new borrowers after July 1, 2013, interest is paid by the federal government up to 150 percent of the published length of the academic program. The student is responsible for all interest on the loan once repayment begins or after 150 percent of the published length of the academic program is exceeded.
The federal government has set annual borrowing limits of $3,500 for the first academic year of undergraduate study (up to 44 credits); $4,500 for the second academic year (45–89 credits); and $5,500 an academic year for the remaining years of undergraduate study. Not all students are eligible for the maximum loan amount.
Student borrowers must be enrolled in good standing at least half-time and have been accepted for admission to a program leading to a degree or eligible certificate. Once repayment begins, borrowers are charged the interest rates that were in effect for each year they borrowed. For current interest rates, visit the Department of Education’s website at www.studentaid.gov/understand-aid/types/loans/interest-rates.
Students must complete a FAFSA each year to participate in this loan program.
Federal Direct Unsubsidized Stafford Loan
This program provides unsubsidized Federal Direct Loans to undergraduate and graduate students who do not have to demonstrate federally defined need. Unsubsidized loans are not eligible for the federal government payment of interest while the student is in school. The student may make interest-only payments while in school, or the interest will be added to the loan balance. The interest rates for the Federal Direct Unsubsidized Loan are specific to each year that the student borrows. For current interest rates, visit the U. S. Department of Education’s website at hwww.studentaid.gov/understand-aid/types/loans/interest-rates. Students are responsible for the interest that accrues while in school, during their six-month grace period, and during any authorized deferment periods. The federal government has set annual borrowing limits of $2,000–$5,500 for the first academic year of undergraduate study (up to 44 credits); $2,000–$6,500 for the second academic year (45–89 credits); and $2,000–$7,500 an academic year for the remaining years of undergraduate study. Undergraduate borrowing limits vary based on the borrower's dependency status as indicated by the FAFSA. Graduate students may borrow up to $20,500 per year.
Lifetime (aggregate) Federal Direct Loan Borrowing Limits by Academic Program
A student may borrow up to an aggregate limit of $31,000 (only $23,000 may be subsidized) as a dependent undergraduate or post baccalaureate student; $57,500 as an independent undergraduate or post baccalaureate student (only $23,000 of this amount may be subsidized); and $138,500 as a graduate or professional student (only $65,500 of this may be subsidized). The aggregate amount for graduate students includes all previous loans borrowed as an undergraduate or post baccalaureate student.
Additional Federal Direct Unsubsidized Stafford Loan
Dependent undergraduate students whose parents' Federal Direct PLUS Loan applications are denied may be eligible for additional Federal Direct Unsubsidized Loan. Students who have earned fewer than 90 credits may borrow up to $4,000 a year in additional funds above the maximum Federal Direct Stafford Loan annual limits (but may not exceed aggregate limits). Students who have earned 90 credits or more may borrow up to an additional $5,000 per year (but may not exceed aggregate limits). Not all applicants will qualify for the maximums in additional funding. The Federal Direct Unsubsidized Loan may be used to replace the Expected Family Contribution, but total Federal Direct Loan (subsidized and unsubsidized) borrowing, plus other financial assistance received, cannot exceed the Cost of Attendance.
Students must complete a FAFSA each year to participate in this loan program.
Federal Direct Parent PLUS Loan (PLUS)
This program provides loans to parents of dependent undergraduate students. Parents may borrow up to an annual amount that is equal to the Cost of Attendance minus any financial assistance the student receives during the periods of enrollment. The parent borrower may use the amount of the Federal Direct PLUS to replace the Expected Family Contribution and cover unmet need for the loan period. The Federal Direct PLUS Loan is limited to parents who do not have adverse credit history or who have obtained an endorser who does not have adverse credit history. A servicer, contracted by the federal government, performs the required credit check. The interest on the Federal Direct PLUS Loan is fixed. For current interest rates, visit the U.S. Department of Education’s website at www.studentaid.gov/understand-aid/types/loans/interest-rates.
Parents interested in participating in the Federal Direct PLUS Loan program can apply online at www.studentaid.gov.
Students must complete a FAFSA each year for their parent to participate in this loan program.
Federal PLUS Loan for Graduate and Professional Students (Graduate PLUS)
This program is offered to credit-qualified graduate students with or without financial need. Repayment begins within sixty days after the Federal Direct Graduate PLUS Loan is fully disbursed. Students who meet deferment requirements may obtain an in-school deferment from the U.S. Department of Education. Interest is fixed for each loan, and begins to accrue at the time the first disbursement is made. For current interest rates, visit the Department of Education’s website at www.studentaid.gov/understand-aid/types/loans/interest-rates.
Students must complete a FAFSA each year to be eligible for Federal Direct Graduate PLUS Loans.
Private Alternative Loans
Privately funded education loans are not based on need, and no federal formula is applied to determine eligibility. The amount borrowed cannot exceed the Cost of Attendance minus other financial aid, including other loans. Interest rates and repayment terms vary by lender, and should be carefully considered when making borrowing decisions. Privately funded education loans may be used to supplement the federal programs when the cost of attendance minus the maximum federal aid still leaves unmet need. For information on alternative loans, visit the PSU website at www.pdx.edu/student-finance/financial-aid/apply.