Applying For Aid
Undergraduate Students
Eligibility:
Stafford student loans have a variable interest rate that is set on July 1st of each
year. Repayment begins 6 months after the student exits school or drops below 1/2
time enrollment. Students must be enrolled for at least 6 credit hours per semester
to apply for Stafford loans. The Fall Semester includes classes from August to December.
The Spring Semester includes classes from January to May. The Summer term includes
classes from May to August. We recommend that students pre-register for all Fall classes
prior to the beginning of the Fall Semester and all Spring classes prior to the beginning
of the Spring Semester to avoid processing delays.
Disbursement:
Student loan funds are disbursed in two payments. If your loan is for the academic
year (Fall and Spring), you will receive one disbursement at the beginning of each
semester. The disbursements are sent to the school to be applied to your student account.
Peru State College will refund any excess funds to you in the form of a "refund check."
Application Process:
For each academic year for which you will need financial aid, you must complete a
FAFSA at www.studentaid.gov. You and your parent(s) (if applicable) will need a Federal Student Aid (FSA) ID
to complete and electronically sign your FAFSA. Students and parents must each have
their own FSA ID’s. To apply for an FSA ID, visit https://www.studentaid.gov. Your FSA ID is also used to log into federal sites such as the National Student
Loan Data System (NSLDS) at www.nslds.ed.gov, www.studentloans.gov, and www.StudentAid.gov.
Peru State College’s FAFSA school code is 002559. Be sure to list Peru State College’s code when completing your FAFSA.
Additional Requirements:
If you have previously attended Peru State College, you must be in compliance with
the Satisfactory Academic Progress Requirements to be eligible for financial aid (even if you did not receive aid during your prior
period of attendance).
In some cases, the college is required to verify the information you reported on the FAFSA. If your application is selected for verification, the Financial Aid Office will send you a notification requesting verification worksheets and copies of your IRS return transcripts.
If you are in default on a prior student loan, you are not eligible for additional student loans.
If you have already borrowed the aggregate maximum ($31,000 for a dependent student and $57,500 for an independent student), you are not eligible for additional student loans.
Graduate Students
Eligibility:
Graduate students are not eligible for grants; however, they can apply for Direct
student loans. Direct loans have a variable interest rate that is set on July 1st
of each year. Repayment begins 6 months after the student exits school or drops below
½ time enrollment. Students must be enrolled for at least 6 credit hours per semester
to apply for Direct loans. The Fall Semester includes classes from August to December.
The Spring Semester includes classes from January to May. The Summer term includes
classes from May to August. We recommend that students pre-register for all Fall classes
prior to the beginning of the Fall Semester and all Spring classes prior to the beginning
of the Spring Semester to avoid processing delays.
Disbursement:
Student loan funds are disbursed in two payments. If your loan is for the academic
year (Fall and Spring), you will receive one disbursement at the beginning of each
semester. The disbursements are sent to the school to be applied to your student account.
Peru State will refund any excess funds to you in the form of a “refund check.”
Application Process:
- To be eligible to receive financial aid, you must complete the admissions process and be fully admitted to the graduate program at Peru State College.
- You will need a Federal Student Aid (FSA) ID to complete and electronically sign your FAFSA. Your FSA ID is used to log in to FAFSA on the Webwww.studentaid.gov, the National Student Loan Data System (NSLDS) www.nslds.ed.gov,www.studentloans.govandwww.studentaid.gov. To create your FSA ID, visit https://www.studentaid.gov.
- Complete a “Free Application for Federal Student Aid” (FAFSA form). This form can be completed on-line at www.studentaid.gov.
- Complete the loan application process.All new borrowers must complete both steps.
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- Loan Entrance Counseling: Go here and click on Direct Loan Entrance Counseling to begin.
- Master Promissory Note
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Other Eligibility Requirements:
- If you have previously attended Peru State College, you must be in compliance with the Satisfactory Academic Progress requirements to be eligible for financial aid (even if you did not receive aid during your prior period of attendance).
- In some cases, the college is required to verify the information reported by the student on the FAFSA form. If your application is selected for verification, the Financial Aid Office will send you a notification requesting verification worksheets and copies of your income tax forms.
- If you are in default on a prior student loan, you are not eligible for additional student loans.
- If you have already borrowed the aggregate maximum ($138,500), you are not eligible for additional student loans.