Professional Skills Institute is authorized by the Department of Education to participate in Title IV funding for those students who qualify.
In order to apply for Title IV funds, a student must complete the Free Application for Federal Student Aid (FAFSA) for that particular award year.
Types of Federal Title IV Aid
Federal Pell Grant:
A Pell Grant is funding provided by the government for students who need it to pay for college. Grants, unlike loans, do not have to be repaid. Eligible students may receive a specified amount each year under this program.
|Pell Grant Maximum Amounts depending upon eligibility.|
|Award Year:||Maximum Amount:|
|July 1, 2016 to June 30, 2017||$5815|
|July 1, 2017 to June 30, 2018||$5920|
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six year equivalent is 600%. A student can monitor how much Pell Grant they have used by accessing the National Student Loan Database System. Once a student reaches 600% they are no longer eligible to receive Pell Grant no matter what school they attend.
Individuals who have obtained a bachelor degree or higher are not eligible to participate in the Federal Pell Grant Program according to Federal guidelines.
Federal Direct Loan:
Direct loans are financial aid that requires repayment. Students must be enrolled a minimum of six credit hours and repayment of the loan generally begins within six months after you graduate or if no longer enrolled as a half time student.
There are two types of Direct loans:
Direct Subsidized Loan: A need based loan on which the government pays the interest while the student is enrolled in school at least half time.
Direct Unsubsidized Loan: No financial need is required to be eligible for the unsubsidized loan. A student's total financial aid package though, including the unsubsidized loan cannot exceed the cost of education. Interest does accrue while the student is in school.
|Dependent Students:||Up to $5,500 for first year (up to $3,500 may be subsidized)|
|Up to $6,500 for second year (up to $4,500 may be subsidized)|
|Independent Students:||Up to $9,500 for first year (up to $3,500 may be subsidized)|
|Up to $10,500 for second year (up to $4,500 may be subsidized)|
Undergraduate Loan Aggregate Limits:
|Direct Subsidized Loan||$23,000|
First Time Borrower and New Student Policy
It is a federal regulation that all first time borrower's Federal Direct Loan disbursement, in the first quarter only, will be delayed for 30 days after the start of the quarter.
Federal Direct Loans Maximum Completion Period
If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct Plus Loans. If this limit applies to you, you may not recieve Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your maximum eligibility period.
Federal Parent PLUS Loan:
A low interest loan applied for by parents to pay for the students educational expenses. The student must be enrolled a minimum of half time and the applicants credit history will be reviewed to determine eligibility for the loan.
The interest rate varies depending on the loan type and (for most types of federal loans) the first disbursement date of the loan. The interest rate is a variable interest rate (capped at 8.25%) until the loan is established, then it becomes a fixed rate.
Interest rates listed below effective 07/01/2017.
|Loan Type||Borrower Type||Interest Rate|
|Direct Subsidized Loan:||Undergraduate||4.45% fixed rate|
|Direct Unsubsidized Loan:||Undergraduate||4.45% fixed rate|
|Direct Plus Loan:||Parent||7.00% fixed rate|
Interest rates become a fixed rate for the life of the loan once the loan has been established. The Department of Education apply loan fees prior to disbursing funds to the school. (Direct loan fees from 10/01/17 to 09/30/18 are 1.066% and PLUS loan fees are 4.264%)
Non-Title IV Financial Aid
Bureau of Vocational Rehabilitation (BVR):
This organization provides funding for eligible students who have a physical or mental disability that inhibits them from certain types of work. An appointment for an evaluation by a BVR counselor is necessary and a determination by the BVR office needs to be made before entering any academic program.
Workforce Innovation and Opportunity Act (WIOA):
Students living in Ohio and Michigan may qualify for WIOA funding from their state. Funds are generally for students who are permanently laid off from work due to plant closings or cutbacks (dislocated workers) or low-income students eligible for training funds through WIOA. Interested students should check with the WIOA office at their county Department of Jobs and Family services.
Veterans attending PSI may be eligible to receive benefits through the Veterans Administration (VA). Each VA program has individual requirements for eligibility. Interested candidates can contact the VA at (800) 827-1000.
Ohio National Guard:
Students who are enlisted in the Ohio National Guard may be eligible to receive a grant to pay for a percentage of their tuition. Interested students should contact their local guard unit for details and an application.
Monthly or quarterly payment arrangements can be made. Payments may be spread over the period of time that the student is in school.
Professional Skills Institute follows all guidelines set by the Department of Education for Title IV funding and also the guidelines set forth by outside agencies that are funding students tuition.