1. COST OF EDUCATION/EDUCATIONAL BUDGETS
- Financial Aid is the economic resource available for the payment of the Cost of Education expenses related to a particular field of studies. The Cost of Education includes the following items:
- Tuition and Fees
- Books and Educational Materials
- Equipment
- Room and Board
- Transportation
- Personal Expenses
- Child Allowances
- Special Electives
- Computer Rental/Purchase
- Other Relevant Expenses
- The STUDENT’S EDUCATIONAL BUDGET represents an approximation of the amount of expenditures for a particular Class and Year of studies (FIRST, SECOND, THIRD, OR FOURTH, etc.) The student’s educational budget is the foundation for the determination of financial aid awards. These budgets are distributed annually and are also available in the OSFA for review.
- The financial obligation is primarily the responsibility of the student and their family. That is why it is extremely important to discipline yourself with a well-thought-out budget for using your money during the academic year. Developing a realistic budget-and sticking to it-gives you a head start towards a financially secure future.
2. STUDENT ELIGIBILITY
- Student must be U.S. citizen or permanently reside in the U.S.
- Student must be enrolled or accepted for enrollment at least as a half-time student at Ponce Health Sciences University.
- If currently enrolled, the student must maintain satisfactory academic progress according to the norms established by the school.
- Student cannot be in DEFAULT in any Federal Program or owe any refund at a school previously attended.
- Student must show financial need to be eligible for loans and scholarships that are need based.
3. REQUIRED DOCUMENTS
To be considered for financial aid, students must submit the following documents by the deadline, typically in late April or May, before the start of the award year:
- Free Application for Federal Student Aid (FAFSA) or FAFSA Renewal, processed by the U.S. Department of Education.
- Ponce Health Sciences University Forms:
- Loan Request Form
- Student Authorization Form
- Master Promissory Note (MPN) - Required for all loan borrowers.
- Proof of U.S. Citizenship or Eligible Noncitizen Status (e.g., birth certificate, passport, certificate of naturalization, or other acceptable documents).
- Additional documents as required by federal regulations or other funding sources.
Verification Process
Students selected for federal verification must submit additional documentation to confirm FAFSA data before financial aid can be awarded or disbursed. Those selected will receive a notification detailing the required documents and deadlines.
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Required Verification Documents:
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Completed Verification Worksheet (Dependent or Independent, as applicable).
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Tax Filers: Signed copies of the IRS or Puerto Rico Tax Return.
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Non-Tax Filers: Signed Statement of Income Source and supporting documents.
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Tax Responsibility Data, if applicable.
The Verification Worksheet also collects essential information, including:
- Household size
- Number of family members in post-secondary education
- Adjusted gross income
- Tax liability
- Pension and IRA contributions
- Other taxable income and interest earned
Once all required documents are received, any necessary FAFSA corrections will be made through the FAA Access system. After the corrected Institutional Student Information Record (ISIR) is processed, eligible aid will be disbursed.
Resolution of Conflicting Information
If conflicting information arises from submitted documents, it must be reviewed and resolved before aid is disbursed. Common sources of conflicting data include:
Students will be notified if additional clarification or documentation is required. Failure to resolve discrepancies may delay or affect eligibility for financial aid.
Unsolicited Information
The regulations do not distinguish between information that the school receives because of its own request and that which is unsolicited. If anyone working in an official capacity at the institution receives information-via email, regular mail, fax or in person- the information is considered received for financial aid purposes.
The school is not permitted to ignore or shred documents that may substantiate the student or parents’ eligibility for federal funded financial assistance.
Institutional Responsibility
The institution as a whole is responsible for notifying the financial aid office of any information that may affect a student’s eligibility for Title IV programs. Information received by any institutional office is relevant and its effect on student’s eligibility is pertinent. Such information must be communicated to the Financial Aid office and any conflicts resolved before originating and/or disbursing financial assistance.
In order to solve conflicting information, the OSFA collects documentation, recalculates EFC and submits corrections to CPS, as appropriate. No disbursements are allowed until conflicting information is resolved.
Comment Code Resolution (C-Code)
“C” codes are generated by CPS through data matches to point out a possible question about FAFSA data or to inform the applicant that an assumption was made on missing or inconsistent FAFSA data. Resolution of ISIR/SAR C codes or submission of correction data is not required for the system to calculate an EFC; however, institutions are required to retain documentation of ISIR/SAR C code resolution. Examples of questionable data from the data match that would result in ISIR/SAR C codes include: Pell grant or federal loan overpayments; no confirmation for qualifying veteran; no confirmation of US citizenship; no confirmation for eligible non-citizen status; not registered for Selective Service; and a FAFSA response indicating drug related convictions.
Unusual Enrollment Verification Procedure
The Department of Education has implemented federal regulations in an effort to prevent fraud and abuse in the Federal Student Aid Program by identifying students that have received federal Pell Grants and/or Direct Loans at multiple institutions for the last four consecutive funding years.
The Office of Student Financial Aid at Ponce Health Sciences University will review the student’s completed evaluation report including all official academic transcripts from all colleges and universities attended during the review period. If federal Pell Grants and/or Direct Loans were received and credit hours were not earned at each of the institutions attended, additional documentation will be requested. Documents must be emailed to psmfinstu@psm.edu.
All required documentation must be received and the UEH flag must be resolved before a student is eligible to receive federal student aid.
4. EVALUATION PROCESS
Upon receipt of the documents for each student, the staff of the OSFA reviews the forms, determines the educational needs of applicant, prepares and forwards the Award Notification (notification of the financial aid being offered).
The amount of allocated funds to the student depends upon the economic need that the
student demonstrates through a process known, as “need analysis”.
The first step in this process is the determination of the Expected Family Contribution (EFC) by the Federal Government through the personal income data presented by the student and his family in the FAFSA to the US Department of Education. This presentation of data must be submitted annually to the US Department of Education.
The second step involves the following basic calculation:
Student Educational Budget -Expected Family Contribution = FINANCIAL NEED
The third step consists in the awarding of Financial Aid. The student may not receive financial assistance from all funding sources, need based or non-need based, in excess of the stipulated financial need. A need-based source requires that the student demonstrated financial need through the need analysis of the federal government. If a student demonstrates no financial need, he may borrow funds from non-need based funding sources for an amount that does not exceed the total cost of education as approved by the school. Those students that will be recommended for scholarship programs will be presented to the Scholarship Committee for approval of awards. The students awarded any financial aid will receive an “Awards Notification” indicating the amount of the aid and the educational budget used in the awarding process. This notification is sent electronically to the student’s PHSU email. The student is told the timeframe for presenting any questions regarding the awards; if none are submitted then the financial aid award is considered to be accepted in its entirety by the student.
5. DISBURSEMENT OF FINANCIAL AID
At the beginning of each Award Year (academic year), upon completion of the registration period and commencement of classes, the OSFA will proceed to inform the Accounting Department of the student’s awards. The Accounting office will determine if any funds will be disbursed directly to the student. Disbursements will occur, if possible, at the beginning of each semester, quarter, trimester, or midterm of a certification program, however, this depends upon several factors such as application and approval dates of the aid, electronic transfer date, academic calendar’s periods of enrollments and the administrative procedures required prior to disbursements. Confirmation of the academic progress by the Registrar and OSFA verifies that the same coincides according to federal program regulations is required prior to disbursement.
The student receiving aid will receive a “Disbursement Notification” from the OSFA, indicating the projected date that Accounting might begin accrediting the student’s account and providing any applicable credit balance. A receipt of the disbursement transactions will be given to the student each semester or trimester. In addition, the Accounting office will periodically inform each student of the outstanding balance with the school.
6. CHANGES TO FINANCIAL AID AWARDS
The student who desires to increase the original request of the loan or cancel a portion of the loan, and or any other adjustments, must provide a written request to the OSFA. The request should be presented prior to the end of the first semester or trimester of the actual Academic Year. The deadline of this period for adjustment occurs in November. Refer to the OSFA Annual Calendar for specific date.
7. CERTIFICATION OF FINANCIAL AID NEED OR AWARDS
Certification of the student’s educational expense budget, financial need and/or financial aid award will be provided upon request of the student. The OSFA will require at least three (3) days for the processing of this request.
TYPES OF FINANCIAL AID PROGRAMS
The financial aid programs available are of four major classifications:
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SCHOLARSHIPS - monies awarded for specific reason, such as economic need, academic preparation, etc.
GRANTS AND SCHOLARSHIPS, ASSISTANTSHIP/FELLOWSHIP
The Office of Student Financial Aid, as well as other departments of Ponce Health Sciences University, receives notification of grants, fellowships, assistantships, etc. Notification of the purpose, amount of award, requirements, deadlines and other specific information will be posted and whenever possible, distributed directly to the student by PHSU email communication. Specific information is available at the OSFA. The different divisions of the US Armed Forces provide scholarship support to our students for commitment in their different branches. The Commonwealth of Puerto Rico offers through the Puerto Rico Counsel Education (CEPR) several programs. At present PHSU receives from CEPR funds for “Ayuda Suplementaria Graduada” (State Grants Funds) whereby PHSU select the candidates.
INSTITUTIONAL SCHOLARSHIPS
The Board of Directors of Ponce Health Sciences University will determine the availability of Institutional Scholarship Funds. The Scholarship Committee will coordinate the awarding procedures of the institutional scholarship to any student.
FEDERAL LOAN PROGRAMS-US DEPARTMENT OF EDUCATION TITLE IV
Federal Direct Loan Program
Federal Direct Loans are the Department’s major form of self-help aid and are available through the Federal Direct Loan Program. (As a result of the Budget Control Act of 2011, SEC. 502, subsidized loans cannot be awarded to graduate and professional students if the loan period begins on or after July 1st, 2012).
Direct Unsubsidized Loan
This loan is essentially the same as the Subsidized loan except that the borrower is responsible for the interests that accrued while in school. Grace period of six months commences upon graduation or withdrawal. The borrower has a ten year repayment term. Accrued and upaid interest will eventually be capitalized. These loans should be paid off as quickly as possible. The capitalization terms are found in the promissory note that the student must sign prior to disbursement of funds. The loan interest rates are established annually by federal government and the OSFA announces current rates. As per federal regulations, an origination fee is deducted from the approved awarded amount of the student.
Graduate PLUS Loan
As a graduate or professional student, you are now eligible to borrow under the PLUS Loan Program up to the cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans (a federal loan program that permits parents to obtain funds to meet any pending educational cost) also applies to Graduate and Professional PLUS Loans. The features of this loan program include: a) requires that you do not have adverse credit history, b) repayment beginning on the date of the last disbursement of the loan, c) a fixed interest rate of 7.54% July 1st, 2022 until June 30th, 2023, Federal Direct PLUS Loan program requires an application and a signed Master Promissory Note (MPN); to do so, visit www.studentaid.gov.
Note: For Graduate PLUS loans, forbearances and deferments are available if you qualify; contact DL Servicing at 1-800-848-0979 for more information.
Alternative Loan Program
Alternative loans are private loans that can supplement student’s federal loans. Unlike federal loans, the Federal Government does not guarantee these loans. The specific lending institution desginates the funds. An approval, therefore, is based upon the aplicant’s credit history and other requirements of the lending institution. The availability of these funds should be verified before applying.
Historical Private Lender List
PHSU does not deny or otherwise impede the student’s choice of a private lender or cause unnecessary delay in loan certification of these loans. The following is a list of the private loans that have been most commonly selected by our students during previous academic years, however, we reiterate that the student may select any other lender they deem will meet their financial need.
FEDERAL DISBURSEMENT POLICY
A school must notify the student in writing (paper or electronic) when Direct or Grad PLUS loan funds are being credited to a student’s account. The notification should include the following:
Under the US Department of Education regulations, you have the right to cancel all or part of the loan(s) within 14 days of the date of loan notice indicating the funds accredited to your account in the Accounting Office. If you wish to cancel all or part of the loan(s) prior to a refund being generated (if eligible), please request it by email or visit the OSFA or the Accounting office. If you decide to cancel all or part of the loan(s) after you received a refund check or direct deposit (if eligible), you must submit an email request to psmfinstu@psm.edu or make the request in person.
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