PSI's school code is 016568.
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.
The maximum amount of the award is $5550 from July 1, 2011 to June 30, 2012 depending upon eligibility. Note: Individuals who have obtained a bachelor degree or higher are not eligible to participate in the Federal Pell Grant Program according to Federal guidelines.
Stafford 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 are no longer enrolled as a half time student.
There are two types of Stafford loans:
Subsidized Stafford Loan: A need based loan on which the government pays the interest while the student is enrolled in school at least half time.
Unsubsidized Stafford 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)|
|For loans first disbursed between July 1, 2011 and June 30, 2012:|
|Subsidized Stafford Loan:||3.4% fixed rate|
|Unsubsidized Stafford Loan:||6.8% fixed rate|
A low interest loan applied for by parents to pay for the student’s educational expenses. The student must be enrolled a minimum of half time and the applicant’s credit history will be reviewed to determine eligibility for the loan.
|Federal Parent Plus Loan:||7.9% fixed rate|
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.
Students living in Ohio and Michigan may qualify for WIA 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 WIA. Interested students should check with the WIA 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.
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, with the exception of a student's first quarter. First quarter tuition and fees must be paid in full prior to the start of classes and by the due date established by the school, which is generally one month prior to the start of classes.
Financial Aid appointments are scheduled by the Financial Aid Office once the applicant has been accepted.
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.