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2017-18 Understanding/Accepting Your Financial Aid Offer

Understanding & Accepting Your Financial Aid Offer

We understand that the financial aid process can be confusing – even after you have received your offer of financial aid. The pdf document on this webpage is intended to assist you in answering questions that students usually ask, as well as outlining the steps necessary to finalize your award.

Questions?

If you have any questions that are not answered on this page, please stop by the Office of Student Financial Services at PLU and speak to a Student Financial Services Specialist.

Or, at any stage in the financial aid process, please call us at 253-535-7161, toll free at 1-800-678-3243 or email us at sfs@plu.edu.

Scholarships & Grants

Scholarships and grants are “gift assistance” – funds that you do not need to pay back. Grants are generally need-based, while most scholarships are awarded for academic merit or artistic talent. Most scholarships require you to maintain a minimum GPA for renewal. All scholarships and grants not preceded with “Federal” or “State” are PLU-funded awards.  For more information about the scholarships and grants you’ve been offered, go to the scholarship webpages.

Student Loans

The Federal Direct Loan is a low-interest, long-term loan that allows you to finance your educational cost over an extended period of time. Interest rate is fixed and locked every July 1, based on the 10-year Treasury Bill rate + 2.05%. Repayment begins six months after graduation or when you drop below half-time enrollment. A 1.069% origination fee is deducted from the loan prior to disbursement.* Annual loan maximums for dependent students are:

  • $5,500, for first-year students
  • $6,500, for second-year students
  • $7,500, for third and fourth-year students

* Subject to change after Oct. 1, 2017

Work Study

Federal and State Work Study is an opportunity to work on or off campus in a part-time job. Work Study will NOT reduce the amount you owe PLU, as jobs are not guaranteed and any paycheck earned is paid directly to the student.

Regardless of where you enroll in college you incur similar costs for books, supplies and personal expenses. Transportation costs will depend on a number of variables:

For Example:

  • How far you have to travel to attend college OR
  • Whether you decide to live at home, in a residence hall or in an off-campus apartment/house

These costs, when added to your tuition and fees, make up your total “Cost of Attendance.” Our estimate of your total cost of attendance at PLU is provided on your award letter.

“Net Price” is the difference between your cost of attendance minus any scholarships and grants awarded to you.

Your “Bottom Line,” what you will owe to PLU, is the difference between the university’s total expenses for tuition, fees and on-campus housing (if living on-campus) minus your scholarships, grants and any loans you choose to borrow. When comparing your out-of-pocket costs to attend different schools, you should be comparing each school’s bottom line and how much in loans you will need to borrow to get there. {COMPARISON WORKSHEET?}

All of these calculations for PLU are provided on your award letter. If any of the information or assumptions listed are incorrect, please let us know so we can provide you with the most accurate information upon which to base your college choice.

To contact us call us at 253-535-7134, toll free at 1-800-678-3243 or email us at finaid@plu.edu.

We have pre-accepted all of the scholarships and grants on your award letter. You have the option to accept or decline the student loans and Work Study award.

To accept or decline:

  1. Go to banweb.plu.edu and click on Enter Secure Area (Banner Self-Service){THIS NEEDS TO BE CHECKED}
  2. Enter your PLU ID and PLU issued PIN. Your PIN, along with your PLU ID, will be used each tie you access your financial aid, student account or registration records in Banner.
  3. Select Financial Aid Services.
  4. Select Award.
  5. Select Award by Aid Year.
  6. Select Financial Aid Year 2017-18.
  7. Select Submit.
  8. You will be prompted to make a decision on the loans and Work Study that have been offered. You may select Accept, Decline, or Undecided. Select Submit Decision or, if you wish to accept the entire offer in the original form, simply select Accept Full Amount All Awards. Once you have selected Submit Decision or Accept Full Amount All Awards, the screen will show the current status of your award.
  9. If you have been offered a Federal Pell Grant, you cannot accept it online. The Financial Aid Office will accept this fund once we have confirmed your eligibility with the U.S. Department of Education.
  10. For financial aid policies and procedures, please go to our 2017-18 Financial Aid Handbook.

  1. Submit your $200 Enrollment Deposit to the Office of Admission
    Submitting your deposit puts you in the queue to register for classes and to select your residence hall preferences. You can now also create your PLU epass account. Twenty-four hours after doing so, your PLU email address will be established. This is our primary means of communicating with you, so be sure to check it regularly.
  2. If you are accepting to borrow the Federal Direct Loan for the first time, complete the Entrance Counseling and Master Promissory note. These completed processes will not be reflected as satisfied on Banner Web until July 1, 2017. {DATE NEEDS TO BE UPDATED}
  3. If you have been selected for the Verification Process, go to your Banner Web account and download the appropriate Verification Worksheet or go to Verification Worksheets. Provide the IRS tax information via the IRS Data Retrieval Tool. If you are unable to use the Retrieval Tool order a Tax Return Transcript.
  4. If you have been awarded the Washington State Need Grant or another state grant, you must complete the Student Directive for State Aid. {WHERE DO THEY TURN THIS IN}
  5. If you are accepting to borrow the Federal Nursing or Perkins Loan, you will be sent an email with instructions for completing the online entrance counseling and promissory note. This email will arrive in your PLU inbox in August for fall semester.
  6. You will be billed each semester for charges as they are incurred. If your financial aid is less than your university charges, you have several payment options {LINK TO APPROPRIATE WEBPAGE}

  1. When you finalize your award, you will be assigned a personal counselor from the Office of Student Financial Services {NEEDS TO BE CHECKED}. You counselor will assist you with your financial obligations. You will be contacted through your PLU email address.
  2. Residential Life will contact you with information on the roommate and residence-hall selection process if you are planning to live on-campus (as well as other move-in and new student orientation information).
  3. You can begin looking for on-or-off-campus jobs on the Student Employment website after May 31, 2017. You must bring government-issued picture ID and complete the Federal I-9 form at PLU before you can begin working.
  4. Financial aid disburses on to your PLU student account at the beginning of each semester. If your financial aid award (excluding Work Study) exceeds your university charges, you are entitled to a refund which is delivered via U.S. Postal Service or electronically auto-deposited if you provide banking information.