Financial Aid
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- Become a PSI Student
Professional Skills Institute is authorized by the U.S. Department of Education to participate in Title IV funding for those students who qualify.
Education is an investment in your future. The training you’ll receive at Professional Skills Institute increases your chances of starting a rewarding career. When you graduate from PSI, you stand a better chance of finding a career and making more money than your peers with less education.
Federal Title IV aid includes different Grants and Loans.
How to apply for Financial Aid
Students must complete the Free Application for Federal Student Aid (FAFSA). Data from the FAFSA is used in a formula established by the U.S. Congress to determine the student’s Expected Family Contribution (EFC) and, ultimately, financial need.
PSI’s Financial Aid Representatives will assist you through the following process:
- Check out 7 Easy Steps to the FAFSA for a helpful step by step tutorial on how to complete your FAFSA
Create a FAFSA ID - Gather applicable tax returns and other income documents before beginning the application process.
Click here for information on how to get a copy of your tax return - Complete the FAFSA Professional Skills Institute’s School Code: 016568 (Contact the PSI Financial Aid Department for guidance in completing the FAFSA)
- Complete your Enrollment at PSI
- Complete a Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)
- Complete Entrance Counseling
Contact PSI’s Financial Aid Department for help in completing all of your required applications and paperwork.
Types of Federal Title IV Aid
Grants
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, 2023 to June 30, 2024 | $7,395 |
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 Supplemental Educational Opportunity Grant (FSEOG)
Each year PSI makes a limited number of awards to students through the Federal Supplemental Educational Opportunity Grant (FSEOG) program. These funds are reserved for students who qualify based upon exceptional financial need. The financial aid officer determines who will receive a FSEOG award and the amount awarded, based on need, not to exceed the program maximum.
Federal Work-Study (FWS) Program
The Federal Work-Study program (FWS) provides employment for students who demonstrate financial need and who must earn part of their educational expenses. The program encourages community service work and work related to a student’s program of study. FWS employment is arranged with public or private non-profit agencies off campus, and the work performed must be in the public interest. FWS employment opportunities are also available on campus in a variety of student services positions. Eligibility for participation in the FWS program is determined by the Institute’s Financial Aid Office, based on the student’s financial need and academic progress.
Loans
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.
Loan Limits
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:
Dependent Students:
Direct Subsidized Loan $23,000
Combined Loans $31,000
Independent Students:
Direct Subsidized Loan $23,000
Combined Loans $57,500
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 receive 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 student’s educational expenses. The applicant’s credit history will be reviewed to determine eligibility for the loan. The fixed interest rate is 8.05%, effective July 1, 2023.
To receive a PLUS loan, your dependent student:
- Must have a completed FAFSA on file at Professional Skills Institute
- Must be enrolled at least half time
- Must be maintaining Satisfactory Academic Progress
- Must meet all other requirements of Title IV aid, as determined by the Department of Education
The maximum amount that the parent may borrow under the Federal PLUS loan program, is Cost of Attendance minus any other aid (scholarships, grants, loans, waivers, etc.) received by the student.
Interest Rates
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 are for Direct Loans first disbursed on or after July 1, 2023, and Before July 1, 2024
| Loan Type | Borrower Type | Interest Rate |
|---|---|---|
| Direct Subsidized Loan: | Undergraduate | 5.50% fixed rate |
| Direct Unsubsidized Loan: | Undergraduate | 5.50% fixed rate |
| Direct Plus Loan: | Parent | 8.05% fixed rate |
Non-Title IV Financial Aid
AmeriCorps
AmeriCorps is a national service program providing tuition assistance in exchange for community service. For more information go to www.americorps.gov or contact the AmeriCorps National Service Office at 1-800-942-2677.
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.
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.
Private Alternative Loans
Some lending institutions offer private alternative loans to students to help cover educational expenses. These loans typically require that the borrower has good credit and/or a credit worthy co-signer. Additional information on private alternative loan lenders can be obtained from the Director of Financial Aid. Students are encouraged to utilize all other funding sources before considering an alternative loan.
Union Education Trust
Provides eligible bargaining unit employees with educational financial assistance through their employer.
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.
Veteran Benefits
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.
Self Pay
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.
