Assistance with Federal Financial Aid
Peru State College Online is committed to making education accessible, and that includes helping ease financial barriers that potentially stand in the way.
To get started finding out what financial aid you might qualify for:
- Complete the Free Application for Federal Student Aid (FAFSA) form
- Enter Peru State's FAFSA school code of 002559
Tip: Submit your application as early as possible. Peru State College must receive your correct, complete information before your last day of enrollment.
Questions before you begin the process? We're here for you. Contact our Financial Aid office at:
Peru State College – Financial Aid
P.O. Box 10
Peru, NE 68421-0010
402-872-2228
Fax: 402-872-2419
2022-2023 FAFSA (Fall 2022, Spring 2023, Summer 2023)
Opens October 1, 2022 thru June 30, 2023
2023-2024 FAFSA (Fall 2023, Spring 2024, Summer 2024)
Opens October 1, 2023 thru June 30, 2024
FAFSA priority filing date
March 15th (annually)
Tip: Filing by the priority date increases your odds of receiving the best types of aid. The earlier you file, the better your chances are.
Grants, unlike loans, do not have to be repaid. Grants are awarded to undergraduate students with exceptional financial need. Students who have already earned a bachelor's degree are not eligible for grants, with the exception of the TEACH grant. Grant eligibility is based on family income, family size, assets and other information submitted on the FAFSA form.
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Federal Pell Grant – The Federal Pell Grant is need-based. It is awarded to eligible undergraduates, who have an Expected Family Contribution (EFC) up to $6,206 as calculated by the 2022/2023 FAFSA. The estimated maximum Pell Grant for 2022/2023 is $6,895.
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Federal Supplemental Educational Opportunity Grant (FSEOG) – This is a federally funded program for undergraduate students with exceptional need. Students must be Pell grant eligible. Funds are very limited.
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Nebraska Opportunity Grant (NOG) – This is a state grant and students must be a Nebraska resident, attending a Nebraska postsecondary institution, and meet the EFC requirement.
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Teacher Education Assistance for College and Higher Education Grant (TEACH) – This is a federal grant available to Junior and Senior undergraduate students, completing their degree in education. Students must be enrolled in eligible programs and have earned a cumulative GPA of at least 3.25. Students must complete the TEACH Grant initial and subsequent counseling and sign an Agreement to Service (ATS).
Federal Direct Loan Programs: Several loan programs are available to assist students with the cost of their education. Visit www.studentaid.gov to find the U.S Department of Education's information on your federal loan history, enrollment and repayment status, lenders and loan servicer(s). The following loan programs are available:
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Undergraduate subsidized loan – Awarded on the basis of financial need. Interest on subsidized loans is paid by the federal government while a student is enrolled at least half-time. Repayment does not begin until six months after graduation or unless you drop below half-time.
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Undergraduate unsubsidized loan – Is not awarded on the basis of financial need. Students are charged interest from the time the loan is disbursed until it is paid in full. Students may opt to allow the interest to accumulate while you are in school. The interest will be added to the principal of the loan. Repayment does not begin until six months after graduation or unless you drop below half-time.
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Graduate unsubsidized loan – Is not awarded on the basis of financial need. Students are charged interest from the time the loan is disbursed until it is paid in full. Students may opt to allow the interest to accumulate while you are in school. The interest will be added to the principal of the loan. Repayment does not begin until six months after graduation or unless you drop below half-time.
First-time Student Loan Borrowers must complete: Entrance Counseling and sign a Master Promissory Note for Federal Direct Loans
Federal PLUS Loan (for parents) –
interest rate
Parents of undergraduates can apply for a federal loan in the parent's name to help fund educational costs. PLUS loans are credit-based and a credit check will be performed by the U.S. Department of Education. Repayment begins immediately after it is fully disbursed. You may request a deferment while your student is enrolled at least half-time and for an additional six months after your student graduates, leaves school, or drops below half-time status.
Federal PLUS Loan Borrowers must complete: Parent Plus Loan Application and sign a Master Promissory Note
Alternative private loans are offered through a lending institution and are not a part of federal student aid programs. Interest rates and fees for private loans vary between lenders and are typically based on the credit of the borrower and cosigner. It is the responsibility of the student to research and understand the implications of borrowing an alternative educational loan. Keep in mind that alternative loans, along with other aid and educational resources, can never be more than the cost of attendance.
We strongly encourage students to file a Free Application for Federal Student Aid (FAFSA) to determine their eligibility for federal student aid and the William D. Ford Federal Direct Loan (Direct Loan) Program before considering alternatives. While there is a great range of private educational loans available, we do not recommend alternative loans in most cases, as they do not have the beneficial aspects of Federal Direct Loan programs. If you need to pursue a private loan, make sure you research lenders and get all the facts. To compare alternative loan lenders, Peru State uses ELM Select. This allows students to compare various alternative loans. These are the most used lenders by our students and this is not a preferred lender list. Students are encouraged to compare these loans with one another, as well as with alternative student loan products offered by other lenders. Students have the right to use a lender that is not listed at ELM Select.
Federal financial aid regulations require Peru State College to establish and enforce standards of Satisfactory Academic Progress (SAP). SAP is checked the first time a student applies for financial aid and prior to aid disbursement each term.
When SAP is checked for a student, all prior semesters of attendance are considered, even if the student did not receive financial aid for prior semesters.
Requirements
There are three requirements for Satisfactory Academic Progress:
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Cumulative Grade Point Average (Cumulative GPA)
Undergraduate students 2.00
Graduate students 3.00 -
Cumulative Credit Completion Rate (Cumulative Pace) Cumulative pace is measured by dividing the cumulative number of completed credits by the cumulative number of attempted credits. Students must maintain a minimum cumulative pace of 67%. For financial aid purposes, a course is considered completed if a grade of A, B+, B, C+, C, D+, D, or CR is earned. Grades of F, NR, I, and W are considered attempted but not completed.
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Maximum Attempted Credits Limit The maximum time frame for completing a degree is limited by federal regulations to 150% of the published number of credit hours required to complete the degree program.
Undergraduate degree attempted credits limit: 180 attempted credits
Graduate degree attempted credits limit: 54 attempted credits
Completed credits, transfer credits, College Level Examination Program (CLEP) credits, dual enrollment credits, and courses with grades of F, NR, I and W all count toward the maximum attempted credits limit.
The maximum attempted credits limit for students pursuing teacher certification or re-certification will be determined on an individual basis.
Treatment of the Following Types of Courses for SAP
Repeated Courses: Repeated courses count as attempted credits and, when passing grades are received, they also count as completed credits.
College Level Examination Program (CLEP): CLEP courses count as both attempted and completed credits.
Transfer Courses: Credits transferred to Peru State College from another institution count as both attempted and completed credits.
Dual Credit Courses: Dual credit courses count as attempted credits and, when passing grades are received, they also count as completed credits.
SAP Statuses
Meets SAP
The Meets SAP status is assigned to students in two circumstances: 1) It is the student's first semester at Peru State, and 2) when after their most recent semester, they meet all three standards of Satisfactory Academic Progress.
Warning
Students are placed on Warning status when, after their most recent semester of attendance, they are deficient in either their cumulative GPA, their cumulative Pace, or both. Students on Warning status are eligible to receive financial aid.
Suspension
Suspension status is assigned to students in three circumstances: 1) the student was on Warning status and at the end of their warning semester, they do not meet the standards for cumulative GPA, cumulative Pace, or both, 2) the student has reached the maximum attempted credits limit, and 3) the student has not yet reached the maximum attempted credits limit, but it is not possible for the student to complete their program prior to reaching the maximum attempted credits limit.
There are two ways students with Suspension status can earn reinstatement: 1) secure approval of an appeal (details below) or 2) pay on their own for one or more semesters until they meet all three satisfactory progress requirements, then notify the Financial Aid Office.
Probation
When a Satisfactory Academic Progress appeal is approved for a suspended student, the student is placed in Probation status and will be eligible to receive aid during the probationary semester(s). Students on probation are placed on a monitoring plan and are required to achieve a minimum semester GPA of 2.00 undergraduate/3.00 graduate and complete a minimum of 100% of all attempted credits for the semester. Students who meet the probation requirements, but still do not meet all of the Satisfactory Academic Progress requirements, will have their probation extended to their next term of enrollment. There is not a limit on the number of consecutive terms a student can be on Probation status.
Appeal Process
Students placed in Suspension status due to their cumulative GPA, their cumulative course completion rate, or both, or maximum attempted credits limit have the right to submit an appeal based on mitigating circumstances (unusual or extraordinary circumstances beyond their control that the student could not have planned for). Submission of an appeal is not a guarantee of approval.
Appeals must include the following:
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Satisfactory Academic Progress Appeal Form
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A written statement explaining: 1) the mitigating circumstance(s) that prevented the student from meeting SAP requirements, and 2) what has changed in the student's situation that will allow for a higher cumulative GPA, a higher course completion rate, or both by the end of the next SAP evaluation period.
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Third-party documentation that supports the information in the student's written statement (e.g., medical documents, obituary notices, legal documents, police reports). Statements from friends and family cannot be considered.
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Maximum Time Frame Appeal
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Attach a personal statement explaining why you have accumulated and/or attempted excess units for your degree. If you have taken or plan to take courses that are not required, give your reasons for taking them. Indicate if you have changed your major or program, and if so, why.
Examples of mitigating circumstances include, but are not limited to: serious injury or illness of the student, spouse, or child; death of a family member.
Examples of circumstances that are NOT mitigating include, but are not limited to: problems accessing required books and supplies, personality conflicts with instructor, transportation problems, loss of child's daycare provider.
Repeat Coursework
Federal regulations stipulate that federal aid may only be awarded to an undergraduate student once for a previously passed course (one repetition per class). The Financial Aid Office is required to monitor students' repeat coursework to determine financial aid eligibility. Students are not eligible to receive federal or state aid for a previously passed course repeated more than one time.
Repeat Policy Conditions
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If a student passes a course once and repeats the course for a better grade, the student may not be paid for taking the course a third time, even if the desired grade was not earned in the second attempt.
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If a student passes a course once and then repeats the course and fails the second attempt, that failure counts as their final attempt and the student may be not paid for taking the course a third time.
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For Satisfactory Academic Progress (SAP), each time a course is taken will count as an attempt when measuring progress toward a degree.
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A student may be repeatedly paid for repeatedly failing the same course.
Important Notice
Financial Aid Warning, Probation and Suspension are completely different than Academic Contract, Probation and Suspension. Appeals submitted for financial aid Satisfactory Academic Progress do not affect Academic Contract, Probation and Suspension, which has a separate appeal process. Approval of an Academic appeal does not guarantee approval of a Financial Aid appeal.
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