PSP Tuition and Financial Aid

In the Professional Studies Program, we realize that working adults have many financial obligations to balance. That's why we keep tuition down and provide valuable assistance with financial aid.

Full-Time Students

A typical PSP student takes 12 units per semester and thus is full-time; tuition per semester in this case is approximately $5,400.

Financial Aid

The following financial aid programs are available to Professional Studies Program (PSP) students. Both grants (funds that do not need to be repaid) and loans (funds that need to be repaid) are available to those who qualify. Completion of the Free Application for Federal Student Aid (FAFSA) is required.

Need-Based Grants

Federal Pell Grant

This grant is up to $5,500 for the 2010-11 academic year. Individual awards depend upon enrollment status and Expected Family Contribution (EFC).

CAL Grants (A and B)

The California Student Aid Commission (CSAC) is the state agency that administers and awards the Cal Grants, which are a combination of need- and merit-based awards. California residents are required to file their FAFSA and GPA Verification Form before March 2nd to be considered for a Cal Grant for the upcoming academic year. CSAC notifies students of their eligibility or ineligibility, usually by the end of May. In recent years, the maximum amount of Cal Grant A has been $9,708, and for Cal Grant B, it has been $11,259. At least half-time enrollment (6 units) is required to receive a Cal Grant, and the amounts are prorated accordingly. For students who have received a Cal Grant previously, please make sure that you contact CSAC at 1-888-CA-GRANTS to inform the agency that you will be attending Menlo College. CSAC will notify Menlo College if your Cal Grant can be renewed.

Federal Loans

The loans described here are government-supported, low-interest loans made through banks and other lending institutions. At least half-time enrollment (6 units) is required.

Federal Direct Loans are available for eligible students. In addition to the Free Application for Federal Student Aid (FAFSA), students must complete a Master Promissory Note (MPN) to apply for these loans. There are two types of Stafford Loans available:

• Subsidized Direct loans are need-based. The federal government pays the interest on the loan while you're in school, during the grace period before repayment begins, and during periods of approved deferment. Monthly payments begin six months after you graduate, drop below half time or withdraw from school. At least half-time enrollment is required.
• Unsubsidized Direct loans may be taken out by all qualified students, regardless of their income or assets. You must meet the same requirements as those for subsidized Stafford loans, except you don't have to demonstrate financial need. Interest accrues from the time the loan is disbursed, and interest payments begin immediately but can be deferred. It's to your advantage, however, to pay the interest while you're in school. This way, your debt will be the principal amount only when you start repayment. At least half-time enrollment is required.

The interest rate on new Direct Loans is fixed at 5.6 percent.

Total combined loan limits for subsidized and unsubsidized loans range from $5,500 to $12,500 per year depending upon the student's educational grade level and dependency status.

Parent PLUS loans enable parents or stepparents to borrow up to the total cost of attendance, minus any other aid their child may receive. PLUS loans are for undergraduate study only and are not based on your family's income or assets. These loans are always unsubsidized. Parents must go through a credit approval process to qualify. If a parent is not approved by a lender for the PLUS loan, the student may receive additional unsubsidized Stafford loans at a level of $4,000 for freshmen and sophomore and $5,000 for junior and senior. At least half-time enrollment is required.

As of July 1, 2006, the interest rate on new PLUS Loans is fixed at 7.9 percent.

Employer Reimbursement

Students in the Professional Studies Program who are eligible for tuition assistance from their employer must submit a completed Deferred Payment Certification Form, available from the Finance Office.