Financial Aid2020-04-16T19:33:40+02:00

Financial Aid

One of the benefits of attending PSU is the opportunity to utilize PSU financial aid on the ALBA program. While it can take some work and patience, the funding can be well worth the time spent.

Apply for financial aid only if you need it

Make sure you fully understand the process and what it implies before going through it.

At least 8 weeks in advance

Although most of the steps will only take 30 minutes, you will sometimes have to wait for the other parties involved to process your request. The ideal time for requesting financial aid is two terms in advance.

Keep on it

The process requires you to be attentive and follow up on your status.
Check both your personal email and your myPSU student portal (you will acquire one along the process) on a regular basis.

Stay in touch

Involve your advisor at your home institution and reach out to ALBA to let us know where you are during the process. We have the experience, so do not hesitate to seek our advice.

This is how it’s done

STEP 1

Apply to ALBA Study Abroad

Submit your application for the ALBA term(s) of your preference. Make sure you check the financial aid box within the application form.

STEP 2

Create a PSU (ODIN) Student Account

  1. Make sure you meet the admission requirements for transfer students.
  2. Create a PSU (ODIN) Student Account. This will give you access to BanWeb, for submitting and viewing your online application.

STEP 3

Apply to PSU as a transfer student

  1. Study the application process.
  2. Login to your BanWeb account and follow the steps to apply* to Portland State University as an “Undergraduate Transfer”. Select “fee deferral” under payment options, the exemption will be automatic.
  3. Request official transcripts to be sent from all prior colleges to PSU.
  4. Check your application status. You will be notified by email about the status of your application. You can also check the status of your application by logging into your BanWeb account.

*The application process will cost you $50. ALBA will reimburse the student onsite in Barcelona.

Wait for PSU acceptance: 2-4 weeks

STEP 4

Admitted to Portland State University

  1. Follow the instructions in your admissions letter to activate your myPSU student portal.
  2. Access your myPSU and click on the “School Tools” tab to visit your new PSU-email. Setup email forwarding from your PSU-email to your personal email, that way you won’t miss any important notifications.

STEP 5

Request Financial Aid for attending Portland State University*.

  1. If you have been awarded Financial Aid for your current school.
    1. Login to your FAFSA  and add Portland State University to your listed institutions by including the following Federal School Code: 003216
  2. If you have not yet been awarded Federal Student Aid:
    1. Create an FSA ID
    2. Login and complete your FAFSA (Free Application for Federal Student Aid. Before you reach the end of the form you must add PSU to the list of institutions you are attending. Include the following Federal School Code: 003216

*Remember: You will be a Portland State University student while studying abroad with ALBA. This will not affect your standing at your current institution.

Wait for award notification: 2-4 weeks

Step 6

Accept your award

You will receive notification of your award through your PSU-email. If results are favorable:

  1. Log into myPSU and accept your financial aid award*. Do this at least two weeks prior to the start of PSU’s term, or the release of your funds will be delayed.
  2. Set your “refund preferences” to Direct Deposit.

*If you are required to pay a $200 financial aid fee, ignore it, this is does not apply in your case.

Step 7

Study abroad through PSU

Complete the VikingsAbroad orientation and advising process with PSU Ed Abroad.

Step 8

Pay your account balance

  1. Financial aid funds will be disbursed to your myPSU portal 10 days prior to the start of the term.
  2. Pay for ALBA through PSU before the beginning of the term. Log into your myPSU portal, navigate to the “Finances” tab and and pay your bill.

Financial Aid FAQ’s

What types of Federal Aid might I be eligible for?2019-10-23T15:59:56+02:00

Grants:

  • Federal Pell Grant: Never needs to be paid back, and awarded to students who have the lowest Expected Family Contributions.

Loans:

  • Federal Direct Loan: Subsidized (need-based) and unsubsidized (non-need-based) low-interest federal loans.  Dependent freshmen can borrow up to $5,500 per year; loan amounts increase during the sophomore and junior years, and independent students can borrow higher amounts.  Several repayment plans are available.
  • Federal Direct Parent PLUS Loan: This is a loan that credit-worthy parents can apply for to help pay the cost of education for their dependent undergraduate children. Parents can apply for these loans at www.studentloans.gov.  PSU will receive and process applications for eligible applicants.  The funds will come to PSU to pay toward the students’ charges.  Parents may apply for up to the student’s Cost of Attendance minus the financial aid that the student will receive.
How does PSU determine financial aid eligibility?2019-10-23T15:59:39+02:00

PSU will subtract your EFC, adjusted for length of the ALBA program, from a Cost of Attendance calculated specifically for that program.  The difference will be your federally defined ‘need.’ PSU can then award the financial aid for which you qualify based on that level of need.

Am I eligible for financial aid?2019-10-23T16:14:02+02:00

You’ll need to submit the FAFSA (Free Application for Federal Student Aid) to find out.

The FAFSA instructions will guide you through the process. As you complete the form you’ll determine, for example, whether you need to provide parent information, who counts as a member of your household, and whether you need to report assets.  Your information will be used to calculate an  Expected Family Contribution (EFC), which is an index that schools use to determine your financial aid eligibility. At the end of the FAFSA form, it will ask you which colleges or universities you want it sent to. You will want to have it sent to every school you’re considering attending next year, including PSU. PSU’s Federal School Code is 003216.

Does ALBA offer financial aid?2019-10-23T16:01:13+02:00

Yes! ALBA is proud to offer federal financial aid via our primary institutional partner and School of Record, Portland State University. For instructions on how to apply for aid, please click here.