FINANCIAL AID | Federal Programs
Pell Grant
This is a federal grant for students
who show financial need. Pell grants range from $400-4731 for the 2008-09 school year at full time.
You do not necessarily have to be enrolled full time to receive a Pell grant.
Pell grants are adjusted depending on the amount of units taken up to 12 units.
Academic Competitiveness Grant (ACG)
For students who have graduated since 2005 may be eligible to receive the ACG.
Each student must be a Pell eligible student. Students who have completed a rigorous course of study after January 1st of
their senior year will receive an ACG. The ACG amount is $750.00 for first year
students and $1300.00 for second year students. Students must be taking at
least 12 units per quarter. The last portion of the FAFSA will ask you the
course of studies taken and if you fit the criteria verification will be needed.
Please contact us for more information.
FSEOG
The Federal Supplemental Education Opportunity
grant is available for those who have an EFC of zero. The award amount for the
year is $500.00. Those who are eligible will receive $166.68 per quarter. FSEOG
funds are reasonably available to all who qualify throughout the year.
Federal Subsidized Stafford Loan
Subsidized Stafford loans are based on financial
aid need. Interest is paid by
the federal government (subsidized) while the student is enrolled at least
half time. Payment of both interest and principal begins 6 months after the
student graduates, or drops below half time. The interest is based on an annual
fixed rate (6.0% in school; 6.0% during repayment in 2008-2009).
The FAFSA is required to apply for this loan.
Students need to complete a Master Promissory Note (MPN) to apply. Students applying for a loan will also be required to complete an entrance counseling with the Financial Aid Officer or at www.edfund.org. An exit counseling can also be done online at www.edfund.org. Loan application will also be obtained through the financial aid office. Additional information and instruction will be sent with the Award Letter.
Federal Unsubsidized Stafford Loan
A loan available to students who do not qualify,
in whole or in part, for a Subsidized Stafford Loan. The student is responsible
for the interest while enrolled. Repayment may be deferred until 6 months after
the student graduates or drops below half-time enrollment. Interest accrues
during the time the student is enrolled. The interest rate is based on an
annual fixed rate (6.0% in school; 6.0% during repayment in 2007-2008).
The FAFSA must be completed to apply for this loan. Students may also need to
complete a Master Promissory Note (MPN) to apply for the loan. Additional
information will be sent with the Award Letter.
Federal Parent Loan (PLUS)
Available to parents and graduate students to
cover educational expenses. May borrow up to the cost of attendance minus
financial aid. Interest rate is variable not to exceed 9%
(8.5% for the 2007-2008 school year.) Interest and repayment begin while
student is enrolled. The FAFSA is required to apply for
the loan and eligibility is based upon the credit of the parent.
Stafford Loan Limits
| Dependent Students (Parents can borrow PLUS) |
Base Subsidized (All Students) |
Additional Unsubsidized | Total |
|---|---|---|---|
| Freshman (1-49 units) | $3500 | $2000 | $5500 |
| Sophmore (50-99 units) | $4500 | $2000 | $6500 |
| Junior and Senior (100-200 units) | $5500 | $2000 | $7500 |
| Dep. and Independent Students (Parents cannoy borrow PLUS) |
Base Subsidized (All Students) |
Additional Unsubsidized | Total |
|---|---|---|---|
| Freshman (1-49 units) | $3500 | $6000 | $9500 |
| Sophmore (50-99 units) | $4500 | $6000 | $10,500 |
| Junior and Senior (100-200 units) | $5500 | $7000 | $12,500 |
Maximum Aggregate Borrowing Limits
| Dependency Status | Maximum Subsidized and Unsubsidized |
|---|---|
| $31,500 Dependent Undergraduate | $23000 |
| $57,500 Independent Undergraduate | $23000 |
Federal Work Study
This program offers students an opportunity to earn wages to help meet
the cost of education. Many jobs are located on campus. Students who wish
to work on campus under this program are responsible to seek employment
and may contact the Registrar's office for a list of available positions.
The amount a student may earn will be determined by financial aid need and
the actual hours and wage of the Federal Work Study position.
A FAFSA must be submitted along with a Federal Work Study Application,
which is available in the Financial Aid Office.