Financial Aid

Financial Aid Programs

	Priority Funding
	To receive full consideration for Pierce College awards, you must submit the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA by March 2nd primary application deadline.  Students who want to apply for limited funding programs (such as Federal Work-Study, Federal Supplemental Education Opportunity Grant, and Perkins Loan) will need to submit/complete their financial aid file by April 1st priority funding deadline.  Late applications will only be considered for the Federal Pell Grant and the Federal Stafford Loans. In addition, awarding and disbursement may be delayed.
	Grants are gift-aid, which do not have to be repaid.
	Board of Governors Fee Waiver Program (BOGFW) The BOGFW program is a state-funded program designed to waive enrollment fees charged by our college. Since this is a waiver there is no actual disbursement of funds. If you have already paid your enrollment fees and wish to receive a refund, you may apply for one at the College Business Office. Contact your College Business Office for the deadline to request a refund.  Students must apply for the Fee Waiver every year.  The Fee Waiver application is for summer, fall, winter and spring semesters.  So it is recommended that students reapply every summer. Cal Grant B and C The Cal Grant Program is a state-funded program administered by the California Student Aid Commission (CSAC).  There are two types of Cal Grant programs our college participates in:  Cal Grant B and Cal Grant C.  Cal Grant B is an access grant and Cal Grant C is a short term vocational grant. These state funded Grant Programs are for California residents pursuing an eligible educational program. There is a six (6) approved unit minimum enrollment requirement in order to be eligible for payment. Preliminary selection for Cal Grants is determined by the California Student Aid Commission (CSAC); final selection is determined by the college, based upon CSAC's regulations. For more information contact the CSAC at (888) 224-7268 or at www.csac.ca.gov.  Students can only qualify for one Cal Grant award. Chaffe Grant is a grant administered by the California Student Aid Commission (CSAC).  The Chaffe Grant provides financial assistance to former and current foster youth for college and vocational training. Awards range up to $5,000.  For more information contact the CSAC Specialized Programs Operation Branch at (888) 224-7268 or at www.chafee.csac.ca.gov Federal PELL Grant Federal Pell Grant Program is a federally funded program that provides assistance to undergraduate students who have not yet earned a baccalaureate or first professional degree (US degree or foreign degree) and who demonstrate financial need.  Awards are based on the student's Expected Family Contribution (EFC) and enrollment status  The EFC is calculated based on the information such as income and assets on the FAFSA.  Grants do not need to be repaid.  Annual award is up to $5,550.  Actual disbursements for the Federal PELL Grant will be adjusted based on enrollment.   In December 2011, President Obama signed into law the Consolidated Appropriations Act, 2012 (Public Law 112-74).  This law has significantly impacted the Federal PELL Grant Program.  Effective July 1, 2012, students are now limited to 12 full-time semesters (or 600%) of Federal PELL Grant eligibility during their lifetime.  This change affects all students regardless of when or where they received their first Federal PELL Grant. Federal Supplemental Educational Opportunity Grant (FSEOG) The Federal Supplemental Educational Opportunity Grant is for undergraduates with exceptional financial need. Funding is limited and awarded to students with the lowest Estimated Family Contribution (EFC), submitted their FAFSA by the March 2nd priority application deadline and completed their financial aid file by the April 1st priority funding deadline.  Awards are subject to funding availability and are determined by the Financial Aid Office. There is a six (6) approved unit minimum enrollment at Pierce College to receive this award. Awards range from $100-$400 per academic year.  Please note that since this is a limited funding program, not all students who meet the priority funding deadline may receive this grant.  Awarding is based on meeting the priority funding deadline as well as by priority date. Federal Work-Study (FWS) Federal Work-Study funds are limited and subject to funding availability. FWS funds are awarded, subject to availability, to students who indicated, on their FAFSA, an interest in the program and who demonstrated financial need. Students must submit their FAFSA by the March 2nd primary application deadline and submit/complete their financial aid file by the April 1st priority funding deadline to be considered for this program. FWS funds are earned through part-time employment authorized by the Financial Aid Office. If your Award Letter includes FWS, the Financial Aid Office will provide specific instructions on how to find a job, the required paperwork and the rules and regulations governing the program. The FWS amount listed on your Award Letter is the maximum dollar amount you can earn through your assignment. You will be paid bi-weekly depending on hours worked and will not receive payment for any unearned funds remaining at the end of the academic year. There is a minimum unit enrollment requirement of six (6) approved units at Pierce College to qualify for this award.  If you have any questions, please contact the Financial Aid Office. Scholarships Scholarships are gift-aid awarded on the basis of merit, academic excellence, and in some cases, additional criteria such as study in a particular major, leadership, or financial need. Scholarships are also offered by outside agencies and foundations. Information and/or application guidelines are available in the Financial Aid Office or visit our Scholarships webpage for a listing of Scholarships.
	Loans (self-help aid) are funds which must be repaid.
	Loans are sources of financial assistance that allows you to spread the cost of education during the academic year.  Federal Student Loans are not automatically included on the student's award package.  Students are not required to borrow a Federal Student Loan.  Loans are serious legal obligations.  They must be repaid.  We urge all first-time borrowers to spend some extra time learning about the loan process so that they can make informed choices throughout their education.  Types of loans available: Federal Perkins Loan Federal Direct Loan Program (Subsidized) Federal Direct Loan Program (Unsubsidized) Federal PLUS Loan Please be advised all first-time Federal Direct Loan borrowers at Pierce College must complete a mandatory Student Loan Entrance Counseling.  Students who borrow the Federal Perkins Loan will be required to complete the Mandatory Perkins Loan Counseling annually.  Click HERE to view the student loan process effective July 1, 2012 at Pierce College.  Check the "Financial Aid Process" section of our website for deadlines. Federal Perkins Loans The Federal Perkins Loan is a federally funded, low-interest loan program. Awards are based on calculated financial need as demonstrated by the information students provide on the FAFSA and the availability of funds. The current interest rate is 5%.  Interest does not accrue while the student is enrolled at least half-time in a degree-seeking program. Repayment begins nine months after the student leaves college or drops below half-time enrollment.  Colleges are given a very limited amount of funding for this program. Preference is given to students with exceptional need who meet Pierce College’s priority application deadline and enroll in at least six (6) approved units at Pierce College. Students must sign a promissory note before these funds are authorized for disbursement. Federal Direct Loans (subsidized) NOTE: On March 25, 2010, Congress passed legislation which mandates that all students borrow through the Federal Direct Loan program starting with the 2010 - 2011 academic year. Students must complete the FAFSA application and demonstrate financial need according to the federal formulas in order to be eligible for subsidized direct loans. These loans are processed through the Department of Education. Under this program, the federal government will pay the interest on behalf of qualified borrowers for as long as the borrower is enrolled at least half-time in a degree-seeking program and for six months thereafter. Students must also maintain satisfactory academic progress towards completing their degree requirements. A 1% to 1.5% default reduction fee and a 0.50% to 1%% origination fee may be charged by the U.S. Department of Education and deducted from each Direct Loan disbursement. The annual maximum award is tied to the student’s academic class and ranges from $3,500 for first year grade level to $4,500 for second year grade level. Grade levels are defined as follows: Grade level 1 = 0 to 30 units; Grade level 2 = 31 to 60 units.  The Deficit Reduction Act of 2005 mandated a change in this loan program so that interest will be charged at a fixed rate of 6.8% for all loans made on or after July 1, 2006. The College Cost Reduction and Access Act (H.R. 2669) was signed into law on Sept. 27, 2007. This bill gradually cuts interest rates on subsidized Direct loans for undergraduate students in half according to the following schedule: 6.8% for loans first disbursed July 1, 2012 to June 30, 2013 Federal Direct Loans (unsubsidized) NOTE: On March 25, 2010, Congress passed legislation which mandates that all students borrow through the Federal Direct Loan program starting with the 2010 - 2011 academic year. Eligibility for the Unsubsidized Direct Loan is not based on a family’s demonstrated need. The Department of Education is the lender under this program. The government does not pay the interest on behalf of borrowers under the Unsubsidized Direct Loan Program. The student borrower can choose either to make periodic payments of the interest or to have the interest added back into the principal of each loan. Origination fee may be charged by the Department of Education and deducted from each Direct Loan disbursement. Students must complete and submit the FAFSA in order to be considered for the unsubsidized loan. The annual maximum award is tied to the student’s grade level. The annual loan amount a student may borrow is $6,000. The interest rate for the Unsubsidized Direct Loan is 6.8%. Federal PLUS Loans NOTE: On March 25, 2010, Congress passed legislation which mandates that all parents borrow through the Federal Direct Loan program starting with the 2010 - 2011 academic year. A creditworthy parent of a dependent undergraduate can apply for Federal PLUS loan. Federal PLUS loans are not based on demonstrated need and may be used to replace all or portions of the calculated family contribution for students who completed a FAFSA. The Deficit Reduction Act of 2005 mandated a change in this loan program so that interest will be charged at a fixed rate of 8.5% for all loans made on or after July 1, 2006. Promissory Notes Before you receive loan assistance, you will need to sign a Master Promissory Note (MPN) which is your legally binding promise to repay the loan funds you receive. The Department of Education will mail/email you a Master Promissory Note (MPN). Complete and sign/e-sign the MPN. You will only need to sign/e-sign one Direct Loan MPN while attending Pierce College. Pierce College will not originate your Federal Direct Loan until your MPN has been signed/e-signed and approved by the US Department of Education. Mandatory Loan Counseling Entrance loan counseling for first-time borrowers All first-time borrowers must complete the Entrance Loan Counseling. Entrance counseling can be completed online at www.studentloans.gov .  Exit loan counseling All borrowers will be notified to complete Exit Loan Counseling at the end of the spring semester, or at the end of their final semester, or dropped below half-time, or withdrew from the college. Students will be notified when Exit Loan Counseling is needed to be completed.