Facts & Resources
Summer 2014 Office Hours
|Monday||8 am - 4 pm|
|Tuesday||8 am - 4 pm|
|Wednesday||8 am - 4 pm|
|Thursday||8 am - 4 pm|
Financial Aid Office
6201 Winnetka Avenue
Woodland Hills, CA 91371
Financial Aid Email: email@example.com
Financial Aid Office Phone #: 818-719-6428
Veterans Office Email: firstname.lastname@example.org
Veterans Phone #: 818-710-3316
Federal School Code: 001226
Financial Aid Programs
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 priority 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 May 1stpriority 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.|
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
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
NOTE: If your enrollment is less than full-time, you may not be eligible for a Pell Grant disbursement based on your EFC.
Attention: 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)
Federal Work-Study (FWS)
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.
|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:
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.
Federal student loans are processed in a similar manner to the Federal Pell Grants within the LACCD. As such, the academic year for federal student aid programs (including student loans) starts with the fall semester and ends with the following summer semester. This means that if you borrowed the maximum annual loan limit for the academic year (fall and spring), you will have no remaining loan eligibility for the summer semester at Pierce College and within the LACCD. Please keep this in mind if you plan to continue to enroll in the LACCD as your future borrowing during fall and spring semesters will impact your ability to borrow during summer semesters.
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)
Students must complete the FAFSA application and demonstrate financial need according to the federal formulas in order to be eligible for Subsidzed Direct Loans. These loans are processed through the U.S. 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.
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.
Interest rate: 6.8% for loans disbursed on or after July 1, 2013
1.051% for loans first disbursed on or after July 1, 2013 and before Dec 1, 2013
1.072% for loans first disbursed on or after Dec 1, 2013
Federal Direct Loans (unsubsidized)
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%. The origination fee is assessed at 4.024%.
Federal PLUS Loans
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 annual maximum for this loan depends on the cost of attendance and other financial aid received.
Interest rate: 7.9% for loans on or after July 1, 2013
4.204% for loans first disbursed on or after July 1, 2013 and before Dec 1, 2013
4.288% for loans first disbursed on or after Dec 1, 2013
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 is required for all first-time borrowers and can be completed online at www.studentloans.gov
Exit Loan Counseling is required for loan borrowers at the end of each academic year, or at the end of their final semester, or dropped below half-time enrollment, or withdrew from the college.