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.
	State Grant Programs Board of Governors Fee Waiver Program (BOGFW) This program waives 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. Cal Grant B and 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) 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 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 Grant Programs Federal PELL Grant Federal Pell Grants are awarded to qualified undergraduate students. Grants do not need to be repaid.  For 2010-2011, the annual award is up to $5,550. Academic Competitiveness Grant (ACG)  is a federal grant given to students who meet are Federal PELL Grant recipients, first and second year undergraduate, and completed a rigorous secondary program of study.  First year undergraduates may be eligible for up to $750 per academic year.  Second year undergraduates may be eligible for up to $1,300 per academic year.  Students must have completed one academic year with a 3.0 GPA to qualify for the second year ACG award. 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) unit minimum enrollment requirement 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) units at the college where you are receiving financial aid. 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.
	Federal Loans You are in no way obligated to borrow a loan. All loans require a minimum unit enrollment of six (6) approved units.  To apply for a federal student loan, students must complete the Free Application for Federal Student Aid (FAFSA) and must have already received their Award Letter or Award Notification for the appropriate academic year.  Student loans are not automatically packaged; students must pick up a Loan Request Form after receipt of their Award Letter or Award Notification from the Financial Aid Office. Deadlines for loans:    For Summer 2010 only loans:  August 19, 2010    For Fall 2010 only loans:  December 15, 2010    For Fall/Spring & Spring 2011 only loans:  May 31, 2011 Federal Stafford Loan through the Direct Stafford Loan program Subsidized Federal Stafford Loans are need based programs; therefore, the Financial Aid Office determines your eligibility. Interest is paid by the government while you are enrolled at least halftime and during your grace period after leaving school. Interest rates are set each academic year.  The interest rate for subsidized loans first disbursed on or after July 1, 2010 is 4.5%.  Unsubsidized Federal Stafford Loans are not need based and therefore have no interest subsidy. This means that interest is charged and accrues until you have repaid your loan. Interest payments may be postponed; however, any interest deferred will be added to the original loan amount. Repayment options for borrowers are listed on the Promissory Notes. We recommend that you contact your lender to establish a repayment schedule.  The interest rate for unsubsidized loans first disbursed on or after July 1, 2010 is 6.8%. Students have the option to pay the interest charged on the unsubsidized loans while still in school. Students may also have the option of making payments on the loan principal while still in school. Student borrowers may select either monthly or quarterly payments. We do recommend that student borrowers make regularly scheduled interest payments in order to avoid increasing the original loan balance. Federal Perkins Loan Federal Perkins Loan is a low interest (5%) loan to help students with exceptional need to meet their educational expenses.  Loan amounts will be determined annually based on funding availability.  Since this program is limited in funding, it is awarded to students with demonstrate financial need (Pell Grant eligible), who indicated an interest in student loan on the FAFSA and who submitted their FAFSA by March 2nd priority application deadline and completed their financial aid file by the April 1st funding deadline..