Types of Aid
Office will be closed:
Dec. 18th - Jan. 1, 2018
Re-open Jan. 2nd, 2018
Office Hours Winter 2018
|Monday||8am - 4pm|
|Tuesday||8am - 4pm|
|Wednesday||8am - 6pm|
|Thursday||8am - 6pm|
Financial Aid Rep. at the Library
During Winter 2018
|Monday||10:00am - 4:00pm|
|Tuesday||12:00pm - 4:00pm|
|Wednesday||12:00am - 6:00pm|
|Thursday||10:00am - 4:00pm|
Financial Aid Office
Los Angeles Pierce College
6201 Winnetka Avenue
Woodland Hills, CA 91371
(818) 704-8221 Fax
Loans (self-help aid) are funds which must be repaid. Loans are sources of financial assistance that allow 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. New student loan borrowers need to complete additional requirements:
- Promissory Notes: As a new loan borrower, you are required to sign a Master Promissory Note which is your legally binding promise to repay the loan funds you receive. Los Angeles 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 Entrance Loan Counseling is required for all first-time borrowers and can be completed online.
Please note that any loans borrowed by the student or parent will be submitted to the National Student Loan Database System (NSLDS) at www.nslds.ed.gov and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Types of loans available:
- Federal Direct Loan Program (Subsidized)
- Federal Direct Loan Program (Unsubsidized)
- Federal PLUS Loan
To learn more about federal student loans, go the Federal Student Aid web site.
Federal Student Loans are processed in a similar manner to the Federal Pell Grants within the Los Angeles Community College District (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 Los Angeles 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 for undergraduate and graduate students with exceptional financial need. Awards are based on calculated financial need as demonstrated by the information students provide on the Free Application for Federal Student Aid (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 financial need who meet Los Angeles 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)
Direct Subsidized Loans are loans to eligible undergraduate students who demonstrate financial need to help cover the cost of higher education. 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.
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 loan amount a student may borrow is $6,000.
Federal PLUS Loans
Federal PLUS Loans are loans made to parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. 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.