Types of Aid Available
Grants
Grants are a need based form of aid that does not require repayment. They are generally provided by the Federal government or individual states.
Federal Pell Grants
The Federal Pell Grant Program is intended to guarantee eligible low-income students access to college. For eligible students, Pell Grants are the basis to which aid from other federal and nonfederal sources might be added. Pell Grant amounts for the 2008-2009 award year (July 1, 2008 to June 30, 2009) will range from $400 to $4,731. How much a student receives depends on the Expected Family Contribution, the cost of attendance, whether the student is full-time or part-time, and whether the student attends school for a full academic year or less. A student may receive only one Pell Grant in an award year and may not receive Pell Grant funds from more than one school at a time. Applicants who have earned a bachelor’s or graduate degree are ineligible for Pell Grants. Federal Pell Grants do not have to be repaid unless, for example, the student was awarded funds incorrectly.
Federal Supplemental Educational Opportunity Grants (FSEOG)
The FSEOG is available to undergraduate students with exceptional financial need. The amount of a FSEOG award is dependent on the student’s demonstrated financial need as well as the amount of other aid a student receives and the availability of funds at the institution. Because of limited funds, Ex’pression has set its own limits dependent upon availability of funds. Applicants who have previously received a degree are ineligible for FSEOG. FSEOG does not have to be repaid unless, for example, the student was awarded funds incorrectly.
Academic Competitiveness Grant (ACG)
Students receiving Pell Grants who are U.S. citizens enrolled full-time in their first or second academic year may be eligible for an Academic Competitiveness Grant. The ACG program is intended to assist students who are recent high school graduates entering their first postsecondary institution.
Students in their first academic year who have completed a rigorous secondary school program of study, graduated from high school after January 1, 2006, and have not been previously enrolled in an undergraduate program may be eligible to receive up to $750 in grant funding.
Students in their second academic year who have completed a rigorous secondary school program of study, graduated from high school after January 1, 2005, and have at least a 3.0 cumulative GPA at the completion of their first year of postsecondary study may be eligible to receive up to $1300 in grant funding.
In order to be considered for the ACG students must submit an official high school transcript during the admissions process. Transcripts will be evaluated by the Office of the Registrar upon enrollment at the college.
California State Grant Program (Cal Grant)
Cal Grant awards are state funded monetary grants given to students to help pay for college expenses. The awards do not have to be paid back. Applying for a Cal Grant award is a two-step process. You must submit a verified Cal Grant Grade Point Average (GPA) Verification Form to the California Student Aid Commission (CSAC), and fill out and submit a Free Application for Federal Student Aid (FAFSA) to the federal processor. Both the GPA Verification Form and FAFSA must be completed by March 2nd for the upcoming award year.
Loans
Student loans are a form of aid that needs to be repaid. There are many types of student loans, which may or may not be need-based. The financial aid office will determine your eligibility.
Federal Family Educational Loan Program (FFEL)
Subsidized Federal Stafford Loans
Subsidized Federal Stafford Loans are for students who demonstrate financial need. The amount of a subsidized loan may not exceed financial need. Loan limits will depend on what year a student is in school. The interest rate on Stafford loans disbursed on or after July 1, 2008 is fixed at 6.0%. Stafford loans are disbursed via EFT to Ex’pression in two payments. The disbursements are released after the student’s enrollment and satisfactory academic progress is verified. Origination and guarantee fees are deducted from each disbursement. The USDOE pays the interest on subsidized loans while the student is in school at least half time, for the first six months after graduation, and during a period of deferment. There are no repayment requirements for subsidized loans while a student is attending a higher education institution at least half-time, or during grace or deferment periods. Monthly payments generally begin six months after the student’s last date of attendance or when the student drops below half-time.
Unsubsidized Federal Stafford Loans
For Unsubsidized Federal Stafford Loans students do not have to demonstrate financial need. Family income will not affect loan eligibility nor disqualify borrowers from obtaining an unsubsidized loan. Disbursements are disbursed via EFT to Ex’pression in two payments. The disbursements are released after the student’s enrollment and satisfactory academic progress is verified. Origination and guarantee fees are deducted from each disbursement. The interest rate on Stafford loans disbursed on or after July 1, 2008 is fixed at 6.8%. Unsubsidized Loans incur interest while the student is in school and this interest is not paid by the USDOE. The student is responsible for the interest from the time the loan is disbursed until it is paid in full. There are no repayment requirements for subsidized loans while a student is attending a higher education institution at least half-time, or during grace or deferment periods.
Parent Loan for Undergraduate Students (PLUS) Loans
PLUS loans are for parent borrowers of dependent students and are fixed interest rate loans. The interest rate is currently fixed at 8.5%. PLUS loans enable parents to borrow the cost of education minus any other aid. PLUS loans are limited to parents with favorable credit histories. Parents have the option of deferring payments until six months after the student's last date of attendance or when the student drops below half-time.
Private Loans
Below is a list of lenders that offer loans to students. Interest rates and repayment schedules vary by lender and credit checks are required for private loans. Having a cosigner may result in a lower interest rate. Sallie Mae offers loans to students to help supplement college costs not covered by federal financial aid.
