Scholarships Available
Pacific Oaks offers a number of need-based and merit-based scholarships. Please contact the Financial Aid Office at 626-397-1350 or financialaid@pacificoaks.edu for information about which ones you may qualify for.
Changes in the Federal Student Loan Process
The Pacific Oaks College Financial Aid office would like to take this opportunity to inform our valued students of some very important changes in the federal student loan process that affects all colleges and universities nationwide.
On March 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (H.R.4872). The new student aid reform bill requires that all institutions of higher education, including Pacific Oaks College, participate and process all federal Stafford and PLUS loans through the Direct Loan program beginning no later than July, 1 2010. Along with the implementation of the new federally mandated Direct Loan processing requirement is the termination of the Federal Family Education Loan (FFEL) program as the Health Care and Education Reconciliation Act of 2010 also requires that no new FFEL program loans be processed after June, 30 2010.
Impact on Pacific Oaks College
Pacific Oaks College has participated in and processed federal Stafford and PLUS loans using the FFEL program for all loans certified up through the end of the 2009/10 academic year. With FFEL, students were given the opportunity to choose a lender to service their federal student loans whereas with Direct Loans all students will borrow directly from the Department of Education (DOE). Due to unpredictable credit markets along with many legislative changes to the FFEL program over the past few years, many lenders have already begun to exit the FFEL program. In order to better serve our students, Pacific Oaks College will officially begin processing all federal Stafford and PLUS loans with the Direct Loan program starting with the summer 2010 term. The DOE, through the Direct Loan program will serve as the student’s lender for the life of the loan and will guarantee the availability of Stafford and PLUS loans to all eligible students.
Impact on Pacific Oaks College students
Under the new Direct Loan process all new and continuing students applying for Stafford or PLUS loan beginning with the summer 2010 term will be required to complete a new Direct Loan Master Promissory Note (MPN) (loan application). New students will also need to complete the entrance counseling process with Direct Loans. The Direct Loan MPN and Entrance Counseling can be completed online, located in the “Manage My Direct Loan” box in the upper left hand corner of the studentloans.gov home page.
Sent to your POC issued e-mail address are detailed instructions on how to complete the Direct Loan MPN and/or Entrance Counseling. Students will need their 4 digit DOE PIN number (same PIN used to sign the FAFSA) to “e-sign” the Direct Loan MPN. Students will also need to provide in addition to personal demographic information, two personal references with complete mailing addresses that do not live with the student (spouse & parent are an exception) or together.
Benefits of the Direct Loan Program
- Loans are borrowed and repaid directly to the Department of Education.
- Lower origination fees on Stafford and PLUS loans
- Repayment options that will allow lower monthly payments
- Low interest rate on PLUS loans
- Ability to consolidate prior FFEL and Direct loans
The Pacific Oaks College Financial Aid office appreciates and understands that students may have questions, concerns and even reservations regarding the new direction our office is heading into with the Direct Loan program. With this in mind we invite all inquiries regarding this new process either by telephone, e-mail or personal visit. Please do not hesitate to contact the Financial Aid office at the information listed below:
Financial Aid general telephone: 626-397-1350
Financial Aid general e-mail: financial@pacificoaks.edu
In addition to being available via telephone and e-mail the Financial Aid staff will also be announcing in the near future an information session dedicated to the Direct Loan process. Stay tuned for date and time.