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Your financial aid award may include one or more of the following programs funded by the federal government but administered by Pacific Oaks. To be eligible for federal aid, a student must demonstrate financial need (except for the Unsubsidized Federal Stafford or Federal PLUS loans), must be a U.S. citizen or eligible non-citizen, must be enrolled at least half-time, and must be making satisfactory progress toward a degree.
Federal Pell Grants | Federal Supplemental Educational Opportunity Grants (SEOG) | Federal Work-Study (FWS) | Federal Perkins Loans | Federal Stafford Loans | Federal Parent Loans for Undergraduate Students (PLUS)
- Federal Pell Grants are direct grants from the federal government for low and middle-income students. You must complete the FAFSA each year to determine your eligiblity for the Pell Grant.
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- Federal Supplemental Educational Opportunity Grants (SEOG) are allocated to Pacific Oaks by the federal government to aid students who demonstrate the greatest financial need.
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- Federal Work-Study (FWS) provides funds for Pacific Oaks students working on and off compus in various approved departments to help pay for college cost or personal expenses. You will receive a paycheck every other week when you submit your signed time-sheets to the Financial Aid Office on schedule.
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- Federal Perkins Loans are offered to low and middle-income families on a limited basis. These loans are subject to renewal based on the availability of funds received each year from the federal government. The Business Office will automatically send you the appropriate paperwork if you have been approved for a Perkins Loan. The interest rate is fixed at 5% and does not being to accrue until nine months after your graduated or withdraw from Pacific Oaks.
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- Federal Stafford Loans are most often included in a Pacific Oaks award package. Because these are federal loans, the government establishes all the rules and regulations. They determine the maximun amount you may borrow each year according to your class level. Independent juniors and seniors can borrow up to $10,500 each year depending on financial need. Graduate level student may borrow up to $18,500, depending on financial need. These loans have an adjustable interest rate that changes every July 1st. Therefore, the interest rate is variable and capped at 8.25%. Students who demonstrate need are awarded a subsidized Federal Stafford Loan. This means that the federal government pays the interest while you are enrolled in school at least half-time. If you do not show financial need, you are still eligible to receive a Federal Stafford Loan, but your loan would be unsubsidized. This means that you are responsible for the accruing interest as soon as the funds are disbursed, but the interest may be capitalized. Principal repayment on both types of Stafford Loans will begin six months after you graduate, withdraw or drop below half-time enrollment. The lenders may charge a 3% Origination Fee and an additional Insurance Fee of up to 1% of the loan amount. These loan fees are automatically deducted from the proceeds. You will be required to complete a Master Promissory Note when you borrow your first Federal Stafford Loan at Pacific Oaks.
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- Federal Parent Loans for Undergraduate Students (PLUS) enable parents of dependent students to borrow up to the full cost of education, minus any financial aid they receive. These loans are available to all cedit-worthy parents and are not based on financial need. The proceeds of these loans are paid out in two equal installments. Interest begins to accrue after the first disbursement, but the first scheduled payment is not due until 60 days after the second disbursement. These loans have a ten-year repayment term, with no prepayment penalty. The PLUS loan has a variable interest rate that adjusts every July 1st. The lenders may charge a 3% Origination Fee and an additional Insurance Fee of up to 1% of the loan amount. Applications for PLUS loans are available from the FAO upon request.
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