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- What is Financial Aid?
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1. What is Financial Aid?
There are several types of financial aid available to students, such as grants, scholarships, work study, and student loans. Student loans type considered financial aid although many people confuse the term with free money and please be aware that because of the limited funding of institutional scholarships, the majority of your aid package will consist of student loans.
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2. How do I know if I am eligible for financial aid?
Financial aid eligibility varies depending on your income and family size. Primarily, you must be a student at Pacific Oaks College and attending at least half time. Half time enrollment for MA students is 4 units and 6 units for BA students. For summer enrollment all students must be in at least 3 units for half time status. After submitting all required documents we can determine your eligibility or financial aid.
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3. What documents are required from me in order to determine my eligibility for financial aid?
To determine your eligibility you must submit the following documents:
1. Complete the FAFSA online www.fafsa.ed.gov
2. Send in your Pacific Oaks College Financial Aid Application
(You can download it online at www.pacificoaks.edu/pages/338.asp)
3. Send a signed copy of your Federal 1040 taxes
4. Register for classes
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4. Do I have to apply for financial aid every year?
Yes, you must reapply for financial aid every year by submitting all of the required financial aid documents mentioned above. In order to receive priority consideration for scholarship money, you must submit the required documents between January 1st and April 15th.
If you miss the deadline of April 15th for priority consideration, you may still apply for Financial Aid. However, you may not receive institutional scholarships. Remember to submit all the required documents to determine your eligibility.
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5. Do I have to notify the financial aid office of any unit changes?
Yes, it is important that you notify the financial aid office of any unit changes that occur throughout the year. Unit changes affect the amount of aid you receive. Unit changes also delay receiving your financial aid refund. By our rule and regulation, we are not able to process your financial aid if your award letter units do not match your registered units. For that reason we encourage you to always contact the financial aid office if you are changing units, so that we can process your financial aid and you may receive your refund in a timely manner.
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6. When will I receive my refund?
If your documents are completed and received by our office, we usually request funds 10 days prior to your official class start date. Normally, it takes about two weeks for your funds to arrive at Pacific Oaks College. Once the money is sent electronically, the Business Office will apply the funds to your student account. If there is money left over after tuition and fees are paid, a refund check will be disbursed after you have attended your first class.
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7. Why does it take so long to get my refund?
One of the major reasons why students do not get their refunds quickly is because theyunits mismatch are missing documents in their file. Another reason for reimbursement delays maybe units mismatch. In order for financial aid funds to be sent to your student account, registered units must match award letter units. Furthermore, refund checks will not be made available until the student has attended their first class.
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8. What is an Emergency Loan, and how do I get one?
An Emergency Loan is an advance on your refund. The purpose of an emergency loan is to help students purchase their books for the upcoming term. You may request an emergency loan before the start of the new term. The amount requested may not exceed $500 and you must have a refund that is equal to or greater than the amount you are requesting.
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9. What is a Work Study?
Work Study is considered financial aid. To apply for work study you must submit a work study application and a copy of your resume to the financial aid office. If you are eligible for work study, you may work a maximum of 20 hours a week. Your work hours will be determined by your place of work. The pay rate is now set at $12.00 per hour. If you are interested in work study and would like to request an application contact the financial aid office at 626-397-1350.
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10. Do MA students qualify for Grants?
Unfortunately they do not qualify for grants. Currently there are no grants available for graduate students. However, you may qualify for larger Stafford loan amounts and possibly institutional scholarships.
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