What Types Of Financial Aid Are Available?

Financial aid is awarded to students to assist in paying for tuition, books, transportation and living expenses while they are working on their certificate or degree. Financial aid is also available for a study abroad programs approved for credit at COCC. Federal aid awards are based on calculated financial need and is awarded in the following order: 1) grants; 2) scholarships; 3) work study; 4) loan programs. Limitations apply and all of your costs may not be covered.

Federal Pell Grant
The Federal Pell Grant program was established as a federal program to provide financial aid for eligible undergraduate students with financial need. Eligibility for other federal aid is determined after the Pell Grant is taken into consideration. Grant awards in 2012-2013 range up to $5,550 per student depending on financial eligibility and enrollment. 

Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG awards are federally funded. COCC is responsible for selecting eligible students and determining the amount of the award. The FSEOG is for undergraduates with exceptional financial need and gives priority to students who receive Federal Pell Grants. Annual FSEOG awards at COCC are $600 per student depending on federal funding allocations and student enrollment levels. The FSEOG is not available for summer term.  

Oregon Opportunity Grant
The state of Oregon provides funds for this grant program. Eligibility is based on financial need as defined by the Oregon Student Access Commission using the FAFSA information and is limited to 12 cumulative quarters. Students must have a minimum of one year legal residency in Oregon and be enrolled in at least 6 credit hours each term. Students with a prior bachelor’s degree are not eligible. Students enrolled in a course of study leading to a degree in theology, divinity or religious education are not eligible. Oregon Opportunity Grants currently are set by the state of Oregon budget. Students at COCC may receive a varied amount depending on financial eligibility and enrollment. The Oregon Opportunity Grant is not available for summer term.  

Federal Work-Study Program
Many students help finance their education by securing part time employment on campus. The Federal Work-Study program provides employment opportunities to students who apply and are eligible for the program. Since students work in order to receive funds from employment, this kind of assistance is considered a form of self help aid. Availability is based on federal fund limits. In addition to providing income, students may acquire work experience in jobs related to their academic interests.

Subsidized Direct Loan Program
The subsidized loan program provides fixed interest, long term federal loans through the Department of Education in cooperation with a guarantee agency and Financial Aid. Maximum limits are based on financial need, but cannot exceed $3,500 for freshmen and students in certificate programs and $4,500 for sophomores for an academic year. The interest rate for 2012-2013 loans are fixed. To be eligible for a Direct Loan, students must be enrolled in at least six credit hours and may not be in default on a prior loan or owe a grant repayment. All loans must be repaid. Students must complete entrance counseling and sign a master promissory note (a legal agreement to repay) with the Department of Education before any loan money can be received. The master promissory note contains detailed information about the terms, responsibilities and repayment of the loan. Because students must repay educational loans, this kind of assistance is generally referred to as self help aid. Monthly payment amount and length of repayment depend on the cumulative amount of loans, with a 10-year repayment time limit.

Unsubsidized Direct Loan Program
The unsubsidized loan program provides variable interest, long term federal loans through the Department of Education in cooperation with a guarantee agency and Financial Aid. The unsubsidized loan is available to students who do not qualify for need based Subsidized Direct loans or who are not eligible for the full Subsidized Direct loan amount, but cannot exceed $5,500 for freshmen and students in certificate programs and $6,500 for sophomores for an academic year. Independent students, as defined by the Department of Education, are eligible to borrow up to an additional $6,000 unsubsidized loan. Student borrowers will be responsible for payment of the interest that accrues on these loans while they are in school and during periods of deferment. The interest rate for 2012-2013 loans are fixed. To be eligible for a Direct Loan, students must be enrolled in at least six credit hours and may not be in default on a prior loan or owe a grant repayment. All loans must be repaid. Students must complete entrance counseling and sign a master promissory note (a legal agreement to repay) with a lender before any loan money can be received. The master promissory note contains detailed information about the terms, responsibilities and repayment of the loan. Because students must repay educational loans, this kind of assistance is generally referred to as self help aid. Monthly payment amount and length of repayment depend on the cumulative amount of loans, with a 10-year repayment time limit.

Direct Parent Loan to Undergraduate Students (PLUS) Loan Program
This type of loan is available only to parents, stepparents, and adoptive parents of dependent undergraduate students attending school at least half time are eligible to apply for a PLUS loan. These loans are not based on the family's income or assets. A credit report from a national credit bureau by the Department of Education will be obtained to determine if the parent will be eligible. Parent must be US citizens or eligible non-citizens. Parent must be credit worthy which means that the parent borrower must not have any outstanding tax liens, judgements, delinquent, defaulted loans, extensive credit card debt, any bankruptcy, foreclosure, or wage garnishment with in the past five years. COCC requires that students submit a complete Free Application for Federal Student Aid (FAFSA) prior to the parent borrower applying for a PLUS loan.

If the borrower is not eligible for the PLUS loan, the student may be eligible for an additional unsubsidized Direct loan. The PLUS is a non-need based interest bearing loan to parents. Loans may range up to the cost of attendance for the institution minus other student aid. Interest accumulated during in school time is 8.5 percent.

 
 
 

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