Financial Aid Programs
State of California Financial Aid Programs
Federal Student Financial Aid Programs
State of California Financial Aid Programs
You must complete the Free Application for Federal Student Aid (FAFSA) to apply for the following state programs. You must be a U.S. citizen or an eligible noncitizen and a resident of California to be eligible for State aid. If you are in default on a student loan or owe a refund on a federal grant, you are ineligible for state aid other than the BOGW program. Back to Top of Page
Board of Governors Waiver Program (BOGW)
If you do not have a Student ID, you will need to complete the Enrollment Application with Admissions and Records Online. How to Apply
Attention Students:
BOG Fee Waivers will no longer be processed in person. You MUST complete a
BOGFW online. Please allow 24-48 hours for your BOGFW to be processed. You will
receive a confirmation email when your fee waiver has been processed. If you
have already completed a BOGFW for the 2011-12 academic year you DO NOT have to
complete another fee waiver. Once your BOGFW has been processed, it will remain
active until 06/30/2012. BOGFW applications MUST BE renewed annually. If you
have ALREADY COMPLETED a BOGFW and did not qualify do not complete another
application as this will result in a duplicate, and will NOT BE PROCESSED.
If you DO NOT QUALIFY for a BOGFW because
your income or parent income is over the ceiling stated in the table
below, you may still qualify for a BOGFW through FAFSA. Please read instruction
located under “How to Apply” for instructions on completing a BOGFW
through FAFSA.
YOU MUST PROVIDE BOTH A STUDENT ID NUMBER AND A SOCIAL SECURITY NUMBER ON THE BOGFW APPLICATION.
BOGFW Online Application
This is probably the most popular financial aid program at IVC. It waives enrollment fees for eligible residents of California. For best results, apply several months before you plan to register for classes. Examples of eligible family size and income are: Family Size / Income 2011/2012
| Number in Household |
Income Ceiling |
|---|
| 1 |
$16,245 |
| 2 |
$21,855 |
| 3 |
$27,465 |
| 4 |
$33,075 |
| 5 |
$38,685 |
| 6 |
$44,295 |
| 7 |
$49,905 |
| 8 |
$55,515 |
| Each additional family member $5,610 |
If you have already registered and paid your fees, you can still apply for a BOGW. If you are eligible for the waiver, you can then request a refund of your enrollment fees (but only for the semester in which you apply).
Note: IVC prefers to use the FAFSA to determine eligibility for the BOGW. We use the BOGW application also. We prefer the FAFSA because more students qualify for the fee waiver using the federal eligibility index number than would qualify if we were to use the more restrictive guidelines on the shorter state BOGW application.
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Extended Opportunity Programs and Services(EOPS)
EOPS is a state-funded program for students who are financially and educationally disadvantaged. You must be a full-time student (12 or more units), have completed less than 70 units (at all colleges attended combined) and have exceptional need to participate in this program. Among the services provided are a student grant program and a work-study program. Funding is limited. You must complete the FAFSA as well as a separate EOPS application to apply. See the EOPS web site, or stop by or call the Supportive Services Office, SSC 130, 949-451-5243, for more information. Back to Top of Page
Federal Student Financial Aid Programs
You must complete the Free Application for Federal Student Aid (FAFSA) to apply for any of the programs discussed below. You must be a U.S citizen or an eligible noncitizen to be eligible for aid. If you are in default on a student loan or owe a refund on a federal grant, you are not eligible for federal student aid. Back to Top of Page
Federal Pell Grant
This federally funded program provides grants to needy undergraduates who have not already received a bachelor's degree. The maximum award for the 2011/2012 year is $5550. Actual award amounts vary according to the student's eligibility index number and enrollment status (the eligibility index number is calculated using the federally mandated formula and the information on the FAFSA).
We recommend that students apply for 2011/2012 as soon as possible. Applications for financial aid are available every January of the new year. You may, however, apply any time before the end of June 2011 (the federal processor must receive your application by June 30, 2012).
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(FSEOG) Federal Supplemental Educational Opportunity Grant
FSEOG is designed to help undergraduates who demonstrate exceptional need (according to the federal formula). You will automatically be considered for this grant if you complete the FAFSA. To receive FSEOG, you must be eligible for the Federal Pell Grant. Funding is very limited. Back to Top of Page
Federal Work-Study Program
This federal program funds part-time job opportunities for students with financial need (according to the federal formula) who are enrolled in at least 6 units at IVC. Funding is very limited. For information regarding work-study positions for the fall 2011 semester, call the Financial Aid office at 949-451-5287 after July 1, 2011. Back to Top of Page
Bureau of Indian Affairs Grants
If you are an American Indian student who can prove membership in a federally recognized tribe, you may be eligible for educational grants from the Federal Bureau of Indian Affairs (BIA). Applications for BIA grants for California tribes are available from the Bureau's Office of Indian Education, 2800 Cottage Way, Sacramento, CA 95825. Members of other tribes should contact the BIA area office that serves members of their tribes or contact their tribal education department.
http://www.bia.gov/
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Federal Direct Loans
Federal Direct Subsidized and Unsubsidized Stafford Loans are long-term, low-interest loans from the U.S. Department of Education.
To apply for a Federal Direct Loan, you must complete Free Application For Federal Student Aid. Please note that there are other required steps in this process other than completing a FAFSA. Please see Direct Loan Processing.
The Subsidized Direct Loan is need-based. The federal government pays the interest on the loan during: (1) your enrollment in school on at least a half time basis, (2) a six-month grace period immediately following your separation from school, and (3) a deferment, which is a temporary, authorized time when your payments may be postponed.
The Unsubsidized Direct Loan is non-need-based. "Unsubsidized" means the federal government does not pay the interest on your behalf. You are responsible for paying all interest on the loan. Interest is charged beginning the day the loan is paid to you until the day the loan is repaid in full. You either may choose to pay the accumulated interest while you are in school, or to have the unpaid, interest capitalized, i.e., added to the principal balance of the loan. Note: If your loan interest is capitalized, it will increase the amount you have to repay.
Please Note: Irvine Valley College Does NOT participate in the Direct PLUS Loan Program.
Borrowing can be costly. We recommend you consider borrowing only if you have exhausted all other options.
Only borrow what you need. Make a budget for yourself to keep your debt within manageable limits.
Annual Loan Amounts
The amount in Direct Loan funds that you are eligible to borrow each academic year is limited by (1) your grade level (2) whether you are a dependent or an independent student, (3) your financial need, and (4) your cost of attendance. You cannot borrow more than your financial need or the cost of attendance (your budget.)
Dependent Student |
Base Amount
(Subsidized or Unsubsidized) |
Additional Unsubsidized Loan
effective July 1, 2008 |
Total Annual Combined Maximum Amount of Subsidized & Unsubsidized Loans |
Freshman 1st year |
$3,500 |
$2,000 |
$5,500 |
Sophomore 2nd year |
$4,500 |
$2,000 |
$6,500 |
Independent Student |
Base Amount
(Subsidized or Unsubsidized) |
Additional Unsubsidized Loan
effective July 1, 2008 |
Total Annual Combined Maximum Amount of Subsidized & Unsubsidized Loans |
Freshman 1st year |
$3,500 |
$6,000 |
$9,500 |
Sophomore 2nd year |
$4,500 |
$6,000 |
$10,500 |
Lifetime Aggregate Loan Limits
Undergraduate Dependent Students can borrow a maximum total of $31,000 (of which no more than $23,000 can be subsidized loans).
Undergraduate Independent Students can borrow a maximum total of $57,500 (of which no more than $23,000 can be subsidized loans).
Interest Rates
Over a four-year period beginning July 1, 2008, the interest rate on Subsidized Loans made to undergraduate students will be reduced. These rates do not affect any prior loans made to borrowers; the terms and interest rates of those loans remain the same. The applicable interest rates for loans made during this period are as follows:
UNDERGRADUATE STUDENTS - First disbursement of a loan: |
Interest Rate on the Unpaid Balance of the Subsidized Loan |
Interest Rate on the Unsubsidized Loan Balance |
Made on or after |
And made before |
July 1, 2008 |
July 1, 2009 |
6.0 percent |
6.8 percent |
July 1, 2009 |
July 1, 2010 |
5.6 percent |
6.8 percent |
July 1, 2010 |
July 1, 2011 |
4.5 percent |
6.8 percent |
July 1, 2011 |
July 1, 2012 |
3.4 percent |
6.8 percent |
Loan Fees
There is a 0.5% loan fee deducted from the Federal Direct Subsidized and Unsubsidized Loan proceeds by the U.S. Department of Education. This loan fee includes a 1.0% up-front rebate that assumes 12 on-time monthly payments once your loan enters repayment. This rebate will be charged back to you if your payments are not made on time. For loans originated after July 1, 2010, the loan up-front rebate will be reduced from 1.0% to 0.5%.
Loan Entrance Counseling
Entrance loan counseling is REQUIRED for all student borrowers applying for a Federal Direct Loan at IVC. Counseling can be completed online and will help you understand your rights and obligations as a student loan borrower. Loan counseling must be completed before we will process your Federal Direct Loan. Other required steps are needed before we can process a Direct Federal Loan (please see Direct Loan Processing).
www.studentloans.gov (Link for Entrance Counseling as well as completing Master Promissory Note).
You will NEED a PIN number to complete the loan process on line. This PIN number is the same PIN number used to complete a FAFSA application. If you do not have your PIN, see www.pin.ed.gov to apply for a PIN number.
Please note that the Financial Aid Office will receive correspondence that a Loan Entrance Counseling Test was completed as well as the Master Promissory Note. You should print a copy for your personal records.
Student Loan Repayment
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be six months. For more information on loan repayment please see www.studentloans.gov. Exit Counseling
Federal regulations require that all student loan borrowers must have an exit interview/exit counseling during their final semester at the College. During the exit counseling, students are reminded of their rights and responsibilities as a student loan borrower. Topics include: when repayment starts, various repayment plans, deferments, loan consolidation, and consequences of default. You'll receive information about repayment, and your loan provider will notify you of the date loan repayment begins. We can't emphasize enough the importance of making your full loan payment on time either monthly (which is usually when you'll pay) or according to your repayment schedule. If you don't, you could end up in default, which has serious consequences. Student loans are real loans—just as real as car loans or mortgages. You have to pay back your student loans. Exit Counseling can be completed on line at www.studentloans.gov .
Get Your Loan Information
The U.S. Department of Education's National Student Loan Data System (NSLDSSM) allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made. Go to www.nslds.ed.gov.
Paying Back Your Loan(s)
You have a choice of repayment plans. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. There are several repayment plans available: Standard, Extended, Graduated, Income Based Repayment (IBR), Income Contingent Repayment (ICR). For more information see www.studentloans.gov.
Default
If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:
· National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house.
· You would be ineligible for additional federal student aid if you decided to return school.
· Loan payments can be deducted from your paycheck.
· State and federal income tax refunds can be withheld and applied toward the amount you owe.
· You will have to pay late fees and collection costs on top of what you already owe.
· You can be sued.
If you are interested in applying for a Federal Direct Loan, you will need to click on Direct Loan Processing on our home Financial Aid homepage.
How Much May I Borrow?
The maximum you may borrow depends upon your grade level and dependency status.
| Grade Level |
Dependent
Sub and Unsub |
Independent |
|---|
|
|---|
| b |
|---|
|
| b |
|---|
First-year undergraduate
(less than thirty units completed successfully) |
$5500 |
$3500 |
$6000 |
Second-year undergraduate
(thirty or more units completed successfully) |
$6500 |
$4500 |
$6000 |
Since IVC is a two-year institution, students may not borrow more than the second-year amount, even if they are enrolled for a "third year."
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Academic Competitiveness Grant
An Academic Competitiveness Grant will provide up to $750 for the first year of undergraduate study and up to $1300 for the second year of undergraduate study.
What is the Criteria?
- You must have graduated from high school after January 1, 2005;
- You must be eligible for a Federal Pell Grant;
- You must be enrolled in at least half-time status.
- You must have completed a "rigorous" high school program, as determined by the state or local education agency recognized by the Secretary of Education.
Please see the Financial Aid Office for more information regarding the Academic Competitiveness Grant.
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