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.
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Board of Governors Waiver Program (BOGW)
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 2009/2010
| Number in Household |
Income Ceiling |
| 1 |
$15,600 |
| 2 |
$21,000 |
| 3 |
$26,400 |
| 4 |
$31,800 |
| 5 |
$37,200 |
| 6 |
$42,600 |
| 7 |
$48,000 |
| 8 |
$53,400 |
| Each additional family member $5,400 |
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, 949-451-5274, for more information.
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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.
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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 2009/2010 year is $5350.
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 2009/2010 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 2010 (the federal processor must receive your application by June 30, 2010).
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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.
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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 on at least a half-time basis at IVC. Funding is very limited. For information regarding work-study positions for the fall 2009 semester, call the Financial Aid office at 949-451-5287 after July 1, 2009.
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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, (916-979-2560).
Members of other tribes should contact the BIA area office that serves members of their tribes or contact their tribal education department.
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Federal Stafford Loan Program
Borrower Beware When you apply for a Federal Stafford Loan, you are agreeing to repay all the funds you borrow plus interest and fees. Unlike grants and scholarships, loans must be repaid. Borrow only as much as is absolutely necessary. You may be paying this loan back over a long period of time. Take the time to find out about the program, calculate how much you may be borrowing over the course of your entire education and how this will affect you in the future.
What Are Stafford Loans?
The Federal Stafford Loans are long-term, low-interest loans designed to help students pay for the cost of education. The federal government guarantees repayment of the loan, so you do not need to have established a credit rating to receive a Stafford Loan. You are, however, responsible for repaying the loan in full with interest.
There are two kinds of Stafford Loans:
Subsidized: Interest does not accrue on a subsidized loan while you are enrolled in school on at least a half-time basis and during the six-month grace period after you leave school or drop below half-time status. Based on financial need.
Unsubsidized: Interest begins accruing on an unsubsidized loan as of the date of disbursement by the lender. You may either pay the interest periodically or allow it to be capitalized (added to the principal or original loan amount) by the lender. It may be possible to borrow both a subsidized and unsubsidized student loan, depending upon how much other aid you are receiving and your dependency status.
What Is the Interest Rate on Stafford Loans?
The fixed interest rates for Federal Stafford and Federal PLUS loans, first disbursed on or after July 1, 2009, through June 30, 2010, are:
Subsidized Stafford: fixed interest rate 5.6%
Unsubsidized Stafford: fixed interest rate 6.8%
When Does Repayment Begin?
Payments begin six months after you graduate, leave school or drop below half-time status. You will receive more information regarding repayment, including estimated monthly payment data, in your loan packet if you decide to borrow.
If you transfer to another school, you may keep your loan in deferred status, but you must notify the holder of your loan and have your new school verify your enrollment status.
Notify your lender promptly of changes in address, name or social security number.
Not repaying your student loan will have serious consequences, potentially for many years, so it is important that you borrow no more than you can reasonably expect to repay after you leave school. Keep in mind that you will probably be taking out additional loans in future academic years.
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 |
| Sub |
Unsub |
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."
How Do I Apply?
Complete a Federal Stafford Loan Master Promissory Note and submit it to the Financial Aid Office.
Before you do this, however, you must have a complete financial aid file at Irvine Valley College. You do not have a complete file unless:
- You have completed the FAFSA
- IVC has received your application data from the federal processor
- You have turned in all required documentation and received an award notice
- You must attend a loan entrance interview (see Financial Aid office for dates and times)
You must be enrolled in at least six units to apply for and receive a Stafford Loan.
When Will I Receive My Loan Checks?
Loan payments are split into four disbursements, two for the fall and two for the spring. One-semester loans are (also” taken out) split into two disbursements within the semester for which they are made. The time frame for processing a Stafford Loan can take up to 6-8 weeks in which this time frame is separate from the processing time for Federal Pell Grant. The Financial Aid Office must determine eligibility for Federal Pell Grant before we process Federal Stafford Loans. Students are advised of the processing time at the Loan Entrance Sessions that student’s MUST attend in order to have a Federal Stafford Loan processed. Students will never receive Federal Aid before classes begin. First disbursements are mailed two weeks after the beginning of each semester (depending on when the student has applied).
If you are a first-time borrower in your first semester in college, you cannot receive any loan funds until the thirtieth day of the semester. This is a federal regulation
.
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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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