Investing in your education is investing in your future.
If you are unable to meet educational costs on your own, financial assistance is available to those who qualify. American Career College's Financial Aid Department can show you several tuition financing options, including federal and state grants and loans. We'll help you navigate the world of student financial aid, identify the opportunities available to you and apply for financial assistance.
Code of Conduct regarding Lender Relationships and Loans: To view our code of conduct, click here.
Financial Aid Resource Publication from the U.S. Department of Education: Funding Education Beyond High School
Federal Financial Aid
ACC participates in several types of Title IV Federal Financial Aid programs, many of which are based on financial need. Students seeking financial assistance must first complete the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov. You will also need to apply for a Personal Identification Number (PIN) www.pin.ed.gov. The College's Financial Aid Officer uses this form to determine your eligibility and to assist you in deciding what resources are best suited to your circumstances. Students must meet all eligibility requirements to qualify for Federal Student Aid.
Financial Aid Advising
Government guaranteed loans are an important part of financing your educational expenses. American Career College provides you with information and counseling to assist you in managing your loans effectively. Student loan entrance and exit counseling is required of all students.
Financial Aid Eligibility Requirements
To be eligible for Federal Financial Aid, you must be: 1. A citizen of the United States or an eligible permanent resident; 2. Enrolled in an eligible program; 3. Making satisfactory academic progress toward graduation; 4. A high school graduate or have obtained a High School Equivalency (HSE) or the equivalent; 5. Not in default on a financial aid loan nor owe a refund to a financial aid grant received at any postsecondary college or institution; 6. Registered with the U.S. Selective Service, if applicable.
Federal Financial Aid Programs
The following is a description of the financial aid programs available at American Career College for students who qualify. Additional information may be obtained through the Financial Aid Department.
For information, guidance and tools about federal student assistance, you can also visit the U.S. Department of Education's website on federal student aid at http://federalstudentaid.ed.gov.
Federal Pell Grant
The Federal PELL Grant Program provides a foundation of assistance to which other forms of aid may be added. Eligibility for the Federal PELL Grant Program is determined by a standard formula that is revised and approved every year by the federal government. Unlike loans, grants do not have to be paid back.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Supplemental Educational Opportunity Grants are available to a limited number of students with exceptional financial need. Grants are based on funds available and do not have to be repaid. Need is determined by the financial resources of the student and parents and the cost of attendance.
Federal Work-Study Grant (FWS)
The Federal Work-Study program provides jobs for graduate and undergraduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work related to the student's course of study. Funds under this program are limited and do not have to be repaid.
William D. Ford Federal Direct Loan Program
Under the Federal Direct Loan (FDL) program the University originates the Direct Loan. The loan is then sent to the U.S. Department of Education's Common Origination and Disbursement Center (COD) and disbursed to the University electronically through the Grant Administration and Payment System (G5). The origination fees vary based on award year. The loans are serviced by the Direct Loan Servicing System. All information will be disclosed during the financial aid application process.
Subsidized Direct Loan
Federal Subsidized loans are available to students with financial need. Students may borrow up to $3,500 for their first academic year, $4,500 for the second academic year and $5,500 for the third and fourth academic years; this is available at a fixed interest rate currently of 4.5% for undergraduates and 6.8% for graduate students, which is established annually by the U.S. Department of Education. The interest is paid by the federal government while students are in school and for six (6) months after students cease their enrollment. Regular payments begin six (6) months after students cease enrollment or fail to carry at least one-half the normal full-time University workload.
Unsubsidized Direct Loan
Unsubsidized direct loans are available for students to borrow for education costs. Independent students can borrow up to $9,500 for their first academic year, $10,500 for the second academic year and $12,500 for their third and fourth academic years, as a combined total with the Federal Subsidized Direct loan, at a fixed interest rate of 6.80%.
With the exception of demonstrating financial need, borrowers must meet all eligibility criteria of the Federal Subsidized loan program. Interest payments begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular payments begin six (6) months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.
|Grade Level||Base Loan Amount||Additional Unsubsidized Eligibiilty for Dependent Students (Exclusive of dependent students whose parent[s] is not eligible to borrow a Direct PLUS loan).||Additional Unsubsidized Eligibility for Independent Students and Dependent Students (whose parent[s] is not eligible to borrow a Direct PLUS Loan).|
|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, 2010||July 1, 2011||4.5%||6.8%|
|July 1, 2011||July 1, 2012||3.4%||6.8%|
|Graduate Students||Interest Rate of Loans Disbursed after July 1, 2006|
| || ||6.8%|
Direct Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loans for Undergraduate Students provide additional funds for credit-worthy parents to help pay for students' educational expenses. The interest rate for these loans is fixed at 7.9% (established annually by the U.S. Department of Education) and repayment begins immediately after the loan is fully disbursed.*
*Current interest rate on Unsubsidized Loan is 6.8%
Cal Grant Program
Cal Grant B and C are State Grant programs administered by the State of California and are available to eligible California resident students who have applied before the March 2nd deadline and are enrolled in the University at the commencement of the award year.
The Cal Grant funds are awarded based on enrollment status during the award year. Grants are based on funds available from the State and do not have to be repaid.
Private Lending Options
When necessary, ACC participates with private lenders to help students and their families bridge the gap between the cost of education and the amount covered by other financial aid programs. Private loans, which are privately held and administered, cover educational expenses beyond what is covered by federal loans. Specific eligibility requirements are outlined by each private lender, but are typically credit-based. If you have no credit or a poor credit history, you may still qualify for a loan by applying with a creditworthy co-borrower.
ACC's recommended private loan programs include:
Sallie Mae (Los Angeles)
Sallie Mae (Orange County)
Sallie Mae (Ontario)
Sallie Mae (Long Beach)
You have the right to choose your own lender. American Career College has selected the lenders based on their excellent customer service, competitive rates and borrower benefits. You may either select one of the lenders, or choose any lender of your choice. American Career College does not require that you utilize either of these lenders, and will process a private loan from whichever lender you prefer.
SALLIE MAE SMART OPTION LOAN
A private, credit-based, school-certified education loan. Sallie Mae is the nation's leading saving, planning, and paying for education company and for more than 40 years has been a leader in the student loan industry.
STUDENT FUNDING GROUP SMART OPTION LOAN
A reseller of the Sallie Mae Smart Option Loan, originated and serviced by Sallie Mae, but no common ownership. Student Funding Group is the first privately held, minority-owned student loan originator in the industry. Their philosophy is to assist every student, regardless of race or class, gain access to higher education by offering affordable financing options and simplifying the financial process for them.
PRICING AND BENEFITS ARE THE SAME FOR BOTH SALLIE MAE & STUDENT FUNDING GROUP:
Smart Option Student Loan Benefits
- Low variable interest rates — 2.25% APR to 9.37% APR1;competitive fixed interest rates are also available (effective May 20, 2012).
- No origination fees and no prepayment penalty.*
- Pay now or later — defer your payments until after graduation or choose an in-school repayment option that fits your needs.*
- Get a Smart Reward® in your Upromise® account of 2% of your scheduled monthly payments that are made on time while in school (not available with the Deferred Repayment Option).*
- Tuition Insurance Benefit — Covers up to $5,000 of tuition lost due to a covered medical withdrawal. Available at no cost to the consumer with loans that first disburse July 1 through October 31, 2012.*
- Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled payments by automatic debit.*
- Borrow up to 100% of your school-certified education costs (minimum $1,000).
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
- You can apply to release your cosigner after you graduate and make 12 consecutive on-time principal and interest payments.*
- Sallie Mae relies on the school to monitor that students are making sufficient progress toward their degree.
- Can be used to cover unpaid tuition balances.
* Visit SallieMae.com/terms/sosl for important information. Terms, conditions, and limitations apply.
Please note: A student can improve their chances for approval and may be able to qualify for a lower interest rate by applying with a creditworthy cosigner.
Loan limits: Minimum loan amount $1,000. Aggregate maximum $200,000.Borrower Benefits: .25 percentage point interest rate reduction for automatic debit payments; a 2% reward in the borrower's Upromise account each month for making on-time monthly payments. Cosigner release - apply after borrowers graduate and make 12 on-time payments; Easy on-line application and fast credit decision.
Repayment Options: Either full monthly interest payments, or fixed monthly payments of $25/month.
Confidential loan entrance counseling is provided to assist students interested in applying for Federal Loans. ACC Online Loan Counseling click here.
Graduates who have borrowed student loans are required to complete student loan exit counseling during their last term.