Financial Aid Programs Available at ACC

California State Aid Programs

Cal Grant Program

Cal Grant B and C are grant programs administered by the State of California and are available to eligible student who have applied before the March 2^nd deadline. In addition to federal student aid requirements, students must be California residents and attend a qualified institution at least half-time. Student eligibility must be approved by the California Student Aid Commission. Grants are based on funds available from the State and do not have to be repaid. All Cal Grant payments are credited to the student's account to cover tuition, fees, and supplies. However, a student may request direct payment of his or her Cal Grant B access funds up to the date the fund transaction actually occurs.

Chafee Grant Program

The California Chafee Grant for Foster Youth is a grant program administered by the State of California. To qualify, student must be a current or former foster youth; not have reached your 22nd birthday as of July 1 of the award year; have documented financial need, be enrolled at least half-time; enroll in a qualified program of at least one academic year in length, and maintain satisfactory academic progress. The court must have established your dependency when you were between the ages of 16 and 18. The California Department of Social Services will verify your foster youth eligibility status. Chafee Grant payments will be credited to the student's account to cover tuition, fees, and supplies. Excess Chafee Grant funds may be used to pay for child care, rent, or transportation while attending school.

Federal Aid Programs

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. A student can receive a Federal Pell Grant for no more than six academic years.

Federal Iraq and Afghanistan Service Grant

The Federal Iraq and Afghanistan Service Grant is offered to students who are not eligible for a Federal Pell Grant on the basis of their Expected Family Contribution as calculated from FAFSA data, but meet the remaining Federal Pell Grant eligibility requirements. In order to qualify, students must have had a parent or guardian in the U.S. armed forces that died as a result of military service performed in Iraq or Afghanistan after the events of 9/11. The student must have been under 24 years old or enrolled in college at least part-time at the time of the parent or guardian's death.

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 available funds and do not have to be repaid. Need is determined by the financial resources of the student's family and the cost of attending school.

Federal Work-Study (FWS)

The Federal Work-Study Program provides jobs for graduate and undergraduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service work and work related to your course of study. Funds under this program are limited. Students who indicate on their annual FAFSA that they are interested in FWS, and are otherwise eligible, will be awarded FWS funds; however, students must contact the Business Office to apply to and be hired for a specific job opportunity in order to receive funds.

William D. Ford Federal Direct Loan Program

Under the Federal Direct Loan (FDL) program the College certifies eligibility for each loan, and sends the loan details to the U.S. Department of Education. Loan proceeds are disbursed to the College electronically and then posted to the student's account. Students must repay the loan with interest to the servicer assigned by the U.S. Department of Education after the loan is disbursed.

Eligible students will be awarded estimated student loan amounts based on FAFSA submission and the standard need-analysis formula. Students must complete and submit a Master Promissory Note (MPN) to the Department of Education before loans will be processed. First time loan borrowers must also complete student loan entrance counseling prior to funds being disbursed. Both the MPN and loan counseling are available online at https://studentaid.gov/

Subsidized Loan

Federal Direct Subsidized loans are available to undergraduate students with financial need. Students may borrow up to $3,500 for their first academic year, and up to $4,500 for the second academic year if in a degree or VN program, at a fixed interest rate which is established annually by the U.S. Department of Education. Current interest rates can be found at https://studentaid.gov. The interest is paid by the federal government while students are in school. Interest begins accruing at the time students cease full-time enrollment or fail to carry at least one-half the normal full-time College workload. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time College workload. First-time borrowers may not receive this type of loan for more than 150 percent of the length of their program of study; U.S. Department of Education may stop paying interest if student who received Direct Subsidized Loans for maximum period continues enrollment.

Unsubsidized Loan

Unsubsidized Direct loans are available for students to borrow for additional education costs. Independent undergraduate students can borrow up to $9,500 for their first academic year, and up to $10,500 for the second academic year if enrolled in a degree or VN program, as a combined total with the Federal Direct Subsidized loan. Students enrolled in a degree program of more than two academic years in length may borrow up to $10,500 each subsequent year as a combined total with the Federal Direct Subsidized Loan. Dependent undergraduate students can borrow up to $5,500 for their first academic year as a combined total with the Federal Subsidized Direct loan, and up to $6,500 for their second academic year if enrolled in a degree or VN program. Independent students enrolled in a degree program of more than two academic years in length may borrow up to $10,500 each subsequent year as a combined total with the Federal Direct Subsidized Loan. Interest rates are fixed and established annually by the U.S. Department of Education. Current interest rates can be found at https://studentaid.gov. With the exception of demonstrating financial need and undergraduate status, borrowers must meet all eligibility criteria of the Federal Subsidized Direct loan program. Interest payments begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.

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. Interest rates are fixed and established annually by the U.S. Department of Education. Current interest rates can be found at https://studentaid.gov. Repayment begins immediately after the loan is fully disbursed.

Veterans' Education Benefits

American Career College programs (except Vocational Nursing in Orange County and Los Angeles) are approved for training of Veterans and eligible persons under the provisions of Title 38, United States Code. Students interested in Veterans' Education Benefits should contact the Financial Aid Department. Veterans who are unsure of their eligibility should contact the Veterans Administration. The Financial Aid Director at each campus serves as the primary Certifying Official, and submits Enrollment Certifications to the DVA for each module of a diploma program or each term for a degree program. Eligible students must maintain satisfactory academic progress to continue receiving educational benefits.

Private Loans

Private loans are available to students through various lending institutions to help pay educational expenses. Private loans, which are not insured by the federal government, have repayment terms that vary depending on the lender from which you borrow. American Career College encourages students to explore federal and state grants and loans, and to consider the anticipated monthly loan payments along with expected future earnings before considering a private education loan. Federal student loans are required by law to provide a range of flexible repayment options and loan forgiveness benefits, which private student loans are not required to provide.

Generally, private loans require that the borrower is a U.S. Citizen, a U.S. national, or a permanent resident and must be creditworthy. International students are eligible with a creditworthy cosigner (who must be a U.S. Citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation. If the student has no credit or a poor credit history, he/she may still qualify for a loan by applying with a creditworthy co-borrower.

Most lenders expect you to have a qualified co-borrower before they will approve the loan. Interest rates and repayment terms vary between private lenders. American Career College does not make any recommendations regarding private lender selection for students who decide to pursue private loan options. Students may borrow from any lender. Be sure to research and review each lender's terms and conditions before making a final decision. A list of lenders previously used by ACC students is available at http://www.elmselect.com, along with terms and conditions for each private lender.