Types of Financial Aid Available at Pacifica
Financial Aid Available at Pacifica
Learn more about Pacifica Scholarship programs – Keep in mind that grants and scholarships are “free sources” of financial aid that do not have to be paid back.
The following Federal Direct Loan resources are available to help you complete the financial aid process. You will be redirected to the U.S. Department of Education website. You will need your Federal Student Aid (FSA ID) to access these sites.
|Federal Direct Stafford Loan||Sign the electronic Master Promissory Note (MPN)|
|Federal Direct PLUS Loan||Complete the Direct PLUS Loan Request, MPN, and as required Credit Counseling|
|Entrance Loan Counseling||Entrance Loan Counseling|
|Exit Loan Counseling||Exit Counseling requirements|
|Loan Repayment||Learn more about loan repayment options|
The following sites provide helpful information about financial aid:
- Federal Student Aid
- AC Online Resources – Affordable Colleges Online Resource Center
- National Student Loan Data System (NSLDS) – Federal student loan database that contains: total loan amounts borrowed, loan status, loan holder/servicer contact information, etc.
Pacifica does not participate in the Federal Work-Study program.
Private Alternative Education Loans
Under these programs, students may borrow up to the cost of attendance (as determined by the Financial Aid Office) less other aid received. These loans are non-federal loan programs that require at least half-time enrollment (minimum of 3 units/quarter at Pacifica), a good credit history, the ability to repay the loan, and US citizenship or permanent resident status. Some loans may require a credit worthy US citizen or permanent resident co-signer. Please note that students are encouraged to review their eligibility for federal student loans before pursuing private education loans as the terms and conditions may be more favorable. For details on federal student loans and their provisions, please visit http://studentaid.ed.gov. It is important that you make an informed decision regarding the lender and loan program you select.
On February 14, 2010, new Truth in Lending Act (TILA) disclosure requirements on private education loans took effect. US Department of Education regulations on private education loans require that:
- the lender present full disclosure of the terms and conditions of the loan (including fees, interest rates, repayment amounts) and
- the school certify a student’s cost of attendance and eligibility prior to the lender disbursing funds and
- the lender obtains written confirmation through a signed self-certification from the borrower that s/he understands the terms and conditions prior to releasing loan funds to the school.
This new process may extend the processing time for private loans and may delay the release of loan funds to the school. Please allow a minimum of two to three weeks for processing of private alternative loans.
You will be required to complete the following disclosure form before a lender will disburse a private loan: Private Education Loan Application Self Certification (pdf).
- Students must be enrolled at least half time
- Creditworthy (good credit history) or credit ready (no credit history and adhere to cumulative debt limits)
- Sufficient monthly income to repay the loan
- Stable residence and employment history
- U.S. citizen or permanent resident
- Students generally have three repayment options -refer to terms and conditions for specific options
- Pay interest and principal while in school
- Pay interest-only while in school
- Defer principal and interest and have the interest capitalized, (added to your principal)
There may be a minimum payment per month, but will be adjusted higher depending on amount borrowed. Repayment period is up to 15 – 25 years depending upon type of loan and the amount borrowed.
The interest rates are usually variable and may be based on the Prime rate +/- percentage points or a LIBOR rating +/- percentage points depending on the loan program and the lender.
The guarantee fee is often between 0% and 10%, depending on credit history and the availability of a co-applicant. In addition, some loans have an additional fee added to the principal balance when the loan goes into repayment.
If you would like to apply for a private alternative loan, log on to the FinAid website to find a lender with which you would like to work. Due to the current state of the lending industry and because Pacifica is a small private institution, it is important to note that some lenders may opt not to work with Pacifica students. For complete details of the terms and conditions of each alternative loan program contact the lender directly, or visit their web site.
Outside Resources — Other Outside Sources of financial assistance
- Outside Scholarship Searches
- Search for outside scholarships, grants, etc.
- Other/External Resources
- State resources, Vocation Rehabilitation, Veteran’s Benefits
- Higher Education Tax Incentives
- The federal government has created several tax benefits for families who are saving, or already paying, for higher education. There are also benefits for people who are repaying student loans. Click here for information from the National Association for Student Financial Aid Administrators (NASFAA) which provide an excellent resource for explaining the benefits and qualifications for each tax relief program. For more information on these programs contact your accountant or you may call the IRS Office of Public Liaison at 202.622.2970 or visit the website at www.irs.gov.
- International Students
- Resources for International students