|
FAQ - Applying for Aid
- How do I apply for grants?
- How do I find and apply for scholarships?
- I want a Federal Work-Study job. How can I get one?
- Do I have to pay taxes on the money I earn through Federal Work-Study?
- What is the difference between subsidized and unsubsidized loans?
- Is there a charge for a Stafford loan?
- How much can I borrow per year in the Federal Stafford Loan Program?
- What is the aggregate limit for the Stafford Loan Program?
- What is a PLUS loan
- How does my parent apply?
Additional FAQS: Financial Aid FAQ | How Aid Works at Pima
1. How do I apply for grants?
You must submit a Free Application for Federal Student Aid (FAFSA) to apply for all state and federal grants. Grant eligibility primarily depends on your level of financial need as calculate by information from the FAFSA. PCC offers the Pell, ACG, SEOG and some state grants. We use the FAFSA data to determine which grants you are eligible for. 2. How do I find and apply for scholarships?
Visit PCC’s scholarship web page at www.pima.edu/scholarships to see what is available. You can also visit www.fastweb.com, www.finaid.org, or www.college-scholarships.com/100college to search for scholarships available across the country. BEWARE of any applications requiring a payment. Legitimate scholarship offers never require a fee to apply. Check back regularly as these pages are constantly updated with new awards. 3. I want a Federal Work-Study job. How can I get one?
Work-Study is a need-based program. To qualify, recipients must complete the Free Application for Federal Student Aid (FAFSA), with the results indicating a financial need. To be considered for Federal Work-Study as part of your financial aid award, you MUST apply early in the year--before the April 1st priority deadline since work-study funds are often committed early in the year. 4. Do I have to pay taxes on the money I earn through Federal Work-Study?
Yes, work-study income is taxable. You will receive a W-2 form from the College at the end of each year. This form will indicate how much you earned at the College. Note that although you should list those earnings as income on your Free Application for Federal Student Aid (FAFSA), you may also report them as exclusions in the appropriate section of your FAFSA. 5. What is the difference between subsidized and unsubsidized loans?
A subsidized loan is awarded based on financial need. You won't be charged any interest before you begin repayment or during deferment periods. The Federal government “subsidizes” the interest during these periods. An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount. 6. Is there a charge for a Stafford loan?
Lenders are required to charge an origination fee of 2% and a Federal Default Fee of 1% on the loan. These fees are deducted proportionately from each disbursement of your loan before the funds are sent to PCC. Some lenders pay these fees for the borrower, but may not offer the same borrower repayment benefits to these students. It's important to research your lender's policies carefully before choosing a lender. 7. How much can I borrow per year in the Federal Stafford Loan Program?
Dependent undergraduate student Stafford Loan eligibility:
Freshman: $3,500 per year plus an additional $2,000 unsubsidized.
Sophomore: $4,500 per year plus an additional $2,000 unsubsidized.
Independent undergraduate student Stafford Loan eligibility:
Freshman: $3,500 per year plus an additional $6,000 unsubsidized.
Sophomore: $4,500 per year plus an additional $6,000 unsubsidized.
Note: The amounts given above are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans. You may receive less than these yearly maximum amounts if you receive other financial aid to cover a portion of your cost of attendance. You may also be limited in the amount you can borrow by the cost of attendance of the program in which you are enrolled. PCC cannot certify a loan for an amount greater than the cost of attendance. 8. What is the aggregate limit for the Stafford Loan Program?
When taking out student loans, think about your educational goals, how long it will take and how much it will cost. Plan accordingly. Undergraduates cannot borrow more than the amount listed below: Dependent student: $31,000 (of which no more than $23,000 can be subsidized).
Independent student: $57,500 (of which no more than $23,000 can be subsidized).
9. What is a PLUS loan?
This is a loan offered to parents of dependent students. The interest rate is fixed at 8.5%. Repayment begins 60 days after the last disbursement unless an in-school deferment is requested. The borrower (parent) is subject to a credit check. 10. How does my parent apply?
Your parent applies for a PLUS loan by contacting the lender of their choice and filling out an application for the loan. The lender will contact PCC to notify the school that the parent is interested and will also explain how it would like the parent to complete a Master Promissory Note for the funds.
Additional FAQS: Financial Aid FAQ | How Aid Works at Pima
|
