Financial Aid Options
In the event that you lack the financial resources, there are various programs available to assist you in meeting the cost of an education. Depending upon your financial needs and background, you may be eligible for either a loan and/or a grant. Applicants can obtain the brochure, "The Student Guide - Five Federal Financial Aid Programs", and applications from the Financial Aid Office.
The Federal financial aid programs (called Title IV aid) that Interface College participates in are the Pell Grant, Stafford, and Plus Loan Programs. There are several state programs available to certain Washington State residents, including the Washington State Need Grant and Worker Retraining Programs. Interface College is approved by the Veterans Administration for GI (Montgomery) Bill benefits as well as VA Rehabilitation (Chapter 1606) benefits.
Grant assistance targeted for students in specific circumstances may be available from agencies such as the Department of Vocational Rehabilitation, Workforce Investment Act, and the Department of Labor and Industries.
There may be other state or private grant and/or loan programs for which a student may qualify. The Financial Aid Office can help determine your eligibility.
Eligibility
In general, a student is eligible for federal assistance if he/she meets the requirements below. He or she must:
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Be enrolled at least half-time as a regular student in an eligible program.
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Be a U.S. citizen or an eligible non-citizen.
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Be making satisfactory progress in his/her course of study.
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Not be in default on a Perkins Loan, Stafford Loan, SLS or PLUS Loan.
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Not owe a refund on a Pell Grant or a Supplemental Educational Opportunity Grant.
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Complete a Selective Service Registration/Statement of Educational Purpose form.
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Be registered with Selective Service and possibly have to provide proof of registration, if a male student/applicant born after December 31, 1959 and at least 18 years old not currently a member of the Armed Forces.
Most financial aid does not continue automatically from one year to the next. Therefore, the student must re-apply each year. Financial aid is based on a school year from July 1st of one year to June 30th of the next.
Amounts of most financial aid awards are determined from a completed Free Application for Federal Student Aid (FAFSA). The amounts are based on formulas which determine the student's expected family contribution toward his/her education, based upon family and financial information.
Pell Grant
Pell Grants are awards of federal aid funds ranging from $200 to $5550 to eligible students who have not yet received a bachelors degree. This aid does not have to be repaid. These amounts are subject to Federal adjustment on an annual basis. The amount a student receives is based on a determination by the U.S. Department of Education of the student's need. A Pell Grant is an entitlement which means that if the student qualifies for a grant, he/she will get it.
Application
A student may obtain the Free Application for Federal Student Aid (FAFSA) from the Admissions Office during regular office hours. The form must be completed accurately and submitted on time.
Deadlines
The Application for Federal Student Aid must be received by the processing center no later than June 30 of the award year. The Student Aid Report needs to be submitted to Interface in time to allow for processing and submission to the Department of Education by the last Friday in July after the end of the award year.
Method of Payment
A check (or electronic funds transfer) will be issued to the school at the beginning of each semester. The school will then credit the student's account.
Academic Competitiveness Grant (ACG)
Academic Competitiveness Grants are awards of federal aid funds of $750 for first-year students and $1300 for second-year students. This aid does not have to be repaid. These amounts are subject to Federal adjustment on an annual basis. In order to be eligible for a “first-year” ACG grant, the student must: be a U.S. Citizen, receive a Pell Grant (see above), be enrolled in an Associates Degree program, have successfully completed a rigorous secondary school program of study, and have graduated after 1/1/06. To be eligible for a “second-year” ACG grant, in addition to the first-year requirements, the student must have successfully completed their first year of post-secondary education with at least a 3.0 grade point average. Second-year ACG recipients must have graduated from High School after 1/1/05.
William D Ford Direct Loan Program
Click here to apply for a Stafford/PLUS/
Click here for On-Line Stafford/PLUS Loan Counseling
A Stafford Loan is a low-interest loan made to a student by a lender such as a bank, credit union, or savings and loan association. The interest rate for loans first dispursed after 7/1/10 is 4.5%. A portion of the loan may be withheld to cover initial interest, loan origination and Federal Default fees.
Subsidized Loans
Subsidized loans have the interest paid for the borrower during the time he/she is in school, during the six month grace period after the student leaves school, and during any periods of deferment. The maximum amount a particular student can borrow is based on a determination by the U.S. Department of Education of the student's need.
Unsubsidized Loan
Students who do not qualify for the full subsidized Stafford Loan, may borrow up to the applicable maximum in an Unsubsidized Loan. Interest on the Unsubsidized Loan begins immediately after the loan is disbursed, but can be capitalized and payments can be postponed until expiration of the 6 month grace period.
Application
Before applying for a Federal Stafford loan, a student must complete the FAFSA. A student can obtain an application from the U.S. Department of Education, or from the school.
Deadline
The loan application must be filed with Interface in time to be processed before the student ceases to attend. The usual processing time is four to six weeks, but it is recommended that the application be submitted as early as possible.
Method of Payment
A check (or electronic funds transfer) will be issued to the school, usually at the beginning and halfway through each semester. After the student endorses the loan check (or authorizes the EFT) it is applied to the student's account.
Repayment
A Federal Stafford Loan is a loan that the student takes out. It must be repaid. Repayment of Stafford Loans are deferred six months after the student graduates, withdraws, or drops below half-time status.
Sample: Stafford Loan Repayment Plan
6.8% Interest |