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:

1. Be enrolled at least half-time as a regular student in an eligible program.

2. Be a U.S. citizen or an eligible non-citizen.

3. Be making satisfactory progress in his/her course of study.

4. Not be in default on a Perkins Loan, Stafford Loan, SLS or PLUS Loan.

5. Not owe a refund on a Pell Grant or a Supplemental Educational Opportunity Grant.

6. Complete a Selective Service Regis­tration/Statement of Educational Purpose form.

7. 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 $4050 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.

Federal Family Education Loan Program

Click here to apply for a Stafford/PLUS/Alternative Loan

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 7/1/06 is 6.8%. 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 a lending agency, the state guarantee agency, 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

Loan
Principal

Finance
Charge

Total of
Payments

No. of
Payments

Payment
Amount

Federal Plus Loans

Parent Loans for Undergraduate Students (PLUS) are federally guaranteed loans to assist students with their post-secondary education. Federal PLUS loans are taken out by the parent's of students that are defined by the U.S. Department of Education to be dependent.

The interest rate for loans first dispursed after 7/01/06 is 8.5%. These loans, like a Federal Stafford Loan, are made by banks, credit unions, savings and loan associations, etc. The maximum amount that can be borrowed is the amount of unmet need as determined by the student budget less the expected family contribution less other financial aid.

Application

A student can obtain an application from a lending agency, the state guarantee agency, or from the school. Students are encouraged to first apply for a Pell Grant and/or Stafford Loan to see if he/she qualifies.

Deadline

The PLUS Loan 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 PLUS application be submitted as early as possible.

Method of Payment

PLUS proceeds are sent to the school, usually in the form of a check (or electronic funds transfer). PLUS loans are usually disbursed at the beginning and halfway through each semester. After the borrower endorses the check (or authorizes the EFT) it is applied to the student's account.

Repayment

A PLUS is a loan that the student's parents take out. It must be repaid. Repayment must begin within sixty days of disbursement.

Sample: PLUS Repayment Plan

8.5% Amortization Table

Loan
Principal

Finance
Charge

Verification

Students applying for Federal Financial Aid under the Title IV programs will be required to verify the information on the financial aid application if they are selected for verification by the U.S. Department of Education or if the financial aid officer has reason to believe that the data reported may be inaccurate.

Non-citizens whose eligibility is not confirmed by the U.S. Department of Education will be notified and provided with instructions for providing the documentation for "secondary confirmation". The student must provide all necessary documentation within 30 days of notification.

Specific verification requirements are detailed in the "Interface College Student Handbook" available in the Admissions Office.

Washington State Need Grant

Washington State Need Grants may be available to eligible Washington State residents. Washington State Need Grants are distributed to eligible Interface students from a fixed annual allotment of funds. We attempt to fund all eligible students, but individual student grants are dependent on fund availability.

Need Grant amounts range from $435 to $2450(06-07) with a potential Dependent Care Allowance of up to $737. Applications for the Washington State Need Grant are available in the Financial Aid office. Out-of-state residents should check with their state's Department of Education to see if they are eligible for their state's grants.

Appeals Process

If the student believes there has been an error in his/her financial aid package he/she has the right to have the package reviewed by the Director of Financial Aid.

Family Educational Rights and Privacy Act

Students (and parents of dependent students) have the right to inspect, request additions to, and provide consent prior to disclosure of the student's educational records as per the requirements of PL 93-390, Section 438 (Buckley Amendment).

For more information, including a copy of the school policy, and the procedures for filing a complaint with the Department of Education, contact the Registrar during regular business hours.

Click here to view Consumer Information

Financial Aid Distribution

Federal Financial Aid funds are first applied to school charges. If there are extra living expense funds available they will be disbursed to the student (or parent borrower). Disbursements of living expense funds cannot be made until the funds are received by the school.

Any refunds will be made as follows (up to the amount each source provided):

1. If the student is a Title IV aid recipient, the "Return of Title IV funds" calculation will be made and the appropriate funds, as well as any Title IV credit balance and/or Post-Withdrawal disbursement will be made according to federal regulations.

a. If there is still a credit balance on the student's account after the calculations in #1 (above) have been made, the order of refunds is as follows:

i. First, funds received for the current award year are returned in this order (until the credit balance is eliminated):

1. Washington State Need Grant

ii. Second, if there is still a credit balance after these refunds have been made, funds received for the current term are returned in this order (until the credit balance is eliminated):

1. Federal Unsubsidized Stafford Loans,

2. Federal Subsidized Stafford Loans,

3. Federal PLUS Loans,

iii. Third, if there is still a credit balance after these refunds have been made, funds received for any/all prior terms of the student's current program are returned in this order (until the credit balance is eliminated):

1. Federal Unsubsidized Stafford Loans,

2. Federal Subsidized Stafford Loans,

3. Federal PLUS Loans,

4. Other federal, state and private aid (if more than one source of other federal, state and/or private aid is due a refund, the remaining refund amount will be divided equally among the sources of aid),

5. Washington State Need Grant

6. Pell Grant,

7. the student.

2. If the student is not a Title IV aid recipient, the order of refunds is as follows:

a. Washington State Need Grant

b. Other federal, state and private aid (if more than one source of other federal, state and/or private aid is due a refund, the remaining refund amount will be divided equally among the sources of aid),

c. the student.

Charges and Absences

All tuition charges are based on the student attending all classes as scheduled. No credit for missed classes is available.

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