The following federal (financing available through Title IV Programs under the U.S. Department of Education) and state financial aid programs are available to eligible students at Eagle Rock College subject to individual qualifications:
- PELL – Federal Pell Grant
- PLUS – Federal Parent Loan for Undergraduate Students
- LOAN – Subsidized and Unsubsidized Loan Programs
- WIOA – Workforce Innovation and Opportunity Act
- REHAB – Private Rehabilitation Benefits
- GAIN – Greater Avenues for Independence
- VETERANS – Veterans Affairs
The Federal Pell Grant is a program for undergraduate students (those who have not earned a first bachelor’s degree), who demonstrate the greatest financial need. Award amounts are based on a students’ Expected Family Contribution (EFC), as determined by the U.S. Department of Education (ED).
PLUS loans are available for parents borrowing for the education of dependent students. PLUS loan applicants must be U.S. citizens or eligible non-citizens, not be in default on any federal education loan or owe an overpayment on a federal education grant. Qualified parents can borrow up to the total Cost of Attendance*, minus any other aid received by the student. Unlike Stafford loans, PLUS borrowers are required to undergo a credit check.
Subsidized Stafford loans are made to students who demonstrate financial need. The government pays the interest while students are enrolled and during authorized periods of deferment. Effective July 1, 2013, the Department of Education has a limit on how many years a “first-time borrower” may receive subsidized loans. Students will be eligible to receive subsidized loans for a period of time not to exceed 150% of the published length of the student’s current academic program. For questions regarding this regulation, you may contact the Financial Aid department at the phone number listed in the catalog.
An Unsubsidized Stafford loan is not awarded on the basis of financial need, and borrowers are responsible for all interest. Interest payments can be deferred while the borrower is in school, but the interest is added to the principal of the loan (capitalized) when repayment begins. Borrowers can choose to pay interest while in school, or periods of deferment, to avoid capitalization. These loans are also available to dependent students whose parent is unable to borrow the PLUS
Tuition Financing Corporation is an industry leader with over 40 years experience in financing tuition for private, post-secondary schools. Locations are in New York and San Francisco.
If the student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student final aid program funds. Schedule an Appointment with the Financial Aid Office prior to enrollment so that eligibility for financial assistance can be determined. This practice enables applicants to evaluate their options for tuition financing.
Methods of Payment
Students may pay for tuition using the following:
- Cash, Check, Credit Card and ACH Payment
- Payment Plan
- Third Party
- Financial Assistance
Xiomara Garcia, SR. Financial Aid Officer
Disbursement of loans and grants are made several times during the academic year. First-time borrowers received first loan disbursement until 30 days from the first day of class.
For Non-degree programs disbursement for loans and grants are made in two payments per academic year. First payment will be disbursed within 30 days from the first day of class. Second payment will be disbursed at midpoint. Prior to second disbursement, enrollment status, attendance and SAP will be reviewed and students will be required to have a minimum of 12.00 units of FA credits.
For OAD program, disbursement for loans grants are made in two payments for academic year 1 and two payments for academic year 2. For academic year 1, first payment will be disbursed within 30 days from the first day of class. Second year will be disbursed at midpoint. Prior to second disbursement, enrollment status, attendance and SAP will be reviewed and students will be required to have a minimum of 12.00 units of FA credits. For academic year 2, third payment will be disbursed when the student earned a minimum of 36.00 units of FA credits and fourth payment will be disbursed when the student earned a minimum of 48.00 units of FA credits.