Types of Financial Aid

There are two basic types of financial aid available to Oregon Coast Community College students: grants and loans.  Typically, students are offered a combination of these financial aid awards.  Awards will differ from student to student and a student may qualify for several of the awards listed below or only one. 

Students must apply for financial aid each academic year to be considered for the types of aid listed below.  The academic year begins with summer term and continues with fall, winter and spring.  Some program funding is limited, therefore, students should apply as soon as possible after January 1st each year.

GRANTS:

FEDERAL PELL GRANT:  This need-based program is available during summer, fall, winter and spring to eligible students.  The Pell Grant is offered to students that do not have a Bachelor's degree and, in 2012-2013, have an Expected Family Contribution (EFC) between 0 and 4995.  The 2012-2013 maximum in Pell Grant is $5,550. The Pell Grant is prorated for less than full-time enrollment levels.  The maximum amount of Pell Grant a student can receive is the equivalent of up to 3 terms of full time enrollment in one academic year.  If a student enrolls for summer, it will affect the remaining eligibility for the remainder of the academic year.  See Summer Term Students.

NEW! Pell Grant Lifetime Limits-Beginning in Fall 2012, students are now limited to the equivalent of six years (600%) of Pell Grant funding during their lifetime.  This change affects all student regardless of when or where they received their first Pell Grant.  Refer to the Department of Education's Calculating Pell Grant Lifetime Eligibility Used web page for more information on how the equivalent of six years is calculated.

Starting in mid-July 2012, a student will be able to log on to the National Student Loan Data System (NSLDS) Student Access web site using their Federal Student Aid PIN and view their Lifetime Eligibility Used (LEU) percentage.  The LEU will be found on the Financial Aid Review page.  Colleges will also receive notification in mid-July 2012 which may cause adjustments to any existing awards if a student is determined to be close to or have exhausted Pell Grant lifetime eligibility.

OREGON OPPORTUNITY GRANT:  This program is administered by the Oregon Student Assistance Commission (OSAC).  It is a need-based program and is available to eligible Oregon residents who are enrolled at least half time during fall, winter and spring terms.  The 2012-2013 maximum for the academic year is $1,950 for full time enrollment and pro-rated for half or three quarter time enrollment.  Students need to complete their FAFSA as soon as possible after January 1 every year to be considered for this grant.

STUDENT LOANS: 

Federal Direct Stafford Loan (subsidized):  This is a need-based program and has a variable interest rate with a cap of 8.25%.  Repayment on this loan begins 6 months after a student either graduates, stops attending or drops below half time enrollment.  The interest is subsidized by the federal government while a student is enrolled at least half time and until repayment begins.  If a student is offered a subsidized loan, additional steps are required before it is disbursed.  The student must be enrolled at least half time in order to qualify.  The award amount varies based on a student's eligibility.

Federal Direct Stafford Loan (unsubsidized):  This is NOT a need-based program.  The interest rate is variable, with a cap of 8.25%.  The interest on an unsubsidized loan is NOT subsidized by the federal government.  Interest accrues on this loan and a student is billed for the accruing interest.  If a student is offered an unsubsidized loan, additional steps are required before it is disbursed.  The student must be enrolled at least half time in order to qualify.  The award amount varies based on a student's eligibility.

SCHOLARSHIPS:

If you are the recipient of a private or institutional scholarship and are enrolled at OCCC, funds will be applied to your account during our disbursement process in accordance with the donor's letter of instruction. Scholarships will be packaged along with any other financial aid you may be eligible for and may adjust your other funding.  Please contact Sharon Hahn in Accounts Receivable at 541-867-8504.

Important Note:

Financial Aid does not make any offer of assistance until all required documents have been received and processed.  Delays in responding to correspondence can affect the amount of aid a student receives, regardless of the date the student applies for financial aid.