Types of Financial Aid

There are two basic types of financial aid available to OCCC students: grants and loans. Typically, students are offered a combination of these financial aid awards. Awards will differ from student to student.

Students must apply for financial aid each academic year to be considered for the types of aid listed below. At OCCC, 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 have an Expected Family Contribution (EFC) between 0 and 5273. The Pell Grant is prorated for less than full-time enrollment levels. For 2011-2012, 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.

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. For the 2011-2012 year, the award per term varies. Students need to apply very early for consideration of 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  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.

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.