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FA
Express™ Online
| FA
Express™ Hotline
| Overview
| FAQs
Financial
Aid
- How
can I finance my education at Mt. Sierra College?
- How
can I qualify for Federal Student Aid for college?
- When
and where do I apply?
- Are
veteran's benefits available?
- Does
the State of California offer any assistance for college?
- What
types of grants can I apply for at Mt. Sierra College?
- How
long does it take to find out what I am qualified
for in financial assistance?
- What
can I do to expedite the process and maintain eligibility
for Federal Aid?
Grants
- How
is the Federal Pell Grant eligibility determined?
- How
much money can I receive through the Federal Pell
Grant?
- How
will I receive my Federal Pell Grant money?
- How
are Federal Pell Grants disbursed?
Loans
- What
are the terms of a Federal Subsidized Stafford Loan
and the Federal Unsubsidized Stafford Loan?
- How
much money can independent undergraduate students
borrow through the Federal Stafford Loan programs?
- How
much money can dependent undergraduate students borrow
through the Federal Stafford Loan programs?
- What
is a Federal PLUS Loan?
- Do
I have to be admitted to my program of study to receive
Federal Financial Aid?
- When
will I receive my Federal Stafford Loan money?
- How
are Stafford Loan funds disbursed?
- How
will I know when my funds are in?
- Can
I get my prior loan(s) deferred?
Options
- What
are my options if I do not qualify for Federal Aid,
or it does not cover all my expenses?
- What
are my options if I do not want to apply for Federal
Aid?
Financial Aid
| Q. |
How
can I finance my education at Mt. Sierra College? |
| A. |
If
your own resources (part-time employment, personal/family
savings) are limited, we will assist you in locating
financing alternatives best suited to your situation.
These alternatives include federal and state grants,
federal student loans, federal work-study, or a
monthly installment payment plan developed and maintained
by Mt. Sierra College. |
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| Q. |
How
can I qualify for Federal Student Aid for college? |
| A. |
You
must show that you meet the financial need criteria,
have a high school diploma or equivalent, are enrolled
and working toward a degree in an eligible program,
are a U.S. citizen or eligible non-citizen, have
a valid Social Security card, and are not in default
on a federal education loan. |
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| Q. |
When
and where do I apply? |
| A. |
After
you complete an application for admission, you will
be provided with a financial aid packet. If you
already submitted a Free Application for Federal
Student Aid (FAFSA) form for the current year to
the federal processor, you may call (800) 433-3243
to request a duplicate Student Aid Report (SAR)
to submit to Student Finance at Mt. Sierra College.
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| Q. |
Are
veterans benefits available? |
| A. |
Mt.
Sierra College is a veterans approved institution.
Students who feel they may qualify for veterans
educational benefits are encouraged to contact the
college veterans benefits coordinator. You must
be prepared to submit a clear copy of form DD-214.
Veterans should call the DVA at (888) 442-4551 to
obtain the appropriate application for benefits.
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| Q. |
Does the State of California offer any assistance
for college? |
| A. |
The
California Student Aid Commission has two major
grant programs that our students may apply for that
are based on a combination of need and grade point
average or GED scores. Students must apply between
January 1 and March 2 each year in order to be given
grant consideration for the following Fall term.
- Cal
Grant A: For California residents enrolled in
a degree program, this grant can pay up to full
tuition each year, up to a maximum of four years.
- Cal
Grant B: This grant provides subsistence (living
allowances) for new recipients in the first
year of a student's program of study, and provides
tuition/fee assistance to eligible students
beyond the first year in addition to subsistence.
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| Q. |
What
can I do to expedite the process and maintain eligibility
for Federal Aid? |
| A. |
The
College may require additional paperwork to process
your aid. Your prompt return of requested materials
will facilitate an expedited process. Changes in
your course start date can impact your aid. Breaks
in attendance in excess of 10 days require approval,
otherwise aid will be cancelled. Overlapping courses
scheduled after your aid has been processed can
impact your aid. Contact the Financial Aid Office
for advisement before changing your schedule. |
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| Q. |
How
is the Federal Pell Grant eligibility determined? |
| A. |
The
Federal Pell Grant is awarded based on each undergraduate
student's financial need. Need is primarily based
on Adjusted Gross Income (AGI) and family size,
but other factors such as assets and the number
of family members in college are taken into account.
The exact eligibility amount is calculated when
the College receives and processes an Institutional
Student Information Report from the Department of
Education. |
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| Q. |
How
will I receive my Federal Pell Grant money? |
| A. |
If you are eligible for a Federal Pell Grant, our
financial officers will calculate the award and
give you an estimated Award Letter with the award
amount and anticipated disbursement dates. Usually
Pell Grants will be disbursed to your institution's
account within the first 30 days after the term
starts. |
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| Q. |
How
are Federal Pell Grants disbursed? |
| A. |
Pell
Grant awards will be divided into three payment
periods based on your class load each quarter. If
you are taking half-time courses you will receive
half of that disbursement. |
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| Q. |
What
are the terms of a Federal Subsidized Stafford Loan
and the Federal Unsubsidized Stafford Loan? |
| A. |
A
new loan carries a fixed rate of 6.8%. The government pays
the interest on the Federal Subsidized Stafford
Loan while you are in school and for a six-month
grace period after you leave school (if you have
not already taken advantage of your grace period).
For a Federal Unsubsidized Stafford Loan, interest
accrues from the time loan funds are disbursed until
it is paid in full. You can defer payment on the
interest and principal while in school and during
the six-month grace period. Stafford Loans are charged
origination and guarantee fees, which are taken
out of the loan proceeds by the lender. For more
information on loan terms, refer to the "Borrower's
Rights and Responsibilities" section of the Federal
Stafford Loan Master Promissory Note. |
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| Q. |
How
much money can independent undergraduate students
borrow through the Federal Stafford Loan programs? |
| A. |
Loans
are processed for an academic year, which is a minimum
of 48 credits and 33 weeks. The loan limit for your
academic year is based on your year in school while
attending the College. Federal Stafford Loan program
first-year, independent undergraduate students can
borrow a maximum of $7,500. The maximum award for
second-year students is $8,500, and $10,500 for
the third year and each remaining year. Undergraduate
students can reapply for additional loans after
completing a minimum of 48 credits and 33 weeks
of instructional time. |
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| Q. |
How
much money can dependent undergraduate students
borrow through the Federal Stafford Loan programs? |
| A. |
Under
the Federal Stafford Loan program, dependent students
in their first year of the undergraduate program
can borrow $3,500, the second year $4500, and $5,500
for the third year and each remaining year. In addition
to the Federal Stafford Loan programs, dependent
students' parents are eligible to apply for a Federal
PLUS Loan. For a dependent student whose parents
are unable to get a PLUS Loan, additional unsubsidized
Federal Stafford Loans can be borrowed. |
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| Q. |
What
is a Federal PLUS Loan? |
| A. |
Parents
are eligible to borrow up to the student's cost
of education for the loan period, less any other
aid received. The Federal PLUS Loan carries a fixed
interest rate, with 8.5%. This loan is based
on "credit worthiness," as determined by the lender.
Repayment on this loan begins within 30 days from
the date the loan is fully disbursed by the lender. |
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| Q. |
Do
I have to be admitted to my program of study to
receive Federal Financial Aid? |
| A. |
In
order to meet eligibility standards for Federal
Student Financial Aid, you must be enrolled or accepted
for enrollment in an eligible degree program. To
meet these Federal standards, you must be officially
admitted to the College. The Federal Financial Aid
application process will not be completed until
you have concluded the admissions process. Please
refer to the College Catalog for more information
on the admissions process and associated requirements. |
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| Q. |
When
will I receive my Federal Stafford Loan money? |
| A. |
If
you are a first-time recipient of a Stafford Loan,
you must attend class for 30 days until you become
eligible to receive your first disbursement. When
the funds are received, the College will verify
that you have maintained eligibility and are currently
registered for class, and then you will be notified
by mail. Any changes and/or breaks in attendance
or failure to start as scheduled may prevent your
aid from being disbursed. |
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| Q. |
How
are Stafford Loan funds disbursed? |
| A. |
Federal
Stafford Loan funds are generally disbursed in three
increments. The first disbursement will occur at
the beginning of the loan period, with the second
and third disbursements during each following quarter.
In order to meet eligibility standards for second
and subsequent loan disbursements, you must successfully
complete the previous credits and have met the G.P.A.
requirement. Please refer to the College Catalog
for further information on academic standards of
successful completion. |
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| Q. |
How
will I know when my funds are in? |
| A. |
If
you meet eligibility criteria and have authorized
the College to use your funds toward your charges,
then all the funds will be applied to your college
account. Monies will be applied toward your current
tuition and other charges and fees, estimated future
charges, and any prior year charges. If you did
not authorize the College to retain funds, then
you are eligible to receive any remaining funds.
The excess funds will be given to you in the form
of living expense checks. Total processing time
is approximately two weeks from the date the College
disbursed the fund to your college account. |
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| Q. |
Can
I get my prior loan(s) deferred? |
| A. |
If you are registered and attending classes at least
half-time you may have Federal student loans from
previous colleges deferred. Deferment forms should
be obtained from the lender if the loan is from
another state or is a Perkins Loan (NDSL). If a
deferment form provided by the College is used,
you must indicate the address of the lending agency.
All deferment forms should be returned to the Financial
Aid Office for processing. You may pick them up
within 48 hours from your drop off date. |
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| Q. |
What
are my options if I do not qualify for Federal Aid,
or it does not cover all my expenses? |
| A. |
The
College offers an alternative loan. This loan is
available from the Financial Aid Office for those
whose financial assistance will not completely cover
the cost of education. You may borrow up to the
cost of education, less any financial assistance
funds awarded for the current period of enrollment.
The Financial Aid Office can provide you with the
applications and terms of this loan. |
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| Q. |
What
are my options if I do not qualify for Federal Aid,
or it does not cover all my expenses? |
| A. |
The
College offers an alternative loan. This loan is
available from the Financial Aid Office for those
whose financial assistance will not completely cover
the cost of education. You may borrow up to the
cost of education, less any financial assistance
funds awarded for the current period of enrollment.
The Financial Aid Office can provide you with the
applications and terms of this loan. |
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