what is financial aid?
What is Financial Aid?
Financial Aid Office Mission
The Los Angeles Harbor College Financial Aid & Scholarships Office supports the mission statement of the College:
Los Angeles Harbor College promotes access and student success through associate and transfer degrees, certificates, economic and workforce development, and basic skills instruction. Our educational programs and support services meet the needs of diverse communities as measured by campus institutional learning outcomes.
The primary mission of the Financial Aid Office is to administer student financial aid programs in compliance with applicable federal, state, and institutional law, regulations and policies in order to serve the maximum number of students by assisting them in completing their education using a combination of student financial aid sources. The Financial Aid Office is committed to promoting and maintaining program integrity, accuracy and timeliness in the delivery of financial assistance to all eligible students admitted to the College.
Los Angeles Harbor College ( LAHC) participates in the following programs:
The Federal Pell Grant program is for undergraduate students who have not yet completed a first baccalaureate or professional degree. Awards are based on your Expected Family Contribution (EFC) and enrollment status. Grants range from $500 to $5,775 per academic year (for the 2015-2016 academic year).
Unlike other federal financial aid programs, the receipt of a Pell Grant does not depend upon the availability of funds at a particular school. Also, if a student applies, demonstrates financial need and meets all eligibility criteria, he or she can be eligible to receive a Pell Grant at any eligible school. Students, though, are limited to receiving Pell Grant from only one school at a time, even if they are attending two schools during the same period of enrollment.
Pell Grants are designed to help the neediest students. A student who is not eligible for a Pell Grant may be eligible for other financial aid. The total amount of aid a student receives, including a Pell Grant, cannot exceed the student's cost of attendance. As with all other federal aid programs, student must reapply for a Federal Pell Grant every academic year by completing the Free Application for Federal Student Aid (FAFSA).
The SEOG program is a campus-based federal financial aid program. This means that each college participating in the program receives a set amount of money to distribute to students. The regulations governing SEOG require that funds be awarded first to the "neediest" financial aid students or those with the lowest income. In addition, priority is given to Federal Pell Grant recipients. Because the amount of funding in SEOG is limited, awards will be given first to those applicants who have completed their financial aid files by the priority deadline of May 1st. The annual award at Los Angeles Harbor College is $400 per student.
The FWS program is a federal program which enables students the opportunity to earn part or all of their financial need by working on-campus while attending school to help pay for college costs. This type of part-time work can add to a student's educational experience and can be a valuable asset when seeking employment after college graduation. The FWS award reflects the amount of money that a student is eligible to earn as wages. The placement in a job depends upon skills, availability of jobs and the hours available for work. Because program funding is limited, awards will be given first to those applicants who have completed their financial aid files by the college's priority deadline (usually May 1st) and who have indicated an interest in FWS on the FAFSA.
The Federal Perkins Loan program is a low interest (5%) loan designed to help students with exceptional need. Since program funding is limited, priority is given to students with a zero EFC and with an earlier priority date.
The William D. Ford Direct Loan program, provided through the U.S. Department of Education, includes both Direct Stafford (student) loans and Direct PLUS (parent) loans. There are two types of Direct Stafford loans- subsidized and unsubsidized. The Subsidized Stafford loan is a loan for which the federal government will make the interest payments on the loan while you are in school and during other approved periods of deferment. The Unsubsidized Stafford loan is a loan for which you are responsible for the interest from the time the loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (i.e., added to the principal amount of your loan). Capitalizing the interest will increase the amount you repay.
For the student loans, the interest rate (4.29% for both subsidized and unsubsidized loans for the 2015-2016 academic year) is a fixed rate. Parent loans have a fixed interest rate of 6.84% (for the 2015-2016 academic year). These loan programs are for students who are attending college at least half-time (6 units or more) and who are eligible to received financial aid.
At LAHC, we do not automatically package federal loans. Students who are interested in loans should contact the Financial Aid Office at (818) 364-7648 or check out the Student Loan Process webpage.
Cal Grant awards are state grants that are awarded and administered by the California Student Aid Commission (CSAC). To apply for a Cal Grant, you must complete the Free Application for Federal Student Aid (FAFSA) and have your Grade Point Average information sent to CSAC by March 2nd for the following academic school year you are applying for.
At LAHC, we participate in the Cal Grant B and Cal Grant C programs. The Cal Grant B program is intended to help students from disadvantaged/low income families. Awards are up to $1656 (for the 2015-2016 academic year) per academic year and may be renewed up to four years. The Cal Grant C program assists students enrolled in vocational programs.
To find out more on the various Cal Grant Programs, visit the California Student Aid Commission's website at www.calgrants.org
The Chafee Grant is a federal grant administered by the California Student Aid Commission and provides financial assistance to current and former foster youth to use for college and vocational training. Eligible students may receive up to $5,000 per academic year. To learn more about this program, visit the Chafee Grant webpage at www.chafee.csac.ca.gov.
The Board of Governors (BOG) Fee Waiver Program is offered by the California Community Colleges. Under this program, enrollment fees are waived for eligible students.
Remember: The BOG Fee Waiver program only waives your enrollment fees. If you need more help to cover some of your educational expenses, you must complete the Free Application for Federal Student Aid (FAFSA). To learn more about the Fee Waiver Program, click here.