Matriculation Orientation: 5. Financial Aid
Student Services Center
(310) 233-4320
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Sheila Millman |
Financial Aid Services
The goal of financial aid is to provide access to post-secondary education for those who otherwise would be financially unable to start or continue their schooling.
We encourage everyone to apply for financial aid to establish eligibility. Many students who think they would not be eligible find they can get a fee waiver or have eligibility for work-study or loans. The process is not difficult and should be done as early as possible. Applications become available in January before the beginning of the award year, which extends from July 1 to June 30. It is always best to apply early. However, even if semester has begun, it is not too late. If you apply late, you must realize that if you are eligible for grant aid, it will be delayed, but a fee waiver can be done quickly if you are eligible.
Through loans, grants, scholarships, and part time employment, students are provided monetary assistance to meet the basic costs of educational expenses. You can apply online at www.fafsa.ed.gov (There is no charge to file a FAFSA application) for:
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| Grants (Federal & State) |
| Loans |
| Work-Study |
| Scholarships |
| Apply at www.fafsa.ed.gov |
Students Accessing FAFSA online
How to apply?
STEPS:
- File a Free Application for Federal Student Aid (FAFSA)
- Stop by our office when you receive your Student Aid Report or a letter from us.
- Bring all documentation we request.
- Financial Aid office will review the application for eligibility.
- Financial Aid office sends an Award Letter to the student.
- If Award Letter includes Federal Work-Study, the student must come in and accept or reject the study award.
- Financial Aid payments (except for loans) are either sent by mail or transferred electronically to the student\'s bank account.
How much does it cost?
In order to treat all students equally, standardized budgets (Cost of Attendance) are established and applied to all applicants. This means all students with similar circumstances will receive the same allowance for tuition and fees, books and supplies, room and board, personal expenses and transportation.
The following costs are used in the equation all institutions use to determine financial need.
The following Cost of Attendance figures are not out of pocket expenses to attend LAHC. They are amounts permitted to use in the equation to determine your need.
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Living at Home |
Living Away from Home |
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9 Months |
12 Months |
9 Months |
12 Months |
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| Fees |
698 |
1,036 | 698 | 1,036 |
| Books & Supplies | 1,314 | 2,097 | 1,314 | 2,097 |
| Room & Board |
3,348 |
4,464 | 8,910 | 11,880 |
| Transportation | 954 | 1,272 | 1,062 | 1,416 |
| Personal Expense |
2,826 |
3,768 | 2,466 | 3,288 |
| Total: |
9,140 |
12,637 | 14,450 | 19,717 |
Attn: Fees are calculated at $20 per unit. Fees are subject to change by the California Legislature.
GRANTS
Federal Pell Grant - The Federal Pell Grant is a federally funded program. To be eligible, an applicant must be an undergraduate student who can demonstrate financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG) - The FSEOG program is a federal program designed to supplement other sources of financial aid for students with exceptional need.
Federal Work Study Program (FWS) - The FWS program is a federal program, which enables a student to earn part of his or her financial aid award through employment.
The State Government: The Cal Grants - The State of California, through the Student Aid Commission, sponsors several grant programs for undergraduate students.
| Cal Grant A: This grant is used at four-year colleges to assist with tuition and fees. Grant recipients are selected on the basis of financial need and grade point average. The award can be kept in reserve for up to three years while students complete work at a community college. |
| Cal Grant B: This grant provides a living allowance for students who come from very low-income families. When students transfer to a 4-year college, it can also assist with tuition and fees. |
| Cal Grant C: This grant assists students in occupational or vocational programs with tuition and training costs. At community colleges, grants are limited to $576 for up to two years. |
LOANS - Monies which must be repaid
The institution believes that the prudent use of loans by students is consistent with its mission. Loans, however, are a serious decision and have consequences for both the college and the student. The institution, therefore, has established a student debt limit of two years of loans from all sources. (If you are a transfer student with a debt of $6,125 you may not be eligible for any additional loan).
Federal Perkins Loan - (Formerly National Direct Student Loan NDSL) - This loan is a long term loan repayment program to help students with exceptional need meet their educational expenses. Student may borrow up to $1500 annually at L.A. Harbor College.
Repayment of the Loan: Repayment status begins nine months after the borrower graduates, withdraws, or ceases to be at least a half-time student and ending ten years and nine months after such date. During the repayment period, five percent interest is charged on the unpaid balance of the loan principal.
William D. Ford Federal Direct Loan Program - LAHC offers two types of Direct Loans. To be eligible a student must be enrolled in at least six units. Repayment begins six months after a student ceases being a half-time student, withdraws, or graduates from school. The interest rate on these loans is a variable rate with a cap of 8.25%.
| Direct Subsidized Loans - “Subsidized” means the federal government pays the interest on these loans while the student is in school and during deferments (postponements of repayment). Students must show financial need to receive this type of loan. The maximum amount that any student may borrow is $2,625 per year for first year students and $3,500 for second year students. |
| Direct Unsubsidized Loans - the federal government does not pay the interest while the student is in school or in deferment. Students can get unsubsidized loans regardless of financial need. The maximum amount that any student may borrow is $4,000 per year. |
Credit Cards: What You Should Know
Credit is money extended to a borrower by a lender, in return for a series of payments of principal plus interest.
Forms of Credit
| Secured (by something you own which you could lose if you default – such as a car loan); |
| Unsecured (credit card); |
Credit Advantages
| Enjoy now – pay later; |
| Monthly inventory of purchases; |
| Shop by mail, telephone, or the internet; |
| May get a better guarantee on purchases; |
| Safer than cash (if stolen, loss is limited); |
| Allow instant fulfillment of a need or want; |
| Emergency money at a bank or ATM (Cash Advance); |
Credit Disadvantages
| Late payments will affect your credit rating; |
| Credit prices may be higher than cash prices; |
| Obligates your future income to pay for the present; |
Wise Credit Use
| Only use if absolutely necessary or if you can easily pay off the balance; |
Shopping for Credit
| How much are late charges? |
| How much is the annual card fee? |
| What fringe benefits does the card offer? |
| How long is the grace period before you pay any finance charge? |
| Watch out for hidden fees; |
| What is the annual percentage interest rate (APR) you pay on balance due? |
| Know about credit card scammers; |
Referrals:
National Foundation for Credit Counseling www.nfcc.org
Consumer Credit Counseling Service of L.A. (213)386.7601
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