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Federal Pell Grant (Pell)
The Federal Pell Grant provides funds
to eligible undergraduate and Teacher Credential students pursuing
a first bachelor's degree or teaching credential. Pell Grants are
awarded to eligible students without regard to priority filing date.
Federal
Supplemental Educational Opportunity Grant (SEOG)
Federal Supplemental Education Opportunity
Grants are awarded to eligible undergraduate Pell Grant recipients
with exceptional need. Grant amounts are based on annual funding
and priority is given to eligible full-time students who apply for
aid by March 2nd.
Educational
Opportunity Grant (EOP)
Eligible full-time undergraduates admitted
through the Educational Opportunity Program may receive EOP Grant
funds. Students with EOP admission questions may contact Student
Academic Services at (510) 885-3751.
State University
Grant
State
University Grants, for California residents, pay the state university
fee for eligible Cal State East Bay undergraduate, graduate and teacher
credential students. The grant pays the part-time fee for students
enrolled half time and the full-time fee for students enrolled in
6.1 or more units. Grants are based on need and annual funding,
and priority is given to eligible students applying by March 2nd.
Cal Grants
New Cal Grant applicants must complete
both the FAFSA and a Grade Point Average (GPA) Verification Form.
The California Student Aid Commission (CSAC) must receive GPA verifications
for new Cal Grant "A" and "B" students by March
2nd. Cal Grant "T" GPA verification for new teacher credential
students must be received by June 1st.
Cal Grant "A" pays the state university fee for eligible
undergraduates and for some teacher credential students. Cal Grant
"B" provides subsistence funds for new undergraduate recipients
and subsistence plus state university fee payment for eligible continuing
and some teacher credential students. Cal Grant "T" pays
the state university fee for 1st time teacher credential students.
New Cal Grant recipients receive award notices from CSAC. Continuing
students may receive estimated Cal Grant awards on their Offer Letters.
These renewal awards are based on previous receipt of Cal Grant
at Cal state East Bay and are subject to verification by CSAC. Please
let us know if you are withdrawn from any Cal Grant program. If
you reeived a Cal Grant at another institution, you must notify
CSAC at (916) 526-7590 of your school change. You should also notify
this office. If you are entering our teacher credential program
and have a Cal Grant "A" or "B", you should
contact our office for a Request for Cal Grant Teaching Credential
Program Benefits form.
Federal
Work Study Grant (FWS)
Federal Work Study allows eligible
undergraduate, graduate and teacher credential students to earn
money to meet their educational expenses. The FWS program also encourages
community service employment and helps students gain work experience
while earning money and pursuing a degree. The program provides
part-time employment opportunities on-campus and at approved off-campus
sites. While specific quarterly award amounts are offered, the actual
amounts students receive is contingent upon the number of hours
worked each pay period. FWS students may stop by the Office of Financial
Aid to receive work authorization information or to speak to the
Work Study Coordinator.
Federal
Student Loan Programs
The federal government sponsors loan
programs which provide low-interest loans to students and parents
borrowing to meet educational costs. As a tool to help you borrow
responsibly, Cal State East Bay requires all new borrowers to attend
loan counseling
BEFORE
YOU ACCEPT A LOAN
Prior to borrowing, you should carefully
weigh the cost of borrowing and the inevitability of repayment against
the advantages of borrowing for college costs. LOANS MUST BE REPAID
even if you are dissatisfied with your educational program, if you
do not complete your degree of if you are underemployed when you
leave school. We encourage you to prepare a budget and to consider
using part-time employment to help meet everyday expenses. Many
students borrow excessively only to find themselves burdened with
large monthly load payments after graduation. Make the sacrifice
to live modestly now, so that loan debt does not prevent you from
upgrading your standard of living when you enter repayment.
Federal Perkins Loan
Although the federal government allocates
some additional Perkins Loan funds to schools each year, most of
our Perkins funds are recycled from prior student borrowers who
have entered repayment. While funds come directly from the government,
Cal State East Bay is the lender and borrowers repay loans directly
to the University.
Federal Perkins Loan borrowers must meet certain need eligibility
criteria before borrowing under this program. This means your Expected
Family Contribution (EFC) must fall within a certain range before
we will offer you this loan.
Based on 3 Quarter Year
Annual Loan Limits
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Undergraduate
$1,800
$20,000
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Graduate
$2,400
$40,000
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Teacher Credential
$3,000
Lifetime Aggregate
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Interest Rate 5%
Perkins
Loan repayment begins 9 months after you cease half-time enrollment
for any reason, and the period of repayment is not to exceed 10
years.
Federal Subsidized & Unsubsidized Stafford Loans
Although Federal Stafford Loans are
government sponsored loan programs, students borrow funds directly
from commercial banks and lenders and make payments to these lenders
or their agents. Participating lenders must administer Stafford
Loans according to federal regulations which dictate interest
rates and other loan terms.
Federal Stafford and PLUS Loan interest rates are
set each July for loans disbursed after July 1st. The in-school
interest rate is derived by adding 1.7% to the 91-day Treasury
Bill. During repayment 2.3% is added to the same Treasury Bill
rate.
Federal Subsidized Stafford
Loans:
You may borrow these funds if you
demonstrate financial need as determined by the Office of Financial
Aid in accordance with federal regulations. In general, this means
your EFC must be less than the Cost of Attendance at Cal State
East Bay. The amount you may borrow depends on your need and your
grade level. No repayment is required and no interest accrues
while you are in school at least half time or during the six month
grace period. Repayment of loan principal and interest begins
six months after enrollment falls below half-time and is usually
calculated over a maximum 10 year period. The current variable
in-school interest rate is 7.59% and is capped at 8.25%. Loans
in repayment have a current interest rate of 8.19%, capped at
8.25%.
Federal
Unsubsidized Stafford Loans:
You may borrow this variable interest
loan without demonstrating financial need. This loan is similar
to the Federal Subsidized loan except borrowers are responsible
for interest which begins to accrue at disbursement. The interest
rate is the same as the Subsidized Stafford Loan. While this loan
may cover the entire Cost of Attendance, including EFC, the amount
you may borrow depends on your grade level. Borrowers are required
to begin repayment of loan principal six months after enrollment
falls below half-time, and repayment is calculated over a maximum
10 year period.
Federal
PLUS (Parent) Loans:
Parents who do not have an adverse
credit history may borrow up to the total Cost of Attendance,
minus any other aid received by the student. Interest accrues
upon disbursement and repayment begins 60 days after the loan
is fully disbursed. The current variable interest rate is 9% and
capped at 9%.
Consolidation
Loans:
One or more federal education loans
may be combined or consolidated into a new loan. Students often
consolidate to extend repayment when debt is high or when multiple
loans with different interest rates are held. While consolidation
can extend repayment for up to 30 years, consolidated loans often
carry higher interest rates, and extending repayment terms increases
the amount of interest paid. Contact your lender for more information
on loan consolidation.
Federal Stafford Loan Limits
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Freshman
Sophomore
Junior
Teacher Credential
Graduate
Unclassified post-bac.
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Subsidized/Unsubsidized
$2,625
$3,500
$5,500
$5,500
$8,500
$5,500**
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*Additional Unsubsidized
$4,000
$4,000
$5,000
$5,000
$10,000
$5,000
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*Independent Students (not required to submit parent
information on FAFSA) Only
**Unclassified post baccalaureate students, taking prerequisite
coursework required for admission into a master's program, may
borrow for 12 consecutive months.
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Aggregate Limits:
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$23,000 Dependent Undergraduates
$46,000 Independent Undergraduates
$138,000 Graduate Students
(Includes Undergraduate limit)
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How Do I Obtain a Loan?
Your Financial Aid Offer Letter should
contain a loan offer. You should accept the offer and submit the
Loan Request Form to this office. If required, you must also attend
loan counseling. When your loan is processed, you will receive
an automated Federal Stafford Loan Master Promissory Note (MPN).
Cal State East Bay uses the MPN as a multiple, or serial note.
This means the first MPN you sign can be used for multiple loans
and can cover a 10 year borrowing period. You must complete a
new MPN if you change lenders, and you may need to complete a
new MPN if you transfer to another school. Although the MPN is
used as a serial note, Cal State East Bay requires students to
complete a new Loan Request Form for each subsequent loan borrowed.
Be sure to carefully read your MPN before signing it and sending
it to your lender.
Loan
Cancellation/ Repayment Programs
Military
The US Army offers a repayment program
for eligible soldiers serving in certain military specialties.
The Army repays $1500 or 1/3, whichever is greater, of an eligible
soldiers Federal Loan for each year of active service completed
in the occupational specialty.
APLE or
Assumption Program of Loans for Education repays a maximum of
$8,000.00 in Federal Loans for selected students holding a California
Teaching Credential and teaching in a public K-12 school system.
Students apply for APLE prior to entering the Cal State East Bay
Teacher Credential Program. Application information is available
from the Teacher Education Department on campus.
Graduate APLE
or Graduate Assumption Program of
Loans for Education assumes a maximum of $6,000 in educational
loans for graduate students who become college-level faculty.
Graduate APLE applications are available from the Graduate Programs
Office, WA 891. The application priority date is June 30th each
year.
Higher Education Amendments of 1998 established a Teacher Service
Forgiveness program for new Stafford borrowers with no outstanding
loan balance on October 7, 1998. You should contact the Office
of Financial Aid for additional updates on this program.
Perkins Loan
borrowers who teach full-time in
designated elementary or secondary schools serving low-income
students, full-time teachers in certain subject area and full-time
teachers of handicapped children may have up to 100% of Perkins
Loan debt canceled. Certain other public service professions also
qualify for Perkins Loan cancellation. Contact the Financial Aid
Accounting Office, WA 645 if you borrowed a Perkins Loan and believe
you qualify for one of these programs.
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