FINANCIAL AID PROGRAMS
NCC participates in the following financial aid programs:
Federal Pell Grant (PELL): A Federal Pell Grant does not have to be repaid
and is only awarded to students who have not yet earned a bachelor's or
professional degree. The program is targeted to high need students, and
your eligibility will also depend upon your Expected Family Contribution
(EFC). Your EFC is calculated utilizing a formula established by Congress
when your Free Application for Federal student Aid (FAFSA) is processed.
Eligibility for Pell Grant funds is determined by your EFC and enrollment
PLUS loans: Parents can borrow a PLUS Loan to help pay your education
expenses if you are a dependent undergraduate student enrolled at least
half time in an eligible program at an eligible school. PLUS Loans are
available through the Federal Family Education Loan Program. Your parents
must have acceptable credit history to qualify for this loan. The amount
of loan your parents will be eligible to borrow is equal to your cost of
attendance minus any other financial aid you receive. A PLUS loan must be
Federal Supplemental Educational Opportunity Grant (FSEOG):This program
is for undergraduates with exceptional financial need. Pell grant
recipients with the lowest EFC will be considered first for a FSEOG. FSEOG
does not have to be repaid. The amount you receive will depend on the time
you apply, your financial need, the funding at the school, and the
policies of the school's financial aid office.
Federal Work Study (FWS): FWS provides part-time jobs for eligible
students with financial aid need, allowing them to earn money to help pay
education expenses. The program encourages community service work and work
related to the recipient's course of study. You will be paid by the hour
for work you complete at the job site. Wages for the program must equal at
least the current federal minimum wage but might be higher, depending on
the type of work you do and the skills required. The amount you receive
can't exceed your total FWS award. When assigning work hours, your
employer or financial aid administrator will consider your award amount,
your class schedule, and your academic progress.
William D. Ford Federal Direct Loan:
The institute originates the Direct Loan.
The loan is then sent to the U.S. Department of Education's Common Origination and
Disbursement Center (COD) and disbursed to the school electronically through the
Grant Administration and Payment System (GAPS). The loans are serviced by
the Direct Loan Servicing System.
Federal Subsidized Stafford Loan:
Federal Subsidized Stafford Loans are available to students with financial need. Students may borrow up to $3,500 for their first academic year, and $4,500 for their second academic year, at a fixed interest rate of 5.6 percent (for 2009-2010, rates are established annually by the US Department of Education). The interest is paid by the federal government while students are in school and for six months after students cease their enrollment. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.
Federal Unsubsidized Stafford Loan:
Unsubsidized Stafford Loan programs are available for students to borrow for additional education costs. The amount varies depending on student status and eligibility. Independent students may be eligible for up to $6,000 in unsubsidized funds in their first and second year, and dependent students may be eligible for $2,000 for both first and second year, all at a fixed interest rate of 6.8 percent (established annually by the US Department of Education). With the exception of demonstrating financial need, borrowers must meet all eligibility criteria of the Federal Subsidized Stafford Loan program. Interest payments begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.
Cal Grant Program:
Cal Grant is State grant programs administered by the State of California and are available to students who have applied before the March 2nd deadline and are enrolled in the institution for the following fall term. Grants are based on funds available from the State and do not have to be repaid. Funds under this program are limited. All Cal Grant payments are credited to the student’s account to cover outstanding tuition, fees, books and supplies. However, a student may request direct payment of his or her Cal Grant B access funds up to the date the fund transaction actually occurs.
Private Loans & Scholarships:
Students and parents who do not qualify for Title IV funds or who need additional funds to cover educational expenses beyond what is covered by Title IV funds may apply for private loans and/or scholarships. To qualify, a student must be a US citizen, a US national, or a permanent resident and must be creditworthy. A student may be enrolled full-, half-time or less than half-time. If the student has no credit history, he or she may still qualify for a loan by applying with a creditworthy co-borrower. In addition to private loans, a wide array of scholarships is available to students. Scholarship eligibility criteria vary. The Financial Services Department will be happy to assist students who wish to apply for scholarships.
Federal Parent Loan for Undergraduate Students (PLUS):
Federal Parent Loan for Undergraduate Students provides additional funds for credit-worthy parents to help pay for student educational expenses. The interest rates for these loans are fixed at 8.5 percent (established annually by the US Department of Education) and repayment begins six months after the loan is fully disbursed. Federal PLUS loans may be obtained from lenders that participate in the Federal Family Education Loan programs.