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Financial Aid Programs
Financial aid at Merritt College is administered in accordance with Federal, State, District and College regulations. Financial Aid is available only to fill the gap between the family or student contribution and the yearly educational costs.
These descriptions of Merritt's Financial Aid Programs are a brief summary. Additional information regarding applications and specific deadlines are available from the FINANCIAL AID OFFICE in P-300.
TYPES OF FINANCIAL AID
Scholarships are based on merritt or financial need, or a combination of both. They are offered to students by community organizations, parents, employers, labor unions, churches, service organizations, and national foundations. These scholarships will be announced as they are made available to the college.
Grants are funds that do not have to be repaid. The amount a student receives is based on need and is determined by an authorized need analysis system.
A. FEDERAL PELL GRANTS PROGRAM
The Federal Pell Grant Program is designed to guarantee the low and middle-income students who are eligible for aid, financial access to the college of their choice. For eligible students, Federal Pell Grants are intended to be the base upon which all other aid is built. The maximum Federal Pell Grant at Merritt College is $4,050.
B. FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM (FSEOG)
The FSEOG Program is designed to supplement other sources of financial need. FSEOG grants range from $200 to $1,000 a year. Students enrolled in at least half-time at a participating college may be eligible to receive a FSEOG grant.
C. EXTENDED OPPORTUNITY PROGRAM AND SERVICES (EOPS) -
Merritt's EOPS Program is a state funded program which provides EOPS grants and educational services to students. It is available to students who are from families of low and middle-income, who because of cultural economic and educational factors would not ordinarily attend college.
D. CALIFORNIA GRANTS
The State of California, through the Student Aid Commission, sponsors Cal Grants A, B, and C. To qualify for a Cal Grant, a student must be a California resident and attending an eligible school or college in California. Awards are based on financial need and academic achievement. Applications for these programs are usually available during the month of January for the next academic year.
E. BUREAU OF INDIAN AFFAIRS GRANT (BIA)
The Bureau of Indian Affairs (BIA) provides grants to help eligible Native American students meet their college costs. The amounts of the grants vary according to the financial need of the student, and the funds available from the student's area BIA agency.
Loans are financial aid funds that are repaid after a student completes his/her program or stops going to school. Educational loans have a low interest rate and an extended repayment period, which makes them easier to repay than most non-educational loans. But because loans must be repaid from future earnings, Peralta District Colleges recommend that students use all other possible resources first and borrow only when it's absolutely necessary. If you are planning to transfer to a four year college, you should be aware that loans are usually the largest portion of a financial aid package at those colleges. You should consider your total educational indebtedness before borrowing at a community college.
Federal Family Educational Loans (FFEL)
Federal Family Educational Loans (FFEL), which include Subsidized and Un-subsidized Stafford loans, have origination and insurance fees which is the percentage of the loan amount deducted from the loan proceeds before the loan is received. These fees must also be repaid.
Students who wish to apply for the FFEL must complete a FAFSA and be en-rolled in 6 units at the Home College. To ensure students are aware of all the
provisions and responsibilities of borrowing from the educational loan programs, all students must attend a Loan Entrance interview before receiving an initial loan disbursement, and a Loan Exit interview before leaving the College. Students should consult their home College for specific information and individual policies relating to Stafford Loan eligibility.
Federal Stafford Loans
Federal Stafford Loans are made through lending institutions such as banks and credit unions. Students who are enrolled at least half-time and who demonstrate financial need through the financial aid application process can have the interest paid (subsidized) on Stafford loans by the federal government while they are in school.
A. BOARD OF GOVERNORS WAIVER
The California Community Colleges through the Chancellor's Office sponsors the Board of Governors Fee Waiver. This waiver (BOGFW) will pay your ENROLLMENT FEE with the exception of the campus fee. To be eligible for a BOGFW a student must be a California resident and meet one of the following criteria.
A. Be a recipient of Public Assistance
B. Meet the designated income standards.
C. Be eligible for Federal and/or state need-based financial aid.
FEDERAL WORK STUDY PROGRAM (FWSP)
The Federal Work-Study Program subsidized by the Federal Government helps needy students earn their way through college, and often gain valuable work experience. Employment may be on or off campus. A student may work a maximum of twenty (20) hours per week during school. A student must be paid at least the minimum wage.