College of Education: Frequently Asked Questions About Financial Aid
How do I apply for financial aid?
To apply for federal financial aid, please file a Free Application for Federal Student Aid (FAFSA). You can file a FAFSA online at www.fafsa.ed.gov. Pacific's school code is 003212. Step-by-step instructions are provided on this website. It is very important to submit this form to the federal government as soon as possible after January 1st. Do not wait to be accepted into a program to apply for financial aid. Even if you have not filed your taxes, you can still apply for aid using estimated income information. You can always correct information after you file your application.
I've already submitted my FAFSA to Pacific. When will I receive a financial aid award?
Before you can be awarded financial aid, the Office of Financial Aid needs to receive your academic calendar and official notification of your admission from the College of Education. Once we receive this information from the College of Education and a valid FAFSA from you, we can award financial aid to you.
What kind of financial aid does Pacific offer?
The following sources of financial aid are available to education students who file a FAFSA in a timely basis. Not all students are eligible for every category of aid. Please note: To qualify for federal financial aid, you must be enrolled for at least six credit hours and meet federal eligibility requirements.
Sources of financial aid for undergraduate students:
- Federal Direct Stafford Loans: Federal Stafford loans can be awarded up to $10,500 per academic year for independent students and $5,500 for dependent students. Depending on federally determined eligibility and academic standing, up to $5,500 can be subsidized. Please note that all Federal Stafford loans carry a 1.5% loan fee. The interest rate is a variable rate based on the U.S. T-Bill, but it cannot exceed 8.25%. The current interest rate (valid July 1, 2005 through June 30, 2006) is 4.7%. In most cases, repayment begins six (6) months after graduation.
- Federal Perkins Loans: Federal Perkins loans can be awarded up to $2000 for your spring semester only. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. It is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or guarantee fees, and the interest rate is 5%.
- Pell Grant: A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded to undergraduate students who have not earned a bachelor's or a professional degree. The amount you receive will depend not only on your financial need, but also on your costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.
- SEOG Grant: Like a Federal Pell Grant, a SEOG grant does not have to be repaid. The amount you receive will depend not only on your financial need, but also on your costs to attend school and your status as a full-time student.
Sources of financial aid for graduate students:
- Federal Direct Stafford Loans: Federal Stafford loans can be awarded up to $18,500 per academic year. Depending on federally determined eligibility, up to $8,500 of the $18,500 can be subsidized. Please note that all Federal Stafford loans carry a 1.5% loan fee. The interest rate is a variable rate based on the U.S. T-Bill, but it cannot exceed 8.25%. The current interest rate (valid July 1, 2005 through June 30, 2006) is 4.7%. In most cases, repayment begins six (6) months after graduation.
Sources of financial aid for both graduate and undergraduate students:
- Work Study: Federal Work Study (FWS) is not automatically awarded to eligible student as there are few FWS positions available at the Eugene campus. If you have received information indicating that you are eligible for FWS and find a work study position, contact Alicia Castillo Saldivar at the contact information listed below. She will revise your award and replace some of your loan award with work study funds.
What is the difference between a Subsidized and an Unsubsidized Stafford Loan?
Subsidized Stafford loans are awarded to students based on financial need. Interest does not accrue on the principle balance of your loan while you are in school.
Unsubsidized Stafford loans are not awarded on the basis of financial need. Interest accrues on the principle balance of your loan while you are in school.
Are there other kinds of loans available?
Most students in graduate programs require additional resources above Federal Stafford loans to cover living expenses. Realistically assessing your income and expenses while you are in school will help you plan and borrow as conservatively as possible.
Alternative loans are more expensive than federal student loans. If you wish to seek an alternative loan, the Financial Aid Office can provide a comparison brochure to help you select the right loan for you. In order to qualify for an alternative student loan, you must complete an application process separate from the FAFSA and complete a credit check.
My financial aid award is larger than my tuition charges. Why?
Your financial aid award is based on a budget created for students in your program. This budget is based on estimated costs for books, rent, food, loan fees, travel and miscellaneous expenses in addition to your tuition costs. As such, your award may be in excess of charges to your student account.
If I receive a financial aid award in excess of the charges to my student account, will I be issued a refund?
The Business Office will issue you a refund check if there are funds left in your student account after all charges have cleared.
Can I buy my books with my refund?
You can use your refund for any educational or living expenses. Please note: your refund check will not be prepared on or before the first day of classes. You should be prepared to purchase books with your own funds when you arrive on campus or make arrangements with the Business Office prior to the start of classes.
I'm taking classes at Lane Community College that count toward my Pacific degree. Will I receive financial aid from Pacific for these classes?
If you are taking additional courses at Lane Community College that count toward your Pacific degree, we can increase your cost of attendance to include the tuition costs for these classes. You will need to provide documentation of those costs to the Office of Financial Aid, after which you would then be eligible for additional loan funds. These classes will not count as part of your enrollment status however (full-time vs. part-time), so you would not be eligible for additional grant money. It is highly recommended that all aid be applied for through Pacific University. If you request your additional financial aid through LCC instead of Pacific, we will have to reduce your aid here to compensate for federal regulations.
I heard I don't have to pay on my undergraduate student loans while I pursue my graduate degree. Is this true?
Yes, this is true. If you received student loans as an undergraduate, make sure that you have submitted all necessary deferral paperwork to the Registrar's Office so that they can notify your lender(s) that you have returned to school. Do not assume that "it's all taken care of" just by having registered for classes.
What if I don't want to use the loans? Will this hurt my opportunity for using them in the future?
If there is any part of your financial aid award that you do not want, simply cross out the aid you do not want to accept. Then sign and return one copy of the award letter to the Office of Financial Aid. We will cancel any part of the award that you decline. This will not prevent you from being considered for loans and work in the future.
I have more questions about financial aid. Who do I contact?
The Financial Aid Counselor for the College of Education is Robin Polly. She can be reached via phone at: (503) 352-3081 or 1-877-722-8648 ext. 3081 or via email at pollyrm@pacificu.edu. You can reach the Office of Financial Aid via phone at (503) 352-2222 or 1-877-722-8648 ext. 2222 or via email at financialaid@pacificu.edu.