Receiving your award letter
So you've applied to Pacific, been accepted, and you've made sure you submitted a FAFSA. What's next?
The financial aid office will take the data submitted through the FAFSA and determine what sort of financial aid you will be awarded.
What sort of financial aid may appear on the award letter?
Financial aid is any scholarship, grant, loan, or employment that helps students meet the full cost of attendance at Pacific University.
- Grants are awarded to undergraduate students who demonstrate financial need. Usually grants do not have to be repaid.
- Scholarships are based on outstanding talent or academic achievement. Some scholarships take financial need into account, while others are based solely on talent or academic achievement.
- Employment through the Federal Work Study Program is work primarily on the University campus that enables you to pay a portion of your educational costs through your job earnings. Generally, you must demonstrate financial need and have received a federal work study award on your annual award letter from Pacific. For more information, contact the Career Development Center.
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Stafford Loans are sponsored by the federal government through banks, credit unions, or other lenders who participate in the FFEL program. Pacific University has researched and prepared a list of established lenders who we recommend based on their services and borrower benefits. Regardless of the lender/loan you choose, Pacific will determine loan eligibility and handle the processing of your loan application. There is not a credit check associated with Stafford loan eligibility.
Parent PLUS loans and Private Alternative Loans are also available for students. These loans are through application with lenders and subject to credit checks. For plus and private loan eligibility, contact the Office of Financial Aid.
Preferred Lender List For Stafford, Parent PLUS and Alternative Loans
Who is Eligible:
To be eligible for Federal Financial Aid, students must:
- Be a U.S. citizen or be in the U.S. on a permanent visa
- Be admitted to the University
- Demonstrate financial need for some aid by filing a FAFSA
- Not be in default on any Title IV loan received for prior attendance at another institution
- Be a degree seeking student
- Be registered with the Selective Service if required by law.
- Be registered at least half time to receive loans.
How is Financial Need Calculated? (What is financial need?)
Financial need is determined by cost of attendance and the amount the family is expected to contribute toward that cost (Cost - Expected Family Contribution = Need). Each University will provide a different budget for the estimated cost of attendance at their institution. The expected family contribution (EFC) will remain constant based on the family's financial status as determined by the Free Application for Federal Student Aid (FAFSA).
For a complete federal financial aid information, please refer to www.studentaid.ed.gov.