Types of Financial Aid Programs

Major Sources of Financial Aid

For additional information about the federal financial aid programs, including eligibility guidelines, you are encouraged to read Funding Education Beyond High School: The Guide to Federal Student Aid, which is published by the U.S. Department of Education and available from the Campus Financial Aid Services Office. By visiting the Texas Higher Education Board web site at www.collegefortexans.com, you will find valuable information about many forms of state assistance that are available to qualified students.

Grants (Aid that does not have to be repaid)

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Loans (Aid that must be repaid) 

  • The Federal Family Education Loan Program (FFELP) provides two types of education loans that are used by many San Jacinto College students and parents. The Federal Stafford Loan is available to undergraduate students, while the Federal Parent Loan for Undergraduate Students (PLUS) is available to parents of undergraduate students. Both loans require that students enroll in a degree program at the half-time (6 hours) level or above. San Jacinto College (SJC) has contracted with Texas Guaranteed Student Loan Corporation (TGSLC), an Austin-based FFELP loan guarantee agency, to facilitate the application process for student and parent borrowers. TGSLC provides an online loan application, customized for SJC borrowers, to help make the loan application process simple and fast.

    1. The Federal Stafford Student Loan (subsidized) is a low interest, long-term loan available to students who demonstrate financial need. These loans are made available through banks and credit unions. Students are not charged any interest before repayment begins or during authorized periods of deferment. The federal government “subsidizes” the interest during these periods while the students are enrolled at least half-time.

    2. The Federal Stafford Student Loan (unsubsidized), which is not awarded on the basis of demonstrated financial need, is available to independent students who need additional assistance. Students will be charged interest from the time the loan is disbursed until it is paid in full. If the student allows the interest to accumulate while in school or during periods of nonpayment, it will be capitalized—that is, the interest will be added to the principal amount of the loan, and additional interest will be based upon the higher amount.

    3. Federal Parent Loans to Undergraduate Students (PLUS) are available to parents, not to exceed the cost of attendance, minus any financial aid awarded to the students. These loans have a higher interest rate, and the borrower is responsible for paying all the interest that accrues.

    TG LOANS BY WEB

    San Jacinto College utilizes the TG Loans By Web (LBW) student loan application process . TG Loans By Web™ is a fast and accurate way to complete your Entrance Counseling, Stafford Student Loan applications, or Parent Loan for Undergraduate Studies (PLUS) applications and get immediate results for your Plus Credit Check online.

    Before you begin there are some things you will need to do

    Before you begin there are some things you will need to know

    Preferred Lender

    CODES

    PHONE

    LENDER WEBSITES
    Bank of America 832733 800-835-1161 www.bankofamerica.com/studentloans
    Compass 828078 800-829-4599 www.compassbank.com/campus
    COSTEP 833102 800-949-6371 www.costep.org
    EdAmerica 831453 800-337-1009 www.edamerica.net
    Franklin Bank 821359 800-813-4372 #2 www.fnb-bcs.com
    Key Bank 813760 800-236-4300 www.key.com/educate
    Nellie Mae 829076 800-634-9308 www.nelliemae.org
    Nelnet, Inc. 833669 888-486-4722 www.nelnet.com
    Wachovia 830005 800-338-2243 www.wachovia.com/education
    Wells Fargo 807176 800-658-3567 www.wellsfargo.com/student
    Woodforest 831929 888-486-4722 www.woodforeststudentloans.com

    Loan Periods and Disbursement Date - the period for which you are requesting your loan(s)

    Summer Part of Term (POT) - is a separate period for financial aid and requires a separate loan application to be completed either during the Spring term or before the Loan App Deadline Dates listed on the chart below .

     

    Loan Periods 2007- 2008

     

     

     

    Terms

    Period

    1st Disbursement

    2nd Disbursement

    Loan Application Deadline Dates

    Fall/ Spring

    08/27/2007 – 05/08/2008

    9/24/2007

    2/11/2008

    4/21/2008

    Fall Only

    08/27/2007 – 12/13/2007

    9/24/2007

    10/22/2007

    11/26/2007

    Spring Only

    01/14/2008 – 05/08/2008

    2/11/2008

    3/10/2008

    4/21/2008

    Summer

    05/19/2008 - 08/14/2008

    n/a

    n/a

    7/31/2008

    Maximum loan amounts - below are the maximum amounts that you may borrow for a 12 month period. However, depending on your financial need and program of study, you might not be eligible to receive the full amount that you requested. Even if you are eligible for the full amount, consider whether you need to borrow the full amount.

    First year student

    Dependent student Subsidized/Unsubsidized

    Independent student Subsidized/Unsubsidized

    (Up to 29 completed hours)**

    Two terms (Fall and Spring)

    $3,500

    $3,500 + $4,000

    One term (Fall or Spring)

    $1,750

    $1,750 + $2,000

    Second year student  

    (30 or more hours completed)**

    Two terms (Fall and Spring)

    $4,500

    $4,500 + $4,000

    One term (Fall or Spring)

    $2,250

    $2,250 + $2,000

    ** Only hours completed at SJC are used to determine loan eligibility.

    Please note - A dependent student, if eligible, may borrow in excess of $3,500 for first-year students and $4,500 for second-year students, only after the parent has applied for and has been denied a PLUS. The additional loan would be an Unsubsidized Stafford Loan not to exceed $4,000.

    To Apply for a Loan - Logon to Loans By Web (http://lbw.tgslc.org/)

    After you have applied for your Stafford Loan

    If you did not take advantage of the electronic e-sign offered by Loans By Web at the time that you submitted your loan request, a Master Promissory Note (MPN) must be received by your lender.

    Right to Cancel or Reduce Loan Proceeds - You (or your parent in the case of a PLUS loan) have the right to cancel all or part of the Stafford loan or disbursement. If you wish to exercise your right, please submit a signed written request to the Campus Financial Aid Services Office. The request for cancellation or reduction must be received by the SJC Financial Aid Services Office prior to the loan being disbursed to you. After the loan is disbursed to you, you must return the funds directly to your lender.

    The Financial Aid Services Office requests that you check your student record on the SOS website for updates to your financial aid package. Please contact your SJC Campus Financial Aid Services Office if you have questions about your student loans or about other financial aid programs at SJC.   

  • Alternative Loans are a financing option available to students who may require additional funding other than federal loans, grants, and scholarships, to attend school. A student can contact these organizations directly to learn more.  An alternative loan, like any other, is required to be repaid.

    Alternative Loans Lenders

    Lender

     Code

    Phone

    Type of Loan

    SAP

    ˝ TIME

    Bank of America 

     824421

    800-344-8382 #2 

    Undergraduate Loan

    Y

    Y

    Chase

     503000

    866-306-0868

    Chase Select

    N*

    N*

    Sallie Mae

     900905

    888-272-4665

    Signature Loan**

    N*

    Y

    Key Ed Resources

     500000

    800-236-4300

    Key Alternative Career Loan

    Y

    Y

    TERI (The Educ Resource Inst)

     191

    800-837-4326

     

    N*

    Y

    Tx Higher Ed Coordinating Board

     812089

    800-242-3062 #6404

    College Access Loan / Health Education (HELP)

    Y

    Y

    Wachovia/Educaid

     830005

    800-347-7667

    Wachovia Education Loan

    N*

    Y

    *Students do not need to meet the San Jacinto College Academic Requirements for Receiving Financial Aid (Satisfactory Academic Progress—SAP) or be enrolled in a minimum of 6 hours to qualify for these loans. ** Sallie Mae's Signature Loans and Career Training Loans both have a $15,000 cap. The signature loans can be applied for through TG's Loans by Web.

  • Flight Loans are available for Aviation students. Students may obtain a flight loan for only one flight course during the fall, spring, or summer registration periods and class changes. This loan is only available for one flight course per term. Students are required to pay 50% of the flight fee on the day the loan is approved. Students may qualify for an installment payment plan for your lecture course fees. The College assesses a $25.00 service fee, which is due with the first payment. A late fee is not assessed with this loan.  Students may apply for this loan only at the Central Campus Financial Aid Services Office, and all payments are accepted only at the Central Campus Business Office. The loan must be paid in full prior to the approval of another flight loan. This loan will be due at the end of a 12-month period. This flight loan can only be obtained for the flight school contracted with the San Jacinto College District. More detailed information is available from the Central Campus Financial Aid Services Office at 281.998.6150.

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    Scholarships (Aid that does not have to be repaid) 

    A variety of scholarships, many funded through The San Jacinto College Foundation, are available from both institutional and private sources. Scholarship selection criteria may be based on demonstrated need, academic merit, or other specific qualifications, depending on the funding source. The funding source also determines the amount of the scholarship award. Applications for applying for Fall Term 2006 scholarships are due by June 16, 2006. Applications for Spring Term 2007 scholarships are due by October 15, 2006. For additional information and a scholarship application, students are encouraged to contact the Campus Financial Aid Office well in advance of these dates.

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    Employment (Aid that must be earned) 


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