Federal Resources

Priority Deadlines: Students who submit their Financial Aid Application (FAFSA) and requested documentation on or before the following priority deadlines, and are eligible to receive benefits, will be held in classes. All documents must be received by the financial aid office no later than:

  • Fall: July 1
  • Spring: December 1
  • Summer: May 1

After Priority Deadlines: Students who submit their Financial Aid Application (FAFSA) after the above priority deadlines should set up a payment plan by logging into your eCentral account and selecting Payment Plan to insure that their classes will not be cancelled on the day fees are due. Students should allow 4-6 weeks for the processing of financial aid applications.

For the 2017/2018 year, degree-seeking students enrolled full-time can receive a Pell Grant award ranging from $592 – $5920 depending on their EFC.

Types of Federal Resources Available

Federal Grants

  • The Federal Pell Grant program provides eligible students with a foundation of financial aid to help defray the cost of postsecondary education. The amount of the grant varies depending upon the need of the student, the cost of education, and the availability of funds. Any person who is a U.S. citizen or permanent resident, enrolled as an undergraduate student, and working toward the first baccalaureate degree is eligible to apply for a Federal Pell Grant.
  • The Federal Supplemental Educational Opportunity Grant (FSEOG) program was established to make post-secondary educational opportunities available to qualified students who would be unable to obtain such benefits without financial assistance. Priority is to Federal Pell Grant recipients with exceptional need who have completed files in financial aid.

Student Loans

Types of loans available through East Central College are:

  • Federal Direct Student Loans (Subsidized)
    Subsidized Direct Loans are based upon financial need. Interest is not charged while the student is enrolled at least half-time, i.e. six credit hours in the fall or spring and three credit hours in the summer. Students are required to enroll at least half-time and make satisfactory academic progress toward a certificate or degree program. The current interest rate is fixed at 4.66% and repayment of the loan begins six months after the student ceases to pursue at least six credit hours at an institution of higher education.
  • Federal Direct Student Loans (Unsubsidized)
    These loans are not based upon financial need and the student borrower is responsible for interest accrued while in school and during deferment periods for this type of loan. The current (2017/2018) interest rate is fixed at 4.45% and repayment of the principal loan amount begins six months after the student ceases to pursue at least six credit hours at an institution of higher education.

Loan Eligibility Checklist:

  1. Enrolled at least half-time (6 or more credit hours) at the time of loan disbursement.
  2. Enrolled in an eligible degree program at East Central College.
  3. Not currently in default on a prior student loan.
  4. Completed the FAFSA and submitted verification documents (if required).
  5. Maintain Satisfactory Academic Progress.

Loan Application Process:

  1. Meet with student loan advisor to discuss loan process and borrowing eligibility.
  2. Complete Direct Master Promissory Note. www.StudentLoans.gov
  3. Complete Entrance Counseling www.StudentLoans.gov.

Loan Approval Process:

  1. Loan application is reviewed by the financial aid office.
  2. Loan is approved (certified) by the financial aid office if student meets criteria listed above in the Loan Eligibility Checklist.
  3. Certified loan application is sent to the Federal Government for approval.
  4. Approved loan funds are disbursed in two equal disbursements during each semester.
  5. When the student’s “final period of study is shorter than an academic year” – their student loan eligibility will be prorated – please see chart for details.

Note: Students borrowing to assist with living expenses should have other resources available to assist them during the first month of the semester. Loan funds are generally not available to students until the 5th week and the mid-point of the semester.

Lack of attendance and/or reporting of deficient grades within the semester can cause reduction or cancellation of your financial aid.

Annual Loan Limits for Dependent Students
Borrower’s Academic Level Base Amount Additional Total
(Sub + Unsub) (Unsub) (Sub + Unsub)
First-Year Undergraduate $3,500 $2,000 $5,500
Second-Year Undergraduate $4,500 $2,000 $6,500

 

Loan Limits for Independent Students
Borrower’s Academic Level Base Amount Additional Total
(Sub + Unsub) (Unsub) (Sub + Unsub)
First-Year Undergraduate $3,500 $6,000 $9,500
Second-Year Undergraduate $4,500 $6,000 $10,500

PLUS (Parent) Loans

Effective July 1, 2015, East Central College no longer processes Federal PLUS Loans (Parent Loans for Undergraduate Students).  For alternative funding options, please contact Sarah Johnson at (636) 584-6573 or sarah.johnson@eastcentral.edu.

Work-Study Employment

To participate in the Work Study Program you must be currently enrolled in at least six credit hours, must submit the FAFSA form and qualify for financial need. For summer, students must be enroll in at least six credit hours for both the summer and fall and have a complete financial aid file for the fall semester.

Financial Aid will determine eligibility and inform the student if they qualify for the work study program. The number of hours of work a week will be based on the budget and the student’s financial qualifications for a maximum of 19 ¾ hours per week. For more information regarding FAFSA, student worker requirements and enrollment guidelines, please visit the Financial Aid Office or call (636) 584-6573. Minimum hourly pay $7.65; flexible hours not to exceed 19.75 hours per week.

Please submit a Student Worker Employment Application to the Office of Human Resources.