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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 ST

Spring:  December 1 ST

Summer:  May 1 ST

 

After Priority Deadlines: Students who submit their Financial Aid Application (FAFSA) after the above priority deadlines should set up a payment plan with the Business Office 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 2013/2014 year, degree-seeking students enrolled full-time can receive a Pell Grant award ranging from $582 to $5,645 depending on their EFC.

 

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.

 

Loans

Several types of loans are available at East Central College. Loans must be repaid by the student (subsidized, unsubsidized) or parent (PLUS loans).

 

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 3.4% 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 interest rate is fixed at 6.8% 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.

 

 

Annual Loan Limits for Dependent Students

 
Borrower's Academic Level Base Amount

(Sub + Unsub)
Additional

Unsub
Total

(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

(Sub + Unsub)
Additional

Unsub
Total

(Sub + Unsub)
First-Year Undergraduate $3,500 $6,000 $9,500
Second-Year Undergraduate $4,500 $6,000 $10,500

PLUS (Parent) Loans

Parent Loan for Undergraduate Students (PLUS) Loans are available to provide parents of dependent students a way to finance the student's education beyond high school. A parent may borrow up to the cost of education minus other financial aid resources the student may receive. The current interest rate is fixed at 7.9% and repayment on a PLUS Loan begins 60 days after the loan is disbursed.

 

Work-Study Employment

East Central College participates in a work-study program funded by the Federal Work-Study Program. To be eligible, students must be enrolled in at least six credit hours, must submit the FAFSA form and all required paperwork prior to employment. Students must maintain satisfactory grades while working on campus for continued eligibility. Students may work up to 19 3/4 hours per week while attending college. The job and the student's financial need will determine the number of hours of work assigned. Contact the Financial Aid Office for more information.

 
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