Grants and Loans - Home

Grants are loans are critical pieces of most students' financial aid awards. Grants need not be paid back; loans must be paid back. Here are the grants and loans available to Pierce College students:

Grants

  • Federal Pell Grants. These grants are awarded to undergraduate students who have not earned a bachelor's degree. They can be used to pay tuition and fees. Any amount left over can be used to cover personal expenses. The federal government uses a standard formula to evaluate each student's eligibility for a Pell Grant. Grants range from $1,300 to $4,500. The amount of your award depends on your Expected Family Contribution (see the upper right portion on the first page of your Student Aid Award for this number), your enrollment status (full- or part-time), and whether you attend college for a full academic year. (Note: You may receive a Pell Grant from only one school at a time.)
  • Federal Supplemental Education Opportunity Grants (FSEOG). These awards range from $100 to $600 per academic year and are intended for undergraduate students proving the greatest financial need (as demonstrated by the Expected Family Contribution listed on your Student Aid Award). These funds are paid via check to students after the quarter begins.
  • State Need Grants. These awards are for undergraduate students whose family income is equal to or below 65 percent of the state's median family income. Eligible students must enroll in at least six credits per quarter. Grant awards range from $1,153 to $2,690 per year.
  • Daycare Grants. Washington residents may be eligible for financial assistance for childcare expenses.
  • Pierce College Grants. Washington residents may be eligible for funding for tuition, books, fees, and living expenses.
  • Tuition Waiver. Washington residents may be eligible to have their resident tuition paid. Students must still, however, pay for their fees. No refunds will be issued.
  • Pierce Pledge Funding. Using a combination of federal, state, and college grants, the Pierce Pledge program ensure low- and middle-income students (full-time only) at Pierce College have funding available for tuition and books. To be eligible, you must: be a Washington resident; complete the college's financial aid application process; apply for admission to Pierce College; enroll in 12 or more credits; meet income requirements; and comply with the college's Financial Aid Academic Progress Requirements. You can apply by completing a Free Application for Federal Student Aid (FAFSA). Grants are limited, so students are encouraged to apply early.

2010-2011 Federal Direct Loan Information

Direct Loans are low-interest loans for students and parents to help pay the cost of a student's education after high school. Direct Loans allow you to borrow directly from the U.S. Department of Education. You will have a single contact with the Direct Loan Servicing Center to assist in managing your student loans. These loans offer fixed interest rates that are typically lower than the variable rates offered by most private student loans. There are also a variety of deferment options and extended repayment terms.

Eligibility is determined through the Free Application for Federal Student Aid (FAFSA). You must be enrolled at least half-time (6 credits) and enrolled in an eligible degree or certificate program.

What kinds of Direct Loans are available?

  • Direct Subsidized Loans are for students with demonstrated financial need, as determined by the federal regulations. No interest is charged while you are in school at least half-time, as well as during your grace period and during deferment periods.
  • Direct Unsubsidized Loans are not based on financial need; interest is charge during all periods.
  • Direct PLUS Loans are low-interest loans available to parents of dependent students. Interest is charged during all periods. PLUS Loans are limited to the student's cost of attendance minus any other financial aid. Credit approval is required.

Annual Interest Rates:

  • Direct Subsidized Loans - 6% fixed
  • Direct Unsubsidized Loans - 6.8% fixed
  • Direct PLUS Loans - 7.9% fixed

Loan Fees are approximately 0.5 percent of the amount borrowed.

Loan Disbursements:

  • Multiple Disbursements are issued if you request for two or more quarters. The loan disbursements will be divided equally among the requested quarters.
  • Disbursements for one quarter require the amount to be divided into two equal disbursements with the second half available halfway through the quarter.
  • 30-Day Delays are required for first-year AND first-time borrowers. First quarter loan disbursement amounts must be held for 30 days from the first day of the quarter.

Annual Maximum Loan Limits:
Direct Loans have annual maximum loan amounts based on grade level and dependency status. You must have completed 45 college level credits towards your program of study to be considered a second-year student. Base loan amounts can be subsidized or unsubsidized depending upon eligibility.

Dependent Student
Grade
Level		 Subsidized
(Base) Amount		 Unsubsidized
Amount		 Total
1st Year $3,500 $2,000 $5,500
2nd Year $4,500 $2,000 $6,500
Independent Student
1st Year $3,500 $6,000 $9,500
2nd Year $4,500 $6,000 $10,500

Apply for Direct Stafford Loans:

  • Step 1 - Complete all required application materials.
  • Step 2 - ALL students must complete the Direct Loan Entrance Counseling online at StudentLoans.gov.
    • Sign in to "Manage My Direct Loan" (Use your FAFSA PIN to sign in.).
    • Complete Entrance Counseling.
  • Step 3 - ALL students must complete the electronic Direct Loan Master Promissory Note (MPN) online at StudentLoans.gov.
    • Sign in to "Manage My Direct Loan" (Use your FAFSA PIN to sign in.).
    • Complete MPN for student loans.

09-10 FFELP Students can continue to complete Entrance and Exit Counseling at the following Links:

Federal Perkins Loans
A Federal Perkins Loan is a low-interest (currently 5 percent), long-term loan made through school financial aid offices to help undergraduate and graduate students pay for postsecondary education. Students must demonstrate financial need through the FAFSA to be eligible. If you receive a Federal Perkins Loan, Pierce College is your lender and you must repay this loan to Pierce College.

Perkins Loan funds are limited at Pierce College. Currently, funds are limited to students in high-cost programs, such as dental hygiene, veterinary technology, and nursing. Pierce College may lend up to $4,000 for an academic year.

All Perkins Loan recipients need to complete a Perkins Master Promissory Note, as well as Entrance Counseling before any funds are disbursed.

Perkins Loan Exit Counseling must be completed after you cease attending at least half-time (six or more credits). You will have a 9-month grace period before your first payment becomes due.

Fort Steilacoom

financialaid@pierce.ctc.edu
Voice: (253) 964-6544

Puyallup

puyfinancial@pierce.ctc.edu
Voice: (253) 840-8398

Stafford Loan Tools
for 2010-2011

Direct Stafford Loan Promissory Note / Loan Counseling

Request for Direct Stafford Loan at Pierce College