Sources & Types of Aid

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Loan Repayment Pause Extension:

The Department of Education announced that a final extension of the repayment, interest, and collections has been extended through December 31st, 2022. Borrowers should plan to resume repayment in January 2023. Borrowers who are enrolled in at least part-time will be moved to in-school deferment and will not be required to make payments, however, unsubsidized loans will resume accruing interest starting January 2023.

Borrowers do not need to apply for the extension, it will occur automatically. 

Loan Cancellation:

Department of Education will provide targeted student debt cancellation to borrowers with loans held by the Department of Education. Current eligibility criteria include:

  • Loans disbursed prior to June 30th, 2022
  • Annual income must be below $125,000 (individuals) or $250,000 (married couples/head of household)
  • If the borrower received Pell grant in college and meet income thresholds, you will be eligible for up to $20,000 in debt cancellation
  • If the borrower did not receive Pell grant in college and meet income thresholds, you will be eligible for up to $10,000 in debt cancellation
  • Most borrowers will not need to complete an application for debt cancellation.
    • Department will use income information from 21/22 FAFSA cycle, loan history, and Pell history to determine eligibility 
  • For those that need to apply, a simple application is set to be released late September/October
  • Debt Cancellation will happen prior to December 31st, 2022 – when Loan Repayment Pause is set to end.
  • California Dream Loans: California is currently working on legislations (AB 2004) that will allow Dream Loans to also be forgiven. This legislation has not passed yet and details on how it will work are not yet determined.

More information about the Debt Relief can be found on Federal Student Aid:

https://studentaid.gov/debt-relief-announcement/


 Sources & Types of Aid

Financial Aid is considered any type of financial assistance a student receives for educational purposes whether it be from the federal and state governments or other sources. By filing a financial aid application, you are automatically considered for the following four basic types of aid such as:

  • Scholarships – based on financial need or merit and do not need to be repaid
  • Grants – based on financial need and do not need to be repaid
  • Work-study– based on financial need, must work on campus or in the community to earn aid
  • Loans – several types available, interest rates vary depending on type, all funds must be repaid

Most need-based aid is awarded on a first-come first-served basis, which is why it is important to submit an application on the first day it is available (October 1). Our office verifies your eligibility for these funds and we work hard to ensure that you are receiving the maximum amount of aid that you are eligible to receive based on factors such as financial need and dependency status (as determined by the Department of Education), citizenship status, residency status, academic program, class level, aid limits, and meeting satisfactory academic progress. The different types of aid come from several funding sources such as federal, state, institutional, and other as detailed below

Federal Aid

 

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Institutional Aid

 

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State Aid

 

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Scholarships and Private Loans

 

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