Financial Aid Programs Available

2013-2014 Award Year Financial Aid Programs at a Glance

Programs	Eligibility	Program Characteristics
Federal Pell Grant	Need Based	Maximum Award $5,645
Federal Supplemental Educational Opportunity Grant (FSEOG)	Need Based	Awards Vary
Charter Oak State College Grant	Need Based	Awards Vary
Charter Oak State College Student Grant Aid Program	Connecticut Resident & Need Based	Awards Vary
Charter Oak State College Fee Award	Degree seeking & Need Based	Awards Vary
Charter Oak State College Foundation Grant	Need Based; Minimum G.P.A 2.50; Matriculated student who has completed at least one semester at Charter Oak	Awards Vary Maximum Award $700
Federal Direct Subsidized Stafford Loan	Need Based	Maximum Subsidized Loan Amounts for Dependent and Independent Students: $3,500 (freshmen); $4,500 (sophomore); $5,500 (junior/senior)
Federal Direct Unsubsidized Stafford Loan	Non-need based * Additional loan funds are available to dependent students if the student's parent is denied a PLUS Loan.	Maximum Loan Amounts: Dependent Undergraduate Freshman: $5,500 (max. $3,500 subsidized) Sophomore: $6,500 (max. $4,500 subsidized) Junior/Senior: $7,500 (max. $5,500 subsidized) Independent Undergraduate Freshman: $9,500 (max. $3,500 subsidized) Sophomore: $10,500 (max. $4,500 subsidized) Junior/Senior: $12,500 (max. $5,500 subsidized)
Federal Direct PLUS Loans	Available to parents of dependent undergraduate students enrolled at least half-time.	Student's Cost of Attendance - Other Aid Student Received = Maximum PLUS Loan Amount

Disclaimer: Descriptions of financial aid programs are subject to change without advance notice due to changes in federal, state, college policies, and/or changes in funding levels. The Financial Aid Office will make every reasonable effort to keep applicants and students aware of changes as they occur.

Grants

Federal Pell Grant
Federal Pell Grants are awarded to needy undergraduate students who have not earned a first bachelor's degree. For the 2013-2014 academic year, full year awards range from $582 to $5,645. The maximum Pell Grant eligible EFC for 2013-2014 is $5,081. The amount of your Federal Pell Grant eligibility will depend on your cost of attendance, expected family contribution (EFC), enrollment status, and whether you will attend for a full academic year or less. You may not receive Pell Grant funds from more then one school at a time. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

The amount of Federal Pell Grant funds a student may recieve over his or her lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%.

Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFC's) will be considered first for a FSEOG. Just like Pell Grants, the FSEOG does not have to be repaid. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Charter Oak State College Grant
Funds are given to degree seeking students with financial need who are either residents or non-residents of Connecticut. Grant awards vary per year depending on a student's need and the availability of funds. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Charter Oak State College Student Grant Aid Program
Awards can be given to full or part-time students with financial need, who are enrolled at the college and who are residents of Connecticut. The COSC Student Grant Aid Program is funded by the State of Connecticut through the Connecticut Office of Higher Education. The award amounts cannot exceed a student's financial need. Awards vary per year as determined by the college. To apply, a student must file a Free Application for Federal Aid (FAFSA) or Renewal FAFSA. Funding is limited and is awarded on a first come first served basis.

Charter Oak State College Fee-Award
Connecticut state law authorizes the Board of State Academic Awards, Charter Oak's governing board, to allocate funds to be given as fee awards to degree seeking students with financial need who are either residents or non-residents of Connecticut. Fee-Awards vary per year depending on a student's need, actual fee(s) and the availability of funds. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. These awards can only be applied towards:

College Fee
Graduation Fee
Program Change Fee

Charter Oak State College Foundation Grant
Funding is made available through the Charter Oak State College Foundation, Inc. All awards are need based and funding can change yearly. If you have completed a minimum of one semester at Charter Oak, and are in good academic standing, you may be eligible for assistance. To be eligible, a student must also file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. For information about scholarships funded by the Charter Oak State College Foundation, see our Charter Oak State College Scholarships page.

Federal Direct Stafford Loans

Charter Oak State Colleges participates in the William D. Ford Direct Loan Program. These are federal loans and we also refer to them as Direct Loans. When you borrow a Direct Loan your lender is the U.S. Department of Education rather than a bank or other financial institution. These loans have fixed rates with low interest rates and fees. You must be at least half-time (six credits) in order to receive a loan. There are two types of Federal Direct Loans. Subsidized loans are need-based, and interest does not accrue on these loans while you are in school at least half-time and during authorized deferment periods. Note: Due to recent changes in federal law, the government no longer subsidizes interest during the six-month post-school grace period for new subsidized Stafford loans first disbursed between July 1, 2012, and June 30, 2014. Unsubsidized loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school, but you do not have to pay the interest during this time. Unpaid interest that is deferred until after graduation can be "capitalized" (added to the loan principal). This means that you will pay interest on a higher loan amount when you go into repayment.

Loan Limits:

Dependent	Annual Loan Limit:
Freshman	$5,500 ($3,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
Sophomore	$6,500 ($4,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
Junior/Senior	$7,500 ($5,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)
Independent	Annual Loan Limit:
Freshman	$9,500 (3,500 between subsidized and unsubsidized, plus an additional $6,000 in unsubsidized)
Sophomore	$10,500 ($4,500 between subsidized and unsubsidized, plus an additional $6,000 in unsubsidized)
Junior/Senior	$12,500 ($5,500 between subsidized and unsubsidized, plus an additional $2,000 in unsubsidized)

Lifetime Loan Limits:

Undergraduate Dependent Lifetime Limit:	$31,000 (up to $23,000 may be subsidized)
Undergraduate Independent Lifetime Limit:	$57,500 (up to $23,000 may be subsidized)

Interest Rates:

The interest rate for Federal Direct Subsidized Loans, first disbursed on or after July 1, 2012 is 3.4%.

Interest rates on Federal Direct Subsidized Loans, first disbursed on or after July 1, 2013, are expected to increase to 6.8%.

The interest rate for Federal Direct Unsubsidized Loans, first disbursed on or after July 1, 2009 is 6.8%.

The interest rate for Federal Direct PLUS Loans is a fixed rate of 7.9%.

Fees:

Effective March 1,2013, as a result of sequestration, an origination fee of 1.051% will be deducted from the amount you borrow in Federal Direct Stafford loans (subsidized and unsubsidized).

Federal Direct Plus Loan origination fees, effective March 1, 2013, are set at 4.204%.

The origination fee is used to offset some of the administrative costs of the federal student loan programs.

Effective for loans first disbursed on or after July 1, 2012, the Department of Education is no longer offering repayment incentives to to Direct Loan borrowers, except interest rate reductions to borrowers in repayment who elect to have payments automatically electronically deducted from their bank accounts.

Private Education Loans

Private education loans may be available to students seeking loan assistance above and beyond the federal financial aid programs. They are used to cover "gaps" that may exist between education costs and the amount of financial aid received (if any). Charter Oak State College requires all students to apply for Title IV financial aid first, exhausting all student financial assistance options, prior to borrowing a private education loan. Charter Oak State College does not have a preferred lender list for private education loans. Students and their families need to do their own due diligence to determine what loan best suits their borrowing needs. There are many types of private education loans, each are calculated with different interest rates, fees, deferment options, repayment terms, co-borrower, and credit criteria. As a convenience to our students, there is an independent research firm called Student Lending Analytics who have developed an unbiased list of loan options for students who need a resource to assist them with finding a private education student loan. Inclusion on this list is not an endorsement or recommendation by Charter Oak State College. Nor is the list inclusive of all education loan programs (private and state loans) that may be available. Effective February 14, 2010, all private education loan borrowers, pursuant to revisions in the Truth in Lending Act, are required to complete a self-certification form before their loan can be approved. Your lender will provide you with this form. The form can also be downloaded using the above link. However, the Office of Financial recommends that you complete the self-certification form that your lender provides. You should complete the form and return it promptly to your lender and not to the Office of Financial Aid. Some lenders may ask you to provide Charter Oak's OPE ID # which is 03234300. In order to complete the self-certification form, you will need to know your cost of attendance and estimated financial aid assistance (if any) for the period of enrollment covered by the loan. You may contact our office to obtain this information at sfa@charteroak.edu. Remember, you are responsible for returning your signed self-certification form to your lender before a disbursement can be made to your private education loan.