financIal aid - student loan

Federal Perkins Loan Program
The Federal Perkins Loan program is a low interest loan to help students with exceptional need meet their educational expenses. Students may borrow up to $15,000 for the time it takes to complete their first. Baccalaureate degree. Loan amounts awarded at the Los Angeles Community College District are determined by individual colleges and the availability of funds.

Repayment begins nine (9) months after the borrower graduates, withdraws, or ceases to be at least in half-time studies, and can be extended to ten (10) years and nine (9) months after such date. During the repayment period, five percent (5%) interest is charged on the unpaid balance of the loan principal.
Students who are interested in the terms and conditions of the loans prior to applying for aid should come to the Financial Aid Office and ask for a copy of the promissory note and Rights and Responsibilities statement.

Federal Family Education Loans
The Federal Family Education Loan Program consists of the Stafford Loan and the Parent Loan for Undergraduate Students (PLUS).
Federal Stafford Loans (subsidized) are low interest loans made to students attending school at least half-time who show financial need. Loans are made by a lender such as a blank, credit union, or savings and loan. "Subsidized" means the government pays the interest while you are in school and for six (6) months after you stop attending school.
Stafford Loan (unsubsidized) are non need based loans that you may be eligible for if your financial need is not met by need based financial aid programs. You may borrow up to a maximum of $4,000 per year but the government will not pay the interest for you while you are in school, in deferment status, or during your grace period.

FPLUS
Federal PLUS Loans (unsubsidized) allows parents with good credit histories to borrow for each dependent child who is enrolled at least half-time. These loans are also made by a bank, credit union or savings and loan association.
The yearly loan limit is your cost of education minus any estimated financial aid for which you are eligible. Your parents must begin making payments within sixty (60) days after the last loan disbursement. The interest rate is variable with a cap of 9%. A 3% origination fee is deducted from each check.

Emergency Loans
ELAC offers restricted and limited emergency loan funds to students who face financial emergencies. Contact the college financial aid Office for information about the availability of the program and the eligibility requirements.