Financial Aid
Financial Aid Programs
When you’re ready to take the next step to a rewarding career in healthcare, please review the Financial Aid Programs available.
Federal Pell Grant
The Federal PELL Grant program provides a foundation of assistance to which other forms of aid may be added. Eligibility for the Federal PELL Grant Program is based on financial need and determined by a standard formula that is revised and approved every year by the federal government. Unlike loans, grants do not have to be paid back.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Supplemental Educational Opportunity Grants are available to a limited number of students with exceptional financial need. Grants are based on available funds and do not have to be repaid. Need is determined by the financial resources of the student and parents along with the cost of attending school.
Federal Work-Study (FWS)
The Federal Work-Study Program provides jobs for graduate and undergraduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service work and work related to your course of study. Funds under this program are limited.
Federal Family Education Loan Program (FFELP)
Federal Family Educational Loan Programs (FFELP) are administered by the state guaranty agency in conjunction with participating lending institutions. Qualified students and their parents can borrow money for school through federally-subsidized low interest loans. The Federal Stafford, Federal Unsubsidized Stafford, and Federal Plus loans are available through FFELP.
William D. Ford Federal Direct Loan
The Direct Loan program is similar to the FFEL program except that the school originates the Direct Loan. The loan is then sent to the U.S. Department of Education’s Common Origination and Disbursement Center (COD) and disbursed to the school electronically through the Grant Administration and Payment System (GAPS). The loans are serviced by the Direct Loan Servicing System. The interest rates on Direct Loans are the same as the FFEL program; however, the origination fees and borrower benefits may vary. This information will be disclosed during the financial aid application process.
Federal Subsidized Stafford Loan
Federal Subsidized Stafford Loans are available to students with financial need. Students may borrow up to $3,500 for their first academic year, and $4,500 for their second academic year, at a fixed interest rate of 6.0 percent (established annually by the US Department of Education). The interest is paid by the federal government while students are in school and for six months after students cease their enrollment. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.
Federal Unsubsidized Stafford Loan
Unsubsidized Stafford Loan programs are available for students to borrow for additional education costs. Students can borrow up to $9,500 for their first academic year as a combined total with the Federal Subsidized Stafford loan, and up to $10,500 for their second academic year, at a fixed interest rate of 6.8 percent (established annually by the US Department of Education). With the exception of demonstrating financial need, borrowers must meet all eligibility criteria of the Federal Subsidized Stafford Loan program. Interest payments begin immediately after the loan is fully disbursed or may be added to the principal balance. Regular payments begin six months after students cease enrollment or fail to carry at least one-half the normal full-time school workload.
Federal Parent Loan for Undergraduate Students (PLUS)
Federal Parent Loan for Undergraduate Students provides additional funds for credit-worthy parents to help pay for student educational expenses. The interest rates for these loans are fixed at 8.5 percent (established annually by the US Department of Education) and repayment begins six months after the loan is fully disbursed. Federal PLUS loans may be obtained from lenders that participate in the Federal Family Education Loan programs.
Cal Grant Program
Cal Grant B and C are State grant programs administered by the State of California and are available to students who have applied before the March 2nd deadline and are enrolled in the institution for the following fall term. Grants are based on funds available from the State and do not have to be repaid. Funds under this program are limited. All Cal Grant payments are credited to the student’s account to cover outstanding tuition, fees, books and supplies. However, a student may request direct payment of his or her Cal Grant B access funds up to the date the fund transaction actually occurs.
Private Loans & Scholarships
Students and parents who do not qualify for Title IV funds or who need additional funds to cover educational expenses beyond what is covered by Title IV funds may apply for private loans and/or scholarships. American Career College participates with several lending institutions that offer private loans. To qualify, a student must be a US citizen, a US national, or a permanent resident and must be creditworthy. A student may be enrolled full-, half-time or less than half-time. If the student has no credit history, he or she may still qualify for a loan by applying with a creditworthy co-borrower. In addition to private loans, a wide array of scholarships is available to students. Scholarship eligibility criteria vary. The Financial Services Department will be happy to assist students who wish to apply for scholarships.