Types of Financial Aid
Grants:
Federal Pell Grant: This grant provides funding to students who meet certain eligibility criteria based on federal guidelines. The amount awarded depends on the student’s Student Aid Index (SAI) and enrollment status.
Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is for undergraduates with exceptional financial need. At OCCC, it is awarded to students with a -1500 SAI until funds run out.
Oregon Opportunity Grant: This state grant is for eligible Oregon residents enrolled at least half-time (6 credits or more). Awards are adjusted based on the student’s enrollment status.
Oregon Promise Grant: This state grant is for recent high school graduates and GED completers. There are rolling application deadlines throughout the year. For more information, visit the Office of Student Access and Completion website at oregonstudentaid.gov.
Other Federal Financial Aid:
Federal Work-Study (FWS): This program provides jobs for students with financial need to help pay for educational expenses. FWS is offered based on funding availability to students who indicate interest on their FAFSA, apply early, and demonstrate need. Students must be enrolled at least half-time (6 credits) in an eligible program.
Students not eligible for grants or scholarships, or who need additional funds, may be eligible for student loans.
Loans:
Federal Direct Loan Program: This program provides loans to students enrolled at least half-time (6 credits or more). Loans can be subsidized or unsubsidized. Subsidized loans are based on financial need, with the federal government paying the interest while the student is enrolled at least half-time. Unsubsidized loans are not based on need, and interest accrues from the time the loan is disbursed until it is paid in full. Borrowers can choose to pay the interest as it accrues or let it accumulate and be added to the principal.
Nursing Loan: Funded through a grant from the Department of Health and Human Services, this loan is available on a funds-available basis. For questions, contact OCCC’s Financial Aid Director.
Private Student Loans: These loans often have higher interest rates than federal loans. It’s recommended to explore federal or other lower-cost options first. OCCC will certify alternative private loans, but students should be aware of federal regulations and the potential for other financial aid options. OCCC does not endorse any specific lender. Students should research thoroughly to make informed decisions about their education.
Student loan amounts are limited by federal regulations. Students cannot borrow more than their cost of attendance minus any other financial aid and scholarships they receive.
Cohort Loan Default Rates:
Cohort Fiscal Year 2022 – 0.0%
Cohort Fiscal Year 2021 – 3.9%
For institutions who have 30 or more borrowers entering repayment in a fiscal year, the institution’s cohort default rate is the percentage of its borrowers who enter repayment on certain Federal Family Education Loans and/or William D. Ford Federal Direct Loans during that fiscal year and default within the cohort default period.
The phrase “cohort default period” refers to the three-year period that begins on October 1 of the fiscal year when the borrower enters repayment and ends on September 30 of the second fiscal year following the fiscal year in which the borrower entered repayment.
Please refer to the Department of Education’s Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated.