Financial Aid and Student Accounts Policies

At Pacific Oaks College we appreciate the challenge students may face when determining how to fund their college educational goals. With this in mind, the Pacific Oaks College Financial Aid Office, with its experienced staff is dedicated to serve our valued students by assisting them in establishing an individual funding plan designed specifically to fit their educational financial needs.

Pacific Oaks College participates in a variety of federal financial assistance programs and offers awards to admitted students in accordance with federal Title IV (financial aid) regulations. In addition, students may also apply for state, private and institutional aid to assist in the funding of their educational goals. 

Financial Aid Professional Code of Conduct

The Office of Financial Aid supports and adheres to the guidelines of ethical conduct developed by the National Association of Student Financial Aid Administrators (NAFSAA).

Tuition and Fee Payment

Tuition and fees are posted annually on the Pacific Oaks College website.

Tuition payment or payment arrangements are due before the first day of class, whichever comes first. *Weeklong courses require payment in full on or before the first day of class and are not eligible for payment plans.

Fees are subject to change without notice. Fees are non-refundable. All funds owed the College must be paid when due. Any student whose account is past due may be refused registration privileges until the account is settled. Transcripts and diplomas will not be released until all bills have been paid.

Payment Plans

The College has affiliated with FACTS Management Company to administer all of our tuition payment plans and are subject to the enrollment fee.  Please visit the Pacific Oaks website to learn more about the FACTS plan and to enter an application online. For more information, contact the Business Office at (626) 397-1311 or (800) 699-1311.

Refund Schedule

Fall and Spring Semesters*

Drop/Withdrawal Refund Schedule (15 weeks) for Traditional (non-intensive) classes

*The refund schedule week begins on Saturday and ends on Friday.

**If class begins on a Saturday, use the Friday following the first day of class. 

Summer Semester*

Drop/Withdrawal Refund Schedule: (8 weeks) for Traditional (non-intensive) classes

*The refund schedule week begins on Saturday and ends on Friday.

**If class begins on a Saturday, use the Friday following the first day of class. 

Intensive Classes Offered In Any Semester

Institutional Withdrawal/Financial Aid Refund

Withdrawal from the College (all classes) during any period of enrollment, whether official or unofficial, may necessitate the return of federal financial aid. Pursuant to federal regulations (CFR 668.22), a refund calculation will be performed to determine the amount, if any, of financial aid (Title IV aid: Pell Grant, SEOG, Stafford loans, Perkins loans) earned by the student for their attendance up to the date of withdrawal. The amount of financial aid (Title IV aid) earned is in no way relative to the amount of tuition and fees charged to the student. The official withdrawal process begins with the completion of the ‘Request for Withdraw” form, which is available in the Registrars Office. Unofficial withdrawals encompass those students who fail to initiate and/or complete the official withdrawal process as noted above. Ceasing to attend class without proper notification to the Registrars Office will result in an “unofficial withdrawal” and a refund calculation will be performed to determine the amount of financial aid (Title IV aid) earned and the amount to be returned to the financial aid (Title IV) programs. The student is responsible for any resulting balance owed to the College.   The College does not refund any fees to withdrawn students. 

Students who are awarded financial aid and are entitled to a refund may expect a refund check or direct deposit ten (10) business days after financial aid funds are received. All students receiving a refund will be notified via email when the refund is available for pick up or direct deposited into their account. Refund checks that are not picked up within two (2) weeks of issue date will be automatically mailed to student at the current address on file. If the check is returned in the mail, the check will be voided and the funds will be returned to the lender.

Financial Aid Application Process

  1.  Complete the FAFSA applicaiton located on www.FAFSA.gov  

• Use your assigned PIN to sign the FAFSA
  • if you do not have a PIN, you can apply for one at www.pin.ed.gov
• Ensure that you have your 2009 federal taxes or income information available when completing the FAFSA
• Enter 001255 as Pacific Oaks school code
• Pacific Oaks College will receive your FAFSA electronically upon submission

2. Complete and submit the Pacific Oaks Financial Aid Application

• In addition to the FAFSA
• Located on the Financial Aid page of the Pacific Oaks College web or in the Financial Aid Office.

3. A Direct Loan Application (Master Promissory Note) must be completed for those interested in student loans

• Application is located at www.studentloans.gov
• The same PIN used to sign your FAFSA is used to login and sign the promissory note
• The process takes approximately 10-15 minutes to complete
• The application is sent electronically to Pacific Oaks College
• Ensure that you review and understand the rights and responsibilities of your loan

4. Complete the Entrance Counseling Interview

• All students applying for federal student loans are required to complete an Entrance Counseling Interview
• The entrance counseling interview is located at www.studentloans.gov
• The same PIN used to sign your FAFSA and master promissory note is used to login and sign the promissory note
• The process takes approximately 10-15 minutes to complete
• The application is sent electronically to Pacific Oaks College

5. You will be contacted by a Pacific Oaks College Financial Aid Counselor

Determining Amount of Aid

Total financial assistance from all sources cannot exceed the school’s cost of attendance for the period in which an eligible student is enrolled. For federal aid, the maximum eligibility for need-based aid, such as a Pell Grant, Federal Supplemental Education Opportunity Grant, Cal Grant, ACG and National Smart Grant, Subsidized Stafford Loan, Federal Work-Study, and institutional aid, is determined by the difference between the cost of attendance at Pacific Oaks and the federally calculated Expected Family Contribution (EFC) obtained from the FAFSA application. Resources such as outside scholarships and certain loan programs such as the Parent and graduate plus loan or alternative student loans are forms of non-need-based aid and are calculated in conjunction with federal need-based aid. Non-need-based aid can impact a student’s eligibility for need-based aid.

 Cost of attendance includes tuition, fees, and averages of books, supplies, and reasonable cost of living expenses. 

Disbursement of Aid

A notification letter is sent to students when loan funds are received and applied to the student’s account. Ceasing to attend all courses may result in financial aid being returned (Return to Title IV), a process required by federal regulations.

Financial Aid Eligibility Factors

Enrollment Level

To receive federal student aid or to defer student loan repayment, at least half-time enrollment is required in a degree program. 

Satisfactory Academic Progress

Students must maintain satisfactory academic progress in order to maintain financial aid eligibility. (See the “Satisfactory Academic Progress” section in Section V: Academic Policies for additional information.)

Types of Financial Aid

Grants and scholarships

Scholarships

Pacific Oaks College offers a variety of scholarships. Some scholarships are based on financial need while others are base on merit. Students must meet deadlines in order to be considered for scholarship awards as funds are limited.

Federal PELL Grant

Federal PELL grants are awarded based on a federally mandated eligibility formula, and are only available to eligible undergraduate students. 

Federal Supplemental Education Opportunity Grant (SEOG)

SEOG is awarded to undergraduate students based on financial need. Priority is given to students demonstrating the greatest financial need and receiving PELL Grant.

Cal Grants

California state grant based upon need and merit. Please visit www.calgrants.org for more information.

ACG and National SMART Grant

The ACG and National SMART Grants are intended to encourage, respectively, rigorous academic study in high school and enrollment in college majors in the physical, life, and computer sciences; engineering; technology; mathematics; and certain foreign languages. Accordingly, the eligibility criteria relate to those goals.

Student Loans

Subsidized Stafford Loan

The subsidized Stafford loan is a need-based loan with an annual maximum award of $5,500 for undergraduate students and $8,500 for graduate students. Students must maintain a half-time enrollment status to be eligible.

Unsubsidized Stafford Loan

The unsubsidized Stafford loan is a non-need based loan with an annual maximum award of $7,000 for undergraduate students and $12,000 for graduate students per academic year. Students must maintain a half-time enrollment status to be eligible.

Perkins Loan

The Perkins loan is a low interest need based awarded to students with exceptional need. Funds are limited.

Graduate PLUS Loan

The Graduate PLUS Loan is a credit based loan for graduate level students.

Parental Loan for Undergraduate Students (PLUS)

The PLUS loan is a credit based loan available to parents of dependent undergraduate students. The amount is limited to the difference between the cost of education and the amount of other financial aid received.

Student Employment

Federal Work Study (FWS) is a part-time employment for both undergraduate and graduate students. Students can earn an income working part-time either on-campus job or in a community service position off campus. 

Changes in the Federal Student Loan Process

On March 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (H.R.4872). The new student aid reform bill requires that all institutions of higher education, including Pacific Oaks College, participate and process all federal Stafford and PLUS loans through the Direct Loan program beginning no later than July, 1 2010. Along with the implementation of the new federally mandated Direct Loan processing requirement is the termination of the Federal Family Education Loan (FFEL) program as the Health Care and Education Reconciliation Act of 2010 also requires that no new FFEL program loans be processed after June, 30 2010.

Impact on Pacific Oaks College

Pacific Oaks College has participated in and processed federal Stafford and PLUS loans using the FFEL program for all loans certified up through the end of the 2009/10 academic year. With FFEL, students were given the opportunity to choose a lender to service their federal student loans whereas with Direct Loans all students will borrow directly from the Department of Education (DOE). Due to unpredictable credit markets along with many legislative changes to the FFEL program over the past few years, many lenders have already begun to exit the FFEL program. In order to better serve our students, Pacific Oaks College will officially begin processing all federal Stafford and PLUS loans with the Direct Loan program starting with the summer 2010 term. The DOE, through the Direct Loan program will serve as the student’s lender for the life of the loan and will guarantee the availability of Stafford and PLUS loans to all eligible students.

Impact on Pacific Oaks College students

Under the new Direct Loan process all new and continuing students applying for Stafford or PLUS loan beginning with the summer 2010 term will be required to complete a new Direct Loan Master Promissory Note (MPN) (loan application). New students will also need to complete the entrance counseling process with Direct Loans. The Direct Loan MPN and Entrance Counseling can be completed online, located in the “Manage My Direct Loan” box in the upper left hand corner of the studentloans.gov home page.

Benefits of the Direct Loan Program 

•   Loans are borrowed and repaid directly to the Department of Education.

•   Lower origination fees on Stafford and PLUS loans

•   Repayment options that will allow lower monthly payments

•   Low interest rate on PLUS loans

•   Ability to consolidate prior FFEL and Direct loans

Please contact the Financial Aid Office for additional information 

Financial Aid general telephone: 626-397-1350

Financial Aid general e-mail: financial@pacificoaks.edu