Student Finance

Supporting Students

Grants & Loans

Federal, State & PUC Grants

Grants are gift aid and do not need to be repaid. When you complete the FAFSA, you are applying for the following grants:

  • The maximum Pell Grant award will increase from $6,495 to $6,895 for the 2022-2023 award year, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) will increase from 5,846 to 6,206. Amounts are subject to change.
  • Federal Supplemental Educational Opportunity Grants (FSEOG) are funded by the federal government for full-time undergraduate students with the highest need. You can receive between $100 and $4,000 a year, depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds at your school. Amounts are subject to change.
  • Pacific Union College Grants are funds awarded by PUC on the basis of financial need to full-time students.
  • Cal Grants are funded by the State of California for California residents. Students applying for Cal Grant need to mail a GPA Verification Form to the California Student Aid Commission.

Students can apply for both federal loans and private loans.

Loans

Pacific Union College Collegiate Loan

The PUC Collegiate Loan is provided through college funds as well as generous gifts of alumni and friends of PUC. The terms of the PUC Collegiate Loan are similar to the Federal Loans program. Repayment begins nine months after the student ceases to be enrolled at least halftime. A FAFSA may be required to receive a PUC Collegiate Loan, www.studentaid.gov.

Federal Loans

Low-interest federal loans are part of most financial aid award packages. These loans help you pay for college and repayment typically begins after you leave school. Federal loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.

By applying for financial aid and demonstrating a financial need, a student may be considered for one or more of the following:

Federal Direct Loan Program

Up to $5,500 – 12,500 per year

Federal Direct loans are available to students regardless of income. This program allows a student to borrow directly through the U.S. Department of Education rather than through a bank or other lender. Repayment of the principal does not begin until six months after the student ceases to be enrolled at least halftime. There are two kinds of Direct Loans, subsidized and unsubsidized. The U.S. government pays the interest on the subsidized Direct loan while the student is in school. The unsubsidized Direct loan accrues interest while the student is in school. The current interest rate is 4.29% for the subsidized Direct Loan and 4.99% for the unsubsidized Direct Loan. FAFSA results determine eligibility for the subsidized or unsubsidized Direct loan. An origination fee of 1.057% will be deducted from the loan amount before the funds are issued to Pacific Union College.

Students must complete a Master Promissory Note and an Entrance Interview when they first borrow under this program. The Direct Loan Master Promissory Note is valid for 10 years. A FAFSA is required to receive Federal Direct Loan funds, www.studentaid.gov.

Annual Loan Limits

  Subsidized Dependent Unsubsidized Independent Unsubsidized
Freshman $5,500 $3,500 $9,500
Sophomore $6,500 $4,500 $10,500
Junior $7,500 $5,500 $12,500
Senior $7,500 $5,500 $12,500

Aggregate Limits

  Subsidized Unsubsidized
Undergraduate (dependent) $31,000 $23,000
Undergraduate (independent) $57,500 $23,000

Federal Direct Parent Loan (PLUS)

Up to cost of education less other forms of financial aid.

This program allows parents of dependent undergraduate students to borrow directly through the U.S. Department of Education rather than through a bank or other lender. The parent may borrow the total cost of attendance less the financial aid that the student has received. Repayment may begin within sixty days after full disbursement of the loan funds. The interest rate is fixed at 6.84%. An origination fee of 4.272% will be deducted from the loan amount before the funds are issued to Pacific Union College.

Negative information reported to a credit bureau may disqualify a borrower from using this loan. If a parent borrower is declined from receiving a PLUS loan, the undergraduate student may borrow an additional Unsubsidized Direct Loan.

Parent PLUS Information & Instructions

Master Promissory Note

If you are accepting a Stafford loan, you must complete a Master Promissory Note (MPN) application to receive funding for your education. Due to the recent pass of the Student Financial Aid Reform bill, all students must complete and sign the new MPN online for the 2010-2011 school year. In order to complete this process, you will need:

  • Approximately 30 minutes (you must complete the MPN in a single session)
  • Your Federal Student Aid Pin Number
  • Personal Information (Permanent/Mailing Addresses, Telephone Number, Email)
  • Drivers License Information (If Applicable)
  • Employer Information (Name & Address)
  • Reference Information for two people you have known at least 3 years. The first reference should be a parent or legal guardian. (Name, Address, Telephone Number & Relationship)

To begin the process, go to: studentaid.gov Under the heading Manage My Direct Loan, click "Sign In". In order to sign in, you will need your Pin Number from your FAFSA. Once signed in, you will be able to complete your Direct Loan Entrance Interview and Master Promissory Note.

Go to: "Complete Master Promissory Note"
Select: "Subsidized/Unsubsidized"

From there, you will be able to complete your loan application.

Please note: Your e-signature must match your name EXACTLY as it is written at the top of the MPN. If it does not match exactly, your MPN will be rejected.

Entrance Counseling

The Department of Education requires that students receive counseling on the rights and responsibilities of a borrower prior to receiving Stafford Loan funds. You can now participate in this entrance counseling session wherever you have access to the internet.

In order to complete your Entrance Counseling for Direct Lending, please follow the instructions:

  • Log on to the Direct Lending website, studentaid.gov
  • Under the heading Manage My Direct Loan, click "Sign In". In order to sign in, you will need your Pin Number from your FAFSA. Once signed in, you will be able to complete your Direct Loan Entrance Interview and Master Promissory Note.
  • Go to "Complete Entrance Counseling".
  • Read all the content and answer each question, read the borrower's rights and responsibilities, and print the Counseling Completion Verification page for your records. All answers can be found within the counseling session webpage. The school will receive a copy of your results.

If you do not have access to the internet or choose not to participate in online counseling, you must see your financial aid counselor or complete a paper form before receiving your loan funds.

Exit Counseling

Federal regulations require students that have obtained Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, Direct Subsidized Loans or Direct Unsubsidized Loans participate in a student loan repayment counseling session before withdrawing, graduating, or dropping below half-time attendance (even with plans to transfer to another school).

Our office offers online Exit Counseling that will teach you what to expect when you enter repayment.

If you choose not to use the online Exit Counseling, you MUST complete a paper Exit Counseling form which is available in the Student Finance office.

Private Loans

Private loans can offer variable interest rates that can increase or decrease over time, depending on market conditions and the borrower's credit rating. Private loans are liable to have a range of interest rates and fees. Students should determine the interest rate of, and any fees associate with, a private student loan before accepting it as part of their financial package. If you have any questions about your private loan, you should contact the lender of your loan or Student Financial Services.

School Certified Private Loans

You may apply for a private loan when additional funds are needed. You may select one of the listed lenders or a lender of your choice.

Direct Subsidized Loan Limit

As of July 1, 2013, a new federal law established time limitations on Direct Stafford Subsidized Loans. The maximum eligibility period to receive Direct Subsidized Loans affects first-time loan-buyers or borrowers who have paid off their loans and are borrowing again as of July 1, 2013.

How the Limit Works

This law allows you to receive Direct Subsidized Loans (loans where the government pays the interest while the student is in school) only within 150% of the published length of your academic program. Once you reach the end of this limit you are no longer eligible to receive Direct Stafford Subsidized Loans. At this point, you may continue to receive Direct Stafford Unsubsidized Loans (which accrue interest while you are in school); interest will also start accruing on any outstanding Direct Stafford Subsidized Loans at the end of this limit.

For example: if you are enrolled in a four-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150% of four years). If you are enrolled in one of the college’s two-year associate degree programs, the maximum period for which you can receive Direct Subsidized Loans is three years (150% of two years).

The length of the academic program is published in the PUC General Catalog. Your maximum eligibility period for Direct Subsidized Loans can change if you change academic programs.

What You Should Do

Keep on track with your academic program of study by continuing to make progress toward completing your academic program each year. Speak with your academic advisor or the Records Office if you have any questions about your academic program or progress.

Make sure your program of study is accurate. If your academic program is not accurate, fill out the appropriate form with the Records Office.

If you have further questions or concerns, speak with your Financial Aid Counselor.