Loans
A caution about student loans: It takes time for a loan application to be processed by the school, lender, and/or the government. Student loans are certified after all financial aid requirements have been verified and awarded.
Federal Family Educational Loan Programs (FFELP)
Federal Stafford Loans (subsidized) are low interest loans made to students attending college at least half time (6 units) who show financial need. Loans are made by a lender such as a bank, credit union, or savings and loan institution. “Subsidized” means the government pays the interest while you are enrolled in college at least half time (6 units). Repayment begins six (6) months after the borrower graduates, withdraws, or ceases to be enrolled in at least 6 units (half time).
Federal Stafford Loans (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. The government will not pay the interest for you while you are in school, in deferment status, or during your grace period.
Student is qualified for a Federal Stafford Loan if the student:
-
have been awarded financial aid at West Los Angeles College with a valid award letter.
-
was not disqualified during the current school year. (see Financial Aid office for details)
-
is currently taking six(6) units or more.
Financial aid has to be awarded to the student prior to applying for student loans. Once an award letter is received students must sign up for one of the loan workshops listed below. For more details contact the financial aid office.
Fall 2007 Workshop Dates
| 09/11/2007 | 12 noon | |
| 09/12/2007 | 5:30 PM | |
| 09/21/2007 | 10:30 AM | |
| 10/02/2007 | 5:30 PM | |
| 10/03/2007 | 10:30 AM | |
| 10/18/2007 | 4:30 PM | |
| 10/29/2007 | 12 noon | |
| 10/30/2007 | 5:30 PM | |
| 11/01/2007 | 12:30 PM | |
| 11/13/2007 | 2:00 PM |
Note: Please sign up one week before workshop date by contacting the financial aid office. Dates are subject to cancellation. Please contact the Financial Aid Office for additional dates.
Federal Perkins Loan Program
The Federal Perkins Loan Program is a low 5% fixed interest loan to help students with exceptional need meet their educational expenses. Loan amounts awarded within 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.
Usually, the length of the repayment period is determined by the total amount borrowed. Should a student experience unforeseen circumstances which prevent repayment at the $120 per quarter minimum level, a request for deferment or forbearance can be submitted to the:
LOS ANGELES COMMUNITY COLLEGE DISTRICT
Central Loan Administration Unit (CLAU)
770 Wilshire Boulevard, 5th Floor
Los Angeles, California, 90017
To determine eligibility for loan rehabilitation or loan cancellation for teaching, qualified employment, military service and total and permanent disability, please contact the CLAU at (800) 822-5222.