financial aid
Financial aid can be an important part of planning for college.
Platt College is here to help and is committed to providing the information and resources students need to understand the process, including how eligibility is determined through the Free Application for Federal Student Aid, or FAFSA.
Students can begin by visiting www.studentaid.gov
To be eligible for Federal financial aid, a student must:
Please select a campus and provide the requested information. Your responses will be used to calculate an estimated amount that students like you paid – after grant aid and scholarships but before student loans – to attend this institution in a given year.
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If you find that your total cost of education will not be covered by a combination of Title IV Federal financial aid (Federal Grants and Federal Stafford or PLUS Loans), State or private financial aid, or your family’s own resources, then you may have to consider borrowing an Alternative Loan to cover the balance of your cost of education.
Please research all Title IV financing assistance options before applying for an Alternative Loan. An Alternative Loan is a private loan, between you and the lender, which is not part of any of the Federal student loan programs. If you choose to pursue an Alternative Loan, you need to select a lender. The lender is the institution from which the money is actually borrowed, and the interest rates and terms of the loans are set by the lender (this is different from Federal student loans, where the interest rates and terms are set by the U.S. Department of Education).
The differences among lenders of Alternative student loans include interest rates, fees, loan terms, customer service, savings programs, and repayment options. Reasons for selecting a particular lender vary from person to person. Some choose a lender based on name recognition. Others prefer the immediate benefit of lower origination fees.
For some the deciding factor is the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time. The interest rate on the loan is also a very important factor, and these can vary significantly from lender to lender.
To assist you in choosing a lender for you Alternative Loan, the Financial Aid Office has compiled a list of non affiliated lenders that we have found to be available and willing to fund Alternative Loans to our students, and that we believe are reputable and reliable. They have agreed to provide fast electronic payment of loan funds directly to your College tuition account and offer a variety of savings programs during loan repayment.
Lenders on this list are chosen based on the following factors:
| Lender | Lender Code | Website for current disclosures |
|---|---|---|
| Sallie Mae Student Loans (Non affiliated) | 900905 | salliemae.com/student-loans |
You may use any lender that funds Alternative Loans to students, and the Financial Aid Office will process your loan with any lender you choose. This Private Loan Lender List is intended as a guide only. Thenon affiliated lenders have met all the above guidelines and criteria to be listed above.
You can find detailed and current disclosures about Alternative Loans offered by each of these non affiliated lenders by visiting their websites as noted above.
We believe that the information contained in this guide is accurate at the time of publication. However, as regulations may change, some of the information contained in this guide is subject to change. Please contact the Financial Aid Office if you have questions or concerns.
Federal Pell Grant
Available to undergraduate students who qualify. These grant funds are awarded to students who demonstrate financial need and have not earned a bachelor’s degree or higher. A Federal Pell Grant, unlike a loan, does not have to be repaid. Student must complete the Free Application for Federal Student Aid (FAFSA) to determine the award amount. Amounts can change yearly. The maximum Federal Pell Grant award is $6,345 for the 2020–21 award year.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Available to undergraduate students who qualify. These grant funds are awarded to students who demonstrate financial need and have not earned a bachelor’s degree or higher. FSEOG, unlike a loan, does not have to be repaid. Student must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility. Funds under this program are limited and administered by Platt College. FSEOG funds, for an award year, will be awarded to students with the lowest expected family contributions (EFC) with priority given to Pell Grant recipients in that award year. The award amount could range from $200 to $600 per academic year at Platt College, based on the annual allocations.
Federal Work-Study (FWS)
Available to undergraduate students who qualify. FWS provides part-time jobs for undergraduate students who demonstrate financial need, allowing them to earn money to help pay education expenses. Student must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility. Funds under this program are limited and administered by Platt College. Students must contact the Career Services Department to apply and be hired for a specific job opportunity in order to receive funds.
Cal Grants
Available to those who qualify. These grant funds are awarded to students who demonstrate financial need, which is determined by the results of the Free Application for Federal Student Aid (FAFSA) and the California Student Aid Commission (CSAC) income and asset ceilings limit determined annually (refer to www.csac.ca.gov for more information). Cal Grants, unlike a loan, does not have to be repaid. Both the FAFSA and the Cal Grant GPA Form must be submitted to the Department of Education and California Student Aid Commission by the annual deadline of March 2nd. Those that are eligible will be notified prior to the Fall of that same year. For more information, visit www.csac.ca.gov.
California Chafee Grant for Foster Youth
To qualify, you must be a current or were a former foster youth in foster care for at least one day, between the ages of 16 and 18 as a dependent or ward of the court and have not reached your 26th birthday as of July 1st of the award year. These grant funds are awarded to students who demonstrate financial need, which is determined by the results of the Free Application for Federal Student Aid (FAFSA) and the California Student Aid Commission (CSAC). Student may qualify for up to $5,000 a year for career and technical training or college. A Chafee Grant, unlike a loan, does not have to be repaid. Chafee Grant payments will be credited to the student’s account to cover tuition, books and fees. Excess Chafee Grant funds may be used to pay for child care, rent, or transportation while attending school. For more information, visit https://chafee.csac.ca.gov/
Direct Subsidized Loan
This loan is available on the basis of financial need. Interest does not accrue while in-school or during deferment periods. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while enrolled in school at least half-time, during the grace period of 6 months after student ceases to attend at least half-time enrollment, and during periods of deferment. Repayment begins six months after graduation or after the last date of attendance, whichever comes first. Information on annual loan amounts, aggregate loan amounts and current interest rates can be found at https://studentaid.gov
Direct Unsubsidized Loan
This loan is not awarded on the basis of need. Interest accrues from the time the loan is disbursed until it is paid in full. Information on annual loan amounts, aggregate loan amounts and current interest rates can be found at https://studentaid.gov
Direct Parent Loan for Undergraduate Students (PLUS)
This is a credit-based loan program that enables parents to borrow funds to pay for educational expenses if the student is a dependent undergraduate enrolled at least half time. However, if the parent is denied, the student may qualify for an additional $4,000 in Direct Unsubsidized Loans for the academic year. Interest rates are fixed and established annually by the U.S. Department of Education. Current interest rates can be found at https://studentaid.gov. Repayment begins immediately after the loan is fully disbursed.
Stafford Loan Limits
| Year | Dependent Undergraduate Student (Note exception in next column) | Independent Undergraduate Students (and dependent students whose parents are not approved for PLUS Loans) |
| First Year | $5,500—No more than $3,500 of this amount may be in subsidized loans. | $9,500—No more than $3,500 of this amount may be in subsidized loans. |
| Second Year | $6,500—No more than $4,500 of this amount may be in subsidized loans. | $10,500—No more than $4,500 of this amount may be in subsidized loans. |
| Third and Beyond (Each year) | $7,500—No more than $5,500 of this amount may be in subsidized loans. | $12,500—No more than $5,500 of this amount may be in subsidized loans. |
| Maximum Total Debt from Stafford Loans (Aggregate loan Limits) | $31,000—No more than $23,000 of this amount may be in subsidized loans. | $57,500—No more than $23,000 of this amount may be in subsidized loans. |
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. Platt College participates with lending institutions that offer private loans. To qualify, a student must be a US citizen, a US national, or a permanent resident. In addition to private loans, scholarships are also available to students. Scholarship eligibility criteria vary. The Financial Aid Department will be happy to assist students who wish to apply for private loans or scholarships.
Tuition and Fees vary by program. For the most up-to-date information, please contact our admissions team or click to view our course catalog below:
California Student Aid Commission (CSAC) Student Expense Budget
Some students may choose to use both federal student aid and private education loans. Private loans are offered by third-party lenders and may have different interest rates, fees, and repayment terms.
Students should carefully review loan terms and discuss options with a Financial Aid Advisor before borrowing.
