Federal Work Study (FWS)
Federal Work Study is a need-based award that allows students to work on campus. Receiving FWS on your financial aid award does not guarantee you a position. All student employment positions are paid Oregon minimum wage and limited to 20 hours per week. Students are paid monthly and can request (but are not required to) that their funds be applied directly to their Student Account. Open positions are posted on the CU website at www.cu-portland.edu (or put a link or something). To qualify you must be a US Citizen or eligible non-citizen and have a current FAFSA on file with the CU Financial Aid office. To submit your FAFSA, please visit www.fafsa.gov.
Grants (Federal, State and Institutional)
Grants are funds that do not have to be repaid
Federal TEACH Grant
The U.S Department of Education’s Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants to students who are completing or who plan to complete coursework that is required to begin a career in teaching, and who agree to teach full-time for at least four years: as a highly qualified teacher, at a school or educational service agency (ESA) servicing low-income students and in a high-need field. It is important to note that if a student does not meet the federal requirements for the TEACH Grant, it will be turned into an unsubsidized Stafford Loan and the interest is assessed retroactively to the time the student received the funds. Prior to receiving TEACH Grant funds, students are required to complete TEACH Grant specific entrance counseling and an Agreement to Serve (ATS) at www.studentloans.gov
Federal Pell Grant
Federal Pell Grant is awarded to undergraduate students (working on their first bachelor’s degree) that meet the eligibility requirements as determined by the FAFSA. Students are limited to receiving Pell Grants for a maximum of six year of study. Amounts are determined by the student’s enrollment status (full-time, part-time) and by the student’s Expected Family Contribution (EFC) from the FAFSA. To complete the FAFSA, go to www.fafsa.gov.
Federal Supplemental Education Opportunity Grant (FSEOG)
This grant is limited and offered to traditional undergraduate students with exceptional financial need. Funding is very limited for this program. Typical awards range from $500 to $1500. These funds are renewed on an as available, first come-first serve, basis.
Federal Iraq/Afghan Service Grant
The Iraq and Afghanistan Service Grant is provided to certain students whose parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11.
Oregon Opportunity Grant
This grant is for residents of Oregon who are working on their first undergraduate degree. Students selected are Pell Grant eligible, have high financial need, and must meet other criteria as administered by the Oregon Student Access Commission (OSAC). Oregon students apply by simply completing the FAFSA. Grant funds are limited, and students interested in this grant should complete the FAFSA as soon as possible after January 1st. More information about this grant program can be found at www.getcollegefunds.org.
Loans must be repaid. More information about the federal loan programs (including terms of repayment) can be found at www.studentloans.gov.
Subsidized Stafford Loans are limited to the amount of demonstrated financial need or annual loan limit. "Subsidy" is provided by the federal government paying the interest while the student is enrolled at least half-time. There is an origination fee of 1.073% taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014 and before 10/1/15. On or after 10/1/15 and before 10/1/16 the origination fee changes to 1.068%. Beginning July 1, 2012 and prior to July 1, 2014, the “subsidy” is removed during the six month grace period prior to repayment. Current interest rate is 4.29%.
Unsubsidized Stafford Loans are awarded to assist with educational expenses, but are not limited to demonstrated financial need. The interest is not paid by the federal government and is the responsibility of the student. There is an origination fee of 1.073% taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014 and before 10/1/15. On or after 10/1/15 and before 10/1/16 the origination fee changes to 1.068%. Current interest rate is 4.29% for undergraduate students.
Payment is deferred on both Subsidized and Unsubsidized Stafford Loans while the student is enrolled at least half-time. Other provisions common to both Subsidized and Unsubsidized Stafford Loans include annual loan limit, aggregate loan limit, interest rate and fees, disbursements, and repayment. Current interest rate is 4.29% for undergraduate students and 5.84% for graduate/professional students.
Parent PLUS Loan
Parent Loan for Undergraduate Students. This is a credit-based loan for parents of dependent undergraduate students. Parents can borrow for their student's educational costs. Maximum eligibility is the cost of attendance less other financial aid. Origination fee for this is 4.292% and is taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014 and before 10/1/15. On or after 10/1/15 and before 10/1/16 the fee changes to 4.272%. The current Interest rate is 6.84%.
Graduate PLUS Loan
Credit-based loan that graduate students can apply for if needed. The maximum eligibility is the cost of attendance less other financial aid. Origination fee for this is 4.292% and is taken from the loan prior to disbursement, this rate applies to loans issued on or after October 1, 2014 and before 10/1/15. On or after 10/1/15 and before 10/1/16 the fee changes to 4.272%. The current Interest rate is 6.84%.
Aggregate Loan Limit
The maximum (sum total outstanding) loan limit for Stafford loans for a dependent undergraduate is $31,000, for an independent undergraduate is $57,500, and for a graduate student is $138,500.
Repayment for all Stafford loans is deferred until 6 months after the student stops attending school at least half-time. Complete repayment and deferment provisions are provided in entrance and exit counseling.
PLUS Loans allow credit-worthy parents of dependent students and credit-worthy graduate students to borrow funds to cover the difference between total cost of attendance and all financial assistance the student may receive each year. Under current regulations, the interest rate for all PLUS Loans is 6.84% fixed. The PLUS Loan origination fee is 4.292%. Interest does begin to accrue immediately upon disbursement of PLUS loans, but payments can be deferred while the student is enrolled at least half-time.
Entrance Counseling, Master Promissory Note and Exit Counseling
Students are required to complete entrance counseling and the Master Promissory Note in order to receive a Stafford Loan. Students are also required to complete the exit counseling when they graduate or leave the university. This can all be completed online at www.studentloans.gov.
Private Student Loans
Some students and families choose to utilize the private student loan programs available through some private lenders to help with the gap between what federal and institutional financial aid (grants, scholarships, loans) a student qualifies for and the remaining balance owing to the university. Private loans are not federally funded but can often have many similar payment and deferment provisions like the Federal loan programs. Interest rate, origination fees and repayment conditions will vary from lender to lender and will likely be different than the federal loan programs. These loans are still processed through the University as we confirm your eligibility for the amount you have requested and confirm that you are enrolled at the institution. Unlike Federal Stafford loans, private education loans are credit based and most undergraduate students need a credit-worthy co-borrower. Please contact the financial aid office for more information.